Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices on how to allocate resources.

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This scheme of work contains week, topics, Activities as well as learning materials which are vital for lesson planning.

ECONOMICS SCHEME OF WORK FOR SS2 FIRST TERM
1 TOOLS OF ECONOMIC ANALYSIS
Simple linear equations
Measures of dispersion
Pie chart
Activities: Teacher to test previous knowledge of basic tools
taught in year one. Give relevant examples on the new topic (draw tables, graph and calculate given data)
Learning material; Graph paper and other relevant materials.
2 TOOLS OF ECONOMIC ANALYSIS
Bar charts
Calculation of charts
Activities: Teacher to test previous knowledge of basic tools taught in year one. Give relevant examples on the new topic (draw tables, graph and calculate given data)
Learning material; Graph paper and other relevant materials.
3 CONCEPT OF DEMAND AND SUPPLY
Meaning of demand and supply
Laws of demand and supply
Factors affecting demand and supply.
Activities: Teacher to emphasize the role of price system in resource allocation in economics. Guide students to plot the
demand and supply schedules to obtain curves.
Learning materials; Graphs.
4 CONCEPT OF DEMAND AND SUPPLY
Distinguish between factors that cause shift in demand and
supply curves and those causing movement along demand and supply curves
Types of demand and supply (with curves)

Activities: Teacher to emphasize the role of price system in resource allocation in economics.

Learning materials; Graphs.
5 THE PRODUCTION POSSIBILITY CURVE
Meaning of production possibility curve (PPC)
Plotting the PPC from possible data
Activities: Teacher to give hypothetical production data and figures to plot the PPC and to calculate marginal product (MP) and
average product (AP). Guide students to draw PPC on graph sheets.
6 THE PRODUCTION POSSIBILITY CURVE
Concept of total, average and marginal productivity.
Laws of variable proportion
Activities: Teacher to guide students to plot graphs, calculate average, total and marginal productivity
Learning materials: Graphs and tables
7 COST CONCEPTS
Basic cost concepts: total, average, marginal, fixed and variable cost.
Different cost curves
Activities: Teacher to ask students to state what they consider as cost and highlight the distinctions between cost to individual,
the business enterprise and to the nation.
Learning materials; Graphs.
8 COST CONCEPTS
Short-run and Long-run Costs
Distinction between economist’s and accountant’s view of cost.
Activities: Teacher to ask students to state what they consider as cost. Identify costs incurred in the running of schools. Draw cost
curves and go on excursion to local factories to identify cost
items.
Learning materials; Graphs.

9 REVENUE CONCEPTS
Concept of revenue ‚Äď total, average and marginal revenue
Revenue schedules and curves
Teacher to explain the concepts of total, average and marginal
revenue to students and use raw relevant revenue schedules and curves.
Learning materials; Graphs.
10 TYPES AND FEATURES OF ECONOMIC SYSTEM
Basic features of economic system (Capitalism, Socialism, Mixed economy etc)
Teacher to explain the features of the various economic
system, drawing examples from defunct USSR, United States and Nigeria.
Learning materials: Political Map of the world.
11 LABOUR MARKET
Supply of and demand for labour
Wage determination
Teacher to emphasize the role of government institutions and
wage commissions in the determination of wages. Discuss the introduction of the new minimum wage. Invite labour leader and
employer of labour or official of ministry of Labour, Employment and productivity to give talk on labour matters.
Draw out distinction between real and nominal wages.
Simulate wage bargaining by grouping students into employers and union leaders. Discuss with students activities of NDE; National Directorate of Employment. Mention some jobs a young
school leaver could engage in.
Learning materials: Newspaper clippings, hypothetical price
level wage rate and productivity data. Graph paper and pencil.
12 LABOUR MARKET
Trade Unions and other related institutions.
Teacher to discuss the introduction of the minimum wage and invite labour leader and employer of labour or official of ministry of Labour, Employment and productivity to give talk on labour matters.
Learning materials: Newspaper clippings
13 Revision Revision
14 Examination Examination

ECONOMICS SCHEME OF WORK FOR SS2 SECOND TERM
1 LABOUR MARKET
Concept of unemployment
Types of unemployment, causes, effects and solutions.
Concept of self employment, job creation and dignity of labour.
Teacher to briefly review the relationship between size of the
labour force and population treated in SS1. Ask students to state the population of their various households and the number who
are effectively employed. Mention some jobs young school leavers could engage in. Discuss with students activities of NDE; National Directorate of Employment.
Mention some jobs a young school leaver could engage in.
Learning materials: Newspaper clippings, hypothetical price level wage rate and productivity data.
2 ELEMENTARY TREATMENT OF UTILITY THEORY
Concept of utility ‚Äď average, marginal and total utility.
The law of diminishing marginal utility.
Teacher to explain with real life examples, the concept of average, marginal and total utility. Explain the principle of diminishing marginal utility with drinking water or soft drinks. Calculate with students total, average and marginal utilities from hypothetical schedule given and draw relevant graphs.
Learning material; drinkable water/soft drinks and cups. graphs
3 PRICE DETERMINATION
Determination of equilibrium price and quantity
Effects of changes in demand and supply
Types of demand and supply e.g. joint demand, joint
Teacher to demonstrate with students the effects of changes of demand and supply on equilibrium price and quantity using graphs to explain the changes. Illustrate discussion with local examples
Learning material; Appropriate supply etc. illustrations e.g. bread and butter, petrol and car. Illustrate complimentary demand and other types of demand and supply. Use graphs and diagrams.
4 PRICE DETERMINATION
Concept of elasticity and its application
Simple application of price theory e.g. minimum and maximum price legislation.
Teacher to recall Nigeria’s experiences with fuel price/wage
increases. Give students examples and calculate elasticity values.
Learning material; Use graphs to illustrate the elasticity of demand and supply.
5 MARKET STRUCTURE
Concept and types of markets
Review of cost and revenue curves.
Teacher to emphasize the distinction between market and market place. Revise cost and revenue concepts..
Learning materials; Graphs.
6 MARKET STRUCTURE
Price and quantity determination under perfect competition
and monopoly.
Teacher to identify and explain the basic features of the perfect and monopoly market using real life examples.
Learning materials; Graphs.
7 MARKET STRUCTURE
Price and quantity determination under duopoly and monopoly.
Teacher to identify and explain the basic features of the perfect and imperfect market using real life examples.
Learning materials; Graphs.
8 INDUSTRIES IN NIGERIA
Definition of industrial concept ‚Äď plant, factory, firm, industry
and industrial estate.
Teacher to arrange an excursion to local factories, construction
companies and mining sites and industrial estates where possible. Think out reasons for siting certain factories in their neighbourhood where they are sited. List firms of the same industry close to one another
Learning materials; map of Nigeria showing industrial activities.
9 INDUSTRIES IN NIGERIA
Location and localization of industries in Nigeria.
Advantage and disadvantages of localization of industries.
Factors that influence location and localization of industries.
Teacher to arrange an excursion to local factories, construction
companies and mining sites and industrial estates where possible. List some advantages derivable from having firms of the same industry close to one another.
Learning materials; map of Nigeria showing industrial activities.
10 AGRICULTURE
Problems of agriculture
Agricultural policies in Nigeria.
Teacher to encourage students to participate in farms activities at
home and school. Invite agricultural extension worker or agricultural science teacher to give talk on agriculture generally.
Learning materials: Display agricultural commodities. Pie charts to show the contributions of agriculture to the economy over the years. Visit large scale farms.
11 AGRICULTURE
Marketing of agricultural commodities
Prospects of agriculture in Nigeria.
Teacher to invite agricultural extension worker or agricultural science teacher to give talk on agriculture generally. Suggest ways to solve agricultural problems in Nigeria.
Learning materials: Display agricultural commodities. Pie charts to show the contributions of agriculture to the economy over the years. Visit large scale farms.
12 Revision Revision
13 Examination Examination

ECONOMICS SCHEME OF WORK FOR SS2 THIRD TERM
1 ELEMENTARY TREATMENT OF FISCAL POLICY
Meaning of fiscal policy in public finance
Objectives of public finance
Revenue allocation (including resource control)
Sources of government revenue
Teacher to illustrate discussions with Nigeria data at different stages of teaching. Budget statement of any year.
2 ELEMENTARY TREATMENT OF FISCAL POLICY

Teacher to use demand and supply, Direct and indirect taxation
Effects and incidence of taxation, Structure of effects of public expenditure on government budget curves to analyze the incidence of taxation.
Learning Material: Budget statement of any year.
3 BALANCED AND UNBALANCED BUDGET
Meaning of balanced budget
Reasons for balanced budget
Meaning of surplus and deficit budget
Teacher to use a budget statement to illustrate government fiscal
operations and students to list their own sources of revenue and
items they spend money on e.g. in the previous week. This will
illustrate the idea of revenue and expenditure at the individual
level.
Learning material; List of government fiscal operations.
4 BALANCED AND UNBALANCED BUDGET
Ways of financing deficit budget and their effects (e.g. debt burden, debt relief and debt buy back)
Teacher to use a budget statement to illustrate government
operations. Guide students to list their own sources of revenue and items they spend money on e.g. in the previous week. This will illustrate the idea of revenue and expenditure at the individual level.
Learning material; List of government fiscal operations.
5 ELEMENTS OF NATIONAL INCOME ACCOUNTING
Meaning of national income concepts and their uses
Ways of measuring national income and their limitations
Teacher to guide students in learning the ways of calculating national income. Identify local economic activities that contribute to total National Income. Apply the concept of income determination to solve simple economic problem.
Learning materials; Charts to illustrate components of National
Income.
6 ELEMENTS OF NATIONAL INCOME ACCOUNTING
Uses and limitations of National income estimates
Trends and structure of national income
Teacher to guide students in learning the ways of calculating national income. Identify local economic activities that contribute to total National Income. Apply the concept of income determination to solve simple economic
problem.
Learning materials; Charts to
illustrate components of National
Income.
7 TYPES OF FINANCIAL INSTITUTIONS AND THEIR FUNCTIONS
Money Market institutions
Capital Market institutions
Other Market agencies.
Teacher to emphasize the importance of
(AJO/ESSU/ASUSU) and similar arrangements as examples of
traditional institutions. Explain peculiar problems of each type of
financial institution. Go on excursion with students to central
bank/commercial bank/development bank and stock exchange where possible.
Learning materials; Cheque books, pass books, teller etc and
quarterly annual and periodical publications of the Central bank,
NDIC, Stock Exchange Commission etc.
8 TYPES OF FINANCIAL INSTITUTIONS AND THEIR FUNCTIONS
Functions of capital market institutions
How the stock exchange operates
Secondary and primary markets
Teacher to emphasize the importance of (AJO/ESSU/ASUSU) and similar arrangements as examples of traditional institutions. Explain peculiar problems of each type of financial institution. Go on excursion with students to central bank/commercial
bank/development bank and stock exchange where possible.
Learning materials; Cheque books, pass books, teller etc and
quarterly annual and periodical publications of the Central bank,
NDIC, Stock Exchange Commission etc.
9 MONEY: DEMAND FOR AND SUPPLY OF MONEY
Determinants of supply and demand for money.
Value of money and the price level.
Teacher to explain various motives for holding wealth in the form of money. Provide illustration of coins, paper money and cheques as well as specimens of items that could serve as commodity money.

Learning materials; Coins, cheques, paper money and commodity money.
10 MONEY: INFLATION AND DEFLATION
Meaning and types of inflation Causes, effects of
inflation/deflation
Teacher to emphasize that conventional explanation may not
capture all cases of inflation, particularly in the developing
countries. Ask students to narrate their experience of inflation in
their environment. Testify to the hoarding cause’s inflation. Plot
graphs to illustrate price changes over time. Organise students in
smaller groups to discuss the effect of rising prices on their
allowances and what they can buy.
Learning materials; Time series data on prices, consumer price index information published by the Central bank of Nigeria and their institutions. .
11 MONEY
Control of inflation/deflation
Inflation in Nigeria.
Teacher to ask students to narrate their experience of inflation in
their environment.
Learning materials; Time series data on prices.
12 Revision Revision
13 Examination Examination

Lessons