Scheme of work ,1st Term
-Introduction to economics .
Basic tools of economics analysis: Graphs,charts & tables.
Basic tools of economic analysis 2: measures of central tendencies.
– The concepts of demand and supply
– Meaning & types of production, factors of production
-Division of labour and specialisation
– Scales of Production
– SS1 Economics Examination.
Scheme of work ,2nd Term.
– Economics systems: Capitalism, socialism & Mixed economy.
– Basic economic problem of every society
– Firms & Industry: Private & public companies.
– Firms & Industry Quotes & unquoted companies
Firms & industries : shares debentures & bonds.
Population; meaning of population, population growth and size.
population theory: Malthusian theory of population; Demography transition theory.
distribution of population census.
Second term examination
To be continued.
Basic Tools of Economics Analysis: Macro Versus Micro Economics . Example: Microeconomics studies the factors that determine the prices and quantities of a product (say cement) of cement factory. Economic analysis is divided into two main branches: microeconomics and macroeconomics. These two branches are important for scarcity problem. Greek word Micro means ‘small’. …. Read More
Concept of Demand and Supply The Theory of Demand and Supply is a central concept in the understanding of the Economic system and its function. The quantity demanded of goods or services is the amount that consumers plan to buy during a particular time period, and at a particular price. In the …. Read More
Theory of Production In economics, production theory explains the principles in which the business has to take decisions on how much of each commodity it sells and how much it produces and also how much of raw material ie., fixed capital and labor it employs and how much it will use. It …. Read More
Class please kindly check Revision of last term work as you go through SS1 first term lesson in Economics 2022 here. Today’s lesson: Meaning/ Types of Production and Factors of Production. Meaning of Production: Since the primary purpose of economic activity is to produce utility for individuals, we count as production during a …. Read More
Factors of Production: What are factors of production? Factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. (1) Land and Natural Resources: …. Read More
Senior Secondary 1; Economics Lesson Topic: Division of Labour and Specialisation Let us make an in-depth study of the Division of Labour in Economics. In This lesson, we will be looking at the following: 1. Meaning of Division of Labour. 2. Definition of Division of Labour. 3. Essential Conditions. 4. Different Forms of Labour. …. Read More
Scales of Production/ Economics of Scale . Introduction. What is scale of production in Economics ? When more units of a product(good) or service can be produced on a larger scale, yet with (on average) fewer input costs, economies of scale are said to be achieved. This is an age of …. Read More
Introduction . An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country. Economic systems regulate the factors of production, including land, capital, labor, and physical resources. An economic system encompasses many institutions, agencies, entities, decision-making processes, and patterns …. Read More
Economic systems are grouped into traditional, command, market, and mixed systems. Traditional systems focus on the basics of goods, services, and work, and they are influenced by traditions and beliefs. A centralized authority influences command systems, while a market system is under the control of forces of demand and supply. Lastly, mixed economies are a combination of command and market systems.
If there is a central economic problem that is present across all countries, without any exception, then it is the problem of scarcity. This problem arises because the resources of all types are limited and have alternative uses. If the resources were unlimited or if a resource only had one single use, then the economic problem …. Read More
Topics to be treated Firms & Industry: Private & public companies. – Firms & Industry Quotes & unquoted companies Firms & industries : shares debentures & bonds. What is a firm? A firm is more or less similar to the concept of a business establishment. The term is mostly used in relation …. Read More
Topics to be treated Firms & Industry: Private & public companies. – Firms & Industry Quotes & unquoted companies Firms & industries : shares debentures & bonds. What is a firm? A firm is more or less similar to the concept of a business establishment. The term is mostly used …. Read More
Firms & Industry: Quote and unquoted Companies. What does Quoted and unquoted company mean? A quoted company means a company who has its equity share capital officially listed on a particular stock exchange while an unquoted company is one that does not. What does Quoted and unquoted company mean? A …. Read More
Financial Institutions Lessons: Segments of financial Institutions What Is a Financial Institution (FI)? A financial institution (FI) is a company engaged in the business of dealing with financial and monetary transactions such as deposits, loans, investments, and currency exchange. Financial institutions include a broad range of …. Read More
Financial Market And Money. A financial market is a place where buyers and seller come together to trade in financial assets such as bonds, stocks, derivatives, currencies and commodities. The main objective of a financial market is to fix prices for global trade, increase capital and transfer risk and liquidity. Although, the financial market …. Read More
Money and Capital Markets – Benefits, Features and Types. Features of Money Markets Enumerated Below 👇 Features and or Benefits of Money Markets. A few general money market features are: Money market is fund-term market funds. It’s maturity period up to one year. It trades with assets that can be …. Read More
What is money? What are some of the functions and characteristics of money? Why are the pieces of paper in your pocket called money? Definition of Money The definition of money refers to any asset that you can use to exchange goods and services. That is to say that anything that the other party …. Read More