SS1 Economics – First Term Lesson

Notes (Weeks 1–13)

Week 1: Meaning of Economics and Related Concepts

Introduction:
Economics is a subject that deals with how people, firms, and governments use scarce
resources to satisfy unlimited wants. Every day, people make choices—what to buy, what to
sell, what to produce, how to spend their time and money. Economics helps us understand
these decisions.

Main Content:
1. Definitions of Economics
- Adam Smith (Father of Economics): Economics is the science of wealth—how nations
acquire and use wealth.
- Lionel Robbins: Economics is the science which studies human behavior as a relationship
between ends (wants) and scarce means (resources) which have alternative uses.
- Keynes: Economics is the study of how resources are used for human welfare.

2. Basic Concepts of Economics

- Wants: Human desires that are unlimited (food, clothes, cars, phones, etc.).
- Scarcity: Resources (money, land, time) are limited compared to wants.
- Scale of Preference: A list of wants arranged in order of importance.
- Choice: Deciding which wants to satisfy and which to leave out.
- Opportunity Cost: The next best alternative forgone when a choice is made.

3. Economics as a Science
- Economics uses observation, data, and theories to explain human behavior, just like
science.

Teacher & Student Activities:

- Teacher explains with real-life examples.
- Students list their wants for today and arrange them by importance.

Classwork:
1. Define scarcity and opportunity cost.
2. Mention 3 wants that you have now and arrange them on a scale of preference.

Assignment:
- Write short notes on wants, scarcity, choice, and opportunity cost.

Week 2: Basic Tools of Economics

Introduction:
To study economics, we use certain tools to represent and analyze data. These include
tables, charts, graphs, and measures of central tendency.

Main Content:
1. Tables – Used to arrange data systematically in rows and columns.
2. Graphs – Pictorial representation of data (bar chart, line graph, pie chart).
3. Frequency Distribution – A table showing how often data occur.
4. Measures of Central Tendency
- Mean (Average): Total of items ÷ number of items.
- Median: Middle value when arranged in order.
- Mode: The value that occurs most frequently.

Importance of Tools:
- They make data easy to understand.
- They help compare information.
- They aid decision-making.

Teacher & Student Activities:

- Teacher draws graphs on the board.
- Students plot simple bar charts with given data.

Classwork:
1. What is a frequency table?
2. Calculate the mean of: 5, 7, 8, 10, 15.

Assignment:
- Explain with examples the meaning of mode and median.
Week 3: Concept of Demand and Supply (Part 1)

Introduction:
Demand and supply are the heart of economics. They determine the prices of goods in the
market.

Main Content:
1. Demand: The quantity of a good that consumers are willing and able to buy at a given
price.
2. Law of Demand: The higher the price, the lower the quantity demanded; the lower the
price, the higher the demand.
3. Supply: The quantity of a good producers are willing and able to offer for sale at a given
price.
4. Law of Supply: The higher the price, the greater the quantity supplied; the lower the
price, the smaller the supply.

Graphical Representation:
- Demand curve slopes downward (inverse relationship).
- Supply curve slopes upward (direct relationship).

Teacher & Student Activities:

- Teacher draws demand and supply curves.
- Students identify examples of goods that follow the laws.

Classwork:
1. State the law of demand.
2. Draw a simple demand curve.

Assignment:
- Explain with examples why the demand for luxury goods increases when income rises.

Week 4: Demand and Supply (Part 2) – Factors Affecting Them

Main Content:
1. Factors Affecting Demand
- Income of consumers
- Price of related goods
- Taste and preference
- Population
- Expectation of future prices
2. Factors Affecting Supply
- Cost of production
- Technology
- Government policy
- Weather conditions
- Number of producers

Teacher & Student Activities:

- Teacher lists factors with examples.
- Students explain why demand for ice cream is higher in hot weather.

Classwork:
1. List 4 factors that can affect demand.
2. Explain how government policy affects supply.

Assignment:
- Write out 3 goods whose demand increases with higher income and 3 goods whose
demand decreases when income rises.

Week 5: Theory of Production (Part 1)

Main Content:
1. Meaning of Production: The creation of goods and services to satisfy human wants.

2. Types of Production
- Primary Production: Extracting raw materials (farming, mining, fishing).
- Secondary Production: Turning raw materials into finished goods (factories, processing).
- Tertiary Production: Services that support production (transport, banking, education).

3. Importance of Production
- Provides goods and services.
- Creates jobs.
- Increases standard of living.
- Generates income for government.

Teacher & Student Activities:

- Teacher explains types with local examples.
- Students mention production activities in their community.

Classwork:
1. Define production.
2. Give two examples of secondary production.

Assignment:
- Write a short note on the importance of primary production in Nigeria.

Week 6: Theory of Production (Part 2) – Factors of Production

Main Content:
1. Land – All natural resources. Reward: Rent.
2. Labour – Human effort, physical and mental. Reward: Wages.
3. Capital – Man-made resources (machines, tools). Reward: Interest.
4. Entrepreneur – Organizer and risk taker. Reward: Profit.

Teacher & Student Activities:

- Teacher explains factors with examples.
- Students give examples of entrepreneurs in Nigeria.

Classwork:
1. List the four factors of production.
2. State the reward of each factor.

Assignment:
- Explain how an entrepreneur contributes to production.

Week 7: Division of Labour and Specialization

Main Content:
1. Division of Labour – Splitting work into tasks performed by different people.
2. Specialization – Concentrating on one task or skill.

Advantages:
- Increases output.
- Saves time.
- Workers become skilled.
- Encourages use of machines.

Disadvantages:
- Work becomes boring.
- Overdependence on others.
- Risk of unemployment if skills are outdated.
Teacher & Student Activities:
- Teacher uses an assembly line example.
- Students share examples of specialization in their homes.

Classwork:
1. Define specialization.
2. Mention two advantages and one disadvantage of division of labour.

Assignment:
- Write 5 examples of division of labour in your environment.

Week 8: Business Organizations (Part 1)

Main Content:
1. Sole Proprietorship – Owned by one person. Advantages: easy to start, owner takes
profits. Disadvantages: limited capital, unlimited liability.
2. Partnership – Owned by 2–20 people. Advantages: more capital, shared skills.
Disadvantages: disagreements, unlimited liability.

Teacher & Student Activities:

- Teacher explains with case studies.
- Students mention businesses around them that are sole proprietorships.

Classwork:
1. What is a sole proprietorship?
2. State two disadvantages of partnership.

Assignment:
- Write out 3 examples of sole proprietorships in your area.

Week 9: Business Organizations (Part 2)

Main Content:
1. Private Limited Company – 2–50 shareholders, shares not sold to public.
2. Public Limited Company – Shares sold to the public, many shareholders.
3. Cooperative Societies – People with common interest join together.
4. Public Enterprises – Owned by government (NNPC, PHCN).

Teacher & Student Activities:

- Teacher explains company types.
- Students distinguish private vs public companies.

Classwork:
1. What is a public limited company?
2. Give two examples of cooperative societies.

Assignment:
- List 3 government enterprises in Nigeria.

Week 10: Population (Part 1)

Main Content:
1. Determinants of Population Size – Birth rate, death rate, migration.
2. Implications of Population Growth – Positive: large labour force, wider market. Negative:
pressure on resources, unemployment.
3. Theories – Malthusian and Demographic Transition theories.

Teacher & Student Activities:

- Teacher shows population chart.
- Students discuss effects of growth.

Classwork:
1. State two factors that determine population size.
2. Mention one positive effect of large population.

Assignment:
- Explain the Malthusian Theory of Population.

Week 11: Population (Part 2)

Main Content:
1. Distribution – By geography, age, sex, occupation.
2. Importance of Census – Provides data, guides planning, allocates resources.
3. Problems of Census – Illiteracy, poor funding, political interference.
4. Migration – Rural-urban migration and effects.

Teacher & Student Activities:

- Teacher discusses Nigeria’s census challenges.
- Students share reasons for migration.
Classwork:
1. Mention two problems of census in Nigeria.
2. Define rural-urban migration.

Assignment:
- State 3 advantages of population census.

Week 12: Financial Institutions (Part 1)

Main Content:
1. Commercial Banks – Accept deposits, give loans.
2. Central Bank – Controls banks, issues money.
3. Development Banks – Long-term project loans.
4. Insurance Companies – Cover risks.

Teacher & Student Activities:

- Teacher explains bank services.
- Students mention banks in their area.

Classwork:
1. Define financial institutions.
2. Mention two functions of commercial banks.

Assignment:
- Explain two roles of the Central Bank of Nigeria.

Week 13: Financial Institutions (Part 2)

Main Content:
1. Roles of Commercial Banks – Keep money, provide loans, facilitate trade.
2. Roles of Central Bank – Issues currency, regulates banks, manages reserves.
3. Importance – Promote savings, encourage investment, support growth.

Teacher & Student Activities:

- Teacher discusses CBN role.
- Students explain how banks help businesses.

Classwork:
1. List three roles of commercial banks.
2. State one importance of insurance companies.

Assignment:
- Write an essay on “Why financial institutions are important in Nigeria.”