SS1 First Term Economics Lesson Note and Scheme of Work

Week 1: Introduction to Economics

Lesson Note: Basic concepts of economics, scarcity, and the economic problem.

Activities: Group discussions on real-life examples of scarcity, introduction to key economic terms.

Week 2: Fundamental Economic Principles

Lesson Note: Supply and demand, elasticity, and equilibrium.

Activities: Graphical representation exercises, case studies on market dynamics.

Week 3: Economic Systems

Lesson Note: Overview of economic systems – capitalism, socialism, and mixed economies.

Activities: Comparative analysis of different economic systems, class debate on their merits and drawbacks.

Week 4: Types of Goods and Services

Lesson Note: Classification of goods and services – consumer goods, capital goods, and public services.

Activities: Identifying examples of different types of goods and services, role-playing scenarios.

Week 5: Production Possibility Curve (PPC)

Lesson Note: Understanding the PPC, opportunity cost, and efficient resource allocation.

Activities: Drawing PPC graphs, analyzing trade-offs in various scenarios.

Week 6: Market Structures

Lesson Note: Overview of market structures – perfect competition, monopoly, oligopoly, and monopolistic competition.

Activities: Research and presentation on real-world examples of different market structures.

Week 7: Money and Banking

Lesson Note: Functions of money, types of money, and the role of banks.

Activities: Simulated banking activities, discussion on the importance of a stable financial system.

Week 8: Inflation and Deflation

Lesson Note: Causes, effects, and control measures for inflation and deflation.

Activities: Analyzing historical events and their economic impact, group projects on inflation scenarios.

Week 9: International Trade

Lesson Note: Benefits and challenges of international trade, balance of payments.

Activities: Role-playing international trade negotiations, case studies on global economic partnerships.

Week 10: Economic Development

Lesson Note: Indicators of economic development, strategies for sustainable development.

Activities: Research and presentation on the economic development of different countries.

Week 11: Revision Week

Lesson Note: Comprehensive review of all topics covered so far.

Activities: Practice tests, group discussions, and clarification of doubts.

Week 12: Examination Week

Conducting the final examination based on the term’s syllabus.

Week 13: School Dismissal Week

Final wrap-up, feedback session, and distribution of reports.