SS 2 Scheme of Work for Commerce Second Term

This article is designed to be a professional, comprehensive, and SEO-optimized guide to the SS 2 Scheme of Work for the second term in Business Studies. The purpose is to provide a detailed breakdown of each week’s topic in a way that even novice students or readers will understand. Each topic is explained clearly, supported by practical examples, and laid out in a format that drives massive clicks, site traffic, and audience engagement.

Week 1: Co-operative Societies

Content:

• Co-operative Societies: A co-operative society is a voluntary organization formed by a group of people who come together to achieve mutual benefits, often in terms of business or social welfare. Co-operatives are based on the principle of “one member, one vote” and are established to cater to the collective needs of members.
• Key Features of Co-operatives:
  • Voluntary membership
  • Democratic control
  • Economic participation
  • Autonomy and independence
  • Education, training, and information

Examples:

1. Consumers’ Co-operative: A group of people purchasing goods in bulk at discounted rates.
2. Workers’ Co-operative: A group of employees working together for common financial and social goals.
3. Agricultural Co-operative: Farmers coming together to buy seeds, equipment, or sell their produce collectively.
4. Credit Union: A co-operative society where members pool their savings and lend them to other members at lower interest rates.
5. Housing Co-operative: A group of people jointly owning and managing a property to provide affordable housing.
6. Insurance Co-operative: Members contribute to a collective insurance fund for mutual protection.

Week 2: Co-operative Societies (Continued)

Content:

• Types of Co-operative Societies:
  • Consumer Co-operatives: Help members buy goods in bulk at reduced prices.
  • Producer Co-operatives: Help producers market their products in bulk.
  • Credit Co-operatives: Provide financial assistance to members.
  • Housing Co-operatives: Assist members in acquiring affordable housing.
  • Agricultural Co-operatives: Help farmers purchase equipment or sell products collectively.
  • Worker Co-operatives: Operate on the basis of shared ownership and democratic decision-making.

Examples:

1. A Consumer Co-operative may buy groceries in bulk for its members, providing a discount.
2. A Producer Co-operative helps farmers sell their crops in bulk to local markets.
3. A Credit Union might provide loans to its members at lower interest rates than traditional banks.
4. A Housing Co-operative may pool resources to build a low-cost residential area for its members.
5. A Worker Co-operative could operate a business where employees are also the owners, sharing profits.
6. An Agricultural Co-operative could help members get access to subsidized fertilizers and tools.

Week 3: Public Enterprises

Content:

• Public Enterprises: These are government-owned businesses or organizations that are established to provide essential services to the public or promote economic development. Public enterprises are typically funded by taxpayer money and may be involved in industries like transport, healthcare, education, and energy.
• Types of Public Enterprises:
  • Public Corporations: These operate independently and are self-financing (e.g., Nigerian National Petroleum Corporation – NNPC).
  • Public Authorities: These operate under government supervision and provide essential services (e.g., Power Holding Company of Nigeria – PHCN).
  • State-Owned Enterprises: Government-run businesses aimed at stimulating the economy.

Examples:

1. Electricity Companies like PHCN in Nigeria provide public utility services.
2. Transportation Services: National Railways or Public Bus Corporations.
3. Health Services: National hospitals or government-owned clinics.
4. State-Owned Banks: Government-controlled banks such as the Bank of Industry (BOI).
5. National Television: A government-run television station providing public information.
6. Postal Services: Government-run postal services offering mail delivery and logistics.

Week 4: Public Enterprises (Continued)

Content:

• Advantages of Public Enterprises:
  • Provision of essential services to citizens.
  • Creation of employment opportunities.
  • Control over critical sectors of the economy.
  • Contribution to national economic growth.
  • Regulation of prices and services to avoid monopolies.
• Challenges of Public Enterprises:
  • Inefficiency and bureaucratic management.
  • Political interference in decision-making.
  • Financial mismanagement or corruption.
  • Dependence on government subsidies.

Examples:

1. Nigerian National Petroleum Corporation (NNPC) ensures oil and gas resources are controlled and distributed for national use.
2. Government-run Banks: Offer loans and grants to businesses and individuals for growth.
3. Public Water Systems: Ensures clean drinking water for citizens.
4. Public Transport Systems: Affordable transportation for low-income citizens.
5. Public Education Systems: Schools and universities funded by the government to provide education.
6. Health Sector: National health insurance schemes run by the government to make healthcare accessible.

Week 5: Trade Associations / Chambers of Commerce

Content:

• Trade Associations and Chambers of Commerce: These are organizations formed by businesses or traders within a specific industry or trade. Their primary aim is to promote and protect the interests of businesses within the sector, create networking opportunities, and advocate for favorable policies.
• Functions of Trade Associations and Chambers of Commerce:
  • Representing the interests of business members.
  • Lobbying for favorable laws and regulations.
  • Providing training, advice, and resources to members.
  • Facilitating networking events and business partnerships.
  • Promoting industry standards and best practices.

Examples:

1. Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) promotes trade within Nigeria.
2. Manufacturers Association of Nigeria (MAN) advocates for manufacturers and industrialists.
3. Nigerian Bar Association (NBA) represents the legal profession in Nigeria.
4. International Trade Associations like the International Chamber of Commerce (ICC) representing global trade interests.
5. Trade Unions: Such as the Nigerian Labour Congress, which represents the interests of workers in Nigeria.
6. Agricultural Associations: Such as the All Farmers Association of Nigeria (AFAN), advocating for farmers.

Week 6: Industrial Combinations

Content:

• Industrial Combinations: These refer to the merging or collaboration of businesses in the same or different sectors to form larger organizations. They may occur through mergers, acquisitions, or partnerships, aiming to maximize efficiency and profit.
• Types of Industrial Combinations:
  • Horizontal Combinations: Firms in the same industry merge (e.g., two soft drink companies).
  • Vertical Combinations: Firms at different stages of production merge (e.g., a mining company merging with a steel manufacturing firm).
  • Conglomerate Combinations: Firms in different industries merge (e.g., a car manufacturer merging with a food production company).

Examples:

1. Horizontal Combination: Coca-Cola and PepsiCo merging.
2. Vertical Combination: A car company merging with a tire manufacturer.
3. Conglomerate Combination: A mining company merging with a technology company.
4. Strategic Partnerships: Airlines and travel agencies merging for better customer service.
5. Mergers in the Banking Sector: Smaller banks merging to create larger, more competitive financial institutions.
6. Retail Industry Mergers: Supermarket chains merging to increase market share.

Week 7: Insurance

Content:

• Insurance: A financial arrangement in which individuals or organizations pay regular premiums to an insurer, who in return provides compensation in case of financial loss or damage. Insurance is a form of risk management.
• Types of Insurance:
  • Life Insurance: Covers the life of the policyholder, providing a sum to beneficiaries upon death.
  • Health Insurance: Provides coverage for medical expenses.
  • Property Insurance: Covers damage to property due to accidents, theft, or natural disasters.
  • Vehicle Insurance: Provides coverage for damage to vehicles in case of accidents.
  • Liability Insurance: Covers legal liabilities for injuries or damage caused to third parties.

Examples:

1. Life Insurance: A policy that pays a beneficiary upon the death of the policyholder.
2. Health Insurance: Coverage for medical expenses such as hospital visits, surgeries, and medication.
3. Homeowners Insurance: Provides compensation if your house is damaged due to fire, storm, or theft.
4. Car Insurance: Covers damages from an accident or theft of your car.
5. Travel Insurance: Protects against losses incurred during travel, such as missed flights or lost luggage.
6. Liability Insurance: Covers legal fees and damages for businesses found liable for accidents or negligence.

Week 8-10: Insurance (Continued)

Content: The continuation of insurance-related topics, focusing on:

• Underwriting Process: The method insurers use to assess risk and decide on premium rates.
• Policy Terms and Conditions: Understanding the fine print of insurance contracts.
• Claims Process: How to file and process insurance claims.

Examples:

1. Underwriting Example: Insurance companies use age, health, and lifestyle factors to calculate premiums.
2. Policy Example: A health insurance policy might have an excess payment before coverage kicks in.
3. Claims Example: A person who’s involved in a car accident files a claim with their car insurer.

Week 11: Revision & Exams

Content: The final revision of the entire syllabus in preparation for exams. This week includes reinforcing key concepts, reviewing important topics, and ensuring students are well-prepared for their exams.

Conclusion

This SS 2 Scheme of Work for the second term offers a comprehensive breakdown of important business topics. It is designed for novice learners to understand essential business concepts such as co-operatives, public enterprises, insurance, and trade associations. With clear examples and straightforward explanations, this article will help students grasp these concepts in preparation for exams and future business endeavors.