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SS1 Economics Lesson Note- Third Term

SS1 Economics Scheme of Work

WEEK TOPICS

1 Revision of  Second Term Unified Examination

DISTRIBUTIVE TRADE

Meaning

Chain of Distribution.

Process of Distribution

Wholesalers (Functions to Producers and Retailers).

Retailers (Functions to Wholesaler and Customers).

2   MIDDLEMEN

Argument For or Against the Elimination of Middlemen

Problems of Product Distribution in Nigeria

Ways of Improving the System of Distribution of Consumer Goods in West Africa.

Roles of Government Agencies in Product Distribution

3    MONEY

Definition of money and its origin

Trade by Barter system and its deficiencies

Kinds / Types of Money

Characteristics of Money

Functions of Money

4     FINANCIAL INSTITUTIONS

Meaning of Financial Institutions

Types of Financial Institution

Commercial Banks

Meaning of Commercial Banks

Characteristics of Commercial Banks

Functions and Creation of Credit and its Limitations

Central Bank

Meaning of Central Bank

Characteristics of Central Bank

Functions and Weapons of Controlling Commercial Banks

5     CONCEPT OF DEMAND AND SUPPLY

DEMAND

Meaning of Demand

Law of Demand

Schedule and Curve

Types of Demand

Factors Affecting Demand

6    SUPPLY

Meaning of Supply

Law of Supply

Schedule and Curve

Types of Supply

Factors Affecting Supply

7     EQUILIBRIUM PRICE/PRICE DETERMINATION

Meaning

Use of Hypothetical Schedule and Graph to Determine Equilibrium Price

Calculation from Hypothetical Table from Equations of Demand and Supply (i.e. Qd = Qs)

Price System

Meaning of Price System

Functions and Other Means of Determining Prices

8   THE NATURE OF THE NIGERIAN ECONOMY

General Overview of the Nigerian Economy

Nature and Structure of Industries in Nigeria

Contributions of Primary, Secondary and Tertiary Sectors

Explain Economic Activities of the Six GeoPolitical Zones

9   AGRICULTURE

Meaning of Agriculture

Components/Structures

Systems of Agriculture

Contributions to the Economy

Problems and Solutions of Agriculture

Agricultural Policies in Nigeria (OFN, RBOA, NAFPP, Green Revolution)

10    MINING

Meaning

Components of the Nigerian Mining Industry

Minerals (Types, Uses and Locations)

11    Revision

12 – 13  Examination

Read Also: SS1 Literature Examination Past Question- Third Term

REFERENCE BOOK

• • Amplified and Simplified Economics for Senior Secondary School by Femi Longe
  • Comprehensive Economics for Senior Secondary School by J.V. Anyaele
• Fundamentals of Economics for SSS By. R.A.I. Anyanwuocha

ECONOMICS LESSON NOTE WEEK ONE

DISTRIBUTIVE TRADE

CONTENT

• Definition of Distributive Trade

• Process of Distribution
• Wholesalers (Functions to Producers and Retailers). 
• Retailers (Functions to Wholesaler and Customers).

DISTRIBUTIVE TRADE: 

Distributive Trade-which is also known as the chain of distribution, refers to the various stages or channels through which finished goods are moved from the manufacturers/producers to the final consumers  .That is, it is the process of getting goods from the producer to the final consumers. There are various channels through which goods get to the final consumer commonly called channel of distribution. The common channel through which the consumer get the goods is represented as: 

Manufacturer /Producer Wholesaler Retailer Final consumer

PROCESS OF DISTRIBUTION

Process of Distribution– involves all human and physical means which aid the smooth transfer of goods from the manufacturers to the final consumers. The process of distribution involves:

1. Middlemen– the middlemen or agents are human elements involved in the distribution of goods from the producers to the final consumers, eg wholesaler and retailer
2. Transportation– is the medium through which the finished goods are moved by air, land or water from the manufacturers to the final consumers
3. Advertisement– is the process of creating awareness in the mind of the public about the existence of a product.
4. Warehousing– is a process through which the goods produced are stored until they are needed.

EVALUATION 

1. Define distributive trade
2. Explain process of distribution

THE WHOLESALER

A wholesaler may be defined as the trader who buy goods in large quantity from the producer and sells in small quantity to the retailer. The wholesaler is an essential and desirable element in the channel of distribution and production. He is sometimes called a middleman because he is in-between the producer and the retailer.

FUNCTIONS OF WHOLESALER TO THE PRODUCER

1. Bulk breaking: This is one of the most essential functions of the wholesaler as he is able to satisfy the needs of purchasing in large quantity from the producer.

1. The wholesaler finances the producer by making prompt or advance payment for goods.

1. He also finances the retailer by giving credit facility to them.

1. He helps to make the prices of goods stable especially where production is irregular.

1. He provides warehousing or storage facilities for goods bought.

1. He gives vital information about market situation to the producer.

1. He completes the manufacturing of some goods by doing the packaging and branding.
2. Wholesalers help to create markets for producers and themselves through large scale advertising use of sales representatives etc.

FUNCTIONS OF WHOLESALER TO THE RETAILER

1. He enables the retailer to stock variety of goods
2. He provides the retailer with credit facilities
3. He advices the retailer based on his expert knowledge of the product
4. He provides a link between the producer and the retailer
5. He helps to transport goods to the retailer’s shop

EVALUATION

1. Who is a wholesaler?
2. How is a wholesaler regarded as a “Bulk Breaker”

THE RETAILER

A retailer may be defined as the trader who buys goods in small quantity from the wholesaler or directly from the manufacturer and sell in units to the final consumer.

He is essentially in the channel of distribution because he is the last link to the consumer, so he is also a middleman.

Retail trade can be broadly classified into two types namely; 1. Small scale retail trade 2. Large scale retail trade

 

Small scale retail trade comprises of  kiosk, market or stallholder retailing, street or road side retailing, cycle boys, mobile shops retailing, itinerant or hawking retailing etc.

Large scale retailing can be the form of department stores, multiple shops, supermarkets, mail–order business, hyper markets, and retail co-operative societies.

FUNCTION OF THE RETAILER

1. The retailer stocks variety of goods in order to satisfy the taste of the consumer.
2. He brings goods to the consumer thus saving the consumer the inconvenience of going far.
3. He assist the producer and wholesaler in promoting lesser known goods
4. He advises the consumer and wholesaler on how to use certain products and about new development in the market 
5. He provides after-sales services especially for technical products like computer, television, typewriters etc.
6. He finances the consumer by selling at time on credit.
7. He completes the distribution chain by making goods available to the consumer ; thus completing production 
8. He provides market information to buyers and sellers
9. He advertises the goods through fascinating window displays

EVALUATION 

1. What roles do the retailers play in the distribution process
2. What is the difference between multiple shops and departmental stores.

READING ASSIGNMENT

1. Amplified and Simplified Economics SSS by Femi Longe page 132-142.
2. Comprehensive Economics for SSS By. J.U. Anyaele chapter 12 pages 97 – 98 
3. New Approach Economics By K.U. Nnadi and A.B. Falodun chapter 8 pages 77 – 80

GENERAL REVISION

1. Outline the merit of  joint stock company.
2. What are the problems partners are likely to face in partnership business.
3. Mention four reasons for government participation in business.
4. Write short note on i  shares    ii debenture
5. Who is a shareholder?

WEEKEND ASSIGNMENT 

1. The wholesaler provides all the following services to the producers except (a) financing 

(b) marketing the product.(c) granting credit  (d) after sales service 

1. Which of the following is not an agent of distribution ( a) retailer (b) government agencies (c) co-operative society (d) consumer
2. Retailers are usually greater in number than wholesaler because ( a) all retailer business are small enterprises   (b) all wholesaler business are large enterprises (c) retailers deal with final consumers (d) Retailer business require less capital and expertise

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