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SS2 Scheme of Work for Second Term: A Comprehensive Guide to Economics

SS2 Economics, second term, scheme of work, economics curriculum, taxation, public finance, price determination, supply and demand, Nigeria agricultural policies, education, student guide

In the second term of the Senior Secondary School (SS2) Economics curriculum, students are expected to build on their understanding of foundational economic principles. The second term’s scheme of work focuses on key concepts such as demand and supply, price determination, taxation, public finance, agricultural policies, and more. This article will explore these topics in-depth, providing a thorough breakdown that is easy for novices to understand.

Scheme of Work for Second Term (SS2 Economics)

Week(s) Topic(s) Content
Week 1 Revision of Theory of Demand and Supply 1. Definition of Supply
2. Explanation of the Law of Supply with Tables and Graphs
3. Types of Supply: Composite, Complimentary, Competitive
Week 2 Continuation of Revision of Theory of Demand and Supply 1. Abnormal Supply Curve
2. Price Determination in a Free Market
3. Price System
4. Public Finance
5. Taxation
Week 3 Taxation, Budget, and Revenue Allocation in Nigeria 1. Uses of Taxation
2. Budgeting and Revenue Allocation in Nigeria
3. National Debt and Debt Management
Week 4 Agricultural Policies in Nigeria and Marketing of Agricultural Commodities 1. Agriculture Policies in Nigeria
2. Marketing of Agricultural Commodities
3. Prospects of Agriculture in Nigeria
Week 5 Revision and Exam Preparation Review of key topics covered in the term, preparing for examination with sample questions and study tips
Week 6 Examination Final Examination

Detailed Explanation of Each Topic

Week 1: Revision of Theory of Demand and Supply

  1. Definition of Supply
    • Supply refers to the quantity of a product or service that producers are willing and able to offer for sale at various prices, over a period of time.
    • Example 1: If the price of oranges rises, farmers may be more inclined to grow and sell more oranges.
    • Example 2: A car manufacturer may produce more vehicles if the demand and price for cars increase.
    • Example 3: A shopkeeper may increase the number of shoes they stock when the price of shoes rises.
    • Example 4: The supply of wheat will increase if the government offers higher prices for wheat production.
    • Example 5: A local bakery may bake more bread when they can sell it for a higher price.
    • Example 6: If the price of fuel increases, fuel suppliers may increase their supply to maximize profits.
  2. Law of Supply
    • The Law of Supply states that, all else being equal, an increase in price results in an increase in the quantity supplied.
    • Example 1: As the price of cotton rises, cotton farmers supply more cotton.
    • Example 2: If the price of smartphones increases, manufacturers are likely to produce more smartphones.
    • Example 3: A rise in the price of gold encourages gold mining companies to extract more gold.
    • Example 4: If the price of shoes increases, shoe manufacturers will make more shoes to take advantage of higher prices.
    • Example 5: As the price of oil increases, oil companies are more likely to increase their production.
    • Example 6: Higher prices for corn lead to an increase in corn production by farmers.
  3. Types of Supply
    • Composite Supply: This refers to the total supply of a product or service from various producers or sources.
    • Example 1: The composite supply of wheat comes from various farmers, both local and international.
    • Complimentary Supply: Occurs when two products are produced together in the same process.
    • Example 2: Beef and leather are complementary supplies, as cattle are raised both for meat and leather.
    • Competitive Supply: When two or more products compete for the same resources.
    • Example 3: A farmer might have to choose between growing wheat or maize based on available land.
    • Example 4: A car manufacturer has to decide whether to produce sedans or SUVs based on demand.
    • Example 5: A fishing company may have to choose between catching shrimp or fish.
    • Example 6: A textile company may have to decide whether to produce cotton clothes or woolen clothes.

Week 2: Continuation of Demand and Supply Concepts

  1. Abnormal Supply Curve
    • An abnormal supply curve occurs when the law of supply does not apply. This typically happens in unique cases, such as when production costs rise, or there is a technological breakthrough that reduces costs.
    • Example 1: If the price of oil rises drastically, but supply decreases due to environmental regulations, the supply curve may shift abnormally.
    • Example 2: A technological breakthrough that makes it cheaper to produce smartphones could lead to an increase in supply despite a decrease in price.
    • Example 3: A natural disaster could decrease supply despite rising prices for certain commodities.
    • Example 4: If a new tax is introduced on coal mining, the supply may decrease despite the potential for higher profits.
    • Example 5: A ban on the production of certain goods could lead to abnormal supply shifts.
    • Example 6: If a company becomes more efficient and lowers production costs, they might produce more at a lower price.
  2. Price Determination in a Free Market
    • Price determination in a free market is the process by which prices for goods and services are set based on supply and demand.
    • Example 1: If the demand for smartphones rises, the price may increase if the supply does not meet the demand.
    • Example 2: If there is an excess of oranges in the market, the price may fall due to the surplus.
    • Example 3: A shortage of houses in a city will cause rent prices to increase.
    • Example 4: The price of airline tickets increases during holidays due to high demand.
    • Example 5: The price of wheat falls if the harvest is abundant and exceeds demand.
    • Example 6: The price of coffee beans may increase if there’s a drought affecting coffee plantations.
  3. Price System
    • The price system refers to the way in which the allocation of resources and the distribution of goods and services are determined by the prices of products in the market.
    • Example 1: A higher price for a good signals to producers that there is a demand for that good, leading to an increase in production.
    • Example 2: When the price of luxury cars rises, more manufacturers may enter the market to produce high-end vehicles.
    • Example 3: If the price of fast food increases, it may encourage consumers to opt for home-cooked meals.
    • Example 4: A reduction in the price of smartphones may lead to increased sales as more people can afford them.
    • Example 5: If the price of cotton falls, textile companies may reduce production, affecting the supply of cotton-based products.
    • Example 6: The price system helps allocate limited resources to their most efficient uses.
  4. Public Finance and Taxation
    • Public finance refers to the management of a government’s revenue, expenditures, and debt load through taxation and other revenue generation methods.
    • Example 1: Taxes on income, goods, and services help fund government activities such as education and healthcare.
    • Example 2: The government collects taxes to finance infrastructure projects like road construction.
    • Example 3: A tax on cigarettes and alcohol is used to reduce consumption while generating revenue for public health programs.
    • Example 4: Tax incentives may encourage businesses to invest in green technologies.
    • Example 5: Import tariffs help protect local industries from foreign competition.
    • Example 6: Social security taxes fund government programs that provide financial assistance to retirees.

Week 3: Taxation, Budget, and Revenue Allocation in Nigeria

  1. Uses of Taxation
    • Taxation serves to fund government projects, reduce inequality, and encourage or discourage certain economic activities.
    • Example 1: Tax revenue is used to build schools and hospitals.
    • Example 2: Tax incentives encourage businesses to operate in specific regions or industries.
    • Example 3: Taxation is used to fund infrastructure development like roads and bridges.
    • Example 4: Environmental taxes may encourage businesses to adopt sustainable practices.
    • Example 5: Income taxes help redistribute wealth by funding welfare programs.
    • Example 6: Taxes on luxury items help regulate excessive consumption.
  2. Budget and Revenue Allocation in Nigeria
    • The Nigerian budget determines how the government will spend its revenue. Revenue allocation refers to how funds are distributed among the federal, state, and local governments.
    • Example 1: The Nigerian government allocates funds to the health sector to improve hospitals.
    • Example 2: Revenue is allocated to the education sector to build schools and pay teachers’ salaries.
    • Example 3: Nigeria allocates funds for security to ensure the safety of citizens.
    • Example 4: A significant portion of revenue may go towards servicing Nigeria’s national debt.
    • Example 5: Some funds are allocated to the agricultural sector to support farmers and boost food production.
    • Example 6: The government allocates money to improve transportation infrastructure.
  3. National Debt and Debt Management
    • National debt is the total amount of money that a government owes to external and internal creditors. Debt management refers to the strategies used to manage this debt.
    • Example 1: The government borrows money to finance projects that are expected to generate returns.
    • Example 2: Nigeria may issue bonds to raise funds for infrastructure development.
    • Example 3: Debt management strategies include restructuring loans to reduce interest payments.
    • Example 4: The government may borrow from international organizations like the World Bank.
    • Example 5: Proper debt management ensures that borrowing does not lead to unsustainable financial situations.
    • Example 6: Nigeria’s debt repayments are a significant part of the national budget.

Week 4: Agricultural Policies and Marketing of Agricultural Commodities

  1. Agriculture Policies in Nigeria
    • Agricultural policies aim to improve food production and rural development in Nigeria.
    • Example 1: The government provides subsidies to farmers to make fertilizers more affordable.
    • Example 2: Policies promote crop diversification to ensure food security.
    • Example 3: The government supports irrigation projects to increase agricultural output.
    • Example 4: Agricultural credit policies provide loans to farmers for purchasing equipment and seeds.
    • Example 5: Policies encourage the use of modern farming techniques.
    • Example 6: Land reforms ensure equitable access to land for farmers.
  2. Marketing of Agricultural Commodities
    • Agricultural commodities such as crops and livestock require effective marketing strategies to reach consumers.
    • Example 1: Farmers’ markets provide direct sales of agricultural products to consumers.
    • Example 2: Agricultural cooperatives help farmers sell products in bulk.
    • Example 3: Exporting agricultural products to international markets helps boost income for farmers.
    • Example 4: Branding agricultural products can add value and increase their marketability.
    • Example 5: Government policies can help regulate agricultural prices to ensure fair compensation for farmers.
    • Example 6: Technology platforms enable farmers to sell their products online.

Week 5: Revision and Exam Preparation

Students will revise key concepts and prepare for the final examination by going over sample questions and discussing core principles in groups.

Week 6: Examination

This will be the week for final exams, assessing students’ understanding of the topics covered during the term.

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