Economics – SS1, SS2 & SS3 Curriculum; Scheme of Work; Assessment Tests

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ASSURE Educational Services has put-together the scheme of work on Economics – SS1, SS2 and SS3 based on the National Curriculum and the syllabus of WAEC and NECO. All the topics highlighted in the National Curriculum and the syllabus of WAEC and NECO have been accommodated in our Scheme of Work.

End of term Assessment Tests in SS1, SS2 and SS3 alongside Overall Assessment Tests are available. Schools may adopt our scheme of work because of its simplicity and ease of monitoring of academic activities.

The Scheme of Work stated below is inexhaustible. Schools are encouraged to input weeks and periods of completion of topics in accordance with the academic calendar, number of students and available classes.

SS1 Economics – 1st Term Scheme of Work

Class Term Topics Contents
SS1 1st Term Economics: Meaning and Basic Concept (i) Meaning of Economics
(ii) Nature and Scope of Economics
(iii) Basic Concepts of Economics
(iv) Wants
(v) Scarcity
(vi) Scale of Preference
(vii) Choice
(viii)Opportunity Cost
(ix) Why We Study Economics
(x) Branches of Economics
Basic Economic Problems of Society (i) Meaning of Basic Economics Problems
(ii) What to Produce
(iii) How to Produce
(iv) For Whom to Produce
(v) Efficiency of Resources Use
The Nature of the Nigerian Economy (i) Overview of the Nigerian Economy
(ii) Economic Potentials of the Nigerian Economy
(iii) Economic Activities of the Six Geo-political Zones of Nigeria
Economic Growth and Development (i) Definition of economic growth and development
(ii) Distinction between economic growth and development
(iii) Definition of Under-Development
(iv) Problems and Solutions to Economic Development
Economic Development Planning (i) Definition of Economic Planning
(ii) Aims and Objectives of Economic Planning
(iii) Types of Economic Planning
Current Economic Plans; MDGs, NEEDS and Vision 2020 (i) Introduction to Current Economic Planning Instruments
(ii) Meaning and Objectives of Millennium Development Goals (MDGs)
(iii) Meaning and Objectives of National Economic Empowerment and Development Strategies (NEEDS)
(iv) Meaning and Objectives of VISION 2020
Economic Development Challenges (i) Meaning of Economic Development Challenges
(ii) Poverty
(iii) Methods of Poverty Alleviation and Eradication
(iv) Agencies for Poverty Alleviation
(v) Economic Development Challenges in Nigeria
Economic Reform Programs (i) Meaning of Economic Reform Programmes
(ii) Indigenisation
(iii) Nationlisation
(iv) Commercialisation and Privatisation
(v) Deregulation
(vi) Roles of Economic and Financial Crime Commission
(vii) Roles of Independent Corrupt Practices and Other Related Offences Commission
(viii) Roles of National Agency for Food Drug Administration and Control
(ix) Roles of Standard Organisation of Nigeria (SON)

SS1 Economics 1st Term Lesson Notes; Evaluation Tests
Lesson One: Meaning of Economics and Related Concepts – Click Here!
Lesson Two: Basic Economic Problems of Society – Click Here!
Lesson Three: The Nature of the Nigerian Economy – Click Here!
Lesson Four: Economic Growth and Development – Click Here!
Lesson Five: Economic Development Planning – Click Here!
Lesson Six: Current Economic Plans: MDGs, NEEDS and VISION 2020 – Click Here!
Lesson Seven: Economic Development Challenges – Click Here!
Lesson Eight: Economic Reform Programmes – Click Here!
Evaluation Tests on SS1 Economics 1st Term Lesson – Click Here!

SS1 Economics – 2nd Term Scheme of Work

Class Term Topic Contents
SS1 2nd Term International Economic Organisation (i) Meaning of International Economic Organisation
(ii) Economic Community of West African States (ECOWAS)
(iii) International Monetary Fund (IMF)
(iv) International Bank for Reconstruction and Development (IBRD)
(v) European Economic Community (EEC)
(vi) African Development Bank (ADP)
(vii) Economic Commission for Africa (ECA)
(viii) United Nations Conference on Trade and Development (UNCTAD)
(ix) West African Clearing House (WACH)
(x) Niger Basin Commission
Types and features of economic systems (i) Definition of Economic System
(ii) Capitalism or Free Market Economy
(iii) Socialism
(iv) Mixed Economy
Tools for Economic Analysis (i) Introduction to Tools for Economic Analysis
(ii) Tables
(iii) Graph
(iv) Pie and Bar Charts
(v) Pictogram
(vi) Histogram
(vii) Frequency Distribution
(viii) Measure of Central Tendency
(ix) The Arithmetic Mean
(x) The Median
(xi) The Mode
(xii) The Mean
(xiii) Linear and Simultaneous Equations
(xiv) Measure of Dispersion
(xv) Variance and Standard Deviation

SS1 Economics 2nd Term Lesson Notes; Evaluation Tests
Lesson 1: Features of Economic Systems – Click Here!
Lesson 2: International Economic Organisations – Click Here!
Lesson 3: Basic Tools of Economic Analysis – Click Here!
Evaluation Tests on SS1 Economics 2nd Term Lesson – Click Here!

SS1 Economics – 3rd Term Scheme of Work

Class Term Topics Contents
SS1 3rd Term Mining (i) Components of the Nigeria Mining Industry
(ii) Mineral Resources in Nigeria
(iii) Importance of Minerals to the Nigerian Economy
(iv) Challenges of Exploration of Minerals in Nigeria
Agricultural (i) Meaning of Agriculture
(ii) Components of Agriculture
(iii) Systems of Agriculture
(iv) Importance of Agriculture to Economic Development of West Africa
(v) Contribution of Agriculture to Industrial Development of Nigeria
(vi) Activities of the Marketing Boards in Nigeria
(vii) Some Governmental Agricultural Reform
Population (i) Definition of Population
(ii) Population Census
(iii) Importance of Population Census
(iv) Population Density
(v) Malthusian Population Theory
(vi) Population Distribution
Labour Market (i) Definition of Labour, Market and Labour Market
(ii) The concept of Labour Force
(iii) Factor Affecting the Size of Labour Force
(iv) Efficiency of Labour
(v) Factors Affecting Efficiency of Labour
(vi) Mobility of Labour
(vii) Types of Mobility of Labour
Factors Affecting Mobility of Labour
Division of Labour and Specialisation (i) Division of Labour
(ii) Types of Specialisation and Division of Labour
(iii) Advantages and Disadvantages of Labour and Specialisation
(iv) Internal and External Economies and Diseconomies


SS2 Economics – 1st Term Scheme of Work

Class Term Topics Contents
SS2 1st Term Financial Institution (i) Meaning of Financial Institution
(ii) Definition of a Bank
(iii) Types of Bank Account
(iv) Credit Facilities Provided By Banks
(v) Cheques
(vi) Central Bank
(vii) Differences Between Central Bank and Commercial Bank
(viii) Money Market
(ix) Capital Market
(x) The Stock Exchange Market
Regulatory Agencies of Financial Institution (i) Definition and Types of Regulatory Agencies
(ii) Central Bank of Nigeria (CBN)
(iii) Nigeria Deposit Insurance Corporation (NDIC)
(iii) Securities and Exchange Commission (SEC)
Money (i) Definition of Money
(ii) Historical Development of Money
(iii) Characteristics of Money
(iv) Functions of Money
(v) Demand for Money
(vi) Supply of Money
(vii) The Value of Money
(viii) Definition of Inflation
(ix) Control of Inflation
(x) Definition of Deflation
(xi) Control of Deflation
Instruments of Business Finance (i) Definition of Instrument of Business Finance
(ii) Sources of Funds for Business
(iii) Meaning and Types of Shares
(iv) Stock
(v) Debentures
Channels of Distribution (i) Definition of Channels of Distribution
(ii) Process of Distribution
(iii) The Wholesaler
(iv) The Retailer
(v) The Middlemen
(vi) Roles of Co-operatives and Government in Distributive Trade
Concept of Demand and Supply (i) Definition of Demand and Supply
(ii) The Laws of Demand and Supply
(iii) Factors Affecting Demand
(iv) Demand and Supply Schedules
(v) Types of Demand and Supply
(vi) Change in Quantity Supplied and Demanded
(vii) Determination of Equilibrium Price
(viii) Abnormal Demand and Supply
(ix) Relationship between Law of Diminishing Marginal Utility and Normal Demand Curve
Price Determination (i) Determination of Price by Demand and Supply
(ii) The Concept of Equilibrium
(iii) Price Elasticity of Demand
(iv) Factors Affecting Elasticity of Demand
(v) Elasticity of Supply
(vii) Factors Affecting Elasticity of Supply
(viii) Mathematical Approach to Demand and Supply Functions


SS2 Economics – 2nd Term Scheme of Work

Class Term Topics Contents
SS2 2nd Term Cost Concepts (i) Definition of Cost of Production
(ii) Basic Cost Concepts
(iii) Relationship between Total, Average, Marginal Costs, Variable Cost, Average Variable Cost, Average Total Cost and Average Fixed Cost
(iv) Concepts of Explicit and Implicit Cost
(v) Opportunity Cost and Money Cost
(vi) Mathematical Approach to Cost
Revenue Concept (i) Meaning of Revenue and Profit
(ii) Types of Revenue
(iii) Relationship between Average Revenue and Marginal Revenue
Theory of Production (i) Definition of Production
(ii) Factors of Production
(iii) Law of Diminishing Returns
(iv) Production Possibility Curve
(v) Concepts of Total, Average and Marginal Productivity
(vi) Law of Variable Proportion
Theory of Consumer Behaviour (Utility Theory) (i) The Concept of Total, Marginal and Average Utility
(ii) The Law of Diminishing Marginal Utility
(iii) The Concepts of Origin
(iv) Utility Maximisation
(v) Mathematical Approach to Theory of Consumer Behaviour


SS2 Economics – 3rd Term Scheme of Work

Class Term Topics Contents
SS2 3rd Term Market Structure (i) Definition, Types of Market
(ii) Perfect and Imperfect Market
(iii) Monopoly
(iv) Price and Quantity Determination Under Perfect Competition and Monopoly
Industries In Nigeria (i) Definition of Industries Concepts
(ii) Types and Location of Industries
(iii) Roles of Industrialisation in Economic Development of a Nation
(iv) Problems and Solutions Industrial Growth in West Africa
Fiscal Policy (Public Finance) (i) Definition of Fiscal Policy
(ii) Sources of Public Revenue
(iii) Government Expenditure
(iv) Taxation
(v) Economics Effects of Taxation
(vi) Mathematical Approach to Taxation
Balanced and Unbalanced Budget (i) Definition of Budget
(ii) Meaning of Surplus and Deficit Budget
(iii) National Debt
(iv) Revenue Allocation in Nigeria
National Income Accounting (i) Meaning of National Income Accounting
(ii) Factors that Determine the National Income of a Country
(iii) Cost of Living

SS3 Economics – 1st Term Scheme of Work

Class Term Topics Contents
SS3 1st Term Business Organisation (Introduction) (i) Definition of Business Organisation
(ii) Types of Business Organisation
(iii) Differences between Private and Public Enterprises
(iv) Factors that Determine the Types of Business Units
Business Organisation (Sole Proprietorship) (i) Sole Proprietorship
(ii) Features, Sources of Capital for Sole Proprietorship
(iii) Advantages and Disadvantages of Sole Proprietorship
Business Organisation (Partnership) (i) The Partnership
(ii) Features, Sources of Capital for Partnership
(iii) Types of Partners
(iv) Rights of Partners
(v) Formation, Advantages and Disadvantages of Partnership
Business Organisation (Limited Liability Companies) (i) Definition of a Company
(ii) Types of Limited Liability Companies
(iii) Formation of a Limited Liability Companies
(iv) Private Limited Liability Companies
(v) Public Limited Liability Company
(vi) Similarities and Differences between Private and Public Limited Liability Companies
(vii) Shares
(viii) Debentures
Business Organisation (Public Corporations) (i) Public Corporation
(ii) Reason for the Establishment of Public Corporations
(iii) Problems associated with Public Corporation
Business Organisation (Co-operative Societies) (i) Co-operative Societies
(ii) Features of Co-operative Societies
(iii) Types of Co-operative Societies
(iv) Advantages and Disadvantages of Co-operative Societies

SS3 Economics – 2nd Term Scheme of Work

Class Term Topics Contents
SS3 2nd Term Human Capital Development (i) Definition of Human and Physical Capital
(ii) Differences between Human and Physical Capital
(iii) Human Capital Formation
(iv) Brain Drain
Manufacturing and Construction Industries (i) Meaning of Manufacturing and Construction Industries
(ii) Characteristics and Classification of Manufacturing Industries
(iii) Problems and Solutions to Manufacturing and Construction Industries
Services Industries (i) Overview of the Service Industry
(ii) Commercial Activities of the Service Industry
(iii) Contribution of the Service Industry to Economic Development of Nigeria
Petroleum and Nigerian Economy (i) Historical Development of Petroleum Industry in Nigeria
(ii) Positive and Negative Contributions of Petroleum to Nigerian Economy
(iii) NNPC
(iv) OPEC
International Trade (i) Definition of International Trade
(ii) Similarities and Differences between International Trade and Internal Trade
(iv) Advantages and Disadvantages of International Trade
(v) Division of International Trade
(vi) Procedures for International Trade
(vii) The Principle of Comparative Advantage
(viii) Terms of Trade
(ix) Structure of Nigeria’s External Trade
Balance of Payment (BOP) (i) Definition of Balance of Payment
(ii) Components of Balance of Payment
(iii) Balance of Payment Disequilibrium and Adjustment
(iv) Devaluation and Depreciation of Currency
(v) Mathematical Approach to Currency Devaluation and Exchange Rate
(vi) Nigeria’s Balance of Payment


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