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

Hello and welcome!

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 Main Topic Sub-Topics Contents
SS1 1st Term DEFINITION AND SCOPE OF ECONOMICS Scarcity and Choice, Scale of Preference, Opportunity Cost, Production Possibility Curve. Economic activities –  Production, Distribution and Consumption. Classification of economic activities – Primary, Secondary and Tertiary and their relative contributions in terms of output/income, employment, savings, investment and foreign exchange.
FACTORS OF PRODUCTION Land, labour, capital and entrepreneurship- meaning, characteristics and importance

SS1 1st Term Assessment Test – Economics (Set 1) – FREE Access

SS1 Economics – 2nd Term Scheme of Work

Class Term Main Topic Sub-Topics Contents
SS1 2nd Term TYPES AND BASIC FEATURES OF ECONOMIC SYSTEMS (a) Types – capitalism, socialism and mixed economy.
(b) Basic features of each
(c) Advantages and disadvantages of each
(d) Economic problems of society and the approaches for solving them under each of the systems.
BASIC TOOLS OF ECONOMIC ANALYSIS Tables, graphs and charts.  Some basic statistical measures and representations –  arithmetic mean, median, mode and their simple applications.
DEMAND Concept of demand and law of demand, the demand schedules and curve, reasons for exceptional demand curves,  types of demand (derived, composite, joint and   competitive); factors determining demand for goods and services – price of the commodity,   prices of other commodities, income, tastes, price expectation, etc.

Distinction between a shift of and movement along a demand curve; concept of elasticity of demand.

Types of elasticity of demand and their measurement – price, income and cross elasticities of demand: importance of the concept of elasticity of demand to consumers, producers and government.

SUPPLY Concept of supply and law of supply, supply schedules and curve, types of Supply – composite, complementary and competitive. Factors determining supply – input prices, technology, prices of other commodities, climatic factors, etc.  Distinction between the shift of and movement along the supply curve. Concept and measurement of elasticity of supply and its importance to producers and government

SS1 Economics – 3rd Term Scheme of Work

Class Term Main Topic Sub-Topics Contents
SS1 3rd Term THEORY OF CONSUMER BEHAVIOUR The utility concepts- total utility, average utility, marginal utility and the calculation of utility schedules.

The law of diminishing marginal utility, relationship between total utility, average utility and marginal utility. The concept of equilibrium of a consumer.

Determination of consumer equilibrium.

The effects of changes in price on consumer equilibrium.

The relationship between marginal utility and the demand curve.

THEORY OF PRICE DETERMINATION The Concept of the market; interaction between demand and supply.

Price determination under free and regulated markets. Equilibrium price and quantity in product and factor markets.

The effects of changes in supply and demand on equilibrium prices and quantities.

Introduction to algebraic determination of equilibrium price and quantity.

Price controls: maximum and minimum price regulations- meaning and their effects; rationing, black market (parallel market)

THEORY OF PRODUCTION Production: division of labour and specialization: Scale of production (Internal and External economies), concept of total, average and marginal productivity and law of variable  proportions
THEORY OF COST AND REVENUE (i) Cost concepts: total cost, average cost, marginal cost, variable cost, fixed cost;
short run and long run costs.(ii) Distinction between economist’s and accountant’s view of cost
(opportunity cost and money cost).(iii) Revenue concepts: total, average and marginal revenue; Marginal revenue

SS2 Economics – 1st Term Scheme of Work

Class Term Main Topic Sub-Topics Contents
SS2 1st Term MARKET STRUCTURES Concept of a market, characteristics of various market structures, determination of
price and output under different structures – perfect competition and imperfect
competition (monopoly and monopolistic competition). Review of cost and revenue
concepts. Price discrimination.
BUSINESS ORGANIZATIONS Types and basic features of business enterprises – Sole Proprietorship; Partnership,
Joint- Stock companies (Private and Public), Co-operatives; Statutory Corporation,
Joint ventures. Sources of funds. General and basic problems of business
enterprises. Privatization and Commercialization as solutions to problems of
public enterprises. Indigenization and nationalization policies.
DISTRIBUTIVE TRADE Process of distribution, role of producers, role of wholesalers, retailers and
co-operatives: the role of government agencies in product distribution and the
problems of distribution and their solutions.

(a)   Population determination and implication of size and growth of      population, Rural – urban migration, Malthusian theory of population               Geographical, age, sex and occupational distribution.

Importance and problems of census.  Population and economic development (under – population, optimum population and over- population)

(b)  Labour Market (i) Concept of labour force and human capital, efficiency and mobility of labour, factors affecting the size of the labour force, particularly the population characteristics (age, sex, occupation, education, etc.)(ii) supply of and demand for labour: wage determination. Concept of
unemployment and underemployment, Trade Unions, Employers’
association and Government policies on labour and wages.

SS2 Economics – 2nd Term Scheme of Work

Class Term Main Topic Sub-Topics Contents
SS2 2nd Term AGRICULTURE Structure (e.g. food crops, export crops, livestock, fisheries): systems of agriculture
(peasant, commercial, co-operative and state farming); importance of agriculture
to the national economy: marketing of agricultural products (commodity boards).Agricultural policies (minimum agricultural prices) problems of agriculture and
INDUSTRIALIZATION Meaning and types of industry. Definition of industrial concepts: plant, firm, industry and industrial estates.

Location of industry, localization, role of industrialization in economic development. Strategies of industrialization.

Problems of industrialization.The link between agricultural and industrial

NATIONAL INCOME Meaning of major national income concepts e.g. Gross Domestic Product, Gross National Product. Net National Product, etc. Different ways of measuring national income and their problems.

Uses and limitations of national income data; trends and structure of national income.

MONEY AND INFLATION (a) Money definition and historical development-barter and its problems, types, characteristics functions. Supply of and demand for money, value of money and the price level.
(b) Inflation meaning types, causes, effects and control
FINANCIAL INSTITUTIONS Types (traditional, Central Bank, Commercial Bank, Development Bank, Merchant Bank, and Insurance Companies, Building Societies) : development and functions of financial institutions. Money and capital markets; meaning,
types and functions
PUBLIC FINANCE Fiscal policy and objectives of public finance: Sources of government revenue.

Taxation -types(direct and indirect),objectives, merits, demerits and incidence; Principles/canons of taxation; Rates of taxation (proportional, progressive and
regressive) direct and indirect taxation: incidence and effects of taxes, composition/structure of public expenditure (recurrent and capital expenditure): effects of
public expenditure. Government budget and the national debt

SS2 Economics – 3rd Term Scheme of Work

Class Term Main Topic Sub-Topics Contents
SS2 3rd Term ECONOMIC DEVELOPMENT AND PLANNING Meaning of economic development, distinction between economic growth and
development, characteristics and problems of developing countries, elements of
development planning (objectives of planning, and problems of planning). Types
of plans (short term, medium term, perspective or long term, rolling plan etc.)
INTERNATIONAL TRADE AND BALANCE OF PAYMENTS (a) International Trade differences between domestic and international trade, the
basis of international trade, absolute and comparative cost advantage, terms of
trade (definition and measurement) commercial policy (objectives) and
instruments – tariffs (types) and direct control. Trend and structure of West
African countries’ external trade
(b) Balance of Payments role of money in international transactions, meaning and components of balance of payments, balance of payments disequilibrium, balance of payments adjustments (exchange rate policy exchange control, monetary and fiscal policies) and financing (the use of reserves and international borrowing)
ECONOMIC INTEGRATION Economic Integration (objectives, levels of and features). Development and
problems of economic integration in West Africa- ECOWAS
– Organization of Petroleum Exporting Countries (OPEC)
– Economic Commission for Africa (ECA)
– International Monetary Fund (IMF)
– International Bank for Reconstruction and Development (IBRD)
– African Development Bank (AfDB)
– United Nations Conference on Trade and Development (UNCTAD) etc. relevance of such organizations to West African Countries.
MAJOR NATURAL RESOURCES Development of major natural resources (petroleum, gold, diamond,  timber, groundnut etc) effects on West African economies (positive and negative).


SS3 Economics – 1st & 2nd Term Scheme of Work – Revision Class

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