Economics offers a window into the forces that shape markets and economies.
In the SSS 2 scheme of work, spanning three terms, you delve into a wide range of subjects, from basic tools of economic analysis to public finance and taxation.
Each term introduces new concepts that deepen your understanding of how economic systems operate, both locally and globally.
With the support of the recommended textbooks, you navigate complex topics like market structures, consumer behavior, and national income with confidence.
SSS 2 ECONOMICS First Term Scheme of Work
Week 1: Basic Tools for Economic Analysis
- Introduction to basic tools: tables, charts, graphs, and equations
- Role of these tools in economic decision-making
- Importance of graphical representation in understanding economic relationships
Week 2: Basic Tools for Economic Analysis (Continued)
- Further exploration of tools for economic analysis
- Practice in constructing and interpreting economic graphs
- Use of statistical tools in analyzing economic data
Week 3: Demand and Supply
- Introduction to the concepts of demand and supply
- Factors affecting demand and supply
- Interaction of demand and supply to determine market price
Week 4: Concept of Cost
- Definition of cost in economics: total cost, fixed cost, variable cost
- Short-run and long-run cost concepts
- The relationship between cost and output
Week 5: Revenue Concepts
- Definition and types of revenue: total revenue, average revenue, marginal revenue
- How firms maximize revenue
- Revenue curves and their significance in economic analysis
Week 6: Economic Systems
- Types of economic systems: capitalist, socialist, mixed economy
- Features, advantages, and disadvantages of each system
- Comparison of economic systems and their application in different countries
Week 7: Mid-Term Break
Week 8: Labour Market
- Definition and functions of the labor market
- Factors influencing demand and supply of labor
- Wage determination in the labor market
Week 8: Concept of Unemployment
- Types of unemployment: frictional, structural, cyclical
- Causes and effects of unemployment in Nigeria
- Measures to reduce unemployment
Week 9: Concept of Self-Employment
- Definition and significance of self-employment
- Types of self-employment in Nigeria
- Challenges and opportunities in self-employment
Week 11: Revision
Week 12: Examination
Week 13: Closing
SSS 2 ECONOMICS Second Term Scheme of Work
Week 1: Theory of Consumer Behaviour
- Introduction to consumer behavior theory
- The law of diminishing marginal utility
- Consumer equilibrium and the concept of utility maximization
Week 2: Price Determination
- Factors influencing price determination in a market
- The role of demand and supply in determining prices
- Price control and price floor
Week 3: Concepts of Elasticity
- Definition of price elasticity of demand (PED) and supply (PES)
- Determinants of elasticity
- Calculation and interpretation of elasticity
Week 4: Concepts of Elasticity (Continued)
- Further analysis of elasticity concepts
- Types of elasticity: perfectly elastic, perfectly inelastic
- Importance of elasticity in policy making
Week 5: Market Structures
- Definition and characteristics of different market structures: perfect competition, monopoly, monopolistic competition, oligopoly
- Comparison of market structures
- Importance of market structures in determining firm behavior
Week 6: Market Structures (Continued)
- Continued study of market structures
- Case studies of different market structures in Nigeria
- Implications of market structures for competition and pricing
Week 7: Industry in Nigeria
- Classification of industries: primary, secondary, and tertiary
- Major industries in Nigeria and their contributions to the economy
- Industrial policies and challenges facing industries in Nigeria
Week 8: Industry in Nigeria (Continued)
- Further study of Nigerian industries
- Case studies of major industries in Nigeria (e.g., oil and gas, agriculture)
- Industrial development strategies in Nigeria
Week 9: Agriculture
- Importance of agriculture in the Nigerian economy
- Agricultural policies and programs in Nigeria
- Challenges facing agriculture and solutions for sustainable agricultural development
Week 11: Revision
Week 12: Examination
Week 13: Closing
SSS 2 ECONOMICS Third Term Scheme of Work
Week 1: Public Finance
- Definition and importance of public finance
- Sources of government revenue: taxation, loans, grants
- Government expenditure and its impact on the economy
Week 2: Taxation
- Definition and types of taxes: direct and indirect
- Principles of taxation
- Effects of taxation on the economy
Week 3: Taxation (Continued)
- Further exploration of taxation principles
- Case studies of tax systems in Nigeria
- Tax evasion and tax avoidance
Week 4: Budget
- Definition of a budget and its types: balanced, surplus, and deficit budgets
- Importance of budgeting in public finance
- Budget preparation and approval process in Nigeria
Week 5: Budget (Continued)
- Further analysis of budgetary concepts
- Case studies of Nigerian national budgets
- The impact of budgetary policies on economic growth
Week 6: Elements of National Income
- Definition of national income and related concepts: GDP, GNP, NNP
- Methods of calculating national income: income, output, expenditure approaches
- Importance of national income statistics
Week 7: National Income (Continued)
- Further analysis of national income elements
- Challenges in measuring national income
- The significance of national income data for economic planning
Week 8: Financial Institutions
- Types of financial institutions: central bank, commercial banks, insurance companies, microfinance institutions
- Role of financial institutions in economic development
- Overview of the Nigerian financial system
Week 9: Financial Institutions (Continued)
- Continued study of financial institutions
- Regulation and supervision of financial institutions in Nigeria
- The impact of financial institutions on investment and savings
Week 10: Money
- Definition and functions of money
- Types of money: commodity money, fiat money
- The role of money in economic transactions
Week 11: Revision
Week 12: Examination
Week 13: Closing
SSS 2 ECONOMICS Recommended Textbook
- Essential Economics for Senior Secondary Schools by C.E. Ande
- Comprehensive Economics for Senior Secondary Schools by O.A. Longe
- Understanding Economics for Senior Secondary Schools by K.K. Dewett
RECAP
Your journey in SSS 2 Economics starts with mastering the basic tools of economic analysis, setting the stage for understanding demand, supply, and cost concepts.
As you move through the first term, you grasp the importance of the labour market, unemployment, and self-employment in an economic system.
The second term brings the theory of consumer behavior, price determination, and elasticity, offering deeper insights into market structures and industries.
By the third term, you are well-acquainted with public finance, taxation, national income, and the role of financial institutions in the economy.
DISCLAIMER: Everything on this page is based on our research of what is obtainable for schools in all the states in the country, including government and some private schools. Schemes of work normally undergo a series of reviews and some schools modify them to suit their specific needs.
While we do all our possible best to keep up with the latest and approved schemes of work in the country, check the specific template your school uses. For example, some private secondary schools integrate the British curriculum. If you teach in such schools, expect to see slight changes to what we offer on this page. If you have any questions or require personalised support, kindly feel free to contact us.
