ECONOMICS LESSON NOTE
SUBJECT:
Economics
CLASS:
SS1
TERM:
First Term
WEEK:
Week 1
TOPIC:
Introduction to Economics: Meaning, Nature and Scope
PERIOD:
40 Minutes
LESSON OBJECTIVES
At the end of the lesson, students should be able to:
- Define Economics.
- Explain the meaning of human wants and scarcity.
- State the nature of Economics.
- Explain the scope of Economics.
- Mention the importance of Economics in everyday life.
ENTRY BEHAVIOUR
Students are familiar with buying and selling activities in the market and making choices due to limited money.
TEACHING AND LEARNING MATERIALS
- Whiteboard
- Marker/Chalk
- Economics textbook
- Charts showing human wants and resources
- Pictures of market activities
REFERENCE BOOKS
- Comprehensive Economics for Senior Secondary Schools
- Essential Economics by C.E. Ande
- New System Economics
CONTENT
Meaning of Economics
Economics is a social science that studies human behaviour in relation to scarce resources which have alternative uses for the satisfaction of human wants.
Economics is concerned with:
- Human wants
- Scarcity of resources
- Choice
- Allocation of resources
Definitions by Economists
According to Lionel Robbins:
“Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.”
According to Adam Smith:
“Economics is the study of wealth.”
BASIC CONCEPTS IN ECONOMICS
1. Human Wants
Human wants are the desires people wish to satisfy.
Characteristics of Human Wants
- They are unlimited.
- They vary from person to person.
- Some wants are more important than others.
- They recur regularly.
Examples
- Food
- Shelter
- Clothing
- Education
- Transportation
2. Scarcity
Scarcity means that the resources available to satisfy human wants are limited.
Examples of scarce resources:
3. Choice
Since resources are limited, individuals must select the most important wants and leave others unsatisfied.
Example:
A student with ₦2,000 may choose between buying a textbook or a pair of sandals.
NATURE OF ECONOMICS
Economics is:
- A social science.
- Concerned with human behaviour.
- Concerned with allocation of scarce resources.
- Both theoretical and practical.
- Dynamic in nature.
SCOPE OF ECONOMICS
The scope of Economics refers to the areas Economics covers.
1. Microeconomics
Microeconomics studies the behaviour of individuals, households and firms.
Examples:
- Demand and supply
- Price determination
- Consumer behaviour
2. Macroeconomics
Macroeconomics studies the economy as a whole.
Examples:
- Inflation
- Unemployment
- National income
- Economic growth
IMPORTANCE OF ECONOMICS
- Helps individuals make wise decisions.
- Assists governments in policy making.
- Helps businesses maximize profit.
- Helps in the management of scarce resources.
- Promotes economic development.
TEACHER’S ACTIVITIES
- Explains the meaning of Economics.
- Discusses scarcity and choice using practical examples.
- Differentiates between microeconomics and macroeconomics.
- Asks students questions based on everyday economic activities.
STUDENTS’ ACTIVITIES
- Listen attentively.
- Participate in class discussion.
- Give examples of scarce resources.
- Differentiate between wants and needs.
EVALUATION QUESTIONS
- Define Economics.
- Explain the meaning of scarcity.
- Mention four characteristics of human wants.
- Differentiate between microeconomics and macroeconomics.
- State three importance of Economics.
ASSIGNMENT
-
Define the following terms:
a. Economics
b. Scarcity
c. Choice
-
Mention five examples of human wants.
-
State three differences between microeconomics and macroeconomics.
BOARD SUMMARY
- Economics is the study of human behaviour in relation to scarce resources.
- Human wants are unlimited.
- Resources are scarce.
- Choice arises because resources are limited.
- Economics is divided into microeconomics and macroeconomics.
CONCLUSION
The teacher revises the lesson by asking oral questions and giving further explanations where necessary.
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