Second Term SS1 Economics Lesson Note


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This lesson note covers the following topics for SS1 Second Term Economics:

1. Capital as a Factor of Production-Meaning, Type and Characteristics
Entrepreneur- Meaning and Function
2. Division of Labour
a. Meaning
b. Advantages and Disadvantages
c. Limitations
a. Meaning
b. Types
3. Scale of Production
a. Meaning of Scale of Production
b. Small, Medium and Large Scale
c. Internal and External Economies of Scale
d. Internal and External Diseconomies of Scale
4. Firm & Industry
a. Definition of Firm, Plant and Industry.
b. Factors that Determine the Size of a Firm
c. Concept of Total Product (TP), Average Product (AP) and Marginal Product
(MP). Illustration with Tables and Graphs
d. Production Possibility Curve
5. Business Organization
Sole Proprietorship and Partnership
a. Meaning
b. Characteristics
c. Types of Partnership
d. Advantages and Disadvantages
e. Sources of Finance
f. Contributions to the Economy
6. Joint Stock Companies
a. Meaning
b. Characteristics
c. Types ( Private and Public Liability Companies)
d. Advantages and Disadvantages
e. Sources of Finance (Shares, Bonds, Debentures, etc)
f. Contributions to the Economy
Co-operative Societies
a. Meaning
b. Types of Co-operative Society
c. Advantages and Disadvantages
d. Sources of Finance
7. Public Enterprises
a. Meaning
b. Characteristics
c. Reasons for setting up
d. Advantages and Disadvantages
e. Sources of Finance
f. Contributions to the Economy
8. Population
a. Meaning of Population
b. Determinants of Population Size
c. Population Growth (High Population and Declining Population)
d. Implication of Size and Growth of Population
9. Population Census
a. Meaning of Population Census
b. Types of Population Census
c. Importance (Uses)
d. Problems of Population Census
Population Structure or Distribution(Sex, Age, Geographical & Occupational distribution)
10. Population and Economic Development
a. Over – Population
b. Under – Population
c. Optimum- Population
Theories of Population
a. Malthusian Theory
b. Demographic Transition Theory
How to Control Population Growth.
11. Labour Market
a. Definition of Labour Market
b. Concept of Labour Force
c. Factors Affecting the Size of Labour Force
Mobility of Labour
a. Meaning of Mobility of Labour
b. Types of Mobility of Labour
c. Importance of Mobility of Labour

• Amplified and Simplified Economics for Senior Secondary School by Femi Longe
• Comprehensive Economics for Senior Secondary School by J.V. Anyaele
• Fundamentals of Economics for SSS By. R.A.I. Anyanwuocha
• SSCE Economics Past Question Pack.


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