Scheme of work for secondary Economics Senior Secondary School 2


Basic tools for economic analysis
Measures of central tendency (mean, median, mode, using grouped data)

Measures of dispersion
Range, variance, mean deviation, standard deviation

Theory of consumer behaviour
Concept of utility (TU, AU and MU)

Law of diminishing marginal utility

Relationship between marginal utility and demand curve, utility maximisation

Demand and supply
Change in quantity demanded

Change in demand

Change in supply

Effects of changes in demand and supply on equilibrium price and quantity

Elasticity of demand
Meaning, types and measurement of elasticity of demand (graphical illustration)

Importance of elasticity of demand to consumers, producers and government

Elasticity of supply
Meaning, types and measurement of elasticity of supply (graphical illustration)

Importance of elasticity of supply to consumers, producers and government

Income elasticity of demand

Types (positive and negative)

Measurement of income elasticity of demand

Cross elasticity of demand

Measurement of cross elasticity of demand

Price control/legislation

Types (minimum and maximum)

Rationing and hoarding
Meaning of rationing and hoarding

Effects of rationing and hoarding

Black market and its effects


Revision of last term's work
Production possibility curve

Meaning and graphical illustration

Law of variable proportion

Concept of total, average and marginal productivity

Cost concept
Meaning of cost of production

Meaning of cost to an Accountant and Economist

Types of cost (TC, FC, VC, AFC, MC etc.)

Explain with schedule and graph

Short run and long run cost

Revenue concept
Meaning of revenue to an Economist

Types (Total, Average and Marginal revenue)

Graphical illustration, schedule and curve


Economic system
Meaning of economic system

Types of economic system (capitalism, socialism, mixed economy and welfarism)

Features of each

Factors to be considered in the adoption of the economic system

Labour market
Meaning of labour market

Concept of labour force

Factors affecting the size of labour force

Efficiency and mobility of labour

Supply and demand for labour
Wage determination

Unemployment (meaning and types)

Trade union

Market structure
Meaning and types of market (perfect and imperfect)

Perfect (meaning, features and market equilibrium position (P=MR=MC=AR=D)

Imperfect market
Meaning and types with graphical illustration

Price determination

Equilibrium position (short and long run)

Industries in Nigeria
Meaning of plants, firm, industry and factory

Types of industries (mining, construction etc.)

Location of industry
Meaning of location of industry

Factory affecting location of industry

Localisation of industry (meaning

Factors affecting localisation of industry

Advantages and disadvantages of localisation of industries

Revision and examination


Motive for holding money

Demand for and supply of money

Elementary quantity theory of money

Value of money and price level

Financial institutions
Money market (meaning, functions and instruments used)

Capital market (meaning, functions and instruments used)

Meaning, types, causes of inflation

Effects and controls of inflation


Meaning and causes

Effects and controls

Public finance
Meaning, objectives

Taxation (meaning, types (direct and indirect)

Advantages and disadvantages

Sources of government revenue
Incidence of taxation/ effects

Structures of public expenditure (re-current and capital expenditure)

Meaning, types and importance

National debt (meaning and types)

Financing deficit budget

Revenue allocation in Nigeria

Capital market
Meaning and functions

Stock exchange

How stock exchange operates

Secondary and primary market

Development bank (functions)

National income
Meaning and concept (GDP, GNP, NNP)

Measurement of national income

Problems of measuring

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