Lesson Notes By Weeks and Term - Senior Secondary 1

Basic concepts of Economics

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Term: 1st Term

Week: 3

Class: Senior Secondary School 1

Age: 15 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Economics

Topic:-       Basic concepts of Economics

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

  1. Define each concept in economics
  2. State their importance

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

PRESENTATION

TEACHER’S ACTIVITY

STUDENT’S ACTIVITY

STEP 1

INTRODUCTION

The teacher reviews the previous lesson on the Economics as a science, social science and art subject

Students pay attention

STEP 2

EXPLANATION

She defines each concept in economics

 

Students pay attention and participates

STEP 3

DEMONSTRATION

She also states the importance of each

Students pay attention and participate

STEP 4

NOTE TAKING

The teacher writes a summarized note on the board

The students copy the note in their books

 

NOTE

BASIC CONCEPTS OF ECONOMICS

  1. Wants: Want is defined as human wants, desire or need. Human wants are numerous compared to limited resources at hand.

 

  1. Resources: These are things/items that are used to meet/get human needs e.g. time, money, etc.

 

  1. Scarcity: Scarcity is defined as the limited supply of resources which are used for the satisfaction of human wants

 

  1. Scale of Preference: Scale of preference is the list of human wants in the order of priority or relative importance

STEPHEN’S SCALE OF PREFERENCE

S/N

ITEMS NEEDED

PRICE

1

School bag

15,000

2

School sandal

10,000

3

Exercise books

10,000

4

Economics textbook

20,000

 

IMPORTANCE OF SCALE OF PREFERENCE

  1. Ranking of needs
  2. Financial prudence
  3. Identification of highest priority
  4. Rational choice
  5. Efficient utilisation of limited resources
  6. Optimum allocation of resources
  7. Maximisation of satisfaction

 

  1. Choice: Choice can be defined as a system of selecting or choosing one item out of a number of alternatives.

 

EVALUATION:    1. Write short notes on the following

  1. scarcity
  2. wants
  3. choice
  4. Explain scale of preference using a typical example

                            

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively