Lesson Notes By Weeks and Term - Senior Secondary 1

Importance of opportunity cost to individuals, firms, and the government

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Term: 1st Term

Week: 4

Class: Senior Secondary School 1

Age: 15 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Economics

Topic:-       Importance of opportunity cost to individuals, firms and the government

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

  1. Explain the importance of opportunity cost to individuals, firms and the government

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 basic concepts of economics

Students pay attention

STEP 2

EXPLANATION

She explains the importance of opportunity cost to individuals and firms

 

Students pay attention and participates

STEP 3

DEMONSTRATION

She also explains the importance of opportunity cost to the government

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

IMPORTANCE OF OPPORTUNITY COST TO INDIVIDUALS, FIRMS AND GOVERNMENT

Opportunity is the alternative forgone. Opportunity cost is also known as real or true cost.

 

IMPORTANCE OF OPPORTUNITY COST TO INDIVIDUAL

  1. It helps individual to make decision.
  2. It helps individual to allocate scarce resources.
  3. Judicious use of resources.
  4. Prioritizing our wants.
  5.  It helps an individual to make wise choice.

 

IMPORTANCE OF OPPORTUNITY COST TO FIRMS

  1. Decision making.
  2. Helps to decide the method of production.
  3. Helps in project execution.
  4. Guides policy formulation and implementation.

 

IMPORTANCE OF OPPORTUNITY COST TO THE GOVERNMENT

  1. Resources allocation.
  2. Decision making.
  3. Preparation of budget.
  4. Helps in project execution.

EVALUATION:    1. Define opportunity cost

  1. State two importance of opportunity cost to
  2. individuals
  3. firms
  4. government

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively