Lesson Notes By Weeks and Term - Senior Secondary 1

Basic economic problems of the society

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Term: 1st Term

Week: 5

Class: Senior Secondary School 1

Age: 15 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Economics

Topic:-       Basic economic problems of the society

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

  1. Discuss basic economic problems of the society

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 importance of opportunity cost to individuals, firms and the government

Students pay attention

STEP 2

EXPLANATION

She discusses the problems of what  and how to produce

 

Students pay attention and participates

STEP 3

DEMONSTRATION

She also discusses the problems of for whom to produce and how each resources are utilized

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 ECONOMIC PROBLEMS IN THE SOCIETY

In every economic system, what to produce, how to produce, for whom to produce and the efficient use of resources are the major problems.

These problems are peculiar to every system(socialism, capitalism or mixed economy)

 

WHAT TO PRODUCE

Firms, households, and the government are faced with the problem of deciding on the types of goods and services to produce for society. This problem arises mainly as a result of the fact that human wants are unlimited relative to the available resources.

It is practically impossible to produce all human wants or needs hence; there is a need for resources allocation in order to meet the pressing needs of the people

 

FACTORS WHICH DETERMINE WHAT TO PRODUCE

  1. Consumers’ need
  2. Marker demand
  3. Consumer Income
  4. Cost of production
  5. Types of economy

 

HOW TO PRODUCE

Producers have to decide on the technique of production. The decision to produce importees determining the resources to be used those to produce these commodities and the production techniques or methods to be used.

Two main methods of production are Labour intensive and capital intensives, can be adopted.

Labour – intensives method implies the use of more labour and little capital which capital intensive method uses more capital like machines and less labour.

 

FOR WHOM TO PRODUCE

The next basic economic problem is the determination of who will enjoy the goods and services produced.

Irrespective of the type of economic system adopted, goods and services are produced many to satisfy human wants.

 

EFFICIENCY OF RESOURCES USED

Efficiency of resources used in production refers to the optimum use or combination of factors of production to achieve higher and better output at a reasonable cost.

 

EVALUATION:    1. Discuss these economics problems

  1. what to produce
  2. how to produce
  3. for whom to produce
  4. efficient use of resources

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively