Lesson Notes By Weeks and Term - Senior Secondary 1

Theory of production

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Term: 1st Term

Week: 8

Class: Senior Secondary School 1

Age: 15 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Economics

Topic:-       Theory of production

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

  1. Define production
  2. Explain the types of goods
  3. Discuss the types of production
  4. Outline each stage of production and what it entails
  5. Highlight the various factors of production

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 measures of central tendency

Students pay attention

STEP 2

EXPLANATION

She defines production and explains the types of goods there are

 

Students pay attention and participates

STEP 3

DEMONSTRATION

She discusses the types and stages of production. She further highlights the various factors of production.

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

THEORY OF PRODUCTION

Production can be defined as the transformation of raw materials into

finishing goods and the distribution and provision of goods and services in

order to satisfy human wants.

Production is not regarded as complete until what is produced reaches the

final consumers.

 

TYPES OF GOODS

  1. Consumer Goods: These are goods and services that can satisfy the consumer’s immediate wants. These goods do not need further process of producing for their use by the consumer e.g. Milk, Bread, Television, Radio, the services of a teacher, lawyers Barber, etc
  2. Producer or capital Good: These are goods and services meant for production of further goods and services. E.g Machines, Radio materials.

 

TYPES OF PRODUCTION

  1. DIRECT PRODUCTION: Direct production is the type of production in which an individual produces goods and services only for family use or consumption and not for sale. For example, a farmer who plants maize and yam for himself and family.
  2. INDIRECT PRODUCTION: Indirect production is the types of production in which goods and services are produced in large scale, mainly for sales or exchange for other needs.

 

STAGES OF PRODUCTION

  1. PRIMARY PRODUCTION: This involves the extraction of raw material from the soil or sea e.g mining, farming, fishing, etc.
  2. SECONDARY PRODUCTION; This is a stage where raw materials are processed and transformed into finishing good, i.e utility is added to the raw materials of the primary production.
  3. TERTIARY PRODUCTION: this is the stage where the goods and services made available at the two earlier stages are taken to those who are in need of them i.e tertiary production is concerned with the provision of commercial and professional services to the people.

 

FACTORS OF PRODUCTION

  1. LAND: Land as a factor of production is a free gift of nature and it is fixed. Land in economics does not only include land surface of the earth but all other free gifts of nature or natural resources like forest, mineral resources, rivers, oceans, atmosphere etc. the reward for Land is RENT.
  2. LABOUR: Labour refers to all human effort which may be physical or mental, skilled, or unskilled scientific or artistic used in the productive process, usually for a reward. In other words, labour refers to both physical and mental efforts of man directed to production. It reward is WAGE or SALARY.
  3. CAPITAL: Capital can be defined as wealth reserved or set aside for the production of more wealth. They are also referred to as investment goods or producer goods. Example of capital a machine tools, factory, buildings, raw materials, fuel, money etc. the reward for capital is INTEREST
  4. THE ENTREPRENEUR: An entrepreneur can be defined as the factor of production that co-ordinates and organizes other factor of production (land and capital) in order to produce goods and services. The reward for entrepreneur is PROFIT OR LOSS

 

FACTORS THAT DETERMINES THE VOLUME OF PRODUCTION

  1. The sizes of market
  2. Level of technical knowledge
  3. Amount of capital
  4. Availability of raw materials
  5. Storage facilities
  6. Efficiency in the use of factors of production
  7. Extent of development of infrastructural facilities

 

EVALUATION:    1. Define production

  1. Explain the two types of goods
  2. Explain the types of production
  3. What are the various factors of production?
  4. Highlight the factors that determines the volume of production

 

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively