Lesson Notes By Weeks and Term - Senior Secondary 2

Public finance

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Term: 1st Term

Week: 11

Class: Senior Secondary School 2

Age: 16 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Economics

Topic:-       Public finance

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

  1. Define public finance and fiscal policy
  2. State the objectives of public finance and fiscal policy
  3. Explain the meaning of revenue allocation
  4. Discuss the concept/criteria for revenue allocation

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 agriculture

Students pay attention

STEP 2

EXPLANATION

She defines public finance and states its objectives. She also defines fiscal policy and states its objectives

Students pay attention and participates

STEP 3

DEMONSTRATION

She explains the meaning of revenue allocation and discusses the criteria for revenue allocation

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

PUBLIC FINANCE

Public finance refers to the financial operations of government of a country. Infact public finance is an aspect of economics that deals with the management of public funds, and the way the government gets it revenue [income] and how it spends its [expenditure].

OBJECTIVES OF PUBLIC FINANCE

1) Price Stability

2) Maintenance of Law, Order and Security

3) Security

4) Equitable Distribution of Income

5) Control of Consumption

6) Economic Development

7) General Administration

FISCAL POLICY

Fiscal policy means the use of taxation and public expenditure of the government for stabilization or growth of economy.

OBJECTIVES OF FISCAL POLICY

1) Economic Development

2) To control inflation

3) Revenue

4) Creation of Employment

5) Income Redistribution

6) Industrial Development

7) Economic Stability

REVENUE ALLOCATION

Revenue allocation means the sharing of the country s money between the component parts of the nation that is between the central, state and local governments.

Revenue allocation is grouped into two major parts.

1) Horizontal Revenue

2) Vertical Revenue

CONCEPT AND CRITERIA FOR REVENUE ALLOCATION [INCLUDING RESOURCES CONTROL]

  1. Derivation
  2. Local and state government with larger landmass receive more revenue than those with less landmass.
  3. Local government and states with larger population get more revenue than those with smaller population.
  4. Revenue Generation.
  5. Equality.

RESOURCE CONTROL

Expectedly the government of 17 Southern State proclaimed its preference for fiscal federalism based on the principles of national interest; need and deviation.

EVALUATION:    1. Define public finance and fiscal policy

  1. State three objectives each of public finance and fiscal                    policy
  2. Define revenue allocation
  3. Discuss three criteria for revenue allocation

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively