Lesson Notes By Weeks and Term - Senior Secondary 2

Budget

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Term: 3rd Term

Week: 1

Class: Senior Secondary School 2

Age: 16 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Economics

Topic:-       Budget

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

  1. Define budget
  2. Explain the meaning of balanced budget, budget deficit and budget surplus
  3. Discuss ways of financing budget deficit

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 sources of government revenue

Students pay attention

STEP 2

EXPLANATION

She defines budget

Students pay attention and participates

STEP 3

DEMONSTRATION

She explains the meaning of balanced budget, budget deficit and budget surplus. She discusses ways of financing budget deficit

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

BUDGET

Budget has been derived from thefrench word Bougette which means a leather bag or a wallet.

Budget is a financial statement made by the government spending out estimated government revenue and proposed expenditure for the coming financial year.

BALANCED BUDGET

Balanced budget is a budget in which the estimated government revenue is equal to the proposed expenditure for a given financial year.

BUDGET SURPLUS

A budget is said to be a surplus budget if the proposed government expenditure is less than the expected government revenue during a financial year.

BUDGET DEFICIT

Whenever the estimated government revenue is less than proposed expenditure for a given financial year, then that is budget deficit.

WAYS OF FINANCING BUDGET DEFICIT

1) Central Bank

2) Borrowing from External Sources

3) Borrowing from Internal Sources

4) Foreign Aid

EVALUATION:    1. Define budget

  1. Explain the meaning of
  2. balanced budget
  3. budget surplus
  4. budget deficit
  5. List two ways of financing budget deficit

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively