Lesson Notes By Weeks and Term - Senior Secondary 2
National income
National income
Term: 3rd Term
Week: 2
Class: Senior Secondary School 2
Age: 16 years
Duration: 40 minutes of 2 periods each
Date:
Subject: Economics
Topic:- National income
SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to
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 budget |
Students pay attention |
|
STEP 2 EXPLANATION |
She explains the meaning of personal income, disposable income, Gross Domestic Product(GDP), Gross National Product(GNP) |
Students pay attention and participates |
|
STEP 3 DEMONSTRATION |
She explains the meaning of Net Domestic Product(NDP), Net National Product(NNP), National Income and Income per capita |
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
NATIONAL INCOME
PERSONAL INCOME
It is the earnings of individual (in monetary terms) for taking part in the production of goods and services, either by him or his property. It includes wages to labour, interests received by capital owners, rents paid to the owners of land, and profits received by an entrepreneurs.
DISPOSABLE INCOME
This is the part of income which is left after personal income tax is deducted. Example, if your personal income is N50,000, but you pay N10,000 as tax, then, your disposable income becomes N50,000 – N10,000 = N40,000.00.
GROSS DOMESTIC PRODUCT(GDP)
This is the total value (in monetary terms) of all goods and services produced in a country within a period of one year, by all the residents of the country regardless of whether they are citizens or foreigners. It is the value of output within a country. It therefore excludes the earnings of citizens or their investments abroad, but includes the earnings of foreigners in the country. GDP is the same thing as Gross Domestic Income
GROSS NATIONAL PRODUCT(GNP)
This is the total monetary value of goods and services, produced by only the citizens of a country, both at home and abroad. It includes the earnings of the citizens or their investments in other countries, but excludes the earnings of foreigners or their investments in the country.
NET DOMESTIC PRODUCT(NDP)
This is the GDP less depreciation. It is the total monetary value of goods and services produced by all the residents of a country and earnings from their investments (whether citizens or foreigners), after allowances have been made for depreciation. Depreciation means decrease in the values of capital goods as a result of use, tear and wear or obsolescence.
NET NATIONAL PRODUCT (N.N.P)
This is the Gross National Product less depreciation. That is, GNP - Depreciation
NATIONAL INCOME (N.I)
It is the estimated monetary value of all goods and services produced in a country during a specific period of time, usually a year. This is equal to the total income accounting to all the four factors of production in a country. It is the sum total of all profits, interests, wages, and rents received within a year or the sum total of all personal incomes.
INCOME PER CAPITAL
This is the income per head of the population. It is the national income divided by the total population of a country.
EVALUATION: 1. Define personal income
MORE EXERCISES
his disposable income?
CLASSWORK: As in evaluation
CONCLUSION: The teacher commends the students positively