Lesson Notes By Weeks and Term - Senior Secondary School 2

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  4. Basic economic principles

Term: 3rd Term

Week: 8

Class: Senior Secondary School 2

Age: 16 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:    Agriculture

Topic:-      Basic economic principles

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

  1. List and explain the basic economic principles
  2. Discuss the law of diminishing returns

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 rangeland management

Students pay attention

STEP 2

EXPLANATION

She lists and explains the basic economic principles

 

Students pay attention and participates

STEP 3

DEMONSTRATION

She discusses the law of diminishing returns

 

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 CONCEPTS OR ELEMENTS

The basic economic concepts are wants, scarcity, choice, scale of preference and opportunity cost.

  1. WANTS

They are those human desires or need to own goods and services that gives him satisfaction. They include food, clothing and housing, human needs are numerous but the means to satisfy them are limited or scarce.

 

  1. SCARCITY

This means the limited supply of resources which are needed to satisfy human wants.

 

  1. SCALE OF PREFERENCE

This is the arrangement of human wants in order of importance. It shows the list of unsatisfied human wants in order of priority.

  1. CHOICE

This means choosing one out of numerous alternatives. Choice arises due to limited resources, human wants are many but the means to satisfy them is limited so one has to chose the most pressing need out of all the needs or want and satisfy them first.

 

  1. OPPORTUNITY COST

This means wants that are not satisfied due to limited resources. Those forgone alternatives are the opportunity cost.

 

LAW OF DIMINISHING RETURN

This law states that as more and more a variable factor of production is added to a fixed factor, after a certain point, the marginal product declines or diminishes.

Diminishing return is mainly caused by wrong combination of input in that if the amount of a variable factor used is excess that of a fixed factors diminishing return will occur. E.g. if a plot of land (fixed factor) is to be cultivated by ten men (variable factor) under normal condition but suddenly the number of men is increased to twenty five (25 men), there will be root for laziness, gossiping and general under utilization of labour.

 

EVALUATION:   1. List and explain the basic economic principles

  1. Discuss the law of diminishing returns

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively