Lesson Notes By Weeks and Term - Senior Secondary School 3

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  4. Balance of trade and balance of payment

Term: 3rd Term

Week: 8

Class: Senior Secondary School 3

Age: 17 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Marketing

Topic:-       Balance of trade and balance of payment

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

  1. Define balance of trade
  2. Explain the meaning of balance of payment
  3. List and explain the components of the balance of payment

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 terms and means of payment

Students pay attention

STEP 2

EXPLANATION

She explains the meaning of balance of trade

 

Students pay attention and participates

STEP 3

DEMONSTRATION

She explains the meaning of balance of payment.

List and explain the components of balance of payment

 

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

BALANCE OF TRADE

The balance of trade is the account that details the value of exported goods and the value of imported goods. To calculate the balance of trade, the national accounts service evaluates imports and exports of goods based on customs statistics on goods

 

BALANCE OF PAYMENT

The balance of payments (BOP) is the record of all international financial transactions made by the residents of a country. There are three main categories of the BOP: the current account, the capital account, and the financial account.

 

COMPONENTS OF THE BALANCE OF PAYMENT

  1. Current Account

The current account monitors the flow of funds from goods and services trade (import and export) between countries. Now this includes money received or spent on manufactured goods and raw materials. It also includes revenue from tourism, transportation receipts, revenue from specialized services (medicine, law, engineering), and royalties from patents and copyrights. In addition, the current account includes revenue from stocks.

  1. Capital Account

The capital account monitors the flow of international capital transactions. These transactions include the purchase or disposal of non-financial assets (for example, land) and non-produced assets. The capital account also includes money received from debt-forgiveness and gift taxes. In addition, the capital account records the flow of the financial assets by migrants leaving or entering a country and the transfer, sale, or purchase of fixed assets.

  1. Financial Account

The financial account monitors the flow of funds pertaining to investments in businesses, real estate, and stocks. It also includes government-owned assets such as gold and Special Drawing Rights (SDRs) held with the International Monetary Fund (IMF). In addition, it includes foreign investments and assets held abroad by nationals. Similarly, the financial account includes a record of the assets owned by foreign nationals.

 

EVALUATION:    1. Explain

  1. balance of trade
  2. balance of payment
  3. List and explain the components of balance of payment

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively