Economics in senior secondary school 2 (SSS2) is a subject that explores the basic ideas and theories of economics. This includes studying how people, businesses, governments, and countries decide to use resources to meet their needs and wants.
The Lagos state unified scheme of work for Economics in SSS2 covers important topics like supply and demand, types of markets, national income, money and government spending policies, international trade, and economic growth. It mixes theory with practical examples to help students understand the economic forces that shape societies.
Understanding economics helps students become economically literate, so they can think critically about economic data, news, and trends. It provides a strong base for careers in business, finance, public policy, and international relations, and prepares students with the skills needed for further studies and success in these fields.
At the end of SSS2, students can;
In senior secondary school 2, students are assessed in Economics based on the school’s prerogative. However, typically, they are evaluated through tests or quizzes (Continuous Assessment Tests), and end-of-term exams.
Grading follows a scale from A to F, with A representing excellent performance, typically scoring around 70% or 80%, and F indicating failure, usually below 50% or 45%.
| LAGOS STATE MINISTRY OF EDUCATION UNIFIED SCHEMES OF WORK FOR SENIOR SECONDARY SCHOOLS | ||
| Economics Scheme of Work for Senior Secondary Schools 2(SSS2) | ||
| CLASS | S.S.S.2 | |
| SUBJECT | Economics | |
| TERM | First Term | |
| WEEK | TOPIC | Learning Objectives |
| 1 | Students Readiness -Assessment Test -Basic Tools for Economic Analysis. -Measure of Central Tendency (mean, median. mode using grouped data) | By the end of the lesson. students should be able to: 1. recall the last term’s work and provide appropriate answers to the assessment questions given by the teacher to determine their progress; 2. appraise the basic tools for economics analysis 3. calculate the measure of central tendency using grouped data. |
| 2 | Measure of Dispersion Range, variance, mean deviation, standard deviation -Simple linear equation (Simultaneous equation) | By the end of the lesson, students sh0uld be able to: 1. distinguish between mean deviation and standard deviation; 2. calculate variance and deviation (mean, and standard) of a given data 3. create the best and the simplest method for solving a simultaneous equation. |
| 3 | Theory of Consumer Behaviour -Concepts of Utility (TU, AU, MU) -Law of Diminishing Marginal Utility -Relationship between marginal utility and demand curve, utility maximization. | By the end of the lesson, students should be able to: 1. analyse the concept of utility; 2. explain the law of diminishing marginal utility with a diagram; 3. relate marginal utility and demand curve to utility maximization. |
| 4 | Demand and Supply -Change in quantity demanded -Change in demand Change in quantity supplied -Change in supply effect of changes in demand and supply on equilibrium price and quantity | By the end of the lesson, students should be able to: 1. analyse the concept of change in demand and change in quantity demanded, change in supply and change in supply demanded. 2. evaluate the effects of changes in demand and supply on equilibrium quantity of a given commodity |
| 5 | Elasticity of demand -Meaning, types and measurements of elasticity of demand (Graphical illustration) -Importance of elasticity of demand to consumers, producers and government. | By the end of the lesson, students should be able to: 1. describe elasticity of demand with a diagram 2. calculate and illustrate with diagram, the types of price elasticity of demand. 3. justify the effect of elasticity of demand. |
| 6 | Elasticity of supply -Meaning, types and measurements of elasticity of supply (Graphical illustration) -Importance of elasticity of demand to consumers, producers and government. | By the end of the lesson, students should be able to: 1. describe elasticity of demand with a diagram 2. calculate and illustrate with diagram, the types of price elasticity of demand. 3. account for the effect of elasticity of demand. |
| 7 | OPEN DAY AND MID -TERM BREAK | |
| 8 | Income Elasticity of Demand -Definition, -Type(positive and negative) -Measurement of income elasticity of demand | By the end of the lesson. students should be able to: 1. analyse income elasticity of demand, 2. identify and differentiate the types of income elasticity of demand with a diagram illustration. 3. appraise ways of measuring income |
| 9 | Cross Elasticity of Demand -Measurement of cross elasticity of demand. | By the end of the lesson. students should be able to: 1. define cross elasticity of demand. 2. distinguish between price elasticity of demand and cross elasticity of demand. 3. calculate cross elasticity of demand. |
| 10 | Price Control -Legislation -Meaning -Types (minimum and maximum) | By the end of the lesson. students should be able to: 1. analyze price control legislation 2. identify and differentiate the types of price control; 3. illustrate diagrams to price control on a diagram properly. |
| 11 | Rationing and Hoarding -Meaning of Rationing and Hoarding -Effects of rationing and hoarding -Black market and its effects | By the end of the lesson. students should be able to: 1. appraise the meaning rationing and hoarding; 2. differentiate between rationing and hoarding 3. justify the effects of rationing and hoarding on the economy of the country |
| 12 | REVISION/EXAMINATION | |
| 13 | EXAMINATION | |
| CLASS | S.S.S.2 | |
| SUBJECT | Economics | |
| TERM | Second Term | |
| WEEK | TOPICS | Learning Objectives |
| 1 | Student Readiness -Assessment Test -Production Possibility Curve (PPC) -Meaning and graphical illustration -Laws of variable proportion -Concept of Total, Average and Marginal Productivity. | By the end of the lesson. students should be able to. 1. describe the concept of PPC with graphical illustration 2. state the laws of variable proportion 3.distinguish between the concept of TP,AP and MP |
| 2 | Cost Concept -Meaning of Cost to an Accountant and Economics -Meaning of Cost of production -Types of Cost (TC, FC, VC, AFC. etc.) -Short and long-run Cost | By the end of the lesson. students should be able to: 1. evaluate the accountant’s and economists view of cost 2. state and explain the types of with a diagram and illustration 3. differentiate between short and long-run cost. |
| 3 | Revenue Concept -Meaning of Revenue concept to an economist -Types (Total, average and marginal Revenue) -Graphical illustration, Mule and curve VIation.S | By the end of the lesson. students should be able to: 1. relate the meaning of cost according to economists to be meaning of revenue. 2. state the formula for calculating the various concepts of revenue. 4. calculate revenue using graphs, schedules and curves |
| 4 | Economic System -Meaning of Economic System -Types of Economic System (Capitalism, Socialism, Mixed Economy, and Welfarism) -Features of each Factors to be considered in the adoption of economic system -Advantages and Disadvantages of each System | By the end of the lesson. students should be able to: 1. define economic system. 2. distinguish between the three economic system, with their features, 3. outline the factors affecting the adoption of economy system. 4. Justify the advantages and disadvantages of each economic system. |
| 5 | Labour Market -Meaning of Labour Market -Concept of Labour Force -Factors affecting the size of labour force -Efficiency of Labour 0-Mobility of labour (meaning, types and importance) | By the end of lesson, students should be able to: 1. analyse the concept of labour market/labour force, 2. enumerate factors affecting labour force and suggest solutions. 3. describe efficiency of labour force. |
| 6 | Supply and Demand for labour Meaning of Supply and Demand for Labour -Wages Determination -Unemployment (meaning and types) -Trade Union | By the end of the lesson. students should be able to: 1.distinguish between demand and supply of labour 2. analyze the concept of wages determination 3. describe unemployment and its types 4. explain trade union and its objectives |
| 7 | OPEN DAY AND MID -TERM BREAK | |
| 8 | Market Structure -Meaning and Types of Market (perfect and imperfect) -Perfect Market(meaning, features and equilibrium position) -P=MR=MC=AR=D | By the end of the lesson. students should be able to 1. analyze market and its types 2.distinguish between perfect and imperfect market 3.illustrate market equilibrium position using graph |
| 9 | Imperfect Market -Meaning and types with graphic illustration -Price determination -Equilibrium Position (short and long-run) | By the end of the lesson. students should be able to: 1. describe imperfect market and its types with graphical illustration 2. analyze price determination 3. determine equilibrium position(short and long run) of a market (perfect and imperfect) |
| 10 | Industries in Nigeria -Meaning of plants, firm, industry factory, and industrial estate. -Types of industries (mining, construction etc) -Strategies for industrialization -Link between agricultural and industrial development. | By the end of the lesson. students should be able to: 1.distinguish among industrialization, plant and firm 2. identify the types of industry 3. create strategies in industrialization 4. suggest solution to the problem of industrialization in Nigeria as a country. |
| 11 | Location of industry -Meaning of Location of industry -Factors affecting location of industries -Localization of industries (meaning) -Factors affecting localization of industry -Advantages and disadvantages of localization of | By the end cf lesson, students should be able to: 1. analyse the meaning of location and localization of industry, 2. identify the factors affecting location and localization of industry, 3. justify the advantages and disadvantages of localization of industry in Nigeria. |
| 12 | REVISION/EXAMINATION | |
| 13 | EXAMINATION | |
| CLASS | S.S.S.2 | |
| SUBJECT | Economics | |
| TERM | Third Term | |
| WEEK | TOPICS | Learning Objectives |
| 1 | Students Readiness -Assessment Test -Money -Motives for holding money -Demand and supply of money -Elementary quantity theory of money -Value of money and price level | By the end of the lesson. students should be able to: 1. analyse different motive of holding money 2. explain demand and supply of money 3. expatiate the quantity theory of money 4. evaluate the value of money and price level |
| 2 | Financial Institution -Money market (meaning, functions and instruments used) -Capital market (meaning, functions and instruments used) | By the end of tho lesson. students should be able to: 1. Distinguish between money market and capital market. 2. Recall the functions and instrument used in money market. 3. Recognize the functions and instrument used in capital market. |
| 3 | Inflation -Meaning. types, causes of inflation -Effect of inflation (positive and negative) -Control of inflation Deflation (meaning of deflation, causes, effects and control) | By the end of the lesson. students should be able to: 1. analyze inflation and deflation 2. enumerate the causes and types of inflation and deflation in Nigerian economy 3. evaluate the effect of inflation and deflation on Nigerian economy 4. Proffer way out on how inflation and deflation can be controlled in Nigeria |
| 4 | Public Finance -Meaning and objectives -Taxation, meaning -Types-direct and indirect taxes -Advantages and disadvantages of each type | By the end of the lesson. students should be able to: 1. describe public finance with its objectives 2. analyze the concepts of taxation with its types 3. justify the advantages and disadvantages of taxation on the Nigeria economy system |
| 5 | Sources of Government Revenue -Incidence of taxation/effect -Structure of public expenditure -Recurrent and capital expenditure -Effect of public expenditure on economic growth | By the end of the lesson. students should be able to: 1. explain the incidence of taxation and its effects on the economy and citizen of a nation 2. differentiate between recurrent and capital expenditure of a firm,individual and the government 3. identify and estimate effect of public expenditure on economic growth in Nigeria. |
| 6 | Budget Meaning, types and importance -National debt (meaning and types) -Financial deficit budget -Revenue allocation in Nigeria | By the end of the lesson. students should be able to: 1. describe and explain budget and its type 2. estimate the impacts of budget in the economy of a country 3. analyze how deficit budget can be financed 4. describe revenue allocation in Nigeria. |
| 7 | OPEN DAY AND MIDTERM BREAK | |
| 8 | Capital Market -Meaning and functions -Stock exchange -How stock exchange operates -Primary and Secondary market -Development Bank(functions) | By the end of the lesson. students should be able to: 1. recollect/reminisce the meaning of capital market and its functions 2. describe stock exchange 3. analyze how stock market operates 4. appraise the meaning and functions of Development Bank. |
| 9 | National Income -Meaning and concepts(GDP,GNP, NNP, etc) -Measurement of national income -Problems of measuring national income -Uses of national income -Limitations of national income | By the end of the lesson. students should be able to 1. analyze the concept of national income 2. discuss and describe the measures and methods of measuring the National income of a country 3. explain the expenditure approach 4. enumerate the problems, uses and limitations to National income of a country. |
| 10 | Theory of Income Determination -Circular flow of income -Concepts of investment -Consumptions and savings | By the end of the lesson. students should be able to: 1. describe circular flow of income 2. analyze the concept of savings, investments and consumption. |
| 11 | Theory of Multiplier -Meaning of Multiplier -Equilibrium level of income -Multiplier effect | By the end of the lesson. students should be able to: 1. analyze the meaning of multiplier 2. describe multiplier effects 3. calculate the value of multiplier |
| 12 | REVISION/EXAMINATION | |
| 13 | EXAMINATION | |
The recommended Economics textbooks for SSS2 include but are not limited to the following:
