Economics is a social science studying how societies manage limited resources to satisfy infinite wants. It analyzes supply and demand, market structures, macroeconomic factors like inflation and unemployment, microeconomic decisions of firms and consumers, and government policies. Economics equips individuals to understand, predict, and influence economic outcomes globally and locally.
Economics holds a central place in the Senior Secondary School 3 (SSS3) curriculum in Nigeria, essential for shaping students’ comprehension of societal dynamics and economic principles. The Lagos State Unified Scheme of Work for SSS3 Economics is crucial in preparing students for the West African Senior School Certificate Examination (WASSCE), focusing on how societies manage limited resources to meet infinite wants.
In SSS3, Economics introduces a wide array of economic concepts, from basic principles of supply and demand to intricate theories encompassing market structures, economic policies, and international trade dynamics. It equips students with analytical skills to critically assess economic issues, fostering a deep understanding of factors that influence production, consumption, and distribution within an economy.
Economics’ significance for the WASSCE cannot be overstated as it tests students’ comprehension of economic theories, their practical application, and their ability to analyze economic data effectively. Its study not only enhances academic performance but also prepares students for future careers in sectors such as finance, business management, public policy, and global relations.
SSS3 students in Nigeria are assessed in Economics through continuous assessments and the WASSCE. Continuous assessments include class tests, assignments, oral presentations, projects, and class participation. The WASSCE consists of multiple-choice questions, essays, and practicals. These assessments evaluate a range of skills, ensuring holistic evaluation, skill development, preparation for higher education and careers, and identifying areas for improvement.
| LAGOS STATE MINISTRY OF EDUCATION: UNIFIED SCHEMES OF WORK FOR SENIOR SECONDARY SCHOOLS | ||
| Economics Scheme of Work for Senior Secondary Schools 3(SSS3) | ||
| Class | S.S.S 3 | |
| Subject | Economics | |
| Term | First Term | |
| Week | Topic | Breakdown |
| 1 | Economics lessons from Asian Tigers, Japan, Europe and America (1) | 1. Economics history of the Asia Tigers and Japan (1960-2000) 2. Review of the development strategies employed by the Asian Tigers, Japan Europe, and America. |
| 2 | Economics lessons from Asian Tigers, Japan, Europe and America (2) | Lessons for the Nigeria Economy. |
| THEME 2 : POPULATION, LABOUR MARKET AND HUMAN CAPTAL DEVELOPMENT | ||
| 3 | Human Capital Development | 1. The definition of human capital characterizes human capital. 2. Factors that affect the efficiency of human capital. 3. Distinct between human and physical capital 4. Brain drain and its effect on the Nigerian economy 5. Arresting brain drain. |
| THEME3: STRUTURES OF THE NIGERIAN ECONOMY | ||
| 4 | Petroleum and The Nigeria Economy | 1. Development of petroleum industry 2. Contribution of petroleum to the Nigerian economy (positive and negative) 3. Role of NNPC and OPEC in the exploration, production, refining, marketing and distribution of petroleum products. |
| 5 | Manufacturing and Construction | 1. Explain the meaning of Manufacturing and Construction, and the types of manufacturing (crafts, food processing, etc. 2. Contribution of manufacturing and construction sectors to Nigeria’s Gross Domestic Product (GDP) 3. Role of Manufacturing and Construction in economic development. |
| 6 | Service Industries | 1. Explain the meaning of service 2. List service industries (tourism, transport, banking, insurance, warehousing, advertisements 3. State the contributions of service industries to development. |
| 7 | Agencies that regulates the financial markets | 1. Regulation of money markets, Agencies, and their roles. 2. Regulation of Capital Market, Agencies, Objectives, and tools. |
| 8 | Functions and Roles of Regulatory Agencies | Functions and significance of the Agencies in the economy. |
| THEME 5: INTERNATIONAL TRADE AND BALANCE OF PAYMENT | ||
| 9 | International Trade | 1. Meaning of international trade 2. Distinguish between domestic and international trade. 3. Discuss the reasons for international trade. 4. State the theory of comparative cost and its shortcomings. |
| 10 | International Trade (2) | 1. Meaning of Globalization 2. The features of challenges of Globalization 3. The opportunities Globalization presents to the Nigerian economy. |
| 11 | Revision | |
| 12 | Examination | |
| Term | Second Term | |
| Week | Topic | Breakdown |
| 1 | Balance of Payments (B.O.P) 1 | 1. Terms of trade and measurements. 2. Favorable and unfavorable balance of payment and their effects, 3. Balance of payment concepts i.e. surplus and deficit. |
| 2 | Balance of Payments (B.O.P) 2 | Methods of correcting balance of payment problems. |
| THEME 6: DEVELOPMENTAL ECONOMICS | ||
| 3 | Economic Growth and Development | 1. What is economic development 2. Distinguish between economic growth and development 3. Problems of economic development in Nigeria. |
| 4 | Economic development planning | Elements of development planning, Nigeria planning experience, objectives of Nigeria development plans. |
| THEME 7: INTERNATIONAL ECONOMIC ORGANISATION | ||
| 5 | International Economic Organization | 1. Historical development of these organizations – ECOWAS, ECA, IMF, IBRD, ADB, OPEC, WACH, GATT, UNCTAD. 2. Aims, objectives, and roles of the organizations. |
| THEME 8: APPLIED ECONOMIC AND COMTEMPORARY | ||
| 6 | Current Economic plans; MDGS NEEDS Vision 2020 | Meaning and objectives of MDGs, NEEDS and Vision 2020. |
| 7 | Economic Development Challenges | 1. Meaning and effects of poverty, method of poverty alleviation and eradication Agencies for poverty alleviation such as National Poverty Eradication Program (NAPEP) National Directorate of Employment (NDC), etc HIV/AIDS and the economy, Power and Energy inadequacy. |
| 8 | Economic reform programmes | Consolidation of financial institution privatization and commercialization, EFCC and ICPC, NAFDAC, and SON. |
| 9 | Revision and Examination | |
The recommended Economics textbooks for SSS3 include but are not limited to the following:
Africana First Publishers Plc.
Africana First Publisher Plc SS 1-3
Learn Africa SS 1-3
Mid-Field Publishers SS 1-3
University Press SS 1-3
