First Term Economics revision for SS 1

Class: SS 1
Term: First Term
Week: 11
Age: 15 years
Duration: 60 minutes
Subject: Economics
Curriculum Theme: Revision
Focal competence: Integration of the term’s curriculum competencies
Key competencies/values: Critical Thinking; Communication
Skills:

• Curriculum skills covered in Weeks 1-10

Previous Lesson: Classification, Characteristics and Functions of Money
Topic: Revision and Consolidation
Subject Matter: core term topics, taught skills, common misconceptions, revision exercises

Specific Objectives

By the end of the lesson, pupils/students should be able to:

Cognitive Domain

• Recall the key concepts taught during the term.

Psychomotor Domain

• Apply the term’s knowledge and skills in written, oral or practical tasks.

Reference Materials

The following resources were used in planning this lesson:

• 2025 New Revised Senior Secondary Education Curriculum (SSEC)
• Relevant State Unified Scheme of Work
• Approved Economics textbooks for Senior Secondary 1
• The HeadTeacher Scheme of work For The New Revised Senior Secondary Education Curriculum (SSEC)

Instructional Materials

The teacher will teach this lesson with the aid of:

• Class notes
• Approved textbooks
• Past questions/revision exercises
• Whiteboard and markers
• Handouts with revision questions

Rationale for the Lesson

This revision lesson is essential for consolidating students’ understanding of the fundamental economic concepts covered in the first term. It provides an opportunity to reinforce learned skills, address any misconceptions, and prepare students adequately for upcoming assessments. Through focused review and practice, students can build confidence in their grasp of economic principles.

Prerequisite/Previous Knowledge

Students should have a basic understanding of all the core topics covered in Economics during the first term, including basic economic problems, economic systems, factors of production, and an introduction to demand and supply.

Lesson Content/Board Summary

Revision of First Term Economics Topics

Basic Economic Problems

Economics fundamentally deals with the problem of scarcity, which arises because human wants are unlimited while resources to satisfy them are limited. This leads to the need for choice.

1. Scarcity: The fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources.
2. Choice: The act of selecting one option over others due to scarcity.
3. Scale of Preference: A list of a consumer’s or producer’s wants arranged in order of their importance, from the most urgent to the least urgent.
4. Opportunity Cost: The value of the next best alternative forgone when a choice is made. For example, if you choose to buy a textbook, the opportunity cost might be the new pair of shoes you could have bought instead.

Branches of Economics

Economics is broadly divided into two main branches:

1. Microeconomics: Focuses on the behaviour of individual economic units such as households, firms, and individual markets. It examines how decisions are made by these units and how they interact.
2. Macroeconomics: Deals with the economy as a whole, studying aggregate phenomena like national income, employment, inflation, and economic growth.

Economic Systems

An economic system is the way a society organises itself to allocate its scarce resources to satisfy the unlimited wants of its members.

1. Traditional Economy: Decisions are based on customs, traditions, and beliefs passed down through generations. Production is mainly for subsistence.
2. Free Market Economy (Capitalism): Resources are primarily owned by private individuals and firms. Economic decisions are made by the forces of demand and supply, with minimal government intervention.
3. Centrally Planned Economy (Command Economy): Resources are owned and controlled by the government. Economic decisions are made by a central authority or planning committee.
4. Mixed Economy: A combination of elements from both free market and centrally planned economies. Both private individuals/firms and the government play a significant role in economic decision-making. Nigeria operates a mixed economic system.

Factors of Production

These are the resources used to produce goods and services.

1. Land: All natural resources used in production, including actual land, minerals, forests, water, and climate. Its reward is Rent.
2. Labour: The human effort (physical and mental) used in production. Its reward is Wages/Salaries.
3. Capital: Man-made resources used in production, such as machinery, tools, buildings, and infrastructure. Its reward is Interest.
4. Entrepreneurship: The ability to organise and combine the other factors of production, take risks, and innovate. Its reward is Profit.

Division of Labour and Specialisation

1. Division of Labour: The breaking down of the production process into separate tasks, with each worker or group of workers performing a specific task.
2. Specialisation: When an individual, firm, or country concentrates on producing a particular good or service in which they have a comparative advantage.

Advantages of Division of Labour and Specialisation:

1. Increased output
2. Time-saving
3. Skill development and expertise
4. Use of machinery becomes easier
5. Reduced training time

Disadvantages of Division of Labour and Specialisation:

1. Monotony and boredom
2. Loss of craftsmanship
3. Increased interdependence
4. Risk of unemployment if one task becomes obsolete
5. Difficulty in assessing individual contribution

Production Possibility Curve (PPC)

The Production Possibility Curve (PPC), also known as the Production Possibility Frontier (PPF), is a graph that shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently employed, given the current level of technology.

Key concepts illustrated by PPC:

1. Scarcity: Represented by the boundary of the curve, showing limited resources.
2. Choice: Any point on the curve represents a choice between two goods.
3. Opportunity Cost: Moving along the curve from one point to another demonstrates the trade-off and the opportunity cost of producing more of one good by producing less of another.
4. Efficiency: Points on the curve represent efficient production. Points inside the curve represent inefficient production (underemployment of resources), while points outside the curve are unattainable with current resources and technology.

Basic Concepts of Demand and Supply

1. Demand: The quantity of a good or service that consumers are willing and able to purchase at various prices over a given period.
2. Law of Demand: States that, all other factors being equal, as the price of a good or service increases, the quantity demanded decreases, and vice versa.
3. Supply: The quantity of a good or service that producers are willing and able to offer for sale at various prices over a given period.
4. Law of Supply: States that, all other factors being equal, as the price of a good or service increases, the quantity supplied increases, and vice versa.

Teaching Methods/Instructional Techniques

Discussion, Question and Answer, Explanation, Guided Practice, Problem Solving, Group Work

Instructional Procedures

Step 1: Introduction

Time: 5 minutes

Teaching Skill: Activating Prior Knowledge

Teacher’s Activity: The teacher welcomes the students and informs them that the lesson is a revision of the key topics covered in the first term. The teacher asks students to mention some of the major topics they have learned so far in Economics.

Pupils’ Activity: Students mention topics like scarcity, economic systems, factors of production, etc.

Learning Point: Recalling term topics

Step 2: Review of Basic Economic Problems

Time: 10 minutes

Teaching Skill: Explanation/Questioning

Teacher’s Activity: The teacher leads a discussion on scarcity, choice, scale of preference, and opportunity cost, providing real-life examples. The teacher asks students to define these terms and provide their own examples.

Pupils’ Activity: Students define the terms and contribute examples, clarifying any misconceptions.

Learning Point: Understanding basic problems

Step 3: Revision of Economic Systems and Branches of Economics

Time: 10 minutes

Teaching Skill: Guided Recall

Teacher’s Activity: The teacher guides students to recall the different economic systems (traditional, free market, command, mixed) and their characteristics. The teacher also revises the two main branches of economics: microeconomics and macroeconomics, asking students to differentiate between them.

Pupils’ Activity: Students identify and describe the economic systems and differentiate between micro and macroeconomics.

Learning Point: Economic systems and branches

Step 4: Review of Factors of Production

Time: 10 minutes

Teaching Skill: Reinforcement

Teacher’s Activity: The teacher reviews the four factors of production (land, labour, capital, entrepreneurship), their definitions, and their respective rewards. The teacher asks students to identify the factors of production used in a local business.

Pupils’ Activity: Students identify factors of production and their rewards, applying them to practical scenarios.

Learning Point: Factors of production

Step 5: Revision of Division of Labour, Specialisation and PPC

Time: 10 minutes

Teaching Skill: Application

Teacher’s Activity: The teacher revises the concepts of division of labour and specialisation, including their advantages and disadvantages. The teacher also reviews the Production Possibility Curve (PPC), explaining what it illustrates and its significance.

Pupils’ Activity: Students explain the concepts and their implications, and recall the meaning of PPC.

Learning Point: Division of labour, PPC

Step 6: Practice on Demand and Supply

Time: 10 minutes

Teaching Skill: Problem Solving

Teacher’s Activity: The teacher reviews the basic concepts of demand and supply, including the laws of demand and supply. The teacher provides a few simple revision questions or scenarios related to demand and supply for students to solve.

Pupils’ Activity: Students answer questions and solve problems related to demand and supply.

Learning Point: Demand and supply concepts

Step 7: Evaluation/Review

Time: 5 minutes

Teaching Skill: Questioning/Assessment

Teacher’s Activity: The teacher evaluates the learning by asking the following questions:

1. Define opportunity cost with an example.
2. List three characteristics of a mixed economic system.
3. State the four factors of production and their rewards.
4. Explain the law of demand.

Pupils’ Activity: Pupils answer orally and in writing.

Learning Point: Assessing term understanding

Step 8: Conclusion

Time: 5 minutes

Teaching Skill: Consolidation

Teacher’s Activity: The teacher summarises the main points of the revision, encouraging students to continue studying their notes and textbooks for the upcoming examinations. The teacher addresses any final questions or concerns.

Pupils’ Activity: Students listen attentively and ask any remaining questions.

Learning Point: Consolidating term knowledge

Lesson Keywords

• Scarcity – The basic economic problem of unlimited wants and limited resources.
• Opportunity Cost – The value of the next best alternative forgone.
• Microeconomics – Study of individual economic units.
• Macroeconomics – Study of the economy as a whole.
• Mixed Economy – An economic system combining private and government enterprise.
• Factors of Production – Land, Labour, Capital, Entrepreneurship.
• Specialisation – Concentrating on a particular task or good.
• PPC – Production Possibility Curve.
• Demand – Willingness and ability to buy.
• Supply – Willingness and ability to sell.

Differentiation

For students who are struggling, the teacher can provide simplified definitions and more guided examples, possibly pairing them with stronger students for peer support. For advanced learners, the teacher can pose more complex application questions or ask them to critically analyse current economic events in Nigeria using the revised concepts.

Suggested Lesson Videos

For further understanding, search on YouTube for: “SS1 Economics First Term Revision Nigeria” or “Basic Economic Problems explained for SS1”.