Second Term Economics revision for SS 1

Class: SS 1
Term: Second 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: Agriculture in Nigeria, Importance, Challenges and National Development
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
• A suitable Economics textbook for SS 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 and approved textbooks
• Past questions/revision exercises
• Whiteboard/Blackboard and markers/chalk

Rationale for the Lesson

This lesson is essential for reinforcing the economic principles and concepts learned throughout the second term. It helps students identify areas where they need further practice and prepares them for upcoming assessments. Consolidating knowledge ensures a stronger foundation for future learning in Economics.

Prerequisite/Previous Knowledge

Students should have a basic understanding of all the core topics covered in Economics during the second term.

Lesson Content/Board Summary

Revision of Second Term Economics Topics

This revision covers the main concepts, content areas, and skills from Weeks 1-10 of the Second Term Economics curriculum. Students should focus on understanding and applying these concepts.

Key Topics for Revision

1. Basic Economic Problems: Scarcity, Choice, Opportunity Cost, Production Possibility Curve.
2. Production: Meaning of production, Factors of production (Land, Labour, Capital, Entrepreneurship), Division of Labour, Scale of Production (Economies and Diseconomies of Scale).
3. Demand and Supply: Law of Demand, Law of Supply, Determinants of Demand and Supply, Elasticity of Demand and Supply (Price, Income, Cross Elasticity), Market Equilibrium.
4. Market Structures: Perfect Competition (characteristics, price and output determination), Monopoly (characteristics, price and output determination, types).
5. National Income: Concepts of National Income (GDP, GNP, NNP, Personal Income, Disposable Income), Methods of measuring National Income (Output, Income, Expenditure approaches), Problems of measuring National Income.
6. Money and Banking: Evolution and Functions of Money, Qualities of Money, Types of Banks (Commercial, Central, Development, Microfinance), Functions of Commercial Banks and Central Bank.
7. International Trade: Meaning and Importance of International Trade, Advantages and Disadvantages of International Trade, Balance of Payments (components, disequilibrium).

Teaching Methods/Instructional Techniques

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

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 will be a revision of the core topics covered in the second term. The teacher asks students to mention some of the key topics they found challenging during the term.

Pupils’ Activity: Pupils respond by mentioning topics they remember or found challenging.

Learning Point: Term topic recall

Step 2: Review of Basic Economic Problems and Production

Time: 10 minutes

Teaching Skill: Explaining/Questioning

Teacher’s Activity: The teacher leads a brief discussion on basic economic problems (scarcity, choice, opportunity cost) and the concept of production, including factors of production and economies of scale. The teacher uses focused questions and provides clarifications on common misconceptions.

Pupils’ Activity: Pupils participate in the discussion, answer questions, and ask for clarifications.

Learning Point: Economic problems understanding

Step 3: Review of Demand, Supply, and Market Structures

Time: 10 minutes

Teaching Skill: Guided Discussion

Teacher’s Activity: The teacher guides students to recall the laws of demand and supply, their determinants, and the concept of elasticity. The teacher also reviews the characteristics of perfect competition and monopoly, using simple examples.

Pupils’ Activity: Pupils explain the concepts, provide examples, and answer questions related to market dynamics.

Learning Point: Market forces recall

Step 4: Review of National Income and Money & Banking

Time: 10 minutes

Teaching Skill: Concept Reinforcement

Teacher’s Activity: The teacher revises the various concepts of national income and its measurement methods. The teacher also discusses the functions of money and the roles of different types of banks in the economy, especially in Nigeria.

Pupils’ Activity: Pupils state definitions, identify methods, and explain the roles of financial institutions.

Learning Point: Macroeconomic concepts review

Step 5: Review of International Trade

Time: 5 minutes

Teaching Skill: Summarisation

Teacher’s Activity: The teacher briefly revisits the importance, advantages, and disadvantages of international trade, and the concept of balance of payments. The teacher asks students to give real-life examples of international trade.

Pupils’ Activity: Pupils contribute examples and explain the benefits and drawbacks of trade.

Learning Point: International trade basics

Step 6: Revision Exercises and Misconceptions

Time: 10 minutes

Teaching Skill: Problem Solving/Correction

Teacher’s Activity: The teacher distributes a few curriculum-aligned revision exercises or past questions covering the term’s topics. The teacher walks around, observes students, and addresses common misconceptions identified from their responses or previous assessments.

Pupils’ Activity: Pupils attempt the revision exercises and seek clarification on difficult areas.

Learning Point: Application of knowledge

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. Mention three factors of production and their rewards.
2. State two differences between perfect competition and monopoly.
3. Explain the law of demand.
4. List two methods of measuring national income.

Pupils’ Activity: Pupils answer orally and in writing.

Learning Point: Key concepts assessment

Step 8: Conclusion

Time: 5 minutes

Teaching Skill: Consolidation

Teacher’s Activity: The teacher summarises the importance of consistent revision and encourages students to continue studying their notes and textbooks. The teacher wishes them success in their upcoming assessments.

Pupils’ Activity: Pupils listen attentively and prepare for future study.

Learning Point: Revision importance reinforced

Lesson Keywords

• Scarcity – The fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources.
• Opportunity Cost – The value of the next best alternative forgone when a choice is made.
• Demand – The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.
• Supply – The quantity of a good or service that producers are willing and able to offer for sale at various prices during a given period.
• Elasticity – The responsiveness of quantity demanded or supplied to a change in price or other factors.
• National Income – The total value of goods and services produced in a country over a specific period, usually one year.
• Balance of Payments – A record of all economic transactions between residents of a country and the rest of the world over a period.

Differentiation

For students who grasp concepts quickly, the teacher can provide more challenging past questions or ask them to explain complex economic relationships. For students needing more support, the teacher can offer simplified explanations, provide specific examples, or pair them with stronger students for peer tutoring during revision exercises.

Suggested Lesson Videos

For further understanding, students can search for “SS1 Economics Second Term Revision” on YouTube.