Week 1 – SS1 Second Term Economics Notes

SSS ONE ECONOMICS
SCHEMES OF WORK
WEEK 1: CAPITAL AS A FACTOR OF PRODUCTION
(MEANING, TYPES, CHARACTERISTICS, IMPORTANCE OF CAPITAL), ENTREPRENEUR AS A FACOR OF PRODUCTION (MEANING AND FUNCTIONS.
WEEK 2: DIVISION OF LABOUR (MEANING OF ORIGIN, ADVANTAGES AND DISADVANTAGES, LIMITATIONS)
SPECIALIZATION (MEANING, ADVANTAGES AND DISADVANTAGES)
WEEK 3: SCALE OF PRODUCTION (SMALL, MEDIUM AND LARGE)

1. MEANING OF SCALE OF PRODUCTION
2. CHARACTERISTIC OF SCALE OF PRODUCTION(INTERNAL AND EXTERNAL ECONOMIES OF SCALE) INTERNAL AND EXTERNAL ECONOMIES

WEEK 4 FIRM AND INDUSTRY

1. Definition of firm, plant and industry
2. Factors that determine the size of a firm
3. Concept of total-product(TP), marginal product (MP) and average product(AP)

WEEK 5: Business organization

1. Meaning and types

   Sole proprietorship and partnership

2. Their meaning
3. Characteristics
4. Source of fund
5. Advantages and disadvantages
6. Contributions to the economy

WEEK 6 : Joint stock companies

1. Private and Public liability companies
2. Characteristics
3. Advantages and disadvantages
4. Contributions to the economy
5. Shares, bounds, debentures etc

WEEK 7: Co-operation society

1. Meaning and types
2. Features
3. Advantages and disadvantages

 
 WEEK 7 : Public Enterprises

1. Meaning and types
2. Features
3. Reasons for setting up
4. Advantages and disadvantages

WEEK 8: Population

1. Definition
2. Determinants of population size
3. Population growth, (increasing population and ageing) declining population
4. Implication of size and growth of population

WEEK 9: Population census

1. Definition
2. Types
3. Importance
4. Problems

Population structure or distribution (sex, age, geographical & occupational dis
tribution)
WEEK 10: Theories of population

1. Malthusian theory
2. Demographic transition theory
3. Population and economic development, under population, optimum & over population
4. How to control population growth
5. How to control population growth

WEEK: 11
LABOUR MARKET
DEFINITION
CONCEPT OF LABOUR FORCE
FACTORS AFFECTIONG THE SIZE OF LABOUR FORCE
MOBILITY OF LABOUR
WEEK: 12 REVISIONS AND EXAMINATION
WEEK ONE
TOPIC: CAPITAL
Capital can be defined as wealth reserved or set aside for the production of further wealth.
Capital also refers to all man – made productive assets, that is all man – made wealth or goods used to produce other goods and services.
Examples of capital are machines, tools, factory, buildings, raw material, fuel, money, semi-finish goods and other equipment used in the production of goods and services. The reward for capital is INTEREST.
TYPES OF CAPITAL

1. FIXED CAPITAL: These are those durable assets of a business or productive unit that can last for a very long time. These assets or capital do not change their form in the process of production. In other words, they are the durable investment which requires renewal only at fairly long intervals. It includes items such as factory building, machinery, tools etc.
2. CIRCULATING CAPITAL OR WORKING CAPITAL: It consists of capital goods which either change their form or are used up in the process of production. Examples of working capital include raw materials, fuel, water, etc.

   Most forms of circulating capital are required on a regular basis in order to maintain production.

3. CURRENT CAPITAL OR LIQUID CAPITAL: This refers to those things needed for day to day running of the business. Examples include money used to buy raw materials, money used in paying wages and salaries etc.
4. SOCIAL CAPITAL: This includes those forms of capital or assets provided by the government that aid production. Examples of social capital are amenities provided by the government such as roads, electricity, water, telephones, etc.

IMPORTANCE OF CAPITAL

1. Capital facilitates production
2. It improves efficiency in production
3. Capital improves the standard of living
4. Improvement in the quality of goods
5. Capital ensures the smooth running of business
6. It saves time in productive activities
7. Availability of variety of goods.

THE ENTREPRENEUR
An entrepreneur can be defined as the factor of production that co-ordinates and organizes other factors of production ( Land, labour and capital) in order to produce goods and services. The entrepreneur is the chief co-coordinator, controller and organizer of the production process.
The reward for entrepreneur is PROFIT
FUNCTIONS OF THE ENTREPRENEUR

1. Risk bearing: he bears the risk associated with the business
2. Provision of capital: the entrepreneur provides the capital required for running the business
3. He has the responsibility of taking major policy decisions, and ensures that the decisions are carried out.
4. The entrepreneur controls and manages the business
5. Controls other factors: He has absolute controls over other factors of production
6. Efficient management: The entrepreneur also plays the role of maintaining efficient management in production lines.

Questions:

1. Explain five characteristics and five importance of entrepreneur.
2. What is an entrepreneur?
3. Itemize five functions of an entrepreneur
4. Define capital
5. List 5 characteristics of capital.