{"id":1868,"date":"2023-10-02T07:00:30","date_gmt":"2023-10-02T07:00:30","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=1868"},"modified":"2023-10-02T07:03:58","modified_gmt":"2023-10-02T07:03:58","slug":"week-4-ss1-first-term-economics-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-4-ss1-first-term-economics-notes\/","title":{"rendered":"Week 4 – SS1 First Term Economics Notes"},"content":{"rendered":"

\u00a0
\n\u00a0WEEK FOUR
\n<\/strong>Importance of opportunity cost to individual
\n<\/strong>CONTENTS<\/strong>
\n\t\tImportance of opportunity cost as related to: <\/p>\n

    \n
  1. Individuals,\n<\/li>\n
  2. Firms or organisations\n<\/li>\n
  3. Governments\n<\/li>\n<\/ol>\n

    \u00a0IMPORTANCE OF OPPORTUNITY COST TO INDIVIDUAL
    \n<\/strong><\/p>\n

      \n
    1. It helps individual to make decision.\n<\/li>\n
    2. It helps individual to allocate scarce resources.\n<\/li>\n
    3. Judicious use of resources.\n<\/li>\n
    4. Prioritizing our wants.\n<\/li>\n
    5. \n
      It helps an individual to make wise choice.\n<\/div>\n<\/li>\n<\/ol>\n

      \u00a0IMPORTANCE OF OPPORTUNITY COST TO FIRMS<\/strong><\/p>\n

        \n
      1. \n
        Decision making.\n<\/div>\n<\/li>\n
      2. \n
        Helps to decide the method of production.\n<\/div>\n<\/li>\n
      3. \n
        Helps in project execution.\n<\/div>\n<\/li>\n
      4. \n
        Guides policy formulation and implementation.\n<\/div>\n<\/li>\n<\/ol>\n

        \u00a0Importance of Opportunity Cost to the Government
        \n<\/strong><\/p>\n

          \n
        1. \n
          Resources allocation.\n<\/div>\n<\/li>\n
        2. \n
          Decision making.\n<\/div>\n<\/li>\n
        3. \n
          Preparation of budget.\n<\/div>\n<\/li>\n
        4. \n
          Helps in project execution.\n<\/div>\n<\/li>\n<\/ol>\n

          \u00a0EVALUATION
          \n<\/strong><\/p>\n

            \n
          1. \n
            List 3 importance of opportunity cost to individual.\n<\/div>\n<\/li>\n
          2. \n
            State 2 importance of opportunity cost to a firm\n<\/div>\n<\/li>\n<\/ol>\n

            \u00a0READING ASSIGNMENT
            \n<\/strong>Amplified and Simplified Economics for SSS by Femi Longe page 6-7<\/p>\n

            \u00a0REVISION\/ GENERAL EVALUATION
            \n<\/strong><\/p>\n

              \n
            1. \n
              List ten renowned Economics in the world.\n<\/div>\n<\/li>\n
            2. \n
              Why is the scale of preference important?\n<\/div>\n<\/li>\n
            3. \n
              Mention five importance of studying economics.\n<\/div>\n<\/li>\n
            4. \n
              Give five definitions of Economics by various prominent Economists.\n<\/div>\n<\/li>\n
            5. \n
              Differentiate between Want and Needs.\n<\/div>\n<\/li>\n<\/ol>\n

              \u00a0WEEKEND ASSIGNMENT
              \n<\/strong>1. \u00a0\u00a0\u00a0\u00a0Opportunity cost is the item…………. (a) left unbought (b) nominal cost (c) bought (d) money cost
              \n2. \u00a0\u00a0\u00a0\u00a0Opportunity cost helps to ensure…….. allocation of resources (a) wrong (b) optimum (c) minimum (d) unhealthy
              \n3.\u00a0\u00a0\u00a0\u00a0Nominal cost is the same thing as………… (a) real cost (b) fixed cost (c) money cost (d) variable cost
              \n4. \u00a0\u00a0\u00a0\u00a0……………….. is a situation where a particular goods is traded off in favour of another goods (a) Explicit cost (b) opportunity cost (c) implicit cost (d) marginal cost
              \n5. The problem of making the right choice is resolved with the use of……….. (a) consumer price index (b) preferential treatment (c) scale of preference (d) allocation of resources <\/p>\n

              \u00a0SECTION B
              \n<\/strong><\/p>\n

                \n
              1. \n
                Differentiate between nominal cost and real cost\u00a0\u00a0\u00a0\u00a0\n<\/div>\n<\/li>\n
              2. \n
                State three importance of opportunity cost to each of the economic agents\u00a0\u00a0\u00a0\u00a0\n<\/div>\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

                \u00a0 \u00a0WEEK FOUR Importance of opportunity cost to individual CONTENTS Importance of opportunity cost as…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,170],"tags":[],"class_list":["post-1868","post","type-post","status-publish","format-standard","hentry","category-posts","category-first-term-ss1-economics"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/comments?post=1868"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1868\/revisions"}],"predecessor-version":[{"id":1869,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1868\/revisions\/1869"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=1868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=1868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=1868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}