{"id":3253,"date":"2023-10-04T13:30:29","date_gmt":"2023-10-04T13:30:29","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=3253"},"modified":"2023-10-04T13:35:52","modified_gmt":"2023-10-04T13:35:52","slug":"week-1-ss2-second-term-economics-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-1-ss2-second-term-economics-notes\/","title":{"rendered":"Week 1 – SS2 Second Term Economics Notes"},"content":{"rendered":"

SCHEMES OF WORK FOR SECOND TERM SS 2 ECONOMICS
\n<\/strong>WEEK 1:\u00a0\u00a0\u00a0\u00a0REVISION OF LAST TERM’S WORK
\nPRODUCTION
\nPRODUCTION POSSIBILITY CURVE
\nMEANING AND GRAPHICAL ILLUSTRATION
\nLAW OF VARIATIBLE PROPORTION
\nCONCEPTS OF TOTAL AVERAGE AND MARGINAL PRODUCTIVITY
\nWEEK 2 \u00a0\u00a0\u00a0\u00a0COST CONCEPT
\nMEANING OF COST TO AN ACCOUNTANT AND ECONOMIST
\nTYPES OF COST (TC, FC,VC, AFC,MC ETC)
\nEXPLAIN WITH SCHEDULE AND GRAPH
\nSHORT AND LONG RUN COST
\nWEEK 3\u00a0\u00a0\u00a0\u00a0REVENUE CONCEPT
\nMEANING OF REVENUE TO AN ECONOMIST
\nTYPES (TOTAL, AVERAGE AND MARGINAL REVENUE)
\nGRAPHICAL ILLUSTRATION, SCHEDUKE AND CURVE
\nCALCULATIONS
\nWEEK 4\u00a0\u00a0\u00a0\u00a0ECONOMIC SYSTEM
\nMEANING OF ECONOMIC SYSTEM
\nTYPES OF ECONOMIC SYSTEM (CAPITALISM, SOCIALISM, MIXED ECONOMY AND WELFARISM)
\nFEATURES OF EACH
\nFACTORS TO BE CONSIDERED IN THE ADOPTION OF ECONOMY SYSTEM
\nWEEK 5\u00a0\u00a0\u00a0\u00a0LABOUR MARKET
\nMEANING OF LABOUR MARKET
\nCONCEPT OF LABOUR FORCE
\nFACTORS AFFECTING THE SIZE OF LABOUR FORCE
\nEFFICIENCY AND MOBILITY OF LABOUR<\/p>\n

\u00a0
\n\u00a0WEEK 6\u00a0\u00a0\u00a0\u00a0SUPPLY AND DEMAND FOR LABOUR
\nWAGE DETERMINATION
\nUNEMPLOYMENT( MEANING AND TYPES)
\nTRADE UNION
\nWEEK 7:\u00a0\u00a0\u00a0\u00a0MARKET STRUCTURE
\nMEANING AND TYPES OF MARKET (PERFECT AND IMPERFECT)
\nPERFECT MARKET (MEANING, FEATURES AND MARKET EQUILIBRIUM POSITION ( P = MR = MC= AR = D)
\nWEEK 8\u00a0\u00a0\u00a0\u00a0IMPERFECT MARKET
\nMEANING AND TYPES ITH GRAPHICAL ILLUSTRATIONS
\nPRICE DISCRIMINATION
\nEQUILIBRIUM POSITION (SHORT AND LONG RUN)
\nWEEK 9\u00a0\u00a0\u00a0\u00a0INDUSTRIES IN NIGERIA
\nMEANING OF PLANTS, FIRM, INDUSTRY AND FACTORY
\nTYPES OF INDUTRIES (MINING, CONSTRUCTION ETC)
\nWEEK 10\u00a0\u00a0\u00a0\u00a0LOCATION OF INDUSTRY
\nMEANING OF LOCATION OF INDUSTRY
\nFACTORS AFFECTING LOCATION OF INDUSTRY
\nLOCALISATION OF INDSTRY
\nFACTORS AFFECTING LOCALIZATION OF INDSTRY
\nADVANTAGES AND DISADVANTAGES OF LOCALIZATION OF INDSTRIES
\nWEEK 11\u00a0\u00a0\u00a0\u00a0REVISION AND EXAMINATION<\/p>\n

\u00a0WEEK 1
\n<\/strong>PRODUCTION POSSBILITY CURVE
\n<\/strong>A production possibility curve (PPC) is a graphical or diagrammatic illustration of all possible bundles or combinations of two types of goods which a society can produce using its present level of resources and given the existing level of technology.<\/p>\n

\u00a0The idea behind the production possibility curve is that in order to produce a particular commodity, the production of another commodity has to be sacrificed.<\/p>\n

\u00a0For example, the production possibility curves for the production of cattle and motor vehicles in South Africa.
\nProduction Possibility Table for The Production of Cattle and Motor vehicles by South Africa<\/p>\n

\n\n\n\n\n\n\n\n\n\n
Possible combination<\/td>\nhead of cattle<\/td>\nno of motor vehicles<\/td>\n<\/tr>\n
A<\/td>\n200<\/td>\n0<\/td>\n<\/tr>\n
B<\/td>\n170<\/td>\n30<\/td>\n<\/tr>\n
C<\/td>\n100<\/td>\n70<\/td>\n<\/tr>\n
D<\/td>\n80<\/td>\n130<\/td>\n<\/tr>\n
E<\/td>\n40<\/td>\n150<\/td>\n<\/tr>\n
F<\/td>\n0<\/td>\n180<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The table shows the alternative open to South Africa to substitute the production of cattle for vehicle on a monthly basis, assuming a given state of technology and a given total of resources.
\n\"\"\/<\/p>\n

\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0
\n\u00a0Production Possibility curve for the Production of cattle and motor vehicle in South Africa.<\/p>\n

\u00a0INTERPRETATION OR POINTS TO NOT FROM THE GRAPH
\n<\/strong><\/p>\n

    \n
  1. \n
    Points A to F on the graph indicate efficient use of resources\n<\/div>\n<\/li>\n
  2. \n
    At points O and P (outside the curve), production is not feasible. Production of these points is not feasible due to the limited resources and technology.\n<\/div>\n<\/li>\n
  3. \n
    At point K and L (inside the curve), production is feasible. It represents where resources are not efficiently utilized.\n<\/div>\n<\/li>\n
  4. \n
    The downward slope of the PPC indicate that there is an opportunity cost of producing more of one type of commodity and less of the other due to limited resources and technical know how\n<\/div>\n<\/li>\n<\/ol>\n

    \u00a0LAW OF DIMINISHING RETURNS OR VARIALBE PROPORTION
    \n<\/strong>This law refers to a short run production situation. The law of diminishing returns states that as more of the variable factor (e.g. labour or capital) is added to other factors which are constant (e.g. land), outputs will eventually increase at a decreasing rate.<\/p>\n

    \u00a0The law of diminishing returns follows three stages, these are;<\/p>\n

      \n
    1. \n
      Increasing returns\n<\/div>\n<\/li>\n
    2. \n
      Constant returns\n<\/div>\n<\/li>\n
    3. \n
      Decreasing returns\n<\/div>\n<\/li>\n<\/ol>\n

      CONCEPT OF TOTAL PRODUCT (TP), AVERAGE PRODUCT (AP) AND MARGINAL PRODUCT (MP)<\/p>\n

        \n
      1. TOTAL PRODUCT (TP): Total product refers to the total quantity of goods produced at a particular time as a result of the use of all the factors of production.\n<\/li>\n<\/ol>\n

        Symbolically written as TP = AP X Q\"\"\/\"\"\/\"\"\/\"\"\/
        \n\t\t\"\"\/
        \n\t\t\"\"\/\"\"\/\"\"\/\"\"\/\"\"\/\"\"\/
        \n\t\ttotal Point of diminishing returns
        \n output TP
        \n2. AVERAGE PRODUCT (AP): Average product is defined as the output per unit of the variable factor (labour or capital) employed. This is obtained by dividing the total output by the number of labour or capital employed.Symbolically written as AP:TP\/Q<\/p>\n

        \u00a0
        \n\u00a0\"\"\/
        \n\t\t Y
        \n AP<\/p>\n

        \u00a0
        \n\u00a0 AP
        \n3.MAGINAL PRODUCT (MP): This is the additional product produced as a result of the application of additional unit of a variable factor when all other factors are fixed.<\/p>\n

        \u00a0
        \n\u00a0
        \n\u00a0
        \n\u00a0\"\"\/<\/p>\n

        \u00a0
        \n\u00a0
        \n\u00a0 MP<\/p>\n

        \u00a0
        \n\u00a0
        \n\u00a0
        \n\u00a0 Unit of labour
        \n MP<\/p>\n

        \u00a0
        \n\u00a0
        \n\u00a0Symbolically written as MP = CHANGE IN TP\/CHANGE IN VARIABLE FACTOR =
        \nTP1<\/sub> \u2013 TPO<\/sub>
        \n\t\tQ1<\/sub> \u2013QO<\/sub><\/p>\n

        \u00a0TOTAL PRODUCT, AVERAGE PRODUCT AND MARGINAL PRODUCT
        \n\"\"\/\"\"\/\"\"\/\"\"\/VARIABLE UNIT\u00a0\u00a0\u00a0\u00a0FIXED FACTOR\u00a0\u00a0\u00a0\u00a0 TOTAL PRODUCT\u00a0\u00a0\u00a0\u00a0AVERAGE PRODUCT\u00a0\u00a0\u00a0\u00a0MARGINAL PRODUCT
        \n\"\"\/ OF LABOUR hectares of land\u00a0\u00a0\u00a0\u00a0(Kg)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(Kg)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(kg)
        \n1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2026\u2026
        \n2\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010
        \n3\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a036\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018
        \n4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a048\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012
        \n5\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a055\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a011\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07
        \n6\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a060\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a010\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05
        \n7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a060\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a086\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00
        \n8\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a056\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
        \nRELATIONSHIP BETWEENTOTAL PRODUCT, AVERAGE PRODUCT AND MARGINAL PRODUCT.
        \nThe relationship between total products, average product and marginal product can be demonstrated by a graph. Both TP and MP initially rise. The TP curve remains at maximum point when MP is zero. To declines after MP = 0 and MP afterwards assumes negative values.<\/p>\n

        \u00a0
        \n\u00a0
        \n\u00a0
        \n\u00a0
        \n\u00a0
        \n\u00a0
        \n\u00a0
        \n\u00a0QUESTIONS<\/p>\n

          \n
        1. Write short note on (a) firm (b) plant (c) industry\n<\/li>\n<\/ol>\n

          \u00a0\"\"\/\"\"\/\"\"\/Tonnes of fertilizer applied\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0total product in bags\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0marginal product
          \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a00\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2026\u2026.
          \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01100\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0100
          \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01250\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0150
          \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01500\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0250
          \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a04\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2026\u2026..\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0400
          \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2026\u2026..\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0250
          \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a06\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2026\u2026.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0125
          \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a07\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02350\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2026\u2026..
          \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a08\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02380\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2026\u2026..
          \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a09\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02330\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u2026\u2026..<\/p>\n","protected":false},"excerpt":{"rendered":"

          SCHEMES OF WORK FOR SECOND TERM SS 2 ECONOMICS WEEK 1:\u00a0\u00a0\u00a0\u00a0REVISION OF LAST TERM’S WORK…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,260],"tags":[],"class_list":["post-3253","post","type-post","status-publish","format-standard","hentry","category-posts","category-second-term-ss2-economics"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3253","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=3253"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3253\/revisions"}],"predecessor-version":[{"id":3254,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3253\/revisions\/3254"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=3253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=3253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=3253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}