{"id":4006,"date":"2023-10-06T08:49:01","date_gmt":"2023-10-06T08:49:01","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=4006"},"modified":"2023-10-06T08:52:47","modified_gmt":"2023-10-06T08:52:47","slug":"week-1-ss3-second-term-economics-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-1-ss3-second-term-economics-notes\/","title":{"rendered":"Week 1 – SS3 Second Term Economics Notes"},"content":{"rendered":"

SECOND TERM E-LEARNING NOTE
\n<\/strong>
\n\u00a0SUBJECT: ECONOMICS\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0CLASS: SS 3
\n<\/strong>
\n\u00a0SCHEME OF WORK
\n<\/strong>
\n\u00a0WEEK\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 TOPIC
\n<\/strong><\/p>\n

    \n
  1. ECONOMIC GROWTH AND DEVELOPMENT\n<\/li>\n
  2. ECONOMICS DEVELIPMENT PLANNING\n<\/li>\n
  3. INTERNATIONAL ECONOMICS ORGANISATION\n<\/li>\n
  4. CURRENT ECONOMIC PLANS\n<\/li>\n
  5. ECONOMIC DEVELOPMENT CHALLENGES\n<\/li>\n
  6. ECONOMIC REFORM PROGRAMS\n<\/li>\n<\/ol>\n
      \n
    1. MOCK AND WAEC EXAMS\n<\/li>\n<\/ol>\n

      \u00a0RECOMMENDED BOOKS
      \n<\/strong><\/p>\n

        \n
      • Amplified and Simplified Economics for SSS by Femi Longe\n<\/li>\n
      • Essential Economics for SSS for SSS by C E Ande\n<\/li>\n
      • \n
        SSCE Economics Past question pack.\n<\/div>\n

        \u00a0<\/li>\n<\/ul>\n

        \u00a0WEEK ONE
        \n<\/strong>ECONOMIC GROWTH AND DEVELOPMENT
        \n<\/strong>CONTENT
        \n<\/strong><\/p>\n

          \n
        • Definition and distinction between economic growth and development.\n<\/li>\n
        • Underdevelopment and its characteristics.\n<\/li>\n
        • Solutions to underdevelopment.\n<\/li>\n
        • Strategies for economic development.\n<\/li>\n<\/ul>\n

          \u00a0Economic Growth<\/strong>: A country is said to achieve economic growth when there is an increase in the volume of National output (National Income) arising from an expansion in production. When there is economic growth, it shows in the form of an increase in income level, an expansion in the labour force, an increase in the total capital stock of the country and a higher volume of trade and consumption.<\/p>\n

          \u00a0While Economic development means economic growth coupled with the improvement in the living standard of the people of the country. This arises from equitable distribution of the National income. Economic development reveals all aspects of economic activities and emphasizes more on distribution of facilities between various areas.<\/p>\n

          \u00a0CHARACTERISTICS OF ECONOMIC DEVELOPMENT
          \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Improvement in the general welfare of the people.
          \n2.\u00a0\u00a0\u00a0\u00a0Equitable distribution of the National income
          \n3.\u00a0\u00a0\u00a0\u00a0Reduction in the level of unemployment.
          \n4.\u00a0\u00a0\u00a0\u00a0Increase in real income of the citizen.
          \n5.\u00a0\u00a0\u00a0\u00a0Increase in the total capital stock.<\/p>\n

          \u00a0In a nutshell, while economic growth emphasizes the increase in the volume of National output, Economic development stresses growth coupled with improvement in the general welfare, of the people arising from equitable distribution of the National Income.<\/p>\n

          \u00a0EVALUATION
          \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Describe economic development.
          \n2.\u00a0\u00a0\u00a0\u00a0State five features of economic development.<\/p>\n

          \u00a0UNDERDEVELOPMENT
          \n<\/strong>A country is said to be underdeveloped when she lacks the human and material resources needed to improve the welfare of her citizens.<\/p>\n

          \u00a0WHY COUNTRIES ARE CONSIDERED UNDER DEVELOPED OR DEVELOPING
          \n<\/strong>Most West African countries and part of Asia are considered to be underdeveloped or developing due to the following features:
          \n1.\u00a0\u00a0\u00a0\u00a0Overdependence on primary source of production e.g. Agriculture
          \n2.\u00a0\u00a0\u00a0\u00a0High dependency on foreign countries for survival.
          \n3.\u00a0\u00a0\u00a0\u00a0Poor living standard \u2013 poor housing, hunger.
          \n4.\u00a0\u00a0\u00a0\u00a0Poor medical facilities.
          \n5.\u00a0\u00a0\u00a0\u00a0Poor infrastructural base.
          \n6.\u00a0\u00a0\u00a0\u00a0High level of illiteracy.
          \n7.\u00a0\u00a0\u00a0\u00a0Increase in unemployment rate.
          \n8.\u00a0\u00a0\u00a0\u00a0Inequality in the distribution of income.
          \n9.\u00a0\u00a0\u00a0\u00a0Political and economic instability.
          \n10.\u00a0\u00a0\u00a0\u00a0Low savings and investment arising from low per capital income.<\/p>\n

          \u00a0EVALUATION
          \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Define under development.
          \n2.\u00a0\u00a0\u00a0\u00a0Mention and describe five features of an under developed country.<\/p>\n

          \u00a0CAUSES OF UNDERDEVELOPMENT
          \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Low level of saving arising from low per capital income
          \n2.\u00a0\u00a0\u00a0\u00a0As stated above, where savings is low, investment as well will be low resulting to underdevelopment.
          \n3.\u00a0\u00a0\u00a0\u00a0Political instability which transient to frequent change in economic policies.
          \n4.\u00a0\u00a0\u00a0\u00a0Poor planning and implementation.
          \n5.\u00a0\u00a0\u00a0\u00a0Corruption and embezzlement of fund by public officials.
          \n6.\u00a0\u00a0\u00a0\u00a0High rate of population growth.
          \n7.\u00a0\u00a0\u00a0\u00a0Over-reliance on importation.
          \n8.\u00a0\u00a0\u00a0\u00a0Poor capacity building.
          \n9.\u00a0\u00a0\u00a0\u00a0Poor infrastructural base
          \n10.\u00a0\u00a0\u00a0\u00a0Low level of Technology.<\/p>\n

          \u00a0SOLUTION TO UNDERDEVELOPMENT
          \n<\/strong>For a country to eradicate poverty and be considered developed. The following steps should be taken.
          \n1.\u00a0\u00a0\u00a0\u00a0Capital accumulation i.e. encourage savings towards investment.
          \n2.\u00a0\u00a0\u00a0\u00a0Capital formation \u2013 Investment should be made on social infrastructure and businesses.
          \n3.\u00a0\u00a0\u00a0\u00a0Engage in Foreign Trade \u2013 In doing this the country must bargain for a favourable term of Trade. Industrialization is important, this will ensure that the country export more than she imports.
          \n4.\u00a0\u00a0\u00a0\u00a0Borrowing from Financial Institution both local and foreign e.g. IMF, World Bank. But effort must be geared towards enduring that loan obtained is used for capital project that will add value to the economy.
          \n5.\u00a0\u00a0\u00a0\u00a0Capacity Building \u2013 Training of man power is very essential. This could be achieved through establishment of vocational centres, colleges, universities to enrich the technical know-how of the citizens.
          \n6.\u00a0\u00a0\u00a0\u00a0Adoption of socialist ideology since capitalist ideology is capable of widening the gap between the rich and the poor.<\/p>\n

          \u00a0STRATEGIES FOR ECONOMIC DEVELOPMENT
          \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Diversification of the economy. That is to say Nigeria should develop other sectors apart from oil.
          \n2.\u00a0\u00a0\u00a0\u00a0Provision of social infrastructure e.g. roads, railways, school, hospitals etc.
          \n3.\u00a0\u00a0\u00a0\u00a0Ensuring political stability.
          \n4.\u00a0\u00a0\u00a0\u00a0Export promotion
          \n5.\u00a0\u00a0\u00a0\u00a0Manpower development
          \n6.\u00a0\u00a0\u00a0\u00a0Capital accumulation
          \n7.\u00a0\u00a0\u00a0\u00a0Development of market
          \n8.\u00a0\u00a0\u00a0\u00a0Borrowing from Foreign Lenders but with favourable interest rate.<\/p>\n

          \u00a0READING ASSIGNMENT
          \n<\/strong><\/p>\n

            \n
          1. Amplified and Simplified Economics for SSS by Femi Longe page 447-450.\n<\/li>\n
          2. Essential Economics for SSS by C E Ande page 369 \u2013 402.\n<\/li>\n<\/ol>\n

            \u00a0WEEKEND ASSIGNMENT
            \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Economic growth is the ____________
            \n\u00a0\u00a0\u00a0\u00a0A. rate of increase in a country’s full employment and real output. B. rate of increase in a nations total population rate.C. increase in inflation.D. growth in birthrate.
            \n2.\u00a0\u00a0\u00a0\u00a0An increase in the quantity of goods and services produced in a country which raises her national income is known as ____ A. economic development B. economic growth
            \nC. domestic investment D. productivity
            \n3.\u00a0\u00a0\u00a0\u00a0Economic development is reflected in ____ A. Scarcity of capital B.increase in the price level C. decline in agricultural production D. increase in productive capacity
            \n4.\u00a0\u00a0\u00a0\u00a0The level of Economic development is low in Nigeria because ____ A. planning has no practical relevance B. of the pattern of consumers spending C. the country is too large D. of ineffective plan implementation
            \n5.\u00a0\u00a0\u00a0\u00a0The stability of the Nigeria economy depends mainly on the export price of ____
            \nA. groundnut B. cotton C. cocoa D. mineral oil\u00a0\u00a0\u00a0\u00a0<\/p>\n

            \u00a0THEORY
            \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0What is economic development? State its characteristics.
            \n2.\u00a0\u00a0\u00a0\u00a0How is economic growth different from economic development?<\/p>\n

            \u00a0GENERAL EVALUATION
            \n<\/strong><\/p>\n

              \n
            1. 1988 SSCE QUESTION OBJECTIVE AND THEORY
              \n\t\t\t\t<\/strong><\/li>\n
            2. 1989 SSCE QUESTION OBJECTIVE AND THEORY
              \n\t\t\t\t<\/strong><\/li>\n
            3. 1990 SSCE QUESTION OBJECTIVE AND THOERY
              \n\t\t\t\t<\/strong><\/li>\n
            4. 1991 SSCE QUESTION OBJECTIVE AND THOERY
              \n\t\t\t\t<\/strong><\/li>\n
            5. 1992 SSCE QUESTION OBJECTIVE AND THOERY
              \n\t\t\t\t<\/strong><\/li>\n<\/ol>\n


              \n\t\t\t<\/strong>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

              SECOND TERM E-LEARNING NOTE \u00a0SUBJECT: ECONOMICS\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0CLASS: SS 3 \u00a0SCHEME OF WORK \u00a0WEEK\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 TOPIC ECONOMIC GROWTH…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,311],"tags":[],"class_list":["post-4006","post","type-post","status-publish","format-standard","hentry","category-posts","category-second-term-ss3-economics"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/4006","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=4006"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/4006\/revisions"}],"predecessor-version":[{"id":4007,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/4006\/revisions\/4007"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=4006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=4006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=4006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}