{"id":4010,"date":"2023-10-06T08:49:59","date_gmt":"2023-10-06T08:49:59","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=4010"},"modified":"2023-10-06T08:52:47","modified_gmt":"2023-10-06T08:52:47","slug":"week-3-ss3-second-term-economics-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-3-ss3-second-term-economics-notes\/","title":{"rendered":"Week 3 &#8211; SS3 Second Term Economics Notes"},"content":{"rendered":"<p>\u00a0<strong>WEEK THREE<br \/>\n<\/strong><strong>INTERNATIONAL ORGANIZATION<br \/>\n<\/strong><strong>CONTENT<br \/>\n<\/strong><\/p>\n<ul>\n<li>ECOWAS \u2013 Origin, objectives, achievements, problems.\n<\/li>\n<li>IBRD \u2013 Origin, objectives, achievements, problems.\n<\/li>\n<li>IMF \u2013 Origin, objectives, achievements problems.\n<\/li>\n<li>ADB \u2013 Origin, objectives, achievements, problems.\n<\/li>\n<\/ul>\n<p>\u00a0<strong>ECOWAS<br \/>\n<\/strong>The Economic Community of West African States was founded on May 28th 1975 in Lagos,<br \/>\nNigeria.  It comprised all the 16 independent nations of West African.  Abuja and Lome serve as<br \/>\nthe administrative and fund headquarter respectively.  The body was formed under the leadership of General Yakubu Gowon and President Eyadena.<\/p>\n<p>\u00a0<strong>MEMBERSHIP<br \/>\n<\/strong>Anglophone \u2013 Nigeria, Ghana, The Gambia&#8217;s Sierra Leone and Liberia.<br \/>\nFrancophone \u2013 Senegal, Guinea, Togo, Mali, Benin Republic, Burkina Faso, Cote de voire,<br \/>\nMauritania  and Niger Republic.<\/p>\n<p>\u00a0Busophone or Portuguese speaking countries \u2013 Cape verde and Guinea Bissau.<\/p>\n<p>\u00a0<strong>EVALUATION<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0State the meaning of ECOWAS.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Highlight four members state of ECOWAS.<\/p>\n<p>\u00a0<strong>AIMS AND OBJECTIVES OF ECOWAS<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0ECOWAS aimed at promoting cooperation and development in al fields of economic activity e.g. transport, energy, agriculture, Telecommunication, etc. among  the member states.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0It aimed at liberalizing trade within the region.<br \/>\n3.\u00a0\u00a0\u00a0\u00a0ECOWAS promotes economic stability.<br \/>\n4.\u00a0\u00a0\u00a0\u00a0Also, ECOWAS aimed at removing trade barriers and restrictions.<br \/>\n5.\u00a0\u00a0\u00a0\u00a0The body aimed at integrating both the fiscal and monetary policies of West African State.<br \/>\n6.\u00a0\u00a0\u00a0\u00a0ECOWAS aimed at establishing common fund within the sub region.<\/p>\n<p>\u00a0<strong>ACHIEVEMENT<br \/>\n<\/strong><\/p>\n<ol>\n<li>ECOWAS had helped to remove all custom duties that enhance free trade among member nations.\n<\/li>\n<li>The organization had established a common fund through which members are rescued.\n<\/li>\n<li>It had played a mediating role among member state e.g. Nigeria and Chad, Liberia, Sierra Leone etc.\n<\/li>\n<li>To promote peace in the sub region, ECOWAS had formed ECOMOG to restore peace in Liberia and Sierra Leone\n<\/li>\n<li>The eradication of Apartheid and neo-colonialism in South African can be traced to ECOWAS.\n<\/li>\n<li>ECOWAS had enhanced growth and expansion of market in the region\n<\/li>\n<li>ECOWAS  had played a vital role in promoting unity in diversity among member nations.\n<\/li>\n<\/ol>\n<p>\u00a0<strong>EVALUATION<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0What are the Achievement of ECOWAS?<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Mention three Objectives of ECOWAS.<\/p>\n<p>\u00a0<strong>PROBLEMS OF ECOWAS<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Some of the member nations are still tied to the apron of their colonial masters.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0The official language differs among member nations which constitute language barriers.<br \/>\n3.\u00a0\u00a0\u00a0\u00a0Differences in ideology among member nations offer hampers togetherness of the \u00a0\u00a0\u00a0\u00a0community.<br \/>\n4.\u00a0\u00a0\u00a0\u00a0Political instability \u2013 Most member frictions had been affected with coup e.g Nigeria.<br \/>\n5.\u00a0\u00a0\u00a0\u00a0Fear of domination by big nations.<br \/>\n6.\u00a0\u00a0\u00a0\u00a0Poor funding due to member nations inability to contribute to ECOWAS fund.<br \/>\n7.\u00a0\u00a0\u00a0\u00a0Problem of where to locate investment by the body.<\/p>\n<p>\u00a0<strong>IMF<br \/>\n<\/strong>The International Monetary Fund (IMF) was established at an international conference held in<br \/>\nBretton woods in 1944. It began operation in 1947 with its headquarters in the United States of<br \/>\nAmerica. Presently it has 138 member countries.  It was established to encourage balance of<br \/>\npayment equilibrium and to stabilize exchange rate among member countries.<\/p>\n<p>\u00a0<strong>EVALUATION<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Write brief history of IMF.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0List five problems of ECOWAS.<\/p>\n<p>\u00a0<strong>OBJECTIVES AND FUNCTIONS OF IMF<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0IMF helps to stabilize exchange rate among member nations.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0IMF assists members to finance balance of payment deficit.<br \/>\n3.\u00a0\u00a0\u00a0\u00a0IMF makes recommendations to member nations on economic policies to adopt.<br \/>\n4.\u00a0\u00a0\u00a0\u00a0IMF facilities settlement of debts in foreign transactions.<br \/>\n5.\u00a0\u00a0\u00a0\u00a0IMF promote co-operation among member countries on financial matters.<\/p>\n<p>\u00a0<br \/>\n\u00a0<strong>PROBLEMS OF IMF<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Exchange rate volatility i.e. fluctuation in value of key currencies such as Dollar pounds.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Inability of developing nations to repay loans obtained.<br \/>\n3.\u00a0\u00a0\u00a0\u00a0Recommendation of policies to adopt to member nation leave some countries rich, while some poor e.g privatization, wage freezing etc.<br \/>\n4.\u00a0\u00a0\u00a0\u00a0High rate of interest on loan obtained by developing nations makes repayment impossible e.g. Nigeria.<br \/>\n5.\u00a0\u00a0\u00a0\u00a0Interference in the economic affairs of a country makes experts to see IMF as imperialist monetary fund instead of what it claimed to be.<\/p>\n<p>\u00a0<strong>ACHIEVEMENT<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Since its inception, IMF had helped nations to overcome economic problem e.g. Nigeria.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Relatively, IMF had helped to stabilize exchange value of currencies e.g. dollar in relation to other currencies.<br \/>\n3.\u00a0\u00a0\u00a0\u00a0Debt forgiveness \u2013 due to inability of most nations to repay loan, IMF had written off these loans.<br \/>\n4.\u00a0\u00a0\u00a0\u00a0Promotion of international trade.<\/p>\n<p>\u00a0<strong>EVALUATION<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Discuss two problems of IMF<br \/>\n2.\u00a0\u00a0\u00a0\u00a0What are the Achievements of IMF?<\/p>\n<p>\u00a0<strong>IBRD<br \/>\n<\/strong>The International Bank for Reconstruction and Development (IBRD) popularly known as World<br \/>\nBank was founded in 1944 exactly the same period IMF was founded at Bretton woods. IBRD was its headquarter in Washington, United States of America.  The World Bank started with 45 member nations at the beginning and as at 1992, the member has risen to 178 member nations.<\/p>\n<p>\u00a0<strong>OBJECTIVES OF IBRD<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0IBRD grants long term loans for infrastructural development.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0IBRD offers expert advice development problems.<br \/>\n3.\u00a0\u00a0\u00a0\u00a0IBRD offers training for experts.<br \/>\n4.\u00a0\u00a0\u00a0\u00a0It conducts feasibility studies relating to economic development.<br \/>\n5.\u00a0\u00a0\u00a0\u00a0World Bank helps to develop productive resources of member nations.<\/p>\n<p>\u00a0<strong>ACHIEVEMENTS OF IBRD<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0IBRD had helped developed as well as developing nations in area of infrastructural development.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Educational development \u2013 Through world bank assisted programme education to developing nation had been solved.<br \/>\n3.\u00a0\u00a0\u00a0\u00a0Long term loan for developing nation for socio-economic development had been made feasible with the assistance of World Bank<\/p>\n<p>\u00a0<strong>PROBLEMS OF IBRD<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Lack of capital.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Inability of nations to repay loan.<br \/>\n3.\u00a0\u00a0\u00a0\u00a0Financing of white elephant projects i.e. unproductive project.<br \/>\n4.\u00a0\u00a0\u00a0\u00a0Most of the Loans are directed towards the developed nations at the expense of the less developed ones.<\/p>\n<p>\u00a0<strong>EVALUATION<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0State five objectives of World Bank.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Outline any four problems of IBRD<\/p>\n<p>\u00a0<strong>ADB<br \/>\n<\/strong>African Development Bank (ADB) came into being in 1964 with its headquarter in Abidjan, Cote<br \/>\nd&#8217;ivoire.  It is a bank owned by African countries.  It started full operation in 1966 with initial<br \/>\nmembership of 23 African Countries and as at 1970, membership had risen to 31.<\/p>\n<p>\u00a0<strong>FUNCTION \/ OBJECTIVES OF ADB<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0To provide loan to aid social and economic development of member nation.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0It provides fund for the agricultural development of member nations.<br \/>\n3.\u00a0\u00a0\u00a0\u00a0ADB provides fund for infrastructural facilities such as :  electricity, water, transport and telecommunication.<br \/>\n4.\u00a0\u00a0\u00a0\u00a0ADB helps to foster economic integration.<\/p>\n<p>\u00a0<strong>PROBLEMS OF ADB<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Lack of capital due to low economic activities in member nations.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Poor infrastructural base of most nation in African.<br \/>\n3.\u00a0\u00a0\u00a0\u00a0Lack of Technical expertise.<\/p>\n<p>\u00a0<strong>EVALUATION<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Outline four objectives of ADB<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Mention four problems of ADB.<\/p>\n<p>\u00a0<strong>ECA<br \/>\n<\/strong>The economic commission for Africa (ECA) also known as the United Nations Economic<br \/>\nCommission for Africa was founded in 1958, with its headquarters in Addis Ababa, Ethiopia.  It is an Organ of the United Nations Organization (UNO).<\/p>\n<p>\u00a0<strong>OBJECTIVES AND FUNCTIONS OF ECA<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0ECA \u2013 ensures the economic development of African continent.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0To foster cooperation of OAU now<br \/>\n3.\u00a0\u00a0\u00a0\u00a0ECA helps to develop manpower for the entire African continent.<br \/>\n4.\u00a0\u00a0\u00a0\u00a0It helps to accelerate economic growth and integration in Africa.<br \/>\n5.\u00a0\u00a0\u00a0\u00a0It helps to harmonize economic policies for African continent.<br \/>\n6.\u00a0\u00a0\u00a0\u00a0ECA conducts research in the areas of production and technology, to aid Africa in economic development.<\/p>\n<p>\u00a0<strong>PROBLEMS OF ECA<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Economic community for African lack the needed capital to execute some of its projects.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Differences in Economic policies of the country due to differences in ideology.<br \/>\n3.\u00a0\u00a0\u00a0\u00a0To accelerate the Economic development of Africans<br \/>\n4.\u00a0\u00a0\u00a0\u00a0To conduct research in the area of production and technology.<br \/>\n5.\u00a0\u00a0\u00a0\u00a0To modernize Agriculture and industry in Africa<\/p>\n<p>\u00a0<strong>EVALUATION<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0What are the objectives of Economic Commission of Africa.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Mention two problems facing ECA.<\/p>\n<p>\u00a0<strong>UNCTAD<br \/>\n<\/strong>The United Nation Conference on Trade and Development (UNCTAD) was found in 1964 with its<br \/>\nheaquarters in Geneva, Switzerland.  It was created as an organ of the United Nations by a<br \/>\nresolution passed by the United Nations Organisation (UN0).  The first conference was held in<br \/>\nGeneva, Switzerland in 1968, the second in New Delhi, India in 1968.<\/p>\n<p>\u00a0<strong>OBJECTIVES AND FUNCTIONS OF UNCTAD<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0UNCTAD helps in promoting trade i.e. international trade in developing countries.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0UNCTAD assists in solving the increasing balance of payments difficulties of the developing countries.<br \/>\n3.\u00a0\u00a0\u00a0\u00a0It helps to accelerate economic development of underdeveloped nations.<br \/>\n4.           To help in  solving  balance of payment deficit.<br \/>\n5.           To promote trade for developing countries.<\/p>\n<p>\u00a0<strong>EVALUATION<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0What are objectives of UNCTAD?<br \/>\n2.\u00a0\u00a0\u00a0\u00a0State two problems of UNCTAD.<\/p>\n<p>\u00a0<strong>EUROPEAN ECOMONIC COMMUNITY<br \/>\n<\/strong>The European Economic Community (EEC) was established by the treaty of Rome, Italy in 1957 by six European countries.  These countries were France, West Germany, Italy, Belgium, the Netherlands and Luxembourg.<\/p>\n<p>\u00a0<strong>OBJECTIVES OF EEC<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0To adopt a common currency known today as the Euro.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0To ensure economic and social progress.<br \/>\n3.\u00a0\u00a0\u00a0\u00a0To eliminate trade restriction, thereby ensuring free trade between members nations.<br \/>\n4.\u00a0\u00a0\u00a0\u00a0To eliminate barriers to free mobility of labour and capital between member states.<\/p>\n<p>\u00a0<strong>ACHIEVEMENTS OF EU<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0The EU had developed a common market involving the free circulation of goods and capital.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Since its origin, the EU has established a single economic market across the territory of all its members currently single currency is in use.<br \/>\n3.\u00a0\u00a0\u00a0\u00a0The twenty-seven member state EU had an agreed budget of E120. 7 billion for the year 2007 with 46.7% for Agriculture.<br \/>\n4.\u00a0\u00a0\u00a0\u00a0The EU is has diversified its energy supply.<br \/>\n5.\u00a0\u00a0\u00a0\u00a0The EU seventh Framework Programme (FP7) sponsors research conducted by consortia from all EU members to work toward a single European Research Area.<br \/>\n6.\u00a0\u00a0\u00a0\u00a0Through its support of the Bologna process the EU is supporting comparable standards and compatible degrees across Europe<\/p>\n<p>\u00a0<strong>PROBLEMS OF EU<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Lack of capital<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Heavy expenditure on energy importation the EU currently imports 82% of its oil.<br \/>\n3.\u00a0\u00a0\u00a0\u00a0Religion barrier \u2013 Christian in the EU are divided among followers of Roman Catholicism, as of 2009, the EU had an estimated muslim population of 13 million.<\/p>\n<p>\u00a0<strong>WACH<br \/>\n<\/strong>The West African Clearing House (WACH) was established in June 1975 with its headquarters in<br \/>\nFreetown, Sierra Leone.  WACH is multi- lateral clearing house which comprises 15 \u2013 member<br \/>\nCentral Banks of West African States of Nigeria, Republic of Benin, Cote D&#8217;ivore, Niger, Senegal,<br \/>\nTogo Burkina Faso, the Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Mauritania and<br \/>\nSierra Leone.<\/p>\n<p>\u00a0<strong>FUNCTIONS\/OBJECTIVES OF WACH<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0WACH enhances trade liberalization.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0It promotes the use of member national currencies for intra-sub-regional transactions.<br \/>\n3.\u00a0\u00a0\u00a0\u00a0WACH aimed at promoting monetary co-operation in the sub-region<br \/>\n4.\u00a0\u00a0\u00a0\u00a0It bring about savings in the use of foreign reserves.<\/p>\n<p>\u00a0<strong>EVALUATION<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Outline five objective of EU<br \/>\n2.\u00a0\u00a0\u00a0\u00a0State four objectives of WACH.<\/p>\n<p>\u00a0<strong>READING ASSIGNMENT<br \/>\n<\/strong><\/p>\n<ol>\n<li>Amplified and Simplified Economics for SSS by Femi Longe page 460  \u2013 463.\n<\/li>\n<li>\n<div>Essential Economics for SSS by C E Ande page 406 \u2013 412.\n<\/div>\n<p>\u00a0<\/li>\n<\/ol>\n<p>\u00a0<strong>WEEKEND ASSIGNMENT<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0ECA was founded in _____ A. 1962 B.1965 C.1958 D.1901<br \/>\n2.\u00a0\u00a0\u00a0\u00a0The UNCTAD has its headquarter in _____ A.Meiran Lagos B. Accra Ghana C. Lome Togo D. Geneva Switzerland<br \/>\n3.\u00a0\u00a0\u00a0\u00a0One of the following is a member of EU A. GhanaB. Argentina C. Togo D. France<br \/>\n4.\u00a0\u00a0\u00a0\u00a0The West African Clearing House was established in ____ A.  Jan 1914 B. June 1975<br \/>\nC. May 2005     D. May 1902<br \/>\n5.\u00a0\u00a0\u00a0\u00a0WACH headquarter is in _____ A.  Ikeja, Nigeria B. Cairo, EgyptC. Accra, Ghana<br \/>\nD.  Freetown, Sierra Leone.<\/p>\n<p>\u00a0<strong>THEORY<br \/>\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Outline five objectives of European Union.<br \/>\n2.\u00a0\u00a0\u00a0\u00a0Mention four functions of Economic community for Africa.<\/p>\n<p>\u00a0<strong>GENERAL EVALUATION<br \/>\n<\/strong><\/p>\n<ol>\n<li>1998 SSCE QUESTION OBJECTIVE AND THEORY\n<\/li>\n<li>1999 SSCE QUESTION OBJECTIVE AND THEORY\n<\/li>\n<li>2000 SSCE QUESTION OBJECTIVE AND THEORY\n<\/li>\n<li>2001 SSCE QUESTION OBJECTIVE AND THEORY\n<\/li>\n<li>2002 SSCE QUESTION OBJECTIVE AND THEORY\n<\/li>\n<\/ol>\n<p><strong><br \/>\n\t\t\t<\/strong>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0WEEK THREE INTERNATIONAL ORGANIZATION CONTENT ECOWAS \u2013 Origin, objectives, achievements, problems. IBRD \u2013 Origin, objectives,&#8230;<\/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-4010","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\/4010","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=4010"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/4010\/revisions"}],"predecessor-version":[{"id":4011,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/4010\/revisions\/4011"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=4010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=4010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=4010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}