ECONOMIC SS2 FIRST TERM

IN THIS TERM, LEARNERS SHOULD LOOK OUT FOR THE FOLLOWING IN DETAIL:

WEEK 1: Tools of economic analysis

1. Simple Linear equation 2. Measure of dispersion 3. Pie chart

WEEK 2: Tools of economic analysis

1. Bar chart 2. Calculation of charts.

WEEK 3: Concept of demand and supply

1. Meaning of demand and supply 

2. laws of demand and supply 

3. factors affecting demand and supply

WEEK 4: Concept of demand and supply: 

1. Distinguish between factors that causes shift in demand and supply curve.

2. Types of demand and supply (with curve)

WEEK 5: Meaning of production possibility curve (PPC).

2. Plotting the PPC from possible data

WEEK 6: Concept of total average 

2. Law of variable proportion

WEEK 7: Cost concepts

1. Basic cost concepts, total, average and variable cost. 

WEEK 8 : Short run and long run costs 

2. Distinction between economist and accountant field of cost   

WEEK 9: Revenue concept. 

1. Concept of revenue, Total average and marginal revenue

2. Revenue schedule and cost

WEEK 10: Types and features of economics systems

1. Basic features of economic systems, Capitalism, Socialism and Mix economy

WEEK 11: Labour Market

1. Supply and demand

2. Wage determination