SSS 1 Economics SyllabusIntroduction to Economics- Definition and scope of economics
- Basic economic concepts
- Economic resources and their allocation
- Microeconomics vs. macroeconomics
Basic Tools of Economic Analysis- Economic models
- Graphical representation of economic concepts
- Demand and supply curves
- Elasticity of demand and supply
Concept of Demand and Supply- Law of demand and demand curve
- Law of supply and supply curve
- Equilibrium price and quantity
- Factors affecting demand and supply
Theory of Production- Factors of production
- Production function
- Costs of production
- Economies of scale
Economic Systems- Definition and types of economic systems
- Traditional, command, market, and mixed economies
- Advantages and disadvantages of each system
Business Organizations- Sole proprietorship
- Partnership
- Corporation
- Cooperative
Population- Population growth and distribution
- Population theories
- Population policies and control measures
Labour Market- Definition and factors affecting the labour market
- Wage determination
- Labour unions and collective bargaining
The Nature of the Nigerian Economy- Overview of the Nigerian economy
- Key sectors of the Nigerian economy
- Economic challenges and opportunities
Agriculture- Importance of agriculture
- Types of farming
- Problems and prospects of agriculture in Nigeria
Mining- Types of minerals in Nigeria
- Importance of mining
- Challenges and opportunities in the mining sector
Financial Institutions and Regulatory Agencies- Role and functions of financial institutions
- Types of financial institutions
- Regulatory agencies in the financial sector
Money, Inflation & Deflation- Definition and functions of money
- Causes and effects of inflation
- Measures to control inflation and deflation
Channels of Distribution- Distribution channels in the production and consumption process
- Wholesalers, retailers, and intermediaries
- Factors influencing choice of distribution channels
Instruments of Business Finance- Sources of business finance
- Debt and equity financing
- Financial statements and analysis
This syllabus is designed to provide SSS 1 students with a comprehensive understanding of economics, covering key concepts, theories, and practical applications. Through the study of this subject, students will develop critical thinking skills and gain insights into the economic principles that shape the world around them.
This course is helpful for the following exams: SSS 1