As discussed in Week 2 and 3 respectively that economic development is an essential feature of any country. In achieving this, there is need to influence some principal economic variables such as production, distribution, inflation, import and export in order to achieve a predetermined goal and objectives. Then Economic planning can be simply defined as a conscious governmental effort to influence some principal economic variables such as: production, distribution, inflation import and export in order to achieve a predetermined goal and objectives.
TYPES OF PLAN
The various types of economic planning are:
- Financial economic planning.
- Strategic planning.
- Comprehensive economic planning.
- Partial economic planning.
- Controlled economic planning.
- Financial Economic Planning – This plan deals with how National Income is distributed to various sectors of the economy.
- Strategic Planning – This is a plan designed to address a specific objective in the economy.
- Comprehensive economic planning – This type of plan covers all major aspects of the national economy.
- Partial Economic Planning – This is a plan directed or targeted at specific segment of the national economy e.g. plans to boost agricultural production.
- Controlled Economic Planning – This plan is common in a socialist economic system. This is a plan in which government formulates and executes plans for the economy. This is also known as authoritarian planning
- What is Economic plan?
- List and explain four types of Economic planning.
PROBLEMS OF PLANNING
- Frequent change in government i.e. political instability.
- Insufficient capital to execute the project itemized in the plan.
- Misplacement of priorities – Resources are sometimes diverted to white elephant projects i.e. unproductive projects.
- Inaccurate statistical data and information.
- Lack of skilled personnel
- Reliance on foreign aid.
- Rapid population growth
- Corruption and embezzlement.
- Exchange rate volatility i.e. fluctuation in exchange rate.
- Give five reasons for planning.
- What are the problems facing planning in Nigeria.
- Amplified and Simplified Economics for SSS by Femi Longe page 454-458.
- Essential Economics for SSS by C E Ande page 403 – 405.
- Economic development is reflected in _____A. scarcity of capital B. increase in the price level C. decline in agricultural productiveD. Increase in productive capacity
- Development plans in Nigeria have deviated from their targets due to ____ A. Lack of power B. political instability C.High population growth rate D. brain drain in the country
- The 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
- Development of planning which takes an overall view of the economy is described as ____ A. Aggregate /comprehensive economic planning B. Disaggregated economic planning C. Sectorial economic planning D. system economic planning
- The type of economic planning that deals with distribution of National Income to various sectors is known as _____ A. Financial planning B. sectorial planning C. strategic planning D. partial economic planning
- What are the problems of planning in Nigeria?
- Outline any five reasons for planning.
- 1993 SSCE QUESTION OBJECTIVE AND THEORY
- 1994 SSCE QUESTION OBJECTIVE AND THEORY
- 1995 SSCE QUESTION OBJECTIVE AND THEORY
- 1996 SSCE QUESTION OBJECTIVE AND THEORY
- 1997 SSCE QUESTION OBJECTIVE AND THOERY