Lesson Notes, Audio Lessons, Exam Questions
Lesson Notes, Audio Lessons, Exam Questions
Welcome to our Economics lesson notes section for all classes. Whether you’re preparing for WAEC, NECO, or any other exams, our well-detailed lesson notes cover all key topics in Economics.
Each lesson is designed to enhance your understanding of economic principles, concepts, and their real-world applications.
From basic principles to advanced economic theories, these notes are structured to make studying easier and more effective for students at all levels.
Access detailed and comprehensive Economics lesson notes for all classes. Ideal for students studying for WAEC, NECO, and other exams. Study and excel!
DEFINITION AND MEANING OF ECONOMICS Economics as a dynamic subject has very many definitions. It is often said that there are so many definitions of economics as there are economists because they see the subject from different point of view.…
RATIONING This is a prevailing economic situation of scarcity of essential commodities in the market in which consumers are allowed to have access to these commodities at specified quantities and at regulated period of times. The scarcity of these essential…
PRICE CONTROL POLICY This is defined as a process by which the government or its agency fixes the price of essential commodities. That is, it is a situation where the government uses the instrument of law to fix the price…
Cross Elasticity of Demand is the degree of responsiveness of quantity demanded of commodity X to a little change in the price of commodity Y. Cross elasticity of demand is applicable mainly to goods that are close substitute as well…
Income elasticity of demand is the degree of responsiveness of quantity demanded of a commodity to a little change in consumer’s income. That is, it measures how changes in income of consumers will affect the quantity of commodities demanded by…
Elasticity of supply can be defined as the degree of responsiveness of change in quantity supplied as a result of change in price. Elasticity of supply measures the extent to which the quantity of a commodity supplied by a producer…
DEFINITION OF ELASTICITY OF DEMAND Elasticity of demand may be defined as the degree of responsiveness of demand as changes in price, income, prices of other commodities etc. Types of Elasticity of Demand Price elasticity of demand Income elasticity…
CHANGE IN QUANTITY DEMANDED A change in quantity demanded, is otherwise known as movement along a particular demand curve that is only influenced by price. When there is a change in the quantity demanded, the demand curve does not shift.…
THEORY OF CONSUMER BEHAVIOUR The theory of consumer behaviour is also known as the theory of household behaviour. It is primarily concerned with how the consumer or household tries to satisfy his/her wants by dividing his/her limited amount of income…
MEASURES OF DISPERSION This also known as measures of spread or variation describes how the data given in any distribution are spread about the ‘Mean’, or the overall spread of the data. These measures are the range, mean – deviation,…
MEASURES OF CENTRAL TENDENCY These are the values which show the degree to which a given data or any given set of values will converge toward the central point of the data. Measures of central tendency, also called measures of…
BALANCE OF TRADE Balance of Trade – This is the comparison of a country’s total visible exports with her total visible imports. When visible exports with her total visible imports in monetary terms are equal we have Balance of Trade. …
International Trade Advantages International trade generates the exchange of goods and services among the nations of the world to mutual advantages of all participating countries. Promotion of economic development. International trade provides employment opportunities. It enhances international specialization. It leads…
One way by which we live better on earth today is because international trade permits national, regional or territorial division of labour to be practiced. International trade also known as foreign trade or external trade involves the exchange of goods…
Agencies that regulate money market Central Bank of Nigeria (CBN) Nigeria Deposit Insurance Corporation (NDIC) CENTRAL BANK OF NIGERIA The central bank is the apex financial institution in a country which is responsible for the management, supervision and control…
SERVICE INDUSTRIES This is also known as the tertiary sector of industry. It involves the provision of services to business as well as to the final consumers.Service involves doing something for the consumers, which could be personal or indirect services.…
MANUFACTURING INDUSTRIES Manufacturing refers to the turning of raw material into new products by mechanical or chemical processes at home or in the factory. Manufacturing industry is concerned with the activities of those who engage in processing and turning raw…
Petroleum was discovered in commercial quantity in 1956 by shell BP at Oloibiri in the present River State. Ever since 1976 till date, petroleum has remained the major source of government revenue in Nigeria. POSITIVE CONTRIBUTIONS OF PETROLEUM TO…
HUMAN CAPITAL Human Capital refers to the skills, training, experience, education, knowledge, technical know-how and competencies contributed by humans to production process. Human capital is an important factor of production. It is the value that is added into a…
ECONOMIC HISTORY OF THE ASIAN TIGERS AND JAPAN (1960-2000) The term Asian Tiger refers to a group of countries in the south east of Asia which includes Hong Kong which is the administrative zone of China, Taiwan, Singapore, South Korea…