Lesson Notes, Audio Lessons, Exam Questions
Lesson Notes, Audio Lessons, Exam Questions
Welcome to the SS 1 Economics notes section for first, second, and third term. These notes are structured according to the current WAEC and NECO curriculum to help students understand key economic concepts.
Each topic is clearly explained to aid comprehension and classroom revision. Whether you’re a student or teacher, you will find these materials valuable for academic success.
Download and study complete SS 1 Economics notes for first, second, and third term. Based on the latest WAEC and NECO syllabus for Nigerian secondary schools.
A cooperative society is defined as a voluntary business organization in which a group of individuals with common interest pool their resources together to promote the economic welfare of their members in the production, distribution and consumption of goods and…
A private limited liability company is defined as one which by its activities restricts the rights to transfer its shares, limits the number of its shareholders from two to fifty, and prohibits any invitation to the public to subscribe for…
Business organization can be defined as an enterprise set up by an individual or group of individuals, government or its agencies for the main purpose of making profit and providing goods and services for the satisfaction of human wants. TYPES…
FIRM The firm is an independently administered business unit carrying out production, construction, or distribution activities. Examples of firms in Nigeria are Dangote Cement, Cadbury Nigeria Plc. PLANT This is the same as the factory. It consists of the tools,…
SCALE OF PRODUCTION This simply means the size of a firm’s productive capacity. The scale of production also refers to the size of the operation adopted by the firm. A firm can be a small scale or medium scale or…
Division of Labour is defined as a system of breaking down production processes into different stages so that each stage is undertaken or handled by an individual or group of an individual. The principle of the division of labour is…
Capital can be defined as wealth reserved or set aside for the production of further wealth. Capital also refers to all man – made productive assets, that is all man – made wealth or goods used to produce other goods…
Labour may be defined as all forms of human efforts both mental and physical efforts put towards the production of goods and services. It is one of the variables factors of production cannot take place without the utilization of labour.…
LAND: This is nature`s contribution to production. As a free gift of nature and its reward is rent. Land is a free gift of nature which refers to all those resources that are purely provided by nature but are utilized…
DEFINITION AND MEANING OF PRODUCTION Production has diverse meaning, but the usage depends on the context in which it is used . Production in economics may be defined as the various economic activities aimed at the creation of goods and…
FORMULATION OF FREQUENCY TABLE FOR UNGROUPED DATA UNGROUPED DATA: Ungrouped data is one in which the raw data has occurrences or frequencies more than and are without class intervals. In the formulation of frequency table for ungrouped data, two basic…
TABLES OR SCHEDULES A table is a systematic and orderly arrangement of information, facts or data, using rows and columns for presentation which make it easier for better understanding of the relationship between variables. It serves as the most commonly…
BASIC ECONOMIC PROBLEMS OF THE SOCIETY Every economy, whether capitalist, socialist, mixed economy, developed or developing countries is faced with the basic problems of scarcity of resources which serve as the bane of the following problems confronting the nations of…
IMPORTANCE OF OPPORTUNITY COST TO INDIVIDUAL It helps individual to make decision. It helps individual to allocate scarce resources. Judicious use of resources. Prioritizing our wants. It helps an individual to make wise choice. IMPORTANCE OF OPPORTUNITY COST TO…
CONCEPT OF HUMAN WANTS Wants refer to numerous goods and services which are desired for consumption. In economics, wants are what we are interested in having but without money or willingness to part with money to have it at that…
ECONOMICS AS A SOCIAL SCIENCE Like other pure sciences, economics acquires knowledge (data) through a systematic observation of facts, classifying the mass of data collected into their different relevant areas, using the facts collected for generalization of law, applying the…
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.…