Lesson Notes, Audio Lessons, Exam Questions
Lesson Notes, Audio Lessons, Exam Questions
Welcome to SS 2 Economics notes covering 1st, 2nd, and 3rd term. These well-organized notes are tailored to the WAEC and NECO syllabus, helping students understand key economic principles, theories, and applications.
Whether for class revision or independent study, these resources provide a reliable foundation for mastering Economics at the Senior Secondary School level.
Access complete SS 2 Economics notes for 1st, 2nd, and 3rd terms. Aligned with WAEC and NECO syllabus to help students study and succeed.
The theory of the multiplier– states that an increase in consumer or business investment spending in a country would produce a multiplier effect by raising the level of national income. The multiplier effect can be as a result of changes…
CIRCULAR FLOW OF INCOME Circular flow of income shows the independence or relationship between households and business enterprise. Commodity and money flows between households and firms. It shows the flow of payments from business sector to households in exchange for…
As individuals and firms keep account of their economic activities such as their annual report which shows all their activities during the past year, countries too like individuals and firms do record and keep their economic activities. National Income–…
Capital Market- is a market for medium and long-term loans. The capital market serves the needs of industries and the commercial sectors. It comprises all institutions which are concerned with either the supply of or demand for long-term loans. The…
A budget may be defined as a financial statement of the total estimated revenue and the proposed expenditure of a government in a given period, usually a year. FUNCTION / USES / IMPORTANCE OF BUDGETS National budget is used to…
Taxation– is defined as the act of imposing a compulsory levy by the government on the income of individuals, firms, and goods and services. That is, it is a compulsory payment made by each eligible citizen towards the expenditure of…
Public finance– is defined as an aspect of economics which deals with the financial activities as relate to Income, Expenditure and the National Debts operations, with their overall effects on the economy. That is, it is the management and control…
Inflation This is a persistent rise in the general level of price of goods and services. Inflation occurs when there is an increase in money supply without corresponding increase in volume of production. TYPES OF INFLATION Demand – Pull…
MONEY MARKET Money market is a market where short term securities are traded in. The market comprises of institutions or individuals who either have money to lend or wish to borrow on a short-term basis. INSTRUMENTS USED IN THE…
DEMAND FOR MONEY Demand For Money: is the total amount of money which an individual, for various reasons, wish to hold. That is, it is the desire to hold money in terms of keeping one’s resources in liquid form rather…
Localisation of industries refers to the concentration of many firms of an industry in a particular area. Advantages And Disadvantages Of Localisation Localisation has both merits and limits. They are enumerated below. Advantages Reputation – The place where an industry…
Location of industry refers to the siting of an industry in a particular place. Factors Influencing Industrial Location Generally, the location of industries is influenced by economic considerations though…
Meaning Industry An industry consists of a group of firms producing broadly similar commodities. Examples are the shoe industry, the transport industry, the cement industry, etc. The production side of business activity is referred to as industry. It is a…
In a physical sense, a market means a fixed place where people meet to buy and sell goods; that is, a market place. In economics, a market can be defined as any arrangement, system or organization whereby buyers and sellers…
Supply of labour may be defined as the total number of people of working age offered for employment at a particular time and at a given wage rate. This supply of labour also relates to the quantity of labour. …
Labour market is defined as a market which workers and employers are brought into contact and conditions of work are decided. It is made up of people who are looking for job, employers and government. THE CONCEPT OF LABOUR FORCE…
An economic system may be defined as a medium or an organized way by which the means of production in a state are utilized in order to satisfy human wants. The major types of economic systems are capitalism, socialism, and…
Revenue refers to the income derived by a producer or firm from business activities or from the sale of his or its products. …
MEANING OF COST OF PRODUCTION Cost of production can be defined as the sum of total of all the payment to the factors of production used in production of goods and services. For goods and services to be produced, all…
A production possibility curve (PPC) is a graphical or diagrammatic illustration of all possible bundles or combinations of two types of goods which a society can produce using its present level of resources and given the existing level of technology.…