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.
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…