Economics

Senior Secondary School (SS1-SS3)
Summary

Economics is more than just a subject studied in the four corners of the classroom or online- it's a way of life practiced by all the Economic Agents(Individuals, Firms, and Government) on daily basis. Economics is concerned with the effective and efficient use of scarce resources to satisfy the insatiable human wants.

Economics is further divided into MICROECONOMICS(the microscopic view of the economy) and MACROECONOMICS(the study of the aggregate or large aspect of the economy).


Topics for this Subject
268 Sub-topics 00:00:00 Hours
  • Introduction to Economics 00:00:00
  • Scope 00:00:00
  • Importance of Micro Economics 00:00:00
  • Importance of Macro Economics 00:00:00
  • Methodology of Economics 00:00:00
  • Economics as a Science 00:00:00
  • Concept of Wants, Scarcity, Scale of Preference, Choice, Opportunity Cost I 00:00:00
  • Concept of Wants, Scarcity, Scale of Preference, Choice, Opportunity Cost II 00:00:00
  • Quiz on Meaning of Economics and Related Concepts 00:00:00
  • Measures of Central Tendency (Mode) 00:00:00
  • Measures of Central Tendency (Median) I 00:00:00
  • Measures of Central Tendency (Median) II 00:00:00
  • Measures of Central Tendency (Median) III 00:00:00
  • Quiz on Basic of Tools of Economic Analysis 00:00:00
  • Introduction to Demand and Supply 00:00:00
  • Price System, Demand and Law of Demand 00:00:00
  • Demand Schedules and Curves 00:00:00
  • Illustration on Demand Curve 00:00:00
  • Factors Affecting Demand (Consumer Income) I 00:00:00
  • Factors Affecting Demand (Consumer Income and Price of Related Goods) II 00:00:00
  • Factors Affecting Demand III 00:00:00
  • Supply (Meaning, Laws, Schedule and Curve) 00:00:00
  • Factors Affecting Supply I 00:00:00
  • Factors Affecting Supply II 00:00:00
  • Quiz on Concept of Demand and Supply 00:00:00
  • Introduction of Theory of Production 00:00:00
  • Meaning of Production 00:00:00
  • Types and Stages of Production 00:00:00
  • Factors of Production (Labour Force and Efficiency of Labour) I 00:00:00
  • Factors of Production (Land) II 00:00:00
  • Factors of Production (Labour, Capital and Entrepreneur) III 00:00:00
  • Division of Labour and Specialization 00:00:00
  • Scale of Production 00:00:00
  • Quiz on Theory of Production 00:00:00
  • Introduction of Economic System 00:00:00
  • Features of Economic System 00:00:00
  • Quiz on Basic Economics Problems of Society 00:00:00
  • Introduction of Firms and Industry 00:00:00
  • Firm and Industry Equilibrium 00:00:00
  • Types and Basic Features of Business Enterprises 00:00:00
  • General and Specific Problems of Business Enterprises 00:00:00
  • Firms (Sole Proprietorship) I 00:00:00
  • Firm (Partnership) II 00:00:00
  • Advantages and Disadvantages of Partnership 00:00:00
  • Private and Public Companies; Definition, Characteristics, Distinction between Private and Public Companies 00:00:00
  • Quoted and Unquoted Companies - Definitions and Distinctions, Shares, Debentures and Bonds 00:00:00
  • Shares, Debentures and Bonds 00:00:00
  • Quiz on Firms and Industry 00:00:00
  • Introduction to Population 00:00:00
  • Determinants of Population Size and Growth I 00:00:00
  • Determinants of Population Size and Growth II 00:00:00
  • Implications of Population Size and Growth 00:00:00
  • Theories of Population (Malthusian Theory) 00:00:00
  • Theories of Population (Demographic Transition Theory) 00:00:00
  • Population Distribution (Geographical, Age, Sex and Occupation) I 00:00:00
  • Population Distribution (Geographical, Age, Sex and Occupation) II 00:00:00
  • Importance and Problems of Census 00:00:00
  • Rural-Urban Migration 00:00:00
  • Quiz on Population 00:00:00
  • Introduction to Labour Force 00:00:00
  • Labour Force and Efficiency of Labour 00:00:00
  • Mobility of Labour 00:00:00
  • Factors Affecting the Size of Labour Force Particularly the Population Characteristics (Age, Sex, Occupation, Education) 00:00:00
  • Quiz on Labour Market 00:00:00
  • Introduction to Agriculture 00:00:00
  • Components of Agriculture, Crop Production, Livestock, Forestry, Fishing. 00:00:00
  • System of Agriculture (Cultivation Methods) 00:00:00
  • Importance of Agriculture to the Nigerian Economy 00:00:00
  • Activities of the Marketing Boards in Nigeria 00:00:00
  • Quiz on The Nature of the Nigerian Economy 00:00:00
  • Meanings of Manufacturing Sector, Types and Contributions of Manufacturing Sectors to Nigeria's Gross Domestic Product. 00:00:00
  • Construction Sectors, Types, and Contribution of Construction Sectors to Nigeria's Gross Domestic Product. 00:00:00
  • Roles of Manufacturing and Construction in Economic Development 00:00:00
  • Quiz on Manufacturing and Construction 00:00:00
  • Components of the Nigerian Mining Industry. Minerals, Types, Uses and Locations 00:00:00
  • Quiz on Mining 00:00:00
  • Financial Institution, Segment and Financial System 00:00:00
  • Money Market 00:00:00
  • Capital Market and Benefit of Capital Market 00:00:00
  • Quiz on Financial Institutions 00:00:00
  • Definition of Money and Types of Money (Including Credits Cards, Value Card, and other ICT Aided Payment Instruction) 00:00:00
  • Characteristics, Qualities and Functions of Money 00:00:00
  • Quiz on Money, Meaning, Characteristics and Functions 00:00:00
  • Channels and Process of Distribution 00:00:00
  • Roles of Wholesalers and Retailers 00:00:00
  • Roles of Cooperative Societies 00:00:00
  • Roles of Government Agencies in Production Distribution and Problems of Distribution 00:00:00
  • Quiz on Channels of Distribution 00:00:00
  • Sources of Funds for Businesses I 00:00:00
  • Sources of Funds for Businesses II 00:00:00
  • Basic Instruments for Business Financing (Shares, Debentures and Bonds). Meaning and Types of Shares, Debentures, and Other Securities and Problems of Business Finance in Nigeria 00:00:00
  • Quiz on Instrument of Business Finance 00:00:00
  • Introduction to Tools of Economic Analysis 00:00:00
  • Simple Linear Equation 00:00:00
  • Measures of Dispersion - Pie Chart 00:00:00
  • Measures of Dispersion - Bar Chart (Simple Bar Chart) I 00:00:00
  • Measures of Dispersion - Bar Chart (Compound Bar Chart) II 00:00:00
  • Measures of Dispersion - Bar Chart (Multiple Bar Chart) III 00:00:00
  • Measures of Dispersion - Histogram 00:00:00
  • Measures of Dispersion - Polygons 00:00:00
  • Quiz on Tools of Economic Analysis 00:00:00
  • Demand and Supply Curves I 00:00:00
  • Demand and Supply Curves II 00:00:00
  • Illustration on Demand Curves 00:00:00
  • Laws of Demand and Factors Affecting Demand 00:00:00
  • Laws of Supply and Factors Affecting Supply 00:00:00
  • Types of Demand and Supply I 00:00:00
  • Types of Demand and Supply II 00:00:00
  • Quiz on Concept of Demand and Supply 2 00:00:00
  • Introduction to The Production Possibility Curve 00:00:00
  • Production Possibility Curve and Assumptions 00:00:00
  • Uses of Production Possibility Curve 00:00:00
  • Concept of Total, Average, and Marginal Productivity 00:00:00
  • Relationship Between Total Productivity, Average Productivity and Marginal Productivity 00:00:00
  • Illustration 00:00:00
  • Laws of Variable Proportion 00:00:00
  • Quiz on The Production Possibility Curve 00:00:00
  • Introduction to Cost Concepts 00:00:00
  • Basic Cost Concepts - Total, Average, Marginal, Fixed and Variable 00:00:00
  • Basic Cost Concept - Short Run and Long Run Cost 00:00:00
  • Illustration of Cost Theory 00:00:00
  • Distinction Between Economist and Accountant's View of Cost 00:00:00
  • Quiz on Cost Concepts 00:00:00
  • Introduction to Revenue Concepts 00:00:00
  • Meaning and Types of Revenue 00:00:00
  • Illustrations on Concept of Revenue and Cost 00:00:00
  • Quiz on Revenue Concepts 00:00:00
  • Introduction to Economic Systems 00:00:00
  • Economic System; Capitalist Economy 00:00:00
  • Features of Capitalism 00:00:00
  • Economic System; Socialist Economy and Features 00:00:00
  • Economic System; Mixed Economy and Features 00:00:00
  • Quiz on Types and Features of Economic Systems 00:00:00
  • Supply of Labour and Factors Affecting Supply of Labour 00:00:00
  • Demand for Labour and Factors Affecting Demand for Labour 00:00:00
  • Wage Determination 00:00:00
  • Trade Unions and Other Related Institutions 00:00:00
  • Concept of Unemployment and Types of Unemployment 00:00:00
  • Causes, Effects and Solutions of Unemployment 00:00:00
  • Concept of Self-Employment, Job Creation and Dignity of Labour 00:00:00
  • Quiz on Labour Market II 00:00:00
  • Meaning and Types of Utility 00:00:00
  • Concept of Utility, Average, Marginal and Total Utility 00:00:00
  • The Law of Diminishing Marginal Utility, Utility Maximization and Derivation of Demand Curve from the Utility Theory 00:00:00
  • Illustrations (Utility) 00:00:00
  • Quiz on Elementary Treatment of Utility The 00:00:00
  • Determination of Equilibrium Price and Quantity 00:00:00
  • Effect of Changes in Demand and Supply on the Equilibrium Price and Quantity 00:00:00
  • Concept of Elasticity and its Application 00:00:00
  • Types of Price Elasticity (Demand) 00:00:00
  • Simple Application of Price Theory e.g. Minimum and Maximum Price Legislation 00:00:00
  • Quiz on Price Determination 00:00:00
  • Concept of Market Structures 00:00:00
  • Types of Markets 00:00:00
  • Review of Cost and Revenue Curves 00:00:00
  • Price and Quality Determination Under Perfect Competition (Monopoly) 00:00:00
  • Price and Quality Determination Under Perfect Competition (Duopoly and Oligopoly) 00:00:00
  • Quiz on Market Structures 00:00:00
  • Introduction to Industralisation 00:00:00
  • Definition of Industrial Concepts: Plant, Factory, Firm, Industry and Industrial Estate. 00:00:00
  • Location and Localisation of Industry in Nigeria 00:00:00
  • Quiz on Industries In Nigeria 00:00:00
  • Problems of Agriculture 00:00:00
  • Agricultural Policies in Nigeria 00:00:00
  • Marketing of Agricultural Commodities 00:00:00
  • Prospects of Agriculture in Nigeria 00:00:00
  • Quiz on Agriculture 00:00:00
  • Introduction to Public Finance 00:00:00
  • Meanings of Fiscal Policy of Public Finance, and Objectives of Public Finance 00:00:00
  • Sources of Government Revenue 00:00:00
  • Taxation and Reasons for Taxation 00:00:00
  • Direct and Indirect Taxation and Effects of Taxation 00:00:00
  • Incidence of Taxation 00:00:00
  • Effects of Public Expenditure on Government Budget 00:00:00
  • Methods of Government Interventions 00:00:00
  • Quiz on Elementary Treatment of Fiscal Policy 00:00:00
  • Meaning of Balanced Budget, Reasons for Balanced Budget, Meaning of Surplus and Deficit Budget, Ways of Financing Deficit Budget and Their Effects (e.g. Debt Burden, Debt Relief, Debt Buy Back) 00:00:00
  • Quiz on Balanced and Unbalanced Budget 00:00:00
  • Meaning of National Income 00:00:00
  • Concept of National Income I 00:00:00
  • Concept of National Income II 00:00:00
  • Ways of Measuring National Income 00:00:00
  • Limitations of Calculating National Income 00:00:00
  • Uses and Limitations of National Income Estimates, Trend and Structure of National Income 00:00:00
  • Illustration on National Income Accounting 00:00:00
  • Quiz on Elements of National Income Accounting 00:00:00
  • Financial Institution and Financial Market 00:00:00
  • Money Market Institutions and Its Regulatory Institution 00:00:00
  • Capital Market, Functions of Capital Market and Differences Between Money Market and Capital Market 00:00:00
  • Other Agencies that Can Access the Capital Market 00:00:00
  • Functions of Money Market Institutions 00:00:00
  • How the Stock Exchange Operates 00:00:00
  • Secondary and Primary Markets 00:00:00
  • Quiz on Types of Financial Institutions and their Functions 00:00:00
  • Introduction to Demand for and Supply of Money 00:00:00
  • Demand for Money and Motives for Holding Money 00:00:00
  • Supply of Money and Determinants 00:00:00
  • Value of Money and the Price Level 00:00:00
  • Quiz on Money: Demand for and Supply of Money 00:00:00
  • Introduction to Money Inflation and Deflation 00:00:00
  • Meaning and Types of Inflation 00:00:00
  • Deflation and Concepts of Inflation 00:00:00
  • Causes and Effects of Inflation/Deflation 00:00:00
  • Control of Inflation/Deflation 00:00:00
  • Inflation in Nigeria 00:00:00
  • Quiz on Money: Inflation and Deflation 00:00:00
  • Economic History of the Asian Tigers and Japan (1960 to 2000) and Review of the Development Strategies 00:00:00
  • Lessons for the Nigerian Economy 00:00:00
  • Quiz on Economic Lessons from Asian Tigers, Japan, Europe and America 00:00:00
  • Introduction to Human Capital Development 00:00:00
  • Definition of Human and Physical Capital and Distinction 00:00:00
  • Characteristics and Factors That Affect the Efficiency of Human Capital 00:00:00
  • Brain Drain and its Effect on the Nigerian Economy and Ways of Arresting Brain Drain 00:00:00
  • Quiz on Human Capital Development 00:00:00
  • Development of Petroleum Industry and Positive Contribution of Petroleum to the Nigerian Economy 00:00:00
  • Negative Contribution of Petroleum to the Nigerian Economy 00:00:00
  • Role of NNPC in the Exploration, Production, Refining, Marketing and Distribution of Petroleum Products 00:00:00
  • Role of OPEC in the Exploitation, Production, Refining, Marketing and Distribution of Petroleum Products 00:00:00
  • Quiz on Petroleum and Nigerian Economy 00:00:00
  • Meaning of Service, List of Service Industries and Contribution of Service Industries to the Development 00:00:00
  • Quiz on Service Industries 00:00:00
  • Regulation of Money Markets, Agencies and their Tools. 00:00:00
  • Regulation of Capital Market; Agencies Objectives, and Tools 00:00:00
  • Quiz on Agencies that Regulate the Financial Markets 00:00:00
  • Functions and Significance of the Agencies in the Economy (SEC) 00:00:00
  • Functions and Significance of the Agencies in the Economy (CSCS) 00:00:00
  • Functions and Significance of the Agencies In the Economy (Central Bank) 00:00:00
  • Quiz on Functions and Roles of Regulatory Agencies 00:00:00
  • Meaning of International Trade and Differences Between Domestic and International Trade 00:00:00
  • Reasons for International Trade 00:00:00
  • Theory of Comparative Costs and its Short Comings 00:00:00
  • Meaning of Globalization, Features, Challenges Opportunities Globalization Presents to the Nigerian Economy 00:00:00
  • Quiz on International Trade 00:00:00
  • Introduction of Balance of Payments (BOP) 00:00:00
  • Balance of Payment Concepts and Its Component 00:00:00
  • Favourable and Unfavourable Balance of Payment and Their Effects and Methods of Correcting Balance of Payment Problems 00:00:00
  • Terms of Trade and Measurements 00:00:00
  • Quiz on Balance of Payments (BOP) 00:00:00
  • Introduction to Economic Growth and Development 00:00:00
  • Meaning of Economic Growth and Development 00:00:00
  • Factors Affecting Economic Growth in Nigeria 00:00:00
  • Factors Determining Economic Development 00:00:00
  • Difference between Economic Growth and Development 00:00:00
  • Problems of Economic Development in Nigeria 00:00:00
  • Quiz on Economic Growth and Development 00:00:00
  • Introduction to Economic Development Planning 00:00:00
  • Development Planning and Elements of Development Planning 00:00:00
  • Nigeria’s Planning Experience 00:00:00
  • Objectives of Nigeria’s Development Plans 00:00:00
  • Quiz on Economic Development Planning 00:00:00
  • International Economic Organizations – Historical Development, Aims, Objectives and Roles (IMF) 00:00:00
  • International Economic Organizations - Historical Development, Aims, objectives and Roles (IBRD and ADB) 00:00:00
  • International Economic Organizations - Historical Development, Aims, Objectives and Roles (ECA, WACH and UNCTAD) 00:00:00
  • Quiz on International Economic Organizations 00:00:00
  • Current Economic Plans - Meaning and Objectives of NEEDS 00:00:00
  • Current Economic Plans - Meanings and Objectives of MDGs 00:00:00
  • Current Economic Plans - Meaning and Objectives of Vision 2020 00:00:00
  • Quiz on Current Economic Plans; MDGs, NEEDs, Vision 2020 00:00:00
  • Introduction to Economic Development Challenges 00:00:00
  • Meaning and Effects of Poverty 00:00:00
  • Methods of Poverty Alleviation and Eradication 00:00:00
  • Agencies for Poverty Alleviation such as NAPEP, NDE etc. 00:00:00
  • HIV/AIDS, Corruption and the Economy 00:00:00
  • Power and Energy Inadequacy 00:00:00
  • Quiz on Economic Development Challenges 00:00:00
  • Economic Reform Programs - Consolidation of Financial Institutions and Privatization 00:00:00
  • Economic Reform Programs - Commercialization, EFCC and ICPC, NAFDAC, SON 00:00:00
  • Quiz on Economic Reform Programs 00:00:00
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