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SS1: ECONOMICS - 1ST TERM

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  1. Introduction to Economics | Week 1
    3 Topics
    |
    1 Quiz
  2. Basic Concept of Economics | Week 2
    4 Topics
    |
    1 Quiz
  3. Basic Tools for Economic Analysis | Week 3
    8 Topics
    |
    1 Quiz
  4. Measure of Central Tendency | Week 4
    4 Topics
    |
    1 Quiz
  5. Theory of Demand & Supply I | Week 5
    5 Topics
    |
    1 Quiz
  6. Theory of Demand & Supply II | Week 6
    7 Topics
    |
    1 Quiz
  7. Theory of Production I | Week 7
    7 Topics
    |
    1 Quiz
  8. Theory of Production II | Week 8
    4 Topics
    |
    1 Quiz
  9. Basic Economic Problems of the Society | Week 9
    1 Topic
    |
    1 Quiz
  10. Economic System | Week 10
    4 Topics
    |
    1 Quiz



Lesson Progress
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Topic Content:

  • Basic Economic Systems
    • What to Produce
    • How to Produce
    • For Whom to Produce

Economic systems of the society deal with the ownership, and control of means of production, and exchange, which has to do with the guiding principles of economic decisions.

These include;

1. What to produce.
2. How to produce.
3. For whom to produce.
4. Efficient use of resources.

1. What to Produce:

This is a problem of resource allocation. It has to do with the type of goods to produce, services to render, and their quantities in a given period. The scarce nature of societal resources, with numerous wants, calls for the need to determine the actual goods to produce, as well as the quantity to be produced.

 

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Question 1

Economic problems arise because Nigeria’s resources are limited in relation to her unlimited wants. Identify and explain those economic problems.

  1. What to produce
  2. How to produce
  3. For whom to produce
  4. Efficiency in the use of resources
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