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SS2 ECONOMICS CHRISTMAS TERM Wk WAEC TOPICS 1. Review of Equilibrium price 2. Price legislation 3a. b. 4. 5. 6. 7. IGSCE TOPICS CONTENT Review of Equilibrium price WAEC CURRICULUM OBJ IGSC Market price, market quantity and equilibrium point At the end of the lesson students should be able to: Solve problem on Equilibrium At th stude Price legislation Price floor Price ceiling Effects of price floor Effects of price ceiling Labour Force and labour market Demand for and supply of labour Scale of production. Elasticity of demand Occupation and wages Demand for labour and supply of labour Scale of production How market works (demand elasticity) Occupation Labour force Labour market Concept of wages Wage differences Scale of production Internal economies of scale External economies of scale Diseconomies of scale Elasticity of supply How market works (elasticity of supply) Unemployment Unemployment Demand elasticity Types of demand Elasticity Calculation of demand Elasticity Graphs of types of demand Elasticity Elasticity of supply Types of elasticity of supply Calculation of elasticity of supply Meaning of unemployment Causes of Define price legislation Explain price floor State reasons for price floor Explain price ceiling State reason for price ceiling The graphics to illustrate price floor and price ceiling Explain the effect of price ceiling and price floor Define labour Define labour force Define labour market Define economies of scale Define internal economies of scale State various factors on internal economies of scale State various factors on external economies of scale Explain Diseconomies of scale aid factors responsible Define price elasticity of demand Explain various types of demand elasticity and their graphs Calculate various coefficients of Elasticity of demand Define elasticity of supply Explain various types of elasticity of supply Calculate various types of elasticity of supply and their graphs Define unemployment State various causes of unemployment D D E D d D D e E o E D E de D Ela A de sit 8. 9. 1011 12 Inflation Inflation Retail price index (RPI) Retail price index National income National income Revision unemployment Cost of unemployment Calculation of rate of unemployment Meaning of inflation Causes of inflation Types of inflation Cost of inflation Effects of inflation Solution to problems of inflation Deflation and causes of deflation Meaning of retail price index Calculation of retail price index Meaning of national income Concepts of GDP, GNP, NND, NNI Approaches to measurement of national income Problems of measuring national income Explain various types of unemployment Suggest solution to problems of unemployment Calculate the rate of unemployment Define inflation State various causes of inflation Highlight various types of inflation Explain the effects of inflation Suggest solutions to problems of inflation Describe retail price index State the formula for calculating RPI Calculate RPI Define national income Explain GDP, GNP, NNP and NNI Explain the various methods of measuring national income Describe various problems of measuring national income