SCHEME OF WORK
WEEKS TOPICS
1 Revision of theory of demand
Theory of supply
Definition of supply
Explain the theory of supply with tables and graphs.
2 Types of supply (composite, complimentary and competitive)
Factors determining supply
Change in quantity supplied curve
Shift in supply curve
Stress factors affecting each
3 Abnormal supply curve
Elasticity of supply: definition and types.
Measurement of elasticity of supply.
Graphical illustration of elasticity of supply.
Factors affecting elasticity of supply
Importance of elasticity of supply to: Producers and government
4 Price determination in a free market
Equilibrium price and quantity
Explain with tables and curve
Calculation from hypothetical table equations of demand and supply
Find equilibrium price and quantity e.g. Qd = 12-2p, Qs = 2+p
Draw graph from your tables
The effects of changes in supply and demand on equilibrium prices and quantities.
5 Price system
Definition and functions of price system.
Factors that determine price under regulated market i.e. demand, supply, government, trade, union, advertisement, taxation, cost of production etc.
Price control
Definition and types (maximum and minimum)
Objectives of price control
Effects of price control, i.e. rationing, hoarding, black market.
6 Public finance
Definition of public finance
Component of public finance (monetary and fiscal policy)
Objectives of public finance
Objectives of fiscal policy
Sources of government revenue.
7 Taxation
o Definition of taxation
o Principles of taxation
o Forms of taxation (progressive, regressive and proportional)
o Types of taxation (direct and indirect) and their examples
o Advantages and disadvantages of direct taxes
o Advantages and disadvantages of indirect taxes.
8 Uses of taxation
o Incidence and effects of taxation
o Problems associated with tax collection
o Types and main items of government expenditure.
9 Budget
Definition of budget
Types of budget (Balanced, surplus and deficit)
Planning of budget
Revenue allocation in Nigeria.
National debt
Definition of national debt
Reasons for national debt.
10 Further works on agriculture in west Africa
Agricultural policies in Nigeria
Marketing of agricultural commodities.
Prospects of agriculture.
11 Revision
2ND TERM
WEEK 1
Topic:- Economic Growth and Development
Reference books:-
1. Essential economics for SSS by C.E. Ande
2. Fundamental of economics for SSS by R.A.I. Anyawuocha
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
Sub-topic:- Definitions of both, differences and relationship between them.
Duration:- 70 or 80mins
Behavioral objective:- by the end of the lesson, he student should be able to; (a) define both economic growth and development (b) differentiates between them and (c) explain the relationship that exist between them.
Content Element:- Economic growth can be defined as the process by which output is increased. While economic development is the process of increasing real per capita income and engineering substantial positive transformation in the various sectors of an economy.
Content II: Differences: In economic growth, there is a greater emphasis on the increase in output while in economic development, it is mainly concerned with the growth of income, development in all spheres of the economy activities and emphasis on even distribution of facilities between various areas.
Content III: Relationship between them: Although, the two concepts are somehow similar, but they do not mean he same thing in totality. A prolonged economic growth will lead to an economic development.
Evaluation:- (a) with their definitions, distinguish between economic growth and development.
(b) explain the relationship that exist between them.
Assignment:- lists and explain the features of a development economy.
Sub-topic:- Ways by which Economics Development can be Encouraged.
Behavioral objective:- By the end of the lesson, the student should able to list and explain the various ways by which economic development can be encouraged.
Content:- In order to achieve rapid economic development in a country, the following steps must be taken;
1) The government of a country must have a sound economic planning and which must be strictly implemented.
2) Adequate provision of infrastructural facilities.
3) Government should involve itself in productive ventures.
4) The economy of such a country should also be diversified etc.
Evaluation:- List and explains the various ways by which the government of a country can encourage economic development in a country.
Assignment:- write short notes on the factors that affect economic development.
Reference books:-
1. Essential economics for SSS by C.E. Ande
2. Fundamental of economics for SSS by R.A.I. Anyawuocha
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
Sub-topic:- Definitions of both, differences and relationship between them.
Duration:- 70 or 80mins
Behavioral objective:- by the end of the lesson, he student should be able to; (a) define both economic growth and development (b) differentiates between them and (c) explain the relationship that exist between them.
Content Element:- Economic growth can be defined as the process by which output is increased. While economic development is the process of increasing real per capita income and engineering substantial positive transformation in the various sectors of an economy.
Content II: Differences: In economic growth, there is a greater emphasis on the increase in output while in economic development, it is mainly concerned with the growth of income, development in all spheres of the economy activities and emphasis on even distribution of facilities between various areas.
Content III: Relationship between them: Although, the two concepts are somehow similar, but they do not mean he same thing in totality. A prolonged economic growth will lead to an economic development.
Evaluation:- (a) with their definitions, distinguish between economic growth and development.
(b) explain the relationship that exist between them.
Assignment:- lists and explain the features of a development economy.
Sub-topic:- Ways by which Economics Development can be Encouraged.
Behavioral objective:- By the end of the lesson, the student should able to list and explain the various ways by which economic development can be encouraged.
Content:- In order to achieve rapid economic development in a country, the following steps must be taken;
1) The government of a country must have a sound economic planning and which must be strictly implemented.
2) Adequate provision of infrastructural facilities.
3) Government should involve itself in productive ventures.
4) The economy of such a country should also be diversified etc.
Evaluation:- List and explains the various ways by which the government of a country can encourage economic development in a country.
Assignment:- write short notes on the factors that affect economic development.
WEEK 2
TOPIC: The Theory of Consumer Behaviour
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
SUBTOPIC: Meaning of utility, types and concepts
BEHAVIOURAL OBJECTIVES: At the end of the lesson, the students should be able to:
a. Define utility and its types and concepts
b. State and explain the law of diminishing marginal utility and
c. Calculate concepts and represent the diagrammatically.
CONTENT
Who is a consumer? A consumer is a user of a particular commodity
Consumer behavior simply means the reaction of consumers to their pattern of consumption. That is how consumers feel as a particular commodity is continuously consumed
Utility may be defined as the satisfaction a consumer derives from a commodity at a particular time. It is the total satisfaction received from consuming a good or service.
Concepts of utility- We have 3 types and concepts
Types Concepts
1. Form Total
2. Time Average
3. Place Marginal
EVALUATION: Define utility, List and explain the forms of utility and its concepts
ASSIGNMENT: State the law of diminishing marginal utility
SUBTOPIC: Calculation of concepts of utility
BEHAVIOURAL OBJECTIVES: By the end of the lesson, the students should be able to solve problems on the concept.
click here to view content
https://docs.google.com/leaf?id=0Bz3Mh6 ... en_US&sp=1
_______________
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
SUBTOPIC: Meaning of utility, types and concepts
BEHAVIOURAL OBJECTIVES: At the end of the lesson, the students should be able to:
a. Define utility and its types and concepts
b. State and explain the law of diminishing marginal utility and
c. Calculate concepts and represent the diagrammatically.
CONTENT
Who is a consumer? A consumer is a user of a particular commodity
Consumer behavior simply means the reaction of consumers to their pattern of consumption. That is how consumers feel as a particular commodity is continuously consumed
Utility may be defined as the satisfaction a consumer derives from a commodity at a particular time. It is the total satisfaction received from consuming a good or service.
Concepts of utility- We have 3 types and concepts
Types Concepts
1. Form Total
2. Time Average
3. Place Marginal
EVALUATION: Define utility, List and explain the forms of utility and its concepts
ASSIGNMENT: State the law of diminishing marginal utility
SUBTOPIC: Calculation of concepts of utility
BEHAVIOURAL OBJECTIVES: By the end of the lesson, the students should be able to solve problems on the concept.
click here to view content
https://docs.google.com/leaf?id=0Bz3Mh6 ... en_US&sp=1
_______________
WEEK 3
TOPIC: The Theory of Cost Continue
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
SUBTOPIC: Calculation of their concepts of cost and their relationships
BEHAVIOURAL OBJECTIVES: By the end of the lesson, the students should be able to:
a. Explain some of the concepts that are yet to be taught
b. Calculate these concepts and
c. Represent them diagrammatically.
click here to view content
https://docs.google.com/leaf?id=0Bz3Mh6 ... en_US&sp=1
SUBTOPIC: Short run & long run
BEHAVIOURAL OBJECTIVES: By the end of the lesson, the students should be able to:
a. Explain both runs and
b. Differentiate between them
CONTENT
The short run cost may be defined as the period of time in which some of the firm's productive resources like building, capital, equipment etc are fixed and some other variable. In order to be in production in thus period, the firm must be able to cover its variable costs. But in the long-run, all factor input in a production process are variable.
EVALUATION: Explain the two types of runs in cost.
ASSIGNMENT: Read up the topic revenue concepts against the next lesson.
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
SUBTOPIC: Calculation of their concepts of cost and their relationships
BEHAVIOURAL OBJECTIVES: By the end of the lesson, the students should be able to:
a. Explain some of the concepts that are yet to be taught
b. Calculate these concepts and
c. Represent them diagrammatically.
click here to view content
https://docs.google.com/leaf?id=0Bz3Mh6 ... en_US&sp=1
SUBTOPIC: Short run & long run
BEHAVIOURAL OBJECTIVES: By the end of the lesson, the students should be able to:
a. Explain both runs and
b. Differentiate between them
CONTENT
The short run cost may be defined as the period of time in which some of the firm's productive resources like building, capital, equipment etc are fixed and some other variable. In order to be in production in thus period, the firm must be able to cover its variable costs. But in the long-run, all factor input in a production process are variable.
EVALUATION: Explain the two types of runs in cost.
ASSIGNMENT: Read up the topic revenue concepts against the next lesson.
WEEK 4
TOPIC: Concepts of revenue
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
TOPIC: Definition of revenue, and its concepts
BEHAVIOURAL OBJECTIVES: By the end of the lesson, the students should be able to:
a. Define revenue
b. List and explain its concepts
c. Draw the curve for each concept and apply the formulae in solving related questions.
CONTENT ELEMENT
Revenue may be defined as the income derived by a producer or firm from business activities or from the sale of its products
Concepts of revenue
1. Total revenue
2. Marginal revenue
3. Average revenue
EVALUATION
1. Define the term revenue
2. Explain each concept and state its formula
click here to solve calculation
https://docs.google.com/leaf?id=0Bz3Mh6 ... en_US&sp=1
ASSIGNMENT: (i) Define market (ii) briefly explain each types of market
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
TOPIC: Definition of revenue, and its concepts
BEHAVIOURAL OBJECTIVES: By the end of the lesson, the students should be able to:
a. Define revenue
b. List and explain its concepts
c. Draw the curve for each concept and apply the formulae in solving related questions.
CONTENT ELEMENT
Revenue may be defined as the income derived by a producer or firm from business activities or from the sale of its products
Concepts of revenue
1. Total revenue
2. Marginal revenue
3. Average revenue
EVALUATION
1. Define the term revenue
2. Explain each concept and state its formula
click here to solve calculation
https://docs.google.com/leaf?id=0Bz3Mh6 ... en_US&sp=1
ASSIGNMENT: (i) Define market (ii) briefly explain each types of market
WEEK 5
TOPIC: Market Structure
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
TOPIC: Meaning of market, types of markets and markets according to prices
BEHAVIOURAL OBJECTIVES: By the end of the lesson, the students should be able to:
a. Define market
b. List and explain the types of market according to commodities sold in them and
c. Explain the types of markets according to prices.
CONTENT ELEMENT
A market to a layman simply means a place where buying and selling take place. But in economics a market does not necessarily mean a place but an arrangement, system or structure in which people come in close contact with each other through the phones, telegram etc to transact business.
1. Classification of Markets According to commodities sold in them.
a. Capital market
b. Money market
c. Labour market
d. Factor market
e. Foreign exchange market
f. Market for consumer goods
2. Classification of markets according prices
a. Perfect market
b. Imperfect market
c. Monopoly market etc
EVALUATION
1. Explain what a market is in economics
2. Identify markets according to commodities sold and their prices
ASSIGNMENT: Write on the features of a perfect market
SUBTOPIC: An imperfect market
BEHAVIOURAL OBJECTIVE: At the end of the lesson, the student should be able to define a perfect market and its features.
CONTENT ELEMENT
An imperfect market may be defined as that in which prices of goods or services can easily be influenced by the sellers or buyers. It is also called an imperfect competitor.
Conditions necessary for Imperfect Market are:
1. Heterogeneous goods
2. There is no free entry and exit
3. There is preferential treatment
4. There is no perfect information
5. There are difficulties in transferring factors of production etc
EVALUATION
1. Define an imperfect market
2. List and explain the features of an imperfect market
ASSIGNMENT: Write short notes on types of imperfect market
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
TOPIC: Meaning of market, types of markets and markets according to prices
BEHAVIOURAL OBJECTIVES: By the end of the lesson, the students should be able to:
a. Define market
b. List and explain the types of market according to commodities sold in them and
c. Explain the types of markets according to prices.
CONTENT ELEMENT
A market to a layman simply means a place where buying and selling take place. But in economics a market does not necessarily mean a place but an arrangement, system or structure in which people come in close contact with each other through the phones, telegram etc to transact business.
1. Classification of Markets According to commodities sold in them.
a. Capital market
b. Money market
c. Labour market
d. Factor market
e. Foreign exchange market
f. Market for consumer goods
2. Classification of markets according prices
a. Perfect market
b. Imperfect market
c. Monopoly market etc
EVALUATION
1. Explain what a market is in economics
2. Identify markets according to commodities sold and their prices
ASSIGNMENT: Write on the features of a perfect market
SUBTOPIC: An imperfect market
BEHAVIOURAL OBJECTIVE: At the end of the lesson, the student should be able to define a perfect market and its features.
CONTENT ELEMENT
An imperfect market may be defined as that in which prices of goods or services can easily be influenced by the sellers or buyers. It is also called an imperfect competitor.
Conditions necessary for Imperfect Market are:
1. Heterogeneous goods
2. There is no free entry and exit
3. There is preferential treatment
4. There is no perfect information
5. There are difficulties in transferring factors of production etc
EVALUATION
1. Define an imperfect market
2. List and explain the features of an imperfect market
ASSIGNMENT: Write short notes on types of imperfect market
WEEK 6
TOPIC: Public Finance
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
SUBTOPIC: Definition and components of public finance
BEHAVIOURAL OBJECTIVES: At the end of the lesson, the students should be able to:
a. Define public finance
b. List and explain its objectives
c. Identify the various types of government expenditure.
CONTENT ELEMENT
1. Public finance may be defined as the provision of money and the expenditure the government on economic and social activities of the country for the well being of the citizens of a country.
a. Objectives of public finance
b. To regulate the economy
c. To improve the welfare of the citizens
d. It also aims at creating full employment in a country etc.
2. Government expenditure
a. General administration
b. Maintenance of internal law and order and security
c. Defence or national security
d. Economic development
e. Economic security and progress
f. Servicing of national debts and
g. Miscellaneous objectives
EVALUATION
1. Define the term "public finance"
2. List and explain the various types of public expenditure
ASSIGNMENT: Write short notes on the sources of government revenue
SUBTOPIC: Budget: definition, types and used of the different types of budget
BEHAVIOURAL OBJECTIVES: At the end of the lesson, the students should be able to:
a. Define budget
b. Explain the types and uses
CONTENT ELEMENT
Budget can be defined as a financial statement of the government stating the estimated revenue and proposed expenditure for a particular period of time usually, a year.
There are three main budget in economics.
1. Balanced budget
2. Deficit budget
3. Surplus budget
Their use
EVALUATION
a. Define budget
b. List and explain the types and their uses
ASSIGNMENT: Write short notes for increased government spending
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
SUBTOPIC: Definition and components of public finance
BEHAVIOURAL OBJECTIVES: At the end of the lesson, the students should be able to:
a. Define public finance
b. List and explain its objectives
c. Identify the various types of government expenditure.
CONTENT ELEMENT
1. Public finance may be defined as the provision of money and the expenditure the government on economic and social activities of the country for the well being of the citizens of a country.
a. Objectives of public finance
b. To regulate the economy
c. To improve the welfare of the citizens
d. It also aims at creating full employment in a country etc.
2. Government expenditure
a. General administration
b. Maintenance of internal law and order and security
c. Defence or national security
d. Economic development
e. Economic security and progress
f. Servicing of national debts and
g. Miscellaneous objectives
EVALUATION
1. Define the term "public finance"
2. List and explain the various types of public expenditure
ASSIGNMENT: Write short notes on the sources of government revenue
SUBTOPIC: Budget: definition, types and used of the different types of budget
BEHAVIOURAL OBJECTIVES: At the end of the lesson, the students should be able to:
a. Define budget
b. Explain the types and uses
CONTENT ELEMENT
Budget can be defined as a financial statement of the government stating the estimated revenue and proposed expenditure for a particular period of time usually, a year.
There are three main budget in economics.
1. Balanced budget
2. Deficit budget
3. Surplus budget
Their use
EVALUATION
a. Define budget
b. List and explain the types and their uses
ASSIGNMENT: Write short notes for increased government spending
WEEK 7
TOPIC: Public Finance continues
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
TOPIC: Public Finance continues
SUBTOPIC: Objectives of public finance and fiscal policy
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
BEHAVIOURAL OBJECTIVES: At the end of the lesson, the students should be able to:
a. State and explain the objectives of public finance
b. Define the term "fiscal policy"
c. Explain what government or public revenue is and its types.
CONTENT
The objectives of public finance include:
a. To generate revenue for the government
b. Improve the balance of payments of a country by encouraging more exportation than importation.
c. Stabilization of price in the economy
d. Equitable distribution of income in the country
e. Good fiscal policy like good taxation system, reduction in government expenditure etc
f. Provision of employment
g. Satisfaction of the needs of the citizens of the country.
Fiscal policy: It can be defined as the use of income and expenditure investment or policies to control or regulate the economic activities of a country or it is a plan of action by the government of a country pertaining to the raising of revenue through taxation and other means and pattern of expenditure to be applied.
Objectives of fiscal policy
1. For economic development
2. For revenue generation
3. For the creation of employment
4. For industrial development
5. For income redistribution
6. For the control of inflation
Evaluation:
1. List and explain the objectives of public finance
2. Define fiscal policy and state its objectives.
ASSIGNMENT
a. Explain the terms public revenue and expenditure
b. List and explain the types of each
TOPIC: Public Finance Continues
SUBTOPIC: Factors that contribute to the increase in government expenditure
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
BEHAVIOURAL OBJECTIVES: At the end of the lesson, the students should be able to:
a. Identify and explain the factors that increase the expenditure of the government.
CONTENT:
The following factors can make the government's expenditure to increase
1. Population growth
2. Inflation in the country
3. High rate of unemployment
4. High level of poverty
5. Financing of democratic institution
6. Rise in national debt
7. Increase in cost of administration
8. Increase in aids to other countries
9. Economic development
10. Need for defence/security
EVALUATION
List and explain the various reasons for continuous increase in government expenditure
ASSIGNMENT: Write short notes on the effects of public expenditure
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
TOPIC: Public Finance continues
SUBTOPIC: Objectives of public finance and fiscal policy
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
BEHAVIOURAL OBJECTIVES: At the end of the lesson, the students should be able to:
a. State and explain the objectives of public finance
b. Define the term "fiscal policy"
c. Explain what government or public revenue is and its types.
CONTENT
The objectives of public finance include:
a. To generate revenue for the government
b. Improve the balance of payments of a country by encouraging more exportation than importation.
c. Stabilization of price in the economy
d. Equitable distribution of income in the country
e. Good fiscal policy like good taxation system, reduction in government expenditure etc
f. Provision of employment
g. Satisfaction of the needs of the citizens of the country.
Fiscal policy: It can be defined as the use of income and expenditure investment or policies to control or regulate the economic activities of a country or it is a plan of action by the government of a country pertaining to the raising of revenue through taxation and other means and pattern of expenditure to be applied.
Objectives of fiscal policy
1. For economic development
2. For revenue generation
3. For the creation of employment
4. For industrial development
5. For income redistribution
6. For the control of inflation
Evaluation:
1. List and explain the objectives of public finance
2. Define fiscal policy and state its objectives.
ASSIGNMENT
a. Explain the terms public revenue and expenditure
b. List and explain the types of each
TOPIC: Public Finance Continues
SUBTOPIC: Factors that contribute to the increase in government expenditure
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
BEHAVIOURAL OBJECTIVES: At the end of the lesson, the students should be able to:
a. Identify and explain the factors that increase the expenditure of the government.
CONTENT:
The following factors can make the government's expenditure to increase
1. Population growth
2. Inflation in the country
3. High rate of unemployment
4. High level of poverty
5. Financing of democratic institution
6. Rise in national debt
7. Increase in cost of administration
8. Increase in aids to other countries
9. Economic development
10. Need for defence/security
EVALUATION
List and explain the various reasons for continuous increase in government expenditure
ASSIGNMENT: Write short notes on the effects of public expenditure
WEEK 8
TOPIC: Taxation
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
TOPIC: Taxation
SUBTOPIC: Definition of taxation, tax and types giving examples in each.
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
BEHAVIOURAL OBJECTIVES: By the end of the lesson, the students should be able to:
a. Define taxation and tax
b. Explain the types of taxes and sub-tax and
c. List and explain the principles of taxation
CONTENT ELEMENT
Taxation can be defined as the sum total of the assessment of tax, the imposition by the government or its agencies on individual and firms and the collection of the sum levied, the keeping and auditing of tax records.
A tax is a compulsory levy imposed by the government or its agency on individuals and firms or on goods and services.
Types of taxes
There are 2 main types of taxes
1. Direct tax
2. Indirect tax
Direct tax may be defined as money levied directly on the incomes of workers or organizations by the government or its agency. Examples of direct taxes are taxes on wages, salaries, profits, rents and interest.
While indirect taxes refer to levies which are imposed or levied on goods and services. The producers or seller bear the initial burden of tax which is later transferred inform of high prices to consumers.
Examples are: import duties, export duties, sales of purchases taxes, value added tax, etc
EVALUATION
a. Define both taxation and tax
b. List and explain its types
c. State the features of good tax system
ASSIGNMENT: Write short notes on the reasons for government imposing taxes
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
TOPIC: Taxation
SUBTOPIC: Definition of taxation, tax and types giving examples in each.
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
BEHAVIOURAL OBJECTIVES: By the end of the lesson, the students should be able to:
a. Define taxation and tax
b. Explain the types of taxes and sub-tax and
c. List and explain the principles of taxation
CONTENT ELEMENT
Taxation can be defined as the sum total of the assessment of tax, the imposition by the government or its agencies on individual and firms and the collection of the sum levied, the keeping and auditing of tax records.
A tax is a compulsory levy imposed by the government or its agency on individuals and firms or on goods and services.
Types of taxes
There are 2 main types of taxes
1. Direct tax
2. Indirect tax
Direct tax may be defined as money levied directly on the incomes of workers or organizations by the government or its agency. Examples of direct taxes are taxes on wages, salaries, profits, rents and interest.
While indirect taxes refer to levies which are imposed or levied on goods and services. The producers or seller bear the initial burden of tax which is later transferred inform of high prices to consumers.
Examples are: import duties, export duties, sales of purchases taxes, value added tax, etc
EVALUATION
a. Define both taxation and tax
b. List and explain its types
c. State the features of good tax system
ASSIGNMENT: Write short notes on the reasons for government imposing taxes
WEEK 9
TOPIC: Taxation
SUBTOPIC: Direct Taxes, types and Advantages.
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
BEHAVIOURAL OBJECTIVES: By the end of the lesson, the students should be able to:
a. List and explain the types of direct taxes and examples
b. Explain the advantages
CONTENT ELEMENT
As earlier on defined, direct taxes are the money levied on the incomes of workers, profits of companies etc directly by the government or its agents.
Types of Direct Taxes
1. Personal income tax
2. Company tax
3. Company gain tax
4. Proportional tax
5. Progressive tax
6. Regressive tax
Advantages of Direct taxes
1. It is equitable
2. It redistribute income
3. It is economical to collect
4. It is flexible
5. It is convenient to pay
6. It is elastic in nature
EVALUATION
a. Explain the systems of tax
b. Give some examples of direct taxes
c. State some advantages of direct taxes
ASSIGNMENT: Write short notes on the disadvantages of direct taxes.
SUBTOPIC: Direct Taxes, types and Advantages.
REFERENCE BOOKS
1. Essential Economics for S.S.S by C.E. Ande
2. Fundamentals of Economics for S.S.S by R.A.I Anyanwuocha
3. Summary of points in Economics for West African Secondary Schools by J.O.C. Ezeobi
BEHAVIOURAL OBJECTIVES: By the end of the lesson, the students should be able to:
a. List and explain the types of direct taxes and examples
b. Explain the advantages
CONTENT ELEMENT
As earlier on defined, direct taxes are the money levied on the incomes of workers, profits of companies etc directly by the government or its agents.
Types of Direct Taxes
1. Personal income tax
2. Company tax
3. Company gain tax
4. Proportional tax
5. Progressive tax
6. Regressive tax
Advantages of Direct taxes
1. It is equitable
2. It redistribute income
3. It is economical to collect
4. It is flexible
5. It is convenient to pay
6. It is elastic in nature
EVALUATION
a. Explain the systems of tax
b. Give some examples of direct taxes
c. State some advantages of direct taxes
ASSIGNMENT: Write short notes on the disadvantages of direct taxes.