JSS3 Third Term Business Studies Lesson Note and Scheme of Work
Week 1: Introduction to Economics
Lesson Note: Define economics and its branches. Discuss basic economic concepts such as scarcity, opportunity cost, and factors of production.
Activities: Group discussion on current economic issues, analysis of economic news articles.
Week 2: Microeconomics and Macroeconomics
Lesson Note: Differentiate between microeconomics and macroeconomics. Discuss their scopes and relevance in understanding economic systems.
Activities: Class debates on microeconomic and macroeconomic policies, case studies on their practical applications.
Week 3: Demand and Supply
Lesson Note: Explore the principles of demand and supply, factors influencing them, and their role in determining prices.
Activities: Market simulation activity, group projects analyzing demand and supply trends.
Week 4: Market Structures
Lesson Note: Discuss different market structures – perfect competition, monopoly, oligopoly, and monopolistic competition.
Activities: Group presentations on real-world examples of each market structure, class discussion on market dynamics.
Week 5: Economic Systems
Lesson Note: Introduce various economic systems – traditional, command, market, and mixed economies. Discuss their characteristics.
Activities: Debate on the advantages and disadvantages of different economic systems, research on countries with specific economic systems.
Week 6: National Income and GDP
Lesson Note: Define national income and Gross Domestic Product (GDP). Discuss their importance in measuring a country’s economic performance.
Activities: Analysis of GDP data, group projects on factors influencing national income.
Week 7: Inflation and Unemployment
Lesson Note: Explore the concepts of inflation and unemployment, their causes, and their impact on the economy.
Activities: Research and presentation on historical periods of inflation and unemployment, group discussion on government policies to address them.
Week 8: Fiscal and Monetary Policies
Lesson Note: Discuss fiscal and monetary policies as tools for managing the economy. Explain the roles of government and central banks.
Activities: Simulation of a fiscal policy decision-making scenario, case studies on the effectiveness of monetary policies.
Week 9: International Trade
Lesson Note: Introduce the concept of international trade, discuss the benefits and challenges. Explore trade barriers and agreements.
Activities: Model United Nations-style debate on global trade issues, analysis of the impact of tariffs on specific industries.
Week 10: Economic Development
Lesson Note: Discuss the indicators and factors influencing economic development. Explore strategies for sustainable development.
Activities: Group projects on researching and presenting development strategies for a specific country, class discussion on global development challenges.
Week 11: Revision Week
Week 12: Examination Week
Week 13: School Dismissal Week
Lesson Note: Review key economic concepts from the term, discuss the role of individuals in contributing to economic development.
Activities: Q&A session, student reflections on the term, distribution of certificates or recognition.
