SCHEME OF WORK
WEEK TOPIC
1. Revision of work done in first term
2. Firm and Industry: Definition of firms and industry. Types and basic features of business enterprises. General and specific problems of business enterprises.
3. Firms and Industry: Private and Public Companies: Definition, Characteristics, Distinction between Private and Public Companies, Quoted and Unquoted Companies –definitions and distinctions, Shares, debentureand bond
4. Population: Determinants and Implication of population size and growth. Theories of population E.g. Malthusian theory, Demographic transition theory.
5. Population: Geographical, age, sex and occupational distribution of population. Importance and problems of census. Rural-Urban migration.
6. Labour Market: Concept of labour force. Efficiency and mobility of labour
7. Labour Market:
8. The Nature of Nigerian Economy
9. Agriculture
10. Agriculture (Cont’d)
11. Revision
2ND TERM
WEEK 1
TOPIC: FIRMS AND INDUSTRY
Content
(1) Definition of firms and industry
(2) Types and basic features of business enterprises
(3) General and specific problems of business enterprises
Sub-Topic 1: Definitions of Firms and Industry
Definitions of firms
A firm may be defined as an independently administered business unit which has the ability and capability of carrying out production, construction or distribution activities. Firms may be small or large. Therefore firms are of different sizes, ranging from the one-man business with limited capital to the joint stock company with huge amounts of capital. Examples are the UAC Nigeria Ltd, Ekene Dili Chukwu Bus Services Ltd etc.
Definition of Industry
An industry may be defined as a group of firms producing broadly similar commodities or offering complementary services. Examples are the shoe industry, vehicle manufacturing industry where various companies in a country are involved in the manufacturing of motor vehicles of various kinds, and each of those companies is regarded as a firm. Also, we have transport industry, cement industry, entertainment industry etc.
EVALUATION
1. What is a firm?
2. Define industry
3. Differentiate between firm and industry
4. List 5 examples of an industry
Sub-Topic 2: Types and Basic Features of Business Enterprises
The types of business enterprises include sole-proprietorship, partnership, Joint Stock Companies (private and public), cooperatives, Public Corporations and Joint ventures.
SOLE PROPRIETORSHIP
The Sole proprietorship is an unincorporated business organization owned by one person, who provides the capital, runs the business and undertakes the risks and profits of the business alone. It is popularly referred to as one-man business, and also the oldest and the most common type of business organization.
Examples of Sole proprietorship are tailors, barbers, hairdressers etc.
Characteristics of sole proprietorship
1. Ownership: - it is owned and run by one person, though he may have employees.
2. Source of capital: - He provides the capital required for starting and running the business.
3. Life span: - the life span of the business depends on the owner. The business can fold up anytime.
4. Liability: - The sole proprietor has unlimited liability. This means that if the business liquidates, the owner of the business may have to lose his private assets to offset the debt of the business.
Advantages or Merits of Sole Proprietorship
1. Decision-making: Quick decisions are easily taken by the sole proprietor alone without the consent of other workers in the organization.
2. Capital required: the sole proprietorship requires very small capital to set up.
3. Establishment: it is very easy to establish because of the small capital requirement.
4. Profits: all the profits derived from the business belong to the owner of the business because the capital outlay came from him.
Disadvantages or Demerits of Sole Proprietorship
1. Problem of continuity: the death of the owner may cause the business to die with him, especially when there is no successor to take over from him.
2. Unlimited liability: he bears the entire risk of the business alone. If the business fails, he bears the entire loss and his personal belongings have to be sold to pay his creditors.
3. Lack of specialization: the proprietor is personally involved in every section of the business. He works very hard. He does not usually take leave. He therefore tends to over work himself to the detriment of health.
THE PARTNERSHIP
Definition – a partnership is a type of business organization formed by an association of two to twenty persons having similar interests, and by agreement (usually legal) decides and plan to run a business together with the sole aim of making profit.
Examples of partnership in Nigeria are Diya Fatimilehin & Co (Estate Firm), Oni & Sons Nigeria Ltd etc.
Features of Partnership
1. Ownership: the number of partners ranges from two to twenty for most business, but two to ten for banking business.
2. Life span: the life span of partnership depends on the agreement signed by the partners involved.
3. Management: the business has no board of directors. The active partners control and manage the business.
4. Objectives: the main objective of partnership is to make profit.
5. Legal entity: it is not a legal entity as the partners do not have a separate identity from the business.
TYPES OF PARTNERS
1. Limited Partner: A limited partner has limited liability. He does not receive dividends but receives a fixed rate of interest on his capital
2. General/Active Partner: He has full power of participation. He takes active part in the administration but has unlimited liability.
3. Nominal or quasi-partner: he contributes only his name. he does not take active part in the running of business.
4. Sleeping or dormant partner: he contributes capital but takes no part in the conduct and management of the business.
Advantages or Merits of Partnership
1. Joint decision making:when two or more partners put heads together and take joint decisions or the enterprise better results are derived.
2. There is privacy:there is privacy in conducting business affairs since it is not required to make its accounts available for public inspection.
3. Greater Continuity:the death of a partner may not lead to a total dissolution of the business since the other partners can still go ahead.
4. Loan facilities:A partnership can easily obtain loan from creditors since they are jointly liable.
5. Personal Contact: there is still an element of personal contact with both employees and customers. This is because of the relatively small size of the business when compared with the limited liability companies.
Disadvantages or Demerits of Partnership
1. Disagreement between partners can end the business.
2. Unlimited liability
3. Difficulty in management.
4. Limited growth
5. Business is not a legal entity
General and Specific Problems of Business Enterprises
1. Shortage of Raw Materials: Businessorganizations in West Africa find it difficult to acquire the necessary raw materials.
2. Low level of Technology: High level of technology is yet to be developed which can facilitate functioning of business enterprises.
3. Political Instability: A political atmosphere with incessant coups and counter-coups which is common in West Africa will stifle any meaningful business activities.
4. Problem of smuggling: Government and its agents are still unable to stop smuggling, and it is seriously affecting business enterprises in West Africa.
5. Problem of infrastructural facilities: The infrastructural facilities needed by these business enterprises for their effective functioning are either inadequate or nowhere to be found.
EVALUATION
1. What do you understand by‘sole proprietorship’?
2. What are the merits and demerits of partnership?
3. Compare a sole proprietorship with partnership.
4. Mention types of partners you know.
WEEKEND ASSIGNMENT
Objective Test
1. Examples of a firm are the following except__________
(a) UAC Nigeria Ltd
(b) Bata shoe company
(c) Textile industry
(d) Unilever Brothers
2. An industry can be defined as ___________________
(a) a group of firms producing similar commodities
(b) a petrol station
(c) a church
(d) a school
3. Sole Proprietorship is known as _______ man business
(a) seven (b) one (c) three (d) ten
4. The maximum membership of partnership business is (a) 10 (b) 2 (c) 20 (d) 23
5. One of the types of partners is (a) sleeping or dormant partner (b) sole proprietor (c) soldier (d) friendship partner
Essay Questions
1. Define industry
2. State five main features of sole proprietorship
3. Explain four merits of partnership
4. Explain what you know about Active partner
5. List and discuss five specific problems of business enterprises
PRE-READING ASSIGNMENT
Read about Public Corporations and Cooperative Societies.
WEEKEND ACTIVITY
List 5 characteristics of a Public Corporation and explain them
Reference Texts
(1) Fundamentals of Economics for SSS by R.A.I Anyanwuocha. AFRICANA FIRST PUBLISHERS PLC.
(2) Comprehensive Economics for SSSby Johnson Ugoji Anyaele.
A. Johnson Publishers Limited.
(3) Essential Economics for SSS Book 1 by Cole Esan Ande TONAD PUBLISHERS LIMITED.
Content
(1) Definition of firms and industry
(2) Types and basic features of business enterprises
(3) General and specific problems of business enterprises
Sub-Topic 1: Definitions of Firms and Industry
Definitions of firms
A firm may be defined as an independently administered business unit which has the ability and capability of carrying out production, construction or distribution activities. Firms may be small or large. Therefore firms are of different sizes, ranging from the one-man business with limited capital to the joint stock company with huge amounts of capital. Examples are the UAC Nigeria Ltd, Ekene Dili Chukwu Bus Services Ltd etc.
Definition of Industry
An industry may be defined as a group of firms producing broadly similar commodities or offering complementary services. Examples are the shoe industry, vehicle manufacturing industry where various companies in a country are involved in the manufacturing of motor vehicles of various kinds, and each of those companies is regarded as a firm. Also, we have transport industry, cement industry, entertainment industry etc.
EVALUATION
1. What is a firm?
2. Define industry
3. Differentiate between firm and industry
4. List 5 examples of an industry
Sub-Topic 2: Types and Basic Features of Business Enterprises
The types of business enterprises include sole-proprietorship, partnership, Joint Stock Companies (private and public), cooperatives, Public Corporations and Joint ventures.
SOLE PROPRIETORSHIP
The Sole proprietorship is an unincorporated business organization owned by one person, who provides the capital, runs the business and undertakes the risks and profits of the business alone. It is popularly referred to as one-man business, and also the oldest and the most common type of business organization.
Examples of Sole proprietorship are tailors, barbers, hairdressers etc.
Characteristics of sole proprietorship
1. Ownership: - it is owned and run by one person, though he may have employees.
2. Source of capital: - He provides the capital required for starting and running the business.
3. Life span: - the life span of the business depends on the owner. The business can fold up anytime.
4. Liability: - The sole proprietor has unlimited liability. This means that if the business liquidates, the owner of the business may have to lose his private assets to offset the debt of the business.
Advantages or Merits of Sole Proprietorship
1. Decision-making: Quick decisions are easily taken by the sole proprietor alone without the consent of other workers in the organization.
2. Capital required: the sole proprietorship requires very small capital to set up.
3. Establishment: it is very easy to establish because of the small capital requirement.
4. Profits: all the profits derived from the business belong to the owner of the business because the capital outlay came from him.
Disadvantages or Demerits of Sole Proprietorship
1. Problem of continuity: the death of the owner may cause the business to die with him, especially when there is no successor to take over from him.
2. Unlimited liability: he bears the entire risk of the business alone. If the business fails, he bears the entire loss and his personal belongings have to be sold to pay his creditors.
3. Lack of specialization: the proprietor is personally involved in every section of the business. He works very hard. He does not usually take leave. He therefore tends to over work himself to the detriment of health.
THE PARTNERSHIP
Definition – a partnership is a type of business organization formed by an association of two to twenty persons having similar interests, and by agreement (usually legal) decides and plan to run a business together with the sole aim of making profit.
Examples of partnership in Nigeria are Diya Fatimilehin & Co (Estate Firm), Oni & Sons Nigeria Ltd etc.
Features of Partnership
1. Ownership: the number of partners ranges from two to twenty for most business, but two to ten for banking business.
2. Life span: the life span of partnership depends on the agreement signed by the partners involved.
3. Management: the business has no board of directors. The active partners control and manage the business.
4. Objectives: the main objective of partnership is to make profit.
5. Legal entity: it is not a legal entity as the partners do not have a separate identity from the business.
TYPES OF PARTNERS
1. Limited Partner: A limited partner has limited liability. He does not receive dividends but receives a fixed rate of interest on his capital
2. General/Active Partner: He has full power of participation. He takes active part in the administration but has unlimited liability.
3. Nominal or quasi-partner: he contributes only his name. he does not take active part in the running of business.
4. Sleeping or dormant partner: he contributes capital but takes no part in the conduct and management of the business.
Advantages or Merits of Partnership
1. Joint decision making:when two or more partners put heads together and take joint decisions or the enterprise better results are derived.
2. There is privacy:there is privacy in conducting business affairs since it is not required to make its accounts available for public inspection.
3. Greater Continuity:the death of a partner may not lead to a total dissolution of the business since the other partners can still go ahead.
4. Loan facilities:A partnership can easily obtain loan from creditors since they are jointly liable.
5. Personal Contact: there is still an element of personal contact with both employees and customers. This is because of the relatively small size of the business when compared with the limited liability companies.
Disadvantages or Demerits of Partnership
1. Disagreement between partners can end the business.
2. Unlimited liability
3. Difficulty in management.
4. Limited growth
5. Business is not a legal entity
General and Specific Problems of Business Enterprises
1. Shortage of Raw Materials: Businessorganizations in West Africa find it difficult to acquire the necessary raw materials.
2. Low level of Technology: High level of technology is yet to be developed which can facilitate functioning of business enterprises.
3. Political Instability: A political atmosphere with incessant coups and counter-coups which is common in West Africa will stifle any meaningful business activities.
4. Problem of smuggling: Government and its agents are still unable to stop smuggling, and it is seriously affecting business enterprises in West Africa.
5. Problem of infrastructural facilities: The infrastructural facilities needed by these business enterprises for their effective functioning are either inadequate or nowhere to be found.
EVALUATION
1. What do you understand by‘sole proprietorship’?
2. What are the merits and demerits of partnership?
3. Compare a sole proprietorship with partnership.
4. Mention types of partners you know.
WEEKEND ASSIGNMENT
Objective Test
1. Examples of a firm are the following except__________
(a) UAC Nigeria Ltd
(b) Bata shoe company
(c) Textile industry
(d) Unilever Brothers
2. An industry can be defined as ___________________
(a) a group of firms producing similar commodities
(b) a petrol station
(c) a church
(d) a school
3. Sole Proprietorship is known as _______ man business
(a) seven (b) one (c) three (d) ten
4. The maximum membership of partnership business is (a) 10 (b) 2 (c) 20 (d) 23
5. One of the types of partners is (a) sleeping or dormant partner (b) sole proprietor (c) soldier (d) friendship partner
Essay Questions
1. Define industry
2. State five main features of sole proprietorship
3. Explain four merits of partnership
4. Explain what you know about Active partner
5. List and discuss five specific problems of business enterprises
PRE-READING ASSIGNMENT
Read about Public Corporations and Cooperative Societies.
WEEKEND ACTIVITY
List 5 characteristics of a Public Corporation and explain them
Reference Texts
(1) Fundamentals of Economics for SSS by R.A.I Anyanwuocha. AFRICANA FIRST PUBLISHERS PLC.
(2) Comprehensive Economics for SSSby Johnson Ugoji Anyaele.
A. Johnson Publishers Limited.
(3) Essential Economics for SSS Book 1 by Cole Esan Ande TONAD PUBLISHERS LIMITED.
WEEK 2
TOPIC: FIRMS AND INDUSTRY: Private and Public Companies
Content
1. Definition and Characteristics
2. Distinction between Private and Public Companies
3. Quoted and Unquoted companies
4. Shares, Debentures and Bonds
Sub-Topic 1: Definitions and Characteristics of Private and Public Companies
Definition of LIMITED LIABILITY COMPANIES
There are two types of Limited Liability Companies – Private Limited Liability Company or ‘the closed company’ and the Public limited liability company or the Public joint stock company.
The Private Limited Liability Company
A Private Limited liability company is defined as one which by its articles restrict the right to transfer its shares and limit the number of its shareholders from two to fifty. The name of the private company must end with “Limited” e.g. AGRO Nigeria Limited etc.
The Public Limited Liability Company
Public Liability Company is defined as one which by its articles allows the public to subscribe to its shares, must have at least seven persons but no maximum number is prescribed. The shares can be transferred and the name of the public company must end with “PLC”, e.g. GTBank Plc., Vitafoam Nigeria Plc. etc. This is the type that is popularly referred to as Joint Stock Company.
Features or Characteristics of Private Limited Liability companies
1. Ownership: - it is owned by shareholders that may be between two and fifty persons in number.
2. Legal entity: - the business can sue or be sued in its own name, without involving the owners.
3. Management: - it is owned by those who contributed capital for its formation.
4. They are not allowed to use the abbreviation Plc, but “Ltd” or “UnLtd”.
Features or characteristics of Public Limited Liability Companies
1. Ownership: - the number of shareholders ranges from seven to infinity i.e. there is no maximum number.
2. Legal entity: - it can sue and be sued in its own name.
3. Management: - it is owned by the shareholders but controlled by the board of directors.
4. Public companies use the abbreviation Plc., meaning Public Liability Company.
Similarities between Private and Public Liability companies
(1) Management: - both companies appoint directors for the proper and efficient management of the business.
(2) Limited Liability: - both companies have limited liability. This means that the shareholders can only lose the value attached to the shares they contributed in the event of liquidation.
(3) Large capital outlay: - both companies have ability of pooling large capital together to set up a business.
(4) Ploughing back of profits: - part of the profit can be ploughed back into the business for both companies while the remaining can be shared to the share holders, according to the amount of shares contributed.
(5) Legal entity: both companies are legal entities, meaning that they can sue and be sued in their own names due to the fact that both are registered companies.
DISTINCTION BETWEEN PRIVATE AND PUBLIC COMPANIES
Private Limited Company Public Limited Company
1. It has minimum of two people as shareholders It has a minimum number of seven people as shareholders
2. They are small in size and have limited capital They are large in size and have large capital
3. It enjoys privacy as it does not publicize its annual accounts There is no privacy as the annual account must be published.
4. It has a maximum number of fifty owners It has no maximum number of people as owners
5. It does not issue debentures It issues debentures
6. Private Limited companies cannot be quoted on the stock exchange Public Limited companies can be quoted on the stock exchange
EVALUATION
- Mention types of Limited Liability Companies
- Mention examples of Public Limited liability Company
- List two and explain characteristics of private limited liability companies
- Explain differences between private and public limited companies
Sub-Topic 2: Shares, Debentures and Bonds
Shares
A share may be defined as a unit of ownership of a business concern. It is also known as financial instruments utilized in the capital market for long term investments.
There are two types of shares
1. Ordinary share
2. Preference share
Debenture
A debenture is a fixed interest-bearing security with a specified maturity date. The owner can claim his capital on maturity. A debenture is a loan capital or corporate bond.
There are two major types of debentures
1. Mortgaged debentures
2. Floating debentures
Bonds
This is a long term financial security used to source for funds. Bonds are loans offered at a fixed interest rate. When a company wants to raise capitalcheaper by borrowing money from banks, institutional investors or individuals, they may choose to offer interest-paying corporate bonds. With bonds, an investor is promised a fixed return. While bonds are "safer" than share because of lower volatility, it should be noted that there is always a chance that company will be unable to repay bond-holders. In that sense, bonds are not "risk-free".
However, when a company declaresbankruptcy, shareholders are the first to bear losses. Creditors (including bond-holders) are next.
Bonds may be issued by firms, financial institutions or governments. Bonds issued by the government are generally regarded as very safe.
EVALUATION
- Define shares
- List types of shares you know
- Explain bonds
WEEKEND ASSIGNMENT
ObjectiveTest
1. In a limited liability company the greatest risk is born by
(a) Debentures holders
(b) Company executives
(c) Ordinary shareholders
(d) Preference shareholders
2. Which of the following types of capital is not rewarded by means of dividends?
(a) Ordinary shares
(b) Preference shares
(c) Debentures
(d) Cumulative preference shares
(e) Participating preference shares
3. Which of the following is NOT true of debentures and debentures holders
a. Debentures are instruments for raising long term capital by limited liability companies
b. Debentures are fixed interest-bearing security with specified maturity dates
c. Debenture holders are creditors to the company and therefore do not share in the risk of the company
d. Debenture holders are entitled to interest payment whether or not profits are made
e. Preference shareholders receive their share of profits before debenture holders receive their entitlement.
4. Which of the following is NOT a part of the fixed costs of a limited liability company
a. Interest on loans
b. Rent on buildings
c. Depreciation reserves
d. Management expenditure
e. Wages
5. Bondholders are treated more favourably than shareholders because
a. They are not liable for the company’s losses
b. They have a greater voice in electing the board of directors
c. They control the management
d. They have a prior claim on the company’s assets
e. None of the above
Essay Questions:
1. Define Private Limited Liability company
2. Distinguish between private limited liability companies and public limited liability companies
3. Differentiate between shares and debentures
4. What are the features of private limited liability companies
5. Explain bonds
PRE-READING ASSIGNMENT
Read about the population
REFERENCE TEXTS
1. Easy-to-understand Economics for schools and colleges by Olukunmi Ogunbitan – Rasheed publications Limited.
2. Fundamentals of Economics for SSCE BY R.A.I Anyanwuocha AFRICANA FIRST PUBLISHERS PLC.
Content
1. Definition and Characteristics
2. Distinction between Private and Public Companies
3. Quoted and Unquoted companies
4. Shares, Debentures and Bonds
Sub-Topic 1: Definitions and Characteristics of Private and Public Companies
Definition of LIMITED LIABILITY COMPANIES
There are two types of Limited Liability Companies – Private Limited Liability Company or ‘the closed company’ and the Public limited liability company or the Public joint stock company.
The Private Limited Liability Company
A Private Limited liability company is defined as one which by its articles restrict the right to transfer its shares and limit the number of its shareholders from two to fifty. The name of the private company must end with “Limited” e.g. AGRO Nigeria Limited etc.
The Public Limited Liability Company
Public Liability Company is defined as one which by its articles allows the public to subscribe to its shares, must have at least seven persons but no maximum number is prescribed. The shares can be transferred and the name of the public company must end with “PLC”, e.g. GTBank Plc., Vitafoam Nigeria Plc. etc. This is the type that is popularly referred to as Joint Stock Company.
Features or Characteristics of Private Limited Liability companies
1. Ownership: - it is owned by shareholders that may be between two and fifty persons in number.
2. Legal entity: - the business can sue or be sued in its own name, without involving the owners.
3. Management: - it is owned by those who contributed capital for its formation.
4. They are not allowed to use the abbreviation Plc, but “Ltd” or “UnLtd”.
Features or characteristics of Public Limited Liability Companies
1. Ownership: - the number of shareholders ranges from seven to infinity i.e. there is no maximum number.
2. Legal entity: - it can sue and be sued in its own name.
3. Management: - it is owned by the shareholders but controlled by the board of directors.
4. Public companies use the abbreviation Plc., meaning Public Liability Company.
Similarities between Private and Public Liability companies
(1) Management: - both companies appoint directors for the proper and efficient management of the business.
(2) Limited Liability: - both companies have limited liability. This means that the shareholders can only lose the value attached to the shares they contributed in the event of liquidation.
(3) Large capital outlay: - both companies have ability of pooling large capital together to set up a business.
(4) Ploughing back of profits: - part of the profit can be ploughed back into the business for both companies while the remaining can be shared to the share holders, according to the amount of shares contributed.
(5) Legal entity: both companies are legal entities, meaning that they can sue and be sued in their own names due to the fact that both are registered companies.
DISTINCTION BETWEEN PRIVATE AND PUBLIC COMPANIES
Private Limited Company Public Limited Company
1. It has minimum of two people as shareholders It has a minimum number of seven people as shareholders
2. They are small in size and have limited capital They are large in size and have large capital
3. It enjoys privacy as it does not publicize its annual accounts There is no privacy as the annual account must be published.
4. It has a maximum number of fifty owners It has no maximum number of people as owners
5. It does not issue debentures It issues debentures
6. Private Limited companies cannot be quoted on the stock exchange Public Limited companies can be quoted on the stock exchange
EVALUATION
- Mention types of Limited Liability Companies
- Mention examples of Public Limited liability Company
- List two and explain characteristics of private limited liability companies
- Explain differences between private and public limited companies
Sub-Topic 2: Shares, Debentures and Bonds
Shares
A share may be defined as a unit of ownership of a business concern. It is also known as financial instruments utilized in the capital market for long term investments.
There are two types of shares
1. Ordinary share
2. Preference share
Debenture
A debenture is a fixed interest-bearing security with a specified maturity date. The owner can claim his capital on maturity. A debenture is a loan capital or corporate bond.
There are two major types of debentures
1. Mortgaged debentures
2. Floating debentures
Bonds
This is a long term financial security used to source for funds. Bonds are loans offered at a fixed interest rate. When a company wants to raise capitalcheaper by borrowing money from banks, institutional investors or individuals, they may choose to offer interest-paying corporate bonds. With bonds, an investor is promised a fixed return. While bonds are "safer" than share because of lower volatility, it should be noted that there is always a chance that company will be unable to repay bond-holders. In that sense, bonds are not "risk-free".
However, when a company declaresbankruptcy, shareholders are the first to bear losses. Creditors (including bond-holders) are next.
Bonds may be issued by firms, financial institutions or governments. Bonds issued by the government are generally regarded as very safe.
EVALUATION
- Define shares
- List types of shares you know
- Explain bonds
WEEKEND ASSIGNMENT
ObjectiveTest
1. In a limited liability company the greatest risk is born by
(a) Debentures holders
(b) Company executives
(c) Ordinary shareholders
(d) Preference shareholders
2. Which of the following types of capital is not rewarded by means of dividends?
(a) Ordinary shares
(b) Preference shares
(c) Debentures
(d) Cumulative preference shares
(e) Participating preference shares
3. Which of the following is NOT true of debentures and debentures holders
a. Debentures are instruments for raising long term capital by limited liability companies
b. Debentures are fixed interest-bearing security with specified maturity dates
c. Debenture holders are creditors to the company and therefore do not share in the risk of the company
d. Debenture holders are entitled to interest payment whether or not profits are made
e. Preference shareholders receive their share of profits before debenture holders receive their entitlement.
4. Which of the following is NOT a part of the fixed costs of a limited liability company
a. Interest on loans
b. Rent on buildings
c. Depreciation reserves
d. Management expenditure
e. Wages
5. Bondholders are treated more favourably than shareholders because
a. They are not liable for the company’s losses
b. They have a greater voice in electing the board of directors
c. They control the management
d. They have a prior claim on the company’s assets
e. None of the above
Essay Questions:
1. Define Private Limited Liability company
2. Distinguish between private limited liability companies and public limited liability companies
3. Differentiate between shares and debentures
4. What are the features of private limited liability companies
5. Explain bonds
PRE-READING ASSIGNMENT
Read about the population
REFERENCE TEXTS
1. Easy-to-understand Economics for schools and colleges by Olukunmi Ogunbitan – Rasheed publications Limited.
2. Fundamentals of Economics for SSCE BY R.A.I Anyanwuocha AFRICANA FIRST PUBLISHERS PLC.
WEEK 3
TOPIC:POPULATION
Content
1. Meaning of Population
2. Determinants of Population Size and Growth
3. Implications of Population Size and Growth
4. Theories of Population
Sub-Topic 1: Meaning of Population and Determinants of Population Size and Growth
Meaning of Population
This is the total number of people (including children, the disabled, beggars and other persons) living within a geographical area or country at a particular time.The question of population gave rise to the need to conduct population census.
Determinants of Population Size and Growth
The following are the major factors determining the size and growth of population
a. Birth Rate
b. Death Rate
c. Migration
d. Religion
e. Modern Medicine
a. Birth Rate
This refers to the number of children born within a year out of every 1000 people in the country. Generally, birth rate is higher in West African countries than in the Western countries. Can you provide the reason for this?
However, the birth rate of a country can be influenced by:
i. Age and sex distribution of the population
ii. Family planning
iii. The quality of medical services available
iv. The time of marriage (early marriage or late marriage)
v. Educational pursuit etc
b. Death Rate
This refers to the number of people who die in the year out of every 1000 people of the population. Just as Birth rate is higher for West African Countries than for the more industrialized countries, death rate is also higher.
The death rate of a country can be influenced by the following
i. Occurrence of Natural Disasters
ii. Occurrence of domestic and external wars
iii. Composition of the age distribution
iv. Level of per capita income and standard of living
v. Medical and Health facilities available
c. Migration
This means the movement of people in and out of a country. Migration has two components:
a. Immigration: this is the movement of foreigners into a country.
b. Emigration: this is the movement of people out of a country.
Factors Influencing Migration are as follows:
a. The quest for better welfare
b. The search for suitable climatic conditions
c. Problems of natural disasters such as floods, earthquake
d. Political instability which can cause insecurity of lives
d. Religion
Owing to its respect for human life, Christianity discourages artificial birth control and abortion while Islam on the other hand encourages polygamy. These actions by religious bodies have led to increase in population.
e. Modern Medicine
The use of modern medical facilities and the establishment of bodies like World Health Organization (WHO) have helped to reduce mortality rate.
Growth Rate
This is the rate at which the population of a country multiplies itself. It can be positive or negative. It is calculated thus:
Growth Rate = Birth rate - Death rate + Net Migration
On the other hand, Natural growth rate is just the difference between the birth and death rates of a given population.
I.e. Natural Growth rate = Birth Rate – Death Rate
Net Migration: This is the difference in the flow of people into and out of a country. In other words, it is Immigration minus emigration.
EVALUATION
1. What is Population?
2. Differentiate between Internal migration and international migration
3. Describe the factors that can affect the size of a country’s population
Sub-Topic 2: Implication of Population Size and Growth and Theories of Population
IMPLICATION OF POPULATION SIZE
The size of the population of a country has a number of implications. Some are political while others are economic. We will examine them together
a. It determines the size of the labour force.
b. It determines the per capita income and the amount of resources available per person. In an ideal setting, the higher the population size, the lower the per capita income.
c. Population size determines the amount of recognition or respect given to a country at the international level.
d. The size of a population is an indicator of the strength of her market and her potential demand for goods.
e. It determines the amount of foreign aid and investment that flows into a country.
f. Population size also showcases the level of government expenditure in the provision of social amenities.
IMPLICATION OF POPULATION GROWTH
The Implications of Population Growth are as follows:
a. Population growth will lead to a general fall in per capita income and standard of living.
b. Population growth will lead to increase in effective demand for goods and services as consumption increases with growth.
c. The cost of living will increase due to increased demand which is not matched with a higher rate of productivity.
d. The size of labour force will increase.
e. It can result into a higher rate of unemployment if the increased labour force is not gainfully employed.
f. There will be heavy pressure on the available social services and amenities.
THEORIES OF POPULATION
a. Malthusian Population Theory
This is a theory formulated by Thomas Robert Malthus in a book titled An Essay on the Principle of Population as it Affects the Future Improvement of Society which was published in 1798 in Britain.
i. Features of Malthusian Population Theory
a. That Population may increase in geometrical progression i.e. 2, 4, 8, and 16
b. That food production (means of subsistence) can only increase in an arithmetic progression, i.e. 1,2,3,4 etc.
c. That there might be starvation in the world as population may outgrow food production.
d. To check these problems he proffered the following solutions:
1. Obvious and positive checks such as wars, pestilences, famine and disease
2. Preventive checks which include birth control and moral restraint. By moral restraints, he meant late marriages, restraints by married couple and celibacy.
ii. An Appraisal of the Malthusian Theory
Malthus and his population theory were severely criticized, and later was tagged “the gloomy doctrine.” However, we shall examine events that proved Malthusiantheory wrong and events that proved his theory right.
1. Events that Proved Malthusian Theory Wrong
a. New techniques of farming also called the Agrarian revolution brought about increase in food production.
b. Many new lands such as America, New Zealand, Australia and Africa were opened. This increased the amount of food production.
c. There was an industrial revolution which brought about the establishment of many industries.
d. Also much of the effects of Malthus’ positive checks were reduced due to advances in medical science and technology.
2. Relevance of Malthus’ Theory to West African Countries OR Events that proved Malthusian Theory Right
a. There is high rate of population growth in West African countries.
b. Method of production is still primitive leading to low food production as against the rising population.
c. High rate of poverty and low standard of living are prevalent among the West African countries.
d. The rate of economic development is very slow because population has outgrown the resources available
e. In Nigeria and other West African countries there have been calls to increase food production and practice some forms of birth control. The Nigeria examples are the Operation Feed the Nation and Green Revolution; Operation Feed Yourself in Ghana
b. Demographic Transition Theory
This is the most recent of all the theories of population. It says that a country passes through three stages of population growth.
a. Stage One:Pre-Industrial or Pre-Transition Phase
This stage is characterized by high birth rate and death rates. The high Birth rate is due to level of illiteracy, absence of family planning, early marriage, etc. High Death rate is also due to wide spread diseases, poor medical facilities, poor hygiene and poor diet.
b. Stage Two: Transition phase
In stage two, the country is now developed economically. Thus,there is a high birth rate but low death rate. This is due to:
i. Large production of food
ii. Improved standard of living
iii. Dietary improvement
iv. Industrialization, etc.
c. Stage Three:Post Transition Stage
This is the last stage of the demographic transition. It is characterized by low birth and death rates. This is due to the fact that people prefer to maintain a small family size. Therefore the population growth rate is low. Advanced Countries likeEurope, North America and Australia are said to have reached this stage.
EVALUATION
1. What are the Implications of Population Size?
2. Give three features of the Malthusian theory.
WEEKEND ASSIGNMENT
Objectives
1. Which of these would not increase the population of a country? (a) Increase in death rate (b) Decrease in birth rate (c) Emigration (d) Better medical facilities.
2. The natural growth rate of a population is the (a) sum of the birth rate and death rate (b) sum of the birth rate and the net immigration rate (c) birth rate minus death rate (d) death rate minus net immigration. (WAEC)
3. The growth rate of a population is the (a) annual increase in population (b) total population of a country at a given time (c) addition to the total population over a given period of time (d) percentage increase in population in a given year. (SSCE 1993)
4. Robert Malthus stipulated in his population theory that (a) the death rate may become so high that people may not survive (b) People will eventually stop having children (c) Population growth rate may outgrow the means of subsistence (d) people will migrate from one place to another in search of food. (SSCE 1993)
5. According to Thomas Malthus, the great Economist, Population grew at ________ rate while Food production grew at ___________ rate (a) exponential, geometrical (b) arithmetical, geometrical (c)arithmetical, slow (d) geometrical, arithmetical
Essay Questions
1. a. Outline the main features of the Malthusian Theory on Population. (b) Explain the development that render the theory irrelevant to the present day situation. (SSCE)
2. The table below shows the natural growth rate of the population of country N over a period of time. Use the information contained in the table to answer the following questions
Year Birth rate Death Rate Natural Growth Rate
1971 45 32 L
1972 39 P O
1973 26 22 12.50
1974 R 22.50 4.50
1975 26.50 22.50 S
1976 20.50 T 3
Pre-Reading Assignment: Read about the Geographical, age, sex and occupational distribution of population.
References
1. Comprehensive Certificate Economics for SSS by A. Aderinto and S.H. Abdullahi
2. Amplified and Simplified Economics for SSS 1, 2, 3 by Femi Longe
3. Round-Up Economics for SSCE and Matriculation Examinations by A. B. Falodun, P. N. Omogiafo and L. C. Ezeaku
Content
1. Meaning of Population
2. Determinants of Population Size and Growth
3. Implications of Population Size and Growth
4. Theories of Population
Sub-Topic 1: Meaning of Population and Determinants of Population Size and Growth
Meaning of Population
This is the total number of people (including children, the disabled, beggars and other persons) living within a geographical area or country at a particular time.The question of population gave rise to the need to conduct population census.
Determinants of Population Size and Growth
The following are the major factors determining the size and growth of population
a. Birth Rate
b. Death Rate
c. Migration
d. Religion
e. Modern Medicine
a. Birth Rate
This refers to the number of children born within a year out of every 1000 people in the country. Generally, birth rate is higher in West African countries than in the Western countries. Can you provide the reason for this?
However, the birth rate of a country can be influenced by:
i. Age and sex distribution of the population
ii. Family planning
iii. The quality of medical services available
iv. The time of marriage (early marriage or late marriage)
v. Educational pursuit etc
b. Death Rate
This refers to the number of people who die in the year out of every 1000 people of the population. Just as Birth rate is higher for West African Countries than for the more industrialized countries, death rate is also higher.
The death rate of a country can be influenced by the following
i. Occurrence of Natural Disasters
ii. Occurrence of domestic and external wars
iii. Composition of the age distribution
iv. Level of per capita income and standard of living
v. Medical and Health facilities available
c. Migration
This means the movement of people in and out of a country. Migration has two components:
a. Immigration: this is the movement of foreigners into a country.
b. Emigration: this is the movement of people out of a country.
Factors Influencing Migration are as follows:
a. The quest for better welfare
b. The search for suitable climatic conditions
c. Problems of natural disasters such as floods, earthquake
d. Political instability which can cause insecurity of lives
d. Religion
Owing to its respect for human life, Christianity discourages artificial birth control and abortion while Islam on the other hand encourages polygamy. These actions by religious bodies have led to increase in population.
e. Modern Medicine
The use of modern medical facilities and the establishment of bodies like World Health Organization (WHO) have helped to reduce mortality rate.
Growth Rate
This is the rate at which the population of a country multiplies itself. It can be positive or negative. It is calculated thus:
Growth Rate = Birth rate - Death rate + Net Migration
On the other hand, Natural growth rate is just the difference between the birth and death rates of a given population.
I.e. Natural Growth rate = Birth Rate – Death Rate
Net Migration: This is the difference in the flow of people into and out of a country. In other words, it is Immigration minus emigration.
EVALUATION
1. What is Population?
2. Differentiate between Internal migration and international migration
3. Describe the factors that can affect the size of a country’s population
Sub-Topic 2: Implication of Population Size and Growth and Theories of Population
IMPLICATION OF POPULATION SIZE
The size of the population of a country has a number of implications. Some are political while others are economic. We will examine them together
a. It determines the size of the labour force.
b. It determines the per capita income and the amount of resources available per person. In an ideal setting, the higher the population size, the lower the per capita income.
c. Population size determines the amount of recognition or respect given to a country at the international level.
d. The size of a population is an indicator of the strength of her market and her potential demand for goods.
e. It determines the amount of foreign aid and investment that flows into a country.
f. Population size also showcases the level of government expenditure in the provision of social amenities.
IMPLICATION OF POPULATION GROWTH
The Implications of Population Growth are as follows:
a. Population growth will lead to a general fall in per capita income and standard of living.
b. Population growth will lead to increase in effective demand for goods and services as consumption increases with growth.
c. The cost of living will increase due to increased demand which is not matched with a higher rate of productivity.
d. The size of labour force will increase.
e. It can result into a higher rate of unemployment if the increased labour force is not gainfully employed.
f. There will be heavy pressure on the available social services and amenities.
THEORIES OF POPULATION
a. Malthusian Population Theory
This is a theory formulated by Thomas Robert Malthus in a book titled An Essay on the Principle of Population as it Affects the Future Improvement of Society which was published in 1798 in Britain.
i. Features of Malthusian Population Theory
a. That Population may increase in geometrical progression i.e. 2, 4, 8, and 16
b. That food production (means of subsistence) can only increase in an arithmetic progression, i.e. 1,2,3,4 etc.
c. That there might be starvation in the world as population may outgrow food production.
d. To check these problems he proffered the following solutions:
1. Obvious and positive checks such as wars, pestilences, famine and disease
2. Preventive checks which include birth control and moral restraint. By moral restraints, he meant late marriages, restraints by married couple and celibacy.
ii. An Appraisal of the Malthusian Theory
Malthus and his population theory were severely criticized, and later was tagged “the gloomy doctrine.” However, we shall examine events that proved Malthusiantheory wrong and events that proved his theory right.
1. Events that Proved Malthusian Theory Wrong
a. New techniques of farming also called the Agrarian revolution brought about increase in food production.
b. Many new lands such as America, New Zealand, Australia and Africa were opened. This increased the amount of food production.
c. There was an industrial revolution which brought about the establishment of many industries.
d. Also much of the effects of Malthus’ positive checks were reduced due to advances in medical science and technology.
2. Relevance of Malthus’ Theory to West African Countries OR Events that proved Malthusian Theory Right
a. There is high rate of population growth in West African countries.
b. Method of production is still primitive leading to low food production as against the rising population.
c. High rate of poverty and low standard of living are prevalent among the West African countries.
d. The rate of economic development is very slow because population has outgrown the resources available
e. In Nigeria and other West African countries there have been calls to increase food production and practice some forms of birth control. The Nigeria examples are the Operation Feed the Nation and Green Revolution; Operation Feed Yourself in Ghana
b. Demographic Transition Theory
This is the most recent of all the theories of population. It says that a country passes through three stages of population growth.
a. Stage One:Pre-Industrial or Pre-Transition Phase
This stage is characterized by high birth rate and death rates. The high Birth rate is due to level of illiteracy, absence of family planning, early marriage, etc. High Death rate is also due to wide spread diseases, poor medical facilities, poor hygiene and poor diet.
b. Stage Two: Transition phase
In stage two, the country is now developed economically. Thus,there is a high birth rate but low death rate. This is due to:
i. Large production of food
ii. Improved standard of living
iii. Dietary improvement
iv. Industrialization, etc.
c. Stage Three:Post Transition Stage
This is the last stage of the demographic transition. It is characterized by low birth and death rates. This is due to the fact that people prefer to maintain a small family size. Therefore the population growth rate is low. Advanced Countries likeEurope, North America and Australia are said to have reached this stage.
EVALUATION
1. What are the Implications of Population Size?
2. Give three features of the Malthusian theory.
WEEKEND ASSIGNMENT
Objectives
1. Which of these would not increase the population of a country? (a) Increase in death rate (b) Decrease in birth rate (c) Emigration (d) Better medical facilities.
2. The natural growth rate of a population is the (a) sum of the birth rate and death rate (b) sum of the birth rate and the net immigration rate (c) birth rate minus death rate (d) death rate minus net immigration. (WAEC)
3. The growth rate of a population is the (a) annual increase in population (b) total population of a country at a given time (c) addition to the total population over a given period of time (d) percentage increase in population in a given year. (SSCE 1993)
4. Robert Malthus stipulated in his population theory that (a) the death rate may become so high that people may not survive (b) People will eventually stop having children (c) Population growth rate may outgrow the means of subsistence (d) people will migrate from one place to another in search of food. (SSCE 1993)
5. According to Thomas Malthus, the great Economist, Population grew at ________ rate while Food production grew at ___________ rate (a) exponential, geometrical (b) arithmetical, geometrical (c)arithmetical, slow (d) geometrical, arithmetical
Essay Questions
1. a. Outline the main features of the Malthusian Theory on Population. (b) Explain the development that render the theory irrelevant to the present day situation. (SSCE)
2. The table below shows the natural growth rate of the population of country N over a period of time. Use the information contained in the table to answer the following questions
Year Birth rate Death Rate Natural Growth Rate
1971 45 32 L
1972 39 P O
1973 26 22 12.50
1974 R 22.50 4.50
1975 26.50 22.50 S
1976 20.50 T 3
Pre-Reading Assignment: Read about the Geographical, age, sex and occupational distribution of population.
References
1. Comprehensive Certificate Economics for SSS by A. Aderinto and S.H. Abdullahi
2. Amplified and Simplified Economics for SSS 1, 2, 3 by Femi Longe
3. Round-Up Economics for SSCE and Matriculation Examinations by A. B. Falodun, P. N. Omogiafo and L. C. Ezeaku
WEEK 4
TOPIC: POPULATION
Content
1. Geographical, age, sex and occupational distribution of
Population
2. Importance and Problems of Census
3. Rural-Urban Migration
Sub-Topic 1: Distribution or Structure of Population
Population is distributedor structured into four: Geographical Distribution, Age Distribution, Sex distribution and Occupational Distribution.
1. Geographical Distribution:
This is the breakdown of the population of a country into different geographical zones. It shows the number of people that are living in the various parts of the country.
Factors Affecting Geographical Distribution of Population
a. Concentration of Industries: People generally tend to move towards areas where industries, factories, or offices are situated. This is in hope of seeking employment in such places.
b. Commercial Centres: Commercial activities going on in certain areas encourage population growth there. This is one reason why urban areas like Lagos, Port-Harcourt, Onitsha, Aba, etc are heavily populated.
c. Topography and Fertility of Soil: since farming is a major occupation of people of West Africa, farmers tend to settle in areas with good topography and where the soil is fertile for agricultural purposes.
d. Climatic and weather condition: Some areas with friendly climate tend to be densely populated than areas with harsh climate.
2. Age Distribution
This refers to how the total population is spread among the various age groups. We shall group the ages into three:
0-17 years - Dependent Population
18-60 years - Working Population or Labour force
60 and above - Dependent Population
Implications of Age Distribution
a. Dependant Population: This is made up of children who are below 18years and the aged who are 60 years and above. The implication of this is that if the larger number of a country falls within these age groups, it will impose a lot of burden on the working population.
b. Working Population: This constitutes the strength of the nation. It is active and productive. The implication of this also is that if the nation has a large working population, the nation will be productive and economic development would not be far-fetched.
Dependency Ratio
This is the ratio of the dependant population to the working population.
Formula=Dependant Population
Working Population
3. Sex Distribution
This is the distribution of population into male and female. Sex distribution is necessary because it guides the government in policies formulation. For example: the larger number of female in the country, will indicate that, there is need to produce more female-related goodslike maternity centres. It will also show that there is likely going to be increase in birth rate.
4. Occupational Distribution
This is the distribution of population according to various jobs and occupation such as engineers, teachers, farmers, etc. Occupation is usually divided into three:
a. Primary Occupation/Extractive Occupation
b. Secondary Occupation/manufacturing
c. Tertiary occupation/Services
EVALUATION
1. What are the factors affecting the geographical distribution of a population?
2. Illustrate the age composition of a population.
Sub-Topic 2: Population Census and Rural Urban Migration
Population Census
This refers to the official head-to-head counting of the people in a country at a given time. Nigeria has conducted series of censuses. These were in 1952/53, 1962/63, 1973, 1991. Census couldnot be conducted in 1983 because of certain reasons. The administration of Chief Olusegun Obasanjo made move to conduct census in 2003, but this was delayed until 2006. The result of the census gave the population of Nigeria to be 140,003,542 persons.
Two Methods of Census
a. De Jure Method
b. De Facto Method
Importance of Population Census
1. Population census helps to know the size of a nation’s population as well as its spatial distribution which can be very useful in implementing socio-economic policies.
2. It helps a nation to detect her present socio-economic needs and also make forecast against her future needs and the solution applicable.
3. It helps in measuring and comparing the standard of living among various countries. This is possible through the use of per capita income.
4. It helps the government in policy formulation
5. It helps the government to determine the amount of revenue accruable to the national purpose within a given time.
6. It aids allocation of resources by the government
Problems or Difficulties of Population Census in West Africa
1. Conducting a census usually costs a huge amount of money. This is the reason why many developing countries only conduct censuses over a relatively long period of time.
2. Inadequate skilled personnel: census figures are sometimes inaccurate because those who conduct them are not qualified to do so.
3. Inadequate means of transportation: some remote places in a country are inaccessible because of poor transportation systemthereby frustrating the effort of enumerators in reaching them.
4. Illiteracy and Ignorance: Many people of West Africa usually run away from being counted because they tend to associate census with tax payment.
5. Religious Belief: Some religious beliefs make it difficult to getaccurate figures. For example, some religions do not allow women to appear in the public let alone to be counted.
6. Political Interference: Censuses in West African countries are usually manipulated for political reasons. In other to get a fat share of national allocation people do their best to ensure that huge population figures are reported for their areas.
7. Poor Town Planning: many towns in West Africa are poorly planned and many houses are so remote that they are difficult to locate. This can really confound most except some unrelenting enumerators. Inability to locate an address invariably means non-counting of the people residing there.
RURAL-URBAN MIGRATION
Rural-Urban Migration is the mass and continuous movement of people from the rural to the urban areas in search of better and social economic opportunities.
Reasons for Rural-Urban Migration
i. Inadequate social infrastructure like education, medical care, adequate security, good roads, etc. in the rural areas.
ii. Practice of subsistence agriculture in the rural areas.
iii. Neglect of the rural areas in the allocation of government spending
iv. Concentration of economic and employment opportunities in the urban areas.
v. Desire for adventure
Effects of Rural-Urban Migration
i. Rural-urban migration exerts a lot of strain on facilities available in the urban areas.
ii. It necessitates increased government spending in the urban areas
iii. If too many people are migrating to the urban areas without commensurate expansion in the economic and job opportunities therein widespread unemployment can arise.
iv. The agriculture sector of the economy suffers as manpower drifts from the rural to the urban centres.
v. There is increase in social problems such as immorality, prostitution, armed robbery, thuggery, etc as a result of high unemployment rate.
How to Control Rural-Urban Migration
1. Agriculture needs to be urgently modernized. This will retain people on farms and present engaging challenges to them.
2. Social infrastructure such as adequate water supply, electricity, good road,hospitals, schools etc should be provided in the rural areas.
3. Agro-based industries should be established in the rural areas. This will serve the need of farmers and as well create more job opportunities for rural dwellers.
4. Overhauling of education system such that people will be encourage to take up agriculture-related courses.
EVALUATION
1. What is Census?
2. Explain three importance of Population census.
WEEKEND ASSIGNMENT
Objective Test:
1. Census of population is usually conducted every (a) 20 years (b) 15 years (c) 10 years (d) 7 years (WASSCE, 2000)
2. Census figures of most West African Countries are inadequate because of (a) low cost of enumeration (b) low per capita income (c) high degree of illiteracy (d) high level of civilization (WASSCE 2002)
3. The grouping of population according economic activities they engage in is (a) age distribution (b) sex distribution (c) geographical distribution (d) occupational distribution (WASSCE 2011)
4. Which of the following falls within the working population (a) 0-15 years (b) 20-45 years (c) 10-18 years (d) 61-70 years
5. Which of the following is not a problem of population census in Nigeria? (a) high cost (b) mass illiteracy (c) poor transportation (d)high birth rate
Essay Questions
1. Given the table below,
Age Group No of persons in Thousands
1955 1960
0-18 150 143
18-45 51 107
46-60 29 33
Above 60 15 17
a. Calculate the difference between the working populations of 1955 and that of 1960
b. Calculate the difference between the dependent populations of 1955 and 1960
2. What are the reasons for rural-urban migration?
Pre-Reading Assignment: Read about the Labour Market
References
1. Amplified and Simplified Economics for SSS 1, 2, 3 by Femi Longe
2. Round-Up Economics for SSCE and Matriculation Examinations by A. B. Falodun, P. N. Omogiafo and L. C. Ezeaku
3. Bounty Economics for SSS by Adelekan, Ishaya and Lawanson
Content
1. Geographical, age, sex and occupational distribution of
Population
2. Importance and Problems of Census
3. Rural-Urban Migration
Sub-Topic 1: Distribution or Structure of Population
Population is distributedor structured into four: Geographical Distribution, Age Distribution, Sex distribution and Occupational Distribution.
1. Geographical Distribution:
This is the breakdown of the population of a country into different geographical zones. It shows the number of people that are living in the various parts of the country.
Factors Affecting Geographical Distribution of Population
a. Concentration of Industries: People generally tend to move towards areas where industries, factories, or offices are situated. This is in hope of seeking employment in such places.
b. Commercial Centres: Commercial activities going on in certain areas encourage population growth there. This is one reason why urban areas like Lagos, Port-Harcourt, Onitsha, Aba, etc are heavily populated.
c. Topography and Fertility of Soil: since farming is a major occupation of people of West Africa, farmers tend to settle in areas with good topography and where the soil is fertile for agricultural purposes.
d. Climatic and weather condition: Some areas with friendly climate tend to be densely populated than areas with harsh climate.
2. Age Distribution
This refers to how the total population is spread among the various age groups. We shall group the ages into three:
0-17 years - Dependent Population
18-60 years - Working Population or Labour force
60 and above - Dependent Population
Implications of Age Distribution
a. Dependant Population: This is made up of children who are below 18years and the aged who are 60 years and above. The implication of this is that if the larger number of a country falls within these age groups, it will impose a lot of burden on the working population.
b. Working Population: This constitutes the strength of the nation. It is active and productive. The implication of this also is that if the nation has a large working population, the nation will be productive and economic development would not be far-fetched.
Dependency Ratio
This is the ratio of the dependant population to the working population.
Formula=Dependant Population
Working Population
3. Sex Distribution
This is the distribution of population into male and female. Sex distribution is necessary because it guides the government in policies formulation. For example: the larger number of female in the country, will indicate that, there is need to produce more female-related goodslike maternity centres. It will also show that there is likely going to be increase in birth rate.
4. Occupational Distribution
This is the distribution of population according to various jobs and occupation such as engineers, teachers, farmers, etc. Occupation is usually divided into three:
a. Primary Occupation/Extractive Occupation
b. Secondary Occupation/manufacturing
c. Tertiary occupation/Services
EVALUATION
1. What are the factors affecting the geographical distribution of a population?
2. Illustrate the age composition of a population.
Sub-Topic 2: Population Census and Rural Urban Migration
Population Census
This refers to the official head-to-head counting of the people in a country at a given time. Nigeria has conducted series of censuses. These were in 1952/53, 1962/63, 1973, 1991. Census couldnot be conducted in 1983 because of certain reasons. The administration of Chief Olusegun Obasanjo made move to conduct census in 2003, but this was delayed until 2006. The result of the census gave the population of Nigeria to be 140,003,542 persons.
Two Methods of Census
a. De Jure Method
b. De Facto Method
Importance of Population Census
1. Population census helps to know the size of a nation’s population as well as its spatial distribution which can be very useful in implementing socio-economic policies.
2. It helps a nation to detect her present socio-economic needs and also make forecast against her future needs and the solution applicable.
3. It helps in measuring and comparing the standard of living among various countries. This is possible through the use of per capita income.
4. It helps the government in policy formulation
5. It helps the government to determine the amount of revenue accruable to the national purpose within a given time.
6. It aids allocation of resources by the government
Problems or Difficulties of Population Census in West Africa
1. Conducting a census usually costs a huge amount of money. This is the reason why many developing countries only conduct censuses over a relatively long period of time.
2. Inadequate skilled personnel: census figures are sometimes inaccurate because those who conduct them are not qualified to do so.
3. Inadequate means of transportation: some remote places in a country are inaccessible because of poor transportation systemthereby frustrating the effort of enumerators in reaching them.
4. Illiteracy and Ignorance: Many people of West Africa usually run away from being counted because they tend to associate census with tax payment.
5. Religious Belief: Some religious beliefs make it difficult to getaccurate figures. For example, some religions do not allow women to appear in the public let alone to be counted.
6. Political Interference: Censuses in West African countries are usually manipulated for political reasons. In other to get a fat share of national allocation people do their best to ensure that huge population figures are reported for their areas.
7. Poor Town Planning: many towns in West Africa are poorly planned and many houses are so remote that they are difficult to locate. This can really confound most except some unrelenting enumerators. Inability to locate an address invariably means non-counting of the people residing there.
RURAL-URBAN MIGRATION
Rural-Urban Migration is the mass and continuous movement of people from the rural to the urban areas in search of better and social economic opportunities.
Reasons for Rural-Urban Migration
i. Inadequate social infrastructure like education, medical care, adequate security, good roads, etc. in the rural areas.
ii. Practice of subsistence agriculture in the rural areas.
iii. Neglect of the rural areas in the allocation of government spending
iv. Concentration of economic and employment opportunities in the urban areas.
v. Desire for adventure
Effects of Rural-Urban Migration
i. Rural-urban migration exerts a lot of strain on facilities available in the urban areas.
ii. It necessitates increased government spending in the urban areas
iii. If too many people are migrating to the urban areas without commensurate expansion in the economic and job opportunities therein widespread unemployment can arise.
iv. The agriculture sector of the economy suffers as manpower drifts from the rural to the urban centres.
v. There is increase in social problems such as immorality, prostitution, armed robbery, thuggery, etc as a result of high unemployment rate.
How to Control Rural-Urban Migration
1. Agriculture needs to be urgently modernized. This will retain people on farms and present engaging challenges to them.
2. Social infrastructure such as adequate water supply, electricity, good road,hospitals, schools etc should be provided in the rural areas.
3. Agro-based industries should be established in the rural areas. This will serve the need of farmers and as well create more job opportunities for rural dwellers.
4. Overhauling of education system such that people will be encourage to take up agriculture-related courses.
EVALUATION
1. What is Census?
2. Explain three importance of Population census.
WEEKEND ASSIGNMENT
Objective Test:
1. Census of population is usually conducted every (a) 20 years (b) 15 years (c) 10 years (d) 7 years (WASSCE, 2000)
2. Census figures of most West African Countries are inadequate because of (a) low cost of enumeration (b) low per capita income (c) high degree of illiteracy (d) high level of civilization (WASSCE 2002)
3. The grouping of population according economic activities they engage in is (a) age distribution (b) sex distribution (c) geographical distribution (d) occupational distribution (WASSCE 2011)
4. Which of the following falls within the working population (a) 0-15 years (b) 20-45 years (c) 10-18 years (d) 61-70 years
5. Which of the following is not a problem of population census in Nigeria? (a) high cost (b) mass illiteracy (c) poor transportation (d)high birth rate
Essay Questions
1. Given the table below,
Age Group No of persons in Thousands
1955 1960
0-18 150 143
18-45 51 107
46-60 29 33
Above 60 15 17
a. Calculate the difference between the working populations of 1955 and that of 1960
b. Calculate the difference between the dependent populations of 1955 and 1960
2. What are the reasons for rural-urban migration?
Pre-Reading Assignment: Read about the Labour Market
References
1. Amplified and Simplified Economics for SSS 1, 2, 3 by Femi Longe
2. Round-Up Economics for SSCE and Matriculation Examinations by A. B. Falodun, P. N. Omogiafo and L. C. Ezeaku
3. Bounty Economics for SSS by Adelekan, Ishaya and Lawanson
WEEK 5
TOPIC: LABOUR MARKET
Content
1. Concept of Labour Force
2. Efficiency and Mobility of Labour
Sub-Topic 1: Concept of Labour
(a) Definition: Labour
Labour can be defined as all human efforts of any kind, skilled or unskilled, mental or manual, directed towards the production of goods and services.
LABOUR FORCE
Labour Force may be defined as the total number of people available, capable and willing to supply the labour for the production of economic goods and services. It consists of those who have jobs or who are seeking for jobs in the labour market. They are normally found between the age brackets of 18 to 60 years. Bing handicapped either mentally or physically and must be willing to work.
EVALUATION
- Define Labour
- Explain the term “Labour Force”
- Mention the age bracket of Labour of labour force
Sub-Topic 2: Efficiency of Labour
Efficiency of labour may be defined as the extent or degree to which labour can be combined with other. Factors of production yield maximum output. It relates to quality and skill. Efficiency of labour can be measured in terms of the quantity of output which can be obtained from a given input of labour, if other variables are constant. If labour is efficient, the quality of goods and services produced will be high.
Factors determining efficiency of labour
(1) Education and Training: The higher the level of education and training, the more efficient labour will be.
(2) Level of technology: when the level of technology improves, it will have a positive effective on efficiency. e.g. introduction computer and accounting software will improve the work of an accountant.
(3) Attractive wages: when the salary or wage of a worker is attractive it will boost or promote the efficiency and productivity of the worker. e.g. Bank workers are more efficient than civil servants.
(4) Improvement in health facilities: improvement in health facilities will also affect efficiency of labour. Many firms have their own hospitals and medical officials whose duty is to take care of workers. It is only healthy workers that can exhibit high degree of efficiency.
(5) Promotion: frequent promotions of workers in any organization can lead to increase in efficiency of labour.
(i) MOBILITY OF LABOUR
Mobility of labour may be defined as the ease and willingness with which labour or workers can move from one geographical area to another or from one occupation to another. Labour is said to be mobile if workers find it easy to move from one area to another or to change jobs.
TYPES OF MOBILITY OF LABOUR
There are three types of mobility of labour.
(1) Geographical mobility of labour
(2) Occupational mobility of labour
(3) Industrial mobility of labour
(1) Geographical Mobility of labour
This refers to the ease with which workers can move from one geographical location to another. It could take place with a country or across international boundaries. When workers moves from one town to another without changing their job they are doing, we say that they has move geographically.
Factors affecting Geographical Mobility of Labour
(1) Accommodation problems
(2) Cost of transportation
(3) Family and cultural ties
(4) Language barrier
(5) Discrimination
(2) Occupational Mobility of Labour
Occupational mobility of labour refers to the ease with which a worker or labour moves from one occupation or job to another.
When a musician becomes a footballer, he has changed his occupation. This change of occupation is move rampant and easier for the unskilled labourers who do not require special training in order to do their work.
(3) Industrial Mobility of Labour
This concerns the free movement of labour from one industrial set up or one firm to another. The three types of labour – unskilled, semi-skilled and skilled, can easily involve in this movement. This movement can take place within a firm or from one firm to another, and it is further divided into two namely – vertical and horizontal mobility of labour respectively.
EVALUATION
- What is efficiency of labour
- Define the term mobility of labour
- What are the causes of occupational mobility of labour
- Explain factors influencing geographical mobility of labour
GENERAL EVALUATION
Objective Test
1.To be counted as a member of the labour force
(a) The person must be of working age
(b) The person must be able bodied
(c) The person must be willing to work
(d) All of the above
2. The output by the labour force of a country depends on
(a) The size of the labour force
(b) The number of hours of work
(c) The effort put in by each worker
(d) All of the above
3. Which of the following is not a factor that influences labour efficiency?
(a) Attitude and level of commitment of the worker
(b) The beauty or facial look of the worker
(c) Social working conditions
(d) The skill of the worker
4. All the followings are factors influencing geographical mobility of labour except
(a) Principal
(b) language barrier
(c) discrimination
(d) cost of transportation
EssayQuestions:
(1) Give four factors that affect the efficiency of labour in your country (WASSCE June 2007).
(2) What factors serve as obstacles to occupational mobility of labour? (SSCE June 2000).
(3) Define the term mobility of labour (SSCE 2000).
(4) Distinguish between occupational and Geogrpahical mobility of labour (SSCE 2000).
(5) State four reasons for the differences in earning among workers (WASSCE June 2007).
WEEKEND ASSIGNMENT
Read Essential Economics for SSS BOOK 1 by Cole Esan Ande (page 200-201).
PRE-READING ASSIGNMENT
Read about the factors affecting the size of labour force.
WEEKEND ACTIVITY
List and explain four factors affecting the size of the labour force (SSCE June 1998).
REFERENCE TEXTS
(1) Essential Economics for Senior Secondary Schools Book 1 by Cole Esan ANde. TONAD PUBLISHERS LIMITED.
(2) Fundamentals of Economics for SSCE by R.A.I. Anyanwuocha AFRICANA FIRST PUBLISHERS PLC.
Content
1. Concept of Labour Force
2. Efficiency and Mobility of Labour
Sub-Topic 1: Concept of Labour
(a) Definition: Labour
Labour can be defined as all human efforts of any kind, skilled or unskilled, mental or manual, directed towards the production of goods and services.
LABOUR FORCE
Labour Force may be defined as the total number of people available, capable and willing to supply the labour for the production of economic goods and services. It consists of those who have jobs or who are seeking for jobs in the labour market. They are normally found between the age brackets of 18 to 60 years. Bing handicapped either mentally or physically and must be willing to work.
EVALUATION
- Define Labour
- Explain the term “Labour Force”
- Mention the age bracket of Labour of labour force
Sub-Topic 2: Efficiency of Labour
Efficiency of labour may be defined as the extent or degree to which labour can be combined with other. Factors of production yield maximum output. It relates to quality and skill. Efficiency of labour can be measured in terms of the quantity of output which can be obtained from a given input of labour, if other variables are constant. If labour is efficient, the quality of goods and services produced will be high.
Factors determining efficiency of labour
(1) Education and Training: The higher the level of education and training, the more efficient labour will be.
(2) Level of technology: when the level of technology improves, it will have a positive effective on efficiency. e.g. introduction computer and accounting software will improve the work of an accountant.
(3) Attractive wages: when the salary or wage of a worker is attractive it will boost or promote the efficiency and productivity of the worker. e.g. Bank workers are more efficient than civil servants.
(4) Improvement in health facilities: improvement in health facilities will also affect efficiency of labour. Many firms have their own hospitals and medical officials whose duty is to take care of workers. It is only healthy workers that can exhibit high degree of efficiency.
(5) Promotion: frequent promotions of workers in any organization can lead to increase in efficiency of labour.
(i) MOBILITY OF LABOUR
Mobility of labour may be defined as the ease and willingness with which labour or workers can move from one geographical area to another or from one occupation to another. Labour is said to be mobile if workers find it easy to move from one area to another or to change jobs.
TYPES OF MOBILITY OF LABOUR
There are three types of mobility of labour.
(1) Geographical mobility of labour
(2) Occupational mobility of labour
(3) Industrial mobility of labour
(1) Geographical Mobility of labour
This refers to the ease with which workers can move from one geographical location to another. It could take place with a country or across international boundaries. When workers moves from one town to another without changing their job they are doing, we say that they has move geographically.
Factors affecting Geographical Mobility of Labour
(1) Accommodation problems
(2) Cost of transportation
(3) Family and cultural ties
(4) Language barrier
(5) Discrimination
(2) Occupational Mobility of Labour
Occupational mobility of labour refers to the ease with which a worker or labour moves from one occupation or job to another.
When a musician becomes a footballer, he has changed his occupation. This change of occupation is move rampant and easier for the unskilled labourers who do not require special training in order to do their work.
(3) Industrial Mobility of Labour
This concerns the free movement of labour from one industrial set up or one firm to another. The three types of labour – unskilled, semi-skilled and skilled, can easily involve in this movement. This movement can take place within a firm or from one firm to another, and it is further divided into two namely – vertical and horizontal mobility of labour respectively.
EVALUATION
- What is efficiency of labour
- Define the term mobility of labour
- What are the causes of occupational mobility of labour
- Explain factors influencing geographical mobility of labour
GENERAL EVALUATION
Objective Test
1.To be counted as a member of the labour force
(a) The person must be of working age
(b) The person must be able bodied
(c) The person must be willing to work
(d) All of the above
2. The output by the labour force of a country depends on
(a) The size of the labour force
(b) The number of hours of work
(c) The effort put in by each worker
(d) All of the above
3. Which of the following is not a factor that influences labour efficiency?
(a) Attitude and level of commitment of the worker
(b) The beauty or facial look of the worker
(c) Social working conditions
(d) The skill of the worker
4. All the followings are factors influencing geographical mobility of labour except
(a) Principal
(b) language barrier
(c) discrimination
(d) cost of transportation
EssayQuestions:
(1) Give four factors that affect the efficiency of labour in your country (WASSCE June 2007).
(2) What factors serve as obstacles to occupational mobility of labour? (SSCE June 2000).
(3) Define the term mobility of labour (SSCE 2000).
(4) Distinguish between occupational and Geogrpahical mobility of labour (SSCE 2000).
(5) State four reasons for the differences in earning among workers (WASSCE June 2007).
WEEKEND ASSIGNMENT
Read Essential Economics for SSS BOOK 1 by Cole Esan Ande (page 200-201).
PRE-READING ASSIGNMENT
Read about the factors affecting the size of labour force.
WEEKEND ACTIVITY
List and explain four factors affecting the size of the labour force (SSCE June 1998).
REFERENCE TEXTS
(1) Essential Economics for Senior Secondary Schools Book 1 by Cole Esan ANde. TONAD PUBLISHERS LIMITED.
(2) Fundamentals of Economics for SSCE by R.A.I. Anyanwuocha AFRICANA FIRST PUBLISHERS PLC.
WEEK 6
TOPIC: LABOUR MARKET
Content
Factors affecting the Size of Labour Force, particularly the
Population Characteristics
Sub-Topic One: Factorsaffecting the Size of Labour Force
Factors affecting the labour force of a country
(1) The Population of the country: (Ceteris Paribus) All things working being equal, as the population is increasi9ng, the labour force of the country will also increase.
(2) The official working age of the country: as the span of working age is increasing, the more the labour force. For instance in Nigeria, the span for labour force is 18 and 60. In order to increase the labour force of a country the entry ages can be lower to about 16 and or increase the retirement age to say 65 years.
(3) Sex distribution of the population:where female has greater number than male, there is tendency to produce less labour force than the one with more of male. Some female may be going for maternity leave often and often, also they may choose not to work while they are still nursing their babies, all these affect the labour force.
(4) The education system/school leaving age: take Nigeria as a case of study – the educational system use to be 6-5-4 in those days but it was changed to 6-3-3-4. Sometimes back but now it is 9-3-4. This system has increased the years we spend in the school from 15 to 16 years. Also it has reduced the supply of labour force by a year. Talking of the school leaving age, all things been equal, Nigerian should not be younger than 22 years. If the starting age is lower than required it means the leaving age will be lower than required and the labour force will be increasing.
(5) Age distribution of the population: if the percentage of children in a particular country is greater, in population it can boast of greater labour force in the nearest future.
EVALUATION
- list 5 factors affecting the size of labour force
- explain 3 of them particularly age, sex and education
GENERAL EVALUATION
Objective Test
(1) Mobility of labour is not affected by
(a) Optimum size of population
(b) Marriage and family
(c) Regulation of trade union
(d) Period of training
(2) What is the effect of pursuit of higher education on the size of labour force?
(a) It makes labour force to be effective
(b) It brings higher wage rate
(c) It increase the size of labour force
(d) It reduces the size of labour force
(3) The labour force is made up of men and women between the ages of (a) 2-14 years (b) 18-60 years (c) 0-5 years (d) none of the above
(4) One major obstacle to occupational mobility of labour is
(a) the cost of retraining
(b) family ties
(c) language difficulty
(d) accommodation
(5) all the followings are the factors determining efficiency of labour except
(a) education and training
(b) technological improvement
(c) promotion
(d) punishment
Essay Questions:
(1) Explain the term mobility of labour (SSCE 1991)
(2) Explain four (4) factors affecting the size of labour force (SSCE 1991).
(3) What are the factors that serve as obstacles to occupational mobility of labour
(4) Distinguish between occupational and geographical mobilit8iy of labour
(5) Explain education as factors affecting the size of labour force
WEEKEND ASSIGNMENT
Read MELROSE ECONOMICS FOR SSS book 1 by M.A. Shittu pages 72-73
PRE-READING ASSIGNMENT
Read about Nature of the Nigerian Economy
WEEKEND ACTIVITY
Discuss how Nigeria’s land resources has contributed to its economy
REFERENCE TEXTS
(1) MELROSE ECONOMICS FOR SSS BOOK 1 by M.A. SHITTU MELROSE PUBLISHING LIMITED
(2) Amplified and simplified Economics for SSS 1,2-3. By Femi Longe ISBN.
Content
Factors affecting the Size of Labour Force, particularly the
Population Characteristics
Sub-Topic One: Factorsaffecting the Size of Labour Force
Factors affecting the labour force of a country
(1) The Population of the country: (Ceteris Paribus) All things working being equal, as the population is increasi9ng, the labour force of the country will also increase.
(2) The official working age of the country: as the span of working age is increasing, the more the labour force. For instance in Nigeria, the span for labour force is 18 and 60. In order to increase the labour force of a country the entry ages can be lower to about 16 and or increase the retirement age to say 65 years.
(3) Sex distribution of the population:where female has greater number than male, there is tendency to produce less labour force than the one with more of male. Some female may be going for maternity leave often and often, also they may choose not to work while they are still nursing their babies, all these affect the labour force.
(4) The education system/school leaving age: take Nigeria as a case of study – the educational system use to be 6-5-4 in those days but it was changed to 6-3-3-4. Sometimes back but now it is 9-3-4. This system has increased the years we spend in the school from 15 to 16 years. Also it has reduced the supply of labour force by a year. Talking of the school leaving age, all things been equal, Nigerian should not be younger than 22 years. If the starting age is lower than required it means the leaving age will be lower than required and the labour force will be increasing.
(5) Age distribution of the population: if the percentage of children in a particular country is greater, in population it can boast of greater labour force in the nearest future.
EVALUATION
- list 5 factors affecting the size of labour force
- explain 3 of them particularly age, sex and education
GENERAL EVALUATION
Objective Test
(1) Mobility of labour is not affected by
(a) Optimum size of population
(b) Marriage and family
(c) Regulation of trade union
(d) Period of training
(2) What is the effect of pursuit of higher education on the size of labour force?
(a) It makes labour force to be effective
(b) It brings higher wage rate
(c) It increase the size of labour force
(d) It reduces the size of labour force
(3) The labour force is made up of men and women between the ages of (a) 2-14 years (b) 18-60 years (c) 0-5 years (d) none of the above
(4) One major obstacle to occupational mobility of labour is
(a) the cost of retraining
(b) family ties
(c) language difficulty
(d) accommodation
(5) all the followings are the factors determining efficiency of labour except
(a) education and training
(b) technological improvement
(c) promotion
(d) punishment
Essay Questions:
(1) Explain the term mobility of labour (SSCE 1991)
(2) Explain four (4) factors affecting the size of labour force (SSCE 1991).
(3) What are the factors that serve as obstacles to occupational mobility of labour
(4) Distinguish between occupational and geographical mobilit8iy of labour
(5) Explain education as factors affecting the size of labour force
WEEKEND ASSIGNMENT
Read MELROSE ECONOMICS FOR SSS book 1 by M.A. Shittu pages 72-73
PRE-READING ASSIGNMENT
Read about Nature of the Nigerian Economy
WEEKEND ACTIVITY
Discuss how Nigeria’s land resources has contributed to its economy
REFERENCE TEXTS
(1) MELROSE ECONOMICS FOR SSS BOOK 1 by M.A. SHITTU MELROSE PUBLISHING LIMITED
(2) Amplified and simplified Economics for SSS 1,2-3. By Femi Longe ISBN.
WEEK 7
TOPIC:THE NATURE OF THE NIGERIAN ECONOMY
Content
1. General Overview of the Nigerian Economy and its
Economic potentials
2. Nature and Structure of Industries in Nigeria: Contribution of
The primary sector, the secondary sector and the Tertiary sector
Sub-Topic 1: General Overview of the Nigeria Economy
What does the word‘Economy’ means?
The word economy refers to the mechanism through which labour, land, structures, vehicles, equipment and natural resources are organized to satisfy the desire of those who live in a society.
General Overview of the Nigerian Economy
Nigerian is a richly endowed nation in terms of her physical and human resources.
a) Nigeria’s physical Endowment
a. Land
Nigeria covers about 923,768 square kilometers. About 85% of the land area is suitable for agricultural production. 12.2% is covered by forest resources while 1.4% containswater bodieswhich are richly endowed for fishery. Only about 42.3% have been put into cultivation as at 2010.
b. Natural Resources
Nigeria is also richly endowed with crude oil deposits. The crude oil reserve as at 2008 was 36.2 billion barrels, while crude oil production was 2.4 million barrel per day.
b) Human Resource
Nigeria is the most populous country in Africa and the seventh largest in the world. Her current total population is put at over 150million. The breakdown is shown in the table below.
Nigeria’s Population Structure
Description Figures
Estimated population in 2010 (millions) 158.4
Population density (per square km) in 2010 171.5
Population Growth rate (% per annum) (as at 2010) 2.50
Population aged 0-14 years in 2008 (%) 43.40
Working Population (Millions) 69.31
Female in Workforce (%) 38.70
Population aged 60+ years in 2008 (%) 9.80
Rural Population (%) 51
Source: UNDP 2010 and Internet
EVALUATION
a. Mention the items that make up Nigeria’s Physical structure.
b. What ratio of the working population is the female workforce?
Sub-Topic 2: Nature and Structure of Industries in Nigeria
The structure of Nigeria Economy refers to how resources are owned and how production, distribution and consumption are managed in Nigeria.
The Nature and structure of the three major sectors in Nigerian Economy are illustrated in the table below:
The Contribution of Primary Sector (Agriculture), Secondary Sector (Industry, Building and Construction) and Tertiary Sector (Trade and Services) to Nigeria’s Real GDP in Percentages
Sectors 1960 1980 2009
Agriculture 64.3% 20.6% 41.8%
Industry 5.8% 34.6% 20.6%
Building and Construction 4.5% 9.7% 1.9%
Wholesale and Retail Trade 12.4% 20.0% 18.2%
Services 13.0% 15.1% 17.5%
Total GDP 100% 100% 100%
Source: CBN Statistical Bulletin, 2010
The Agricultural Sector is made up of Crop Production, Livestock, Forestry and Fishery. This is still the largest source of income in Nigeria.
The Secondary sector is made up of Industry which includes Crude Petroleum and Natural Gas, Solid Minerals and Manufacturing; Building and Construction. The industrial sector is the second largest contributor to the national economy.
The Tertiary Sector is made up of Wholesale and Retail Trade, and Services which includes Transport, Communication, Utilities, Finance and Insurance, Producers of Government services and others. Wholesale and Retail Trade occupied the third position, followed by Services sector.
EVALUATION
1. Mention the various sectors that contributed to the Real GDP in 2009.
2. At what percentage did each contribute to the Real GDP
WEEKEND ASSIGNMENT
Objective Test:
1. The Agricultural sector is made of the following EXCEPT (a) livestock (b) Utilities (c) Crop Production (d) Forestry
2. Which of the following can be classified under Secondary sector of the economy (a) Animal Husbandry (b) Insurance (c) Manufacturing (d) Commercial Services
3. The contribution of Services to the Nigeria economy in terms Gross Domestic Product can be said to be (a) nose-diving (b) fluctuating (c) increasing (d) decreasing
4. The services rendered by a doctor can be categorized under (a) Primary Sector (b) Secondary Sector (c) Tertiary Sector (d) Semi-Secondary Sector
5. The second largest sector of the economy is (a) Building and Construction (b) Services (c) Trade (d) Industry
Essay Questions:
From the table below,
Description Figures
Estimated population in 2009 (millions) 154.4
Population aged 0-14 years in 2008 (%) 43.40
Working Population (Millions) 69.31
Female in Workforce (%) 38.70
Population aged 60+ years in 2008 (%) 9.80
Rural Population (%) 51
Calculate the following:
a. The Dependant population in Nigeria
b. The Ratio of the dependant population to the working population in Nigeria.
c. The number of people in the rural area.
Pre-Reading Assignment: Read about Agriculture.
References
1. Melrose Economics for Senior Secondary Schools Bk 1
2. Internet.
Content
1. General Overview of the Nigerian Economy and its
Economic potentials
2. Nature and Structure of Industries in Nigeria: Contribution of
The primary sector, the secondary sector and the Tertiary sector
Sub-Topic 1: General Overview of the Nigeria Economy
What does the word‘Economy’ means?
The word economy refers to the mechanism through which labour, land, structures, vehicles, equipment and natural resources are organized to satisfy the desire of those who live in a society.
General Overview of the Nigerian Economy
Nigerian is a richly endowed nation in terms of her physical and human resources.
a) Nigeria’s physical Endowment
a. Land
Nigeria covers about 923,768 square kilometers. About 85% of the land area is suitable for agricultural production. 12.2% is covered by forest resources while 1.4% containswater bodieswhich are richly endowed for fishery. Only about 42.3% have been put into cultivation as at 2010.
b. Natural Resources
Nigeria is also richly endowed with crude oil deposits. The crude oil reserve as at 2008 was 36.2 billion barrels, while crude oil production was 2.4 million barrel per day.
b) Human Resource
Nigeria is the most populous country in Africa and the seventh largest in the world. Her current total population is put at over 150million. The breakdown is shown in the table below.
Nigeria’s Population Structure
Description Figures
Estimated population in 2010 (millions) 158.4
Population density (per square km) in 2010 171.5
Population Growth rate (% per annum) (as at 2010) 2.50
Population aged 0-14 years in 2008 (%) 43.40
Working Population (Millions) 69.31
Female in Workforce (%) 38.70
Population aged 60+ years in 2008 (%) 9.80
Rural Population (%) 51
Source: UNDP 2010 and Internet
EVALUATION
a. Mention the items that make up Nigeria’s Physical structure.
b. What ratio of the working population is the female workforce?
Sub-Topic 2: Nature and Structure of Industries in Nigeria
The structure of Nigeria Economy refers to how resources are owned and how production, distribution and consumption are managed in Nigeria.
The Nature and structure of the three major sectors in Nigerian Economy are illustrated in the table below:
The Contribution of Primary Sector (Agriculture), Secondary Sector (Industry, Building and Construction) and Tertiary Sector (Trade and Services) to Nigeria’s Real GDP in Percentages
Sectors 1960 1980 2009
Agriculture 64.3% 20.6% 41.8%
Industry 5.8% 34.6% 20.6%
Building and Construction 4.5% 9.7% 1.9%
Wholesale and Retail Trade 12.4% 20.0% 18.2%
Services 13.0% 15.1% 17.5%
Total GDP 100% 100% 100%
Source: CBN Statistical Bulletin, 2010
The Agricultural Sector is made up of Crop Production, Livestock, Forestry and Fishery. This is still the largest source of income in Nigeria.
The Secondary sector is made up of Industry which includes Crude Petroleum and Natural Gas, Solid Minerals and Manufacturing; Building and Construction. The industrial sector is the second largest contributor to the national economy.
The Tertiary Sector is made up of Wholesale and Retail Trade, and Services which includes Transport, Communication, Utilities, Finance and Insurance, Producers of Government services and others. Wholesale and Retail Trade occupied the third position, followed by Services sector.
EVALUATION
1. Mention the various sectors that contributed to the Real GDP in 2009.
2. At what percentage did each contribute to the Real GDP
WEEKEND ASSIGNMENT
Objective Test:
1. The Agricultural sector is made of the following EXCEPT (a) livestock (b) Utilities (c) Crop Production (d) Forestry
2. Which of the following can be classified under Secondary sector of the economy (a) Animal Husbandry (b) Insurance (c) Manufacturing (d) Commercial Services
3. The contribution of Services to the Nigeria economy in terms Gross Domestic Product can be said to be (a) nose-diving (b) fluctuating (c) increasing (d) decreasing
4. The services rendered by a doctor can be categorized under (a) Primary Sector (b) Secondary Sector (c) Tertiary Sector (d) Semi-Secondary Sector
5. The second largest sector of the economy is (a) Building and Construction (b) Services (c) Trade (d) Industry
Essay Questions:
From the table below,
Description Figures
Estimated population in 2009 (millions) 154.4
Population aged 0-14 years in 2008 (%) 43.40
Working Population (Millions) 69.31
Female in Workforce (%) 38.70
Population aged 60+ years in 2008 (%) 9.80
Rural Population (%) 51
Calculate the following:
a. The Dependant population in Nigeria
b. The Ratio of the dependant population to the working population in Nigeria.
c. The number of people in the rural area.
Pre-Reading Assignment: Read about Agriculture.
References
1. Melrose Economics for Senior Secondary Schools Bk 1
2. Internet.
WEEK 8
TOPIC:AGRICULTURE
CONTENT:
(a) Definition – Meaning of Agriculture
(e) Components of agriculture
(i) Crop production (cash and food crops)
(ii) Livestock farming
(iii) Forestry
(iv) Fishing
(f) systems of Agriculture (cultivation methods)
(g) importance of agriculture to the Nigerian economy
Sub-Topic 1: Definition of Agriculture
Agriculture may be defined as the cultivation, growing and harvesting of crops and the rearing of animals purposely for food production and use of man. This use we are talking about may be in the form of shelter, food, and clothing or even raw materials for industry. In other words, Agriculture is an art involving the production of plants and animals of the use of man. It is also the disposal of crops and animals including their by-products through marketing.
EVALUATION
- Define agriculture
- Mention two products of agriculture
Sub-Topic 2: Components of agriculture
(1) Crop production: components production involves cultivation, planting and growing of food and cash crops. When we talk of crop production, it can on small or large scale basis, for consumption and for commercial purposes.
Crop production is divided into two (1) cash crops (2) food crops
Cash crops
These type of crops are produced mainly as raw materials for industries local and for export. Examples of cash crops includes cocoa, rubber, groundnut, palm kernels, cotton etc. Initially most of these crops were for export, but nowadays they are used as raw materials by local industries.
Food crops
These food crops are produced mainly for consumption and they include yam, cassava; cocoyam, maize, rice, vegetables, potatoes etc.
(2) Livestock farming
This type of farming involves rearing of animals like goats, sheep, poultry etc. Livestock is produced largely to satisfy domestic consumption. Fulani are mostly cattle rears in Nigeria – they are situated in the northern states. Livestock is a source of food for many people.
(3) Forestry
Forestry resources involve planting and management of resources from the forest such as trees for the use of man. Examples of forestry products include timbers, herbs and bush animals.
Timbers are used for manufacturing papers and for furniture. Examples of these timbers are Mahogany, Tick, Iroko etc.
(4) Fishing
This type of farming involves breeding and catching of fishes from the rivers mainly for hu7man consumption. Fishes constitute main sources of protein. Nigerian imports fish because they are yet to be sufficient in production of fish.
EVALUATION
- List the components of Agriculture
- Explain Live Stock farming
- Describe the type of crop production you know
Sub-Topic 3:Systems of Agriculture
Systems of Agriculture include:
(1) Peasant or subsistent farming
(2) Mechanization or mechanized farming
(3) Plantation farming
(4) Cooperative farming
(5) Commercial farming
(1) PEASANT/SUBSISTENCE FARMING
This type of farming referred to as the type of agriculture which is small scale farming involving the use of simple farm implements. It involves small farm holdings. Production is for both domestic consumption and for export. It is also for the consumption of the farmer and his household.
(2) MECHANISATION OR MECHANISED FARMING
This type of farming is also known as commercial farming. It involves in production of food, animals and cash crops in large quantities for commercial purposes. e.g. state farming. It also involves the use of machinery and other forms of capital such as irrigation, improved seedlings and fertilizers.
(3) PLANTATION FARMING
It is known as capital intensive system of farming. Capital in the form of machines, tools, improved seedlings and artificial plant nutrient is used.
A feature of plantation agriculture is that it is more common in the forest regions and it is mostly associated with tree crops.
(4) COOPERATIVE FARMING
These type of farming are usually carried out on large scale. It is when a number of people come together and pool their resources together in order to derive the economies of large scale production. They can obtain loan from the banks receive aids from government, organize research activities and have access to expensive farm equipment.
(5) COMMERCIAL FARMING
Commercial farming is the large scale farming involving the use of machinery and other forms of capital such as irrigation method. The system requires a large acre of land and modern outlay and modern equipment are used. The aim is to sell in large quantity and maximize profit.
EVALUATION
- List four system of Agriculture
- Explain what you understand by cooperative farming
Sub-Topic 4: Importance of Agriculture to the Nigerian economy
The roles of Agriculture to the Nigerian economy includes: -
(1) Provision of Raw materials for industry: - Agriculture provides raw materials for the use of the industries in West Africa. Some of these industries include textile industries which make use of cotton; tyre use of rubber, soap manufacturing industries which make use of palm oil and groundnut oil etc.
(2) Provision of employment: - Agriculture provides larger percent of employment for people in West Africa. Many people depend on it for their livelihood. Large number of people engages in various agricultural activities like crop farming, fishing, forestry and livestock farming.
(3) A source of food: - Agriculture involved in the provision of food for the populace. It supplies food for those in the agricultural, industrial and other sectors of the economy. These food materials include: yam, rice, plantains, beans, beef, fish etc.
(4) Source of foreign exchange: - Agriculture generates a lot of foreign exchange from export of agricultural products like cotton, rubber etc. to overseas countries.
(5) Capital formation: - Revenue is derived from agriculture and it may be a major source of saving.
EVALUATION
- List the importance of Agriculture to Nigerian economy.
- Explain how Agriculture provides employment for people.
GENERAL EVALUATION
Objective Test
1. Agriculture plays a dormant role in our country because
(a) it is the main source of energy
(b) it employs more than 50% of the total labour force
(c) it supplies all industrial inputs
(d) there are large plantations of coca, groundnut and palm oil
2. Which of the following statements is NOT true about agriculture in West Africa?
(a) Agricultural production is the basis for exercise taxes in West Africa
(b) Agriculture employs over 60% of West Africa’s population
(c) Many West African countries depend on agricultural exports for foreign exchange canings
(d) Agriculture supplies West African Industries with raw materials
(e) Agriculture provides income to West African farmers who engage in it.
3. Which of the following is NOT a component of agriculture?
(a) Crop production
(b) Fishery
(c) Forestry
(d) Livestock production
(e) Mining
4. The most dominant economic activity which employs the largest number of people in West Africa is
(a) Manufacturing
(b) Transport
(c) Government
(d) Agriculture
5. All the following are system of agriculture except
(a) Market
(b) Peasant farming
(c) Commercial farming
(d) Mechanized farming
Essay Questions
(1) What is peasant farming and commercial farming (SSCE 2013)
(2) Describe five ways in which agriculture contributes to the economic development of your country (SSCE 2013)
(3) Distinguish between cash and food crop
(4) Explain the components of Agriculture
(5) Explain why most countries in West Africa have relied heavily on imported food.
WEEKEND ASSIGNMENT
Read Amplified and simplified economics for senior secondary schools 1,2 and 3 by Femi Longe pages (143-144)
PRE-READING ASSIGNMENT
Read about the activities/functions of the Marketing Boards in Nigeria.
WEEKEND ACTIVITY
How does marketing board operate in your country? Explain.
REFERENCE TEXTS
(1) Amplified and Simplified Economics for SS 1,2,3 Longe Publishers
(2) Comprehensive certificate Economics for SSS by Aderinto and S.H. Abdulahi UNIVERSITY PRESS PLC IBADAN.
CONTENT:
(a) Definition – Meaning of Agriculture
(e) Components of agriculture
(i) Crop production (cash and food crops)
(ii) Livestock farming
(iii) Forestry
(iv) Fishing
(f) systems of Agriculture (cultivation methods)
(g) importance of agriculture to the Nigerian economy
Sub-Topic 1: Definition of Agriculture
Agriculture may be defined as the cultivation, growing and harvesting of crops and the rearing of animals purposely for food production and use of man. This use we are talking about may be in the form of shelter, food, and clothing or even raw materials for industry. In other words, Agriculture is an art involving the production of plants and animals of the use of man. It is also the disposal of crops and animals including their by-products through marketing.
EVALUATION
- Define agriculture
- Mention two products of agriculture
Sub-Topic 2: Components of agriculture
(1) Crop production: components production involves cultivation, planting and growing of food and cash crops. When we talk of crop production, it can on small or large scale basis, for consumption and for commercial purposes.
Crop production is divided into two (1) cash crops (2) food crops
Cash crops
These type of crops are produced mainly as raw materials for industries local and for export. Examples of cash crops includes cocoa, rubber, groundnut, palm kernels, cotton etc. Initially most of these crops were for export, but nowadays they are used as raw materials by local industries.
Food crops
These food crops are produced mainly for consumption and they include yam, cassava; cocoyam, maize, rice, vegetables, potatoes etc.
(2) Livestock farming
This type of farming involves rearing of animals like goats, sheep, poultry etc. Livestock is produced largely to satisfy domestic consumption. Fulani are mostly cattle rears in Nigeria – they are situated in the northern states. Livestock is a source of food for many people.
(3) Forestry
Forestry resources involve planting and management of resources from the forest such as trees for the use of man. Examples of forestry products include timbers, herbs and bush animals.
Timbers are used for manufacturing papers and for furniture. Examples of these timbers are Mahogany, Tick, Iroko etc.
(4) Fishing
This type of farming involves breeding and catching of fishes from the rivers mainly for hu7man consumption. Fishes constitute main sources of protein. Nigerian imports fish because they are yet to be sufficient in production of fish.
EVALUATION
- List the components of Agriculture
- Explain Live Stock farming
- Describe the type of crop production you know
Sub-Topic 3:Systems of Agriculture
Systems of Agriculture include:
(1) Peasant or subsistent farming
(2) Mechanization or mechanized farming
(3) Plantation farming
(4) Cooperative farming
(5) Commercial farming
(1) PEASANT/SUBSISTENCE FARMING
This type of farming referred to as the type of agriculture which is small scale farming involving the use of simple farm implements. It involves small farm holdings. Production is for both domestic consumption and for export. It is also for the consumption of the farmer and his household.
(2) MECHANISATION OR MECHANISED FARMING
This type of farming is also known as commercial farming. It involves in production of food, animals and cash crops in large quantities for commercial purposes. e.g. state farming. It also involves the use of machinery and other forms of capital such as irrigation, improved seedlings and fertilizers.
(3) PLANTATION FARMING
It is known as capital intensive system of farming. Capital in the form of machines, tools, improved seedlings and artificial plant nutrient is used.
A feature of plantation agriculture is that it is more common in the forest regions and it is mostly associated with tree crops.
(4) COOPERATIVE FARMING
These type of farming are usually carried out on large scale. It is when a number of people come together and pool their resources together in order to derive the economies of large scale production. They can obtain loan from the banks receive aids from government, organize research activities and have access to expensive farm equipment.
(5) COMMERCIAL FARMING
Commercial farming is the large scale farming involving the use of machinery and other forms of capital such as irrigation method. The system requires a large acre of land and modern outlay and modern equipment are used. The aim is to sell in large quantity and maximize profit.
EVALUATION
- List four system of Agriculture
- Explain what you understand by cooperative farming
Sub-Topic 4: Importance of Agriculture to the Nigerian economy
The roles of Agriculture to the Nigerian economy includes: -
(1) Provision of Raw materials for industry: - Agriculture provides raw materials for the use of the industries in West Africa. Some of these industries include textile industries which make use of cotton; tyre use of rubber, soap manufacturing industries which make use of palm oil and groundnut oil etc.
(2) Provision of employment: - Agriculture provides larger percent of employment for people in West Africa. Many people depend on it for their livelihood. Large number of people engages in various agricultural activities like crop farming, fishing, forestry and livestock farming.
(3) A source of food: - Agriculture involved in the provision of food for the populace. It supplies food for those in the agricultural, industrial and other sectors of the economy. These food materials include: yam, rice, plantains, beans, beef, fish etc.
(4) Source of foreign exchange: - Agriculture generates a lot of foreign exchange from export of agricultural products like cotton, rubber etc. to overseas countries.
(5) Capital formation: - Revenue is derived from agriculture and it may be a major source of saving.
EVALUATION
- List the importance of Agriculture to Nigerian economy.
- Explain how Agriculture provides employment for people.
GENERAL EVALUATION
Objective Test
1. Agriculture plays a dormant role in our country because
(a) it is the main source of energy
(b) it employs more than 50% of the total labour force
(c) it supplies all industrial inputs
(d) there are large plantations of coca, groundnut and palm oil
2. Which of the following statements is NOT true about agriculture in West Africa?
(a) Agricultural production is the basis for exercise taxes in West Africa
(b) Agriculture employs over 60% of West Africa’s population
(c) Many West African countries depend on agricultural exports for foreign exchange canings
(d) Agriculture supplies West African Industries with raw materials
(e) Agriculture provides income to West African farmers who engage in it.
3. Which of the following is NOT a component of agriculture?
(a) Crop production
(b) Fishery
(c) Forestry
(d) Livestock production
(e) Mining
4. The most dominant economic activity which employs the largest number of people in West Africa is
(a) Manufacturing
(b) Transport
(c) Government
(d) Agriculture
5. All the following are system of agriculture except
(a) Market
(b) Peasant farming
(c) Commercial farming
(d) Mechanized farming
Essay Questions
(1) What is peasant farming and commercial farming (SSCE 2013)
(2) Describe five ways in which agriculture contributes to the economic development of your country (SSCE 2013)
(3) Distinguish between cash and food crop
(4) Explain the components of Agriculture
(5) Explain why most countries in West Africa have relied heavily on imported food.
WEEKEND ASSIGNMENT
Read Amplified and simplified economics for senior secondary schools 1,2 and 3 by Femi Longe pages (143-144)
PRE-READING ASSIGNMENT
Read about the activities/functions of the Marketing Boards in Nigeria.
WEEKEND ACTIVITY
How does marketing board operate in your country? Explain.
REFERENCE TEXTS
(1) Amplified and Simplified Economics for SS 1,2,3 Longe Publishers
(2) Comprehensive certificate Economics for SSS by Aderinto and S.H. Abdulahi UNIVERSITY PRESS PLC IBADAN.
WEEK 9
TOPIC: AGRICULTURE
CONTENT: Activities of the Marketing Boards in Nigeria
Sub-Topic: - Definition and Activities of the Marketing Boards in Nigeria
Definition: - Marketing Boards
Marketing Boards are known as the organization which was established by the government to help those farmers that ware producing agricultural products in the grading, marketing, distribution and sales of their products. They usually buy materials from farmers and re sell to others in order to prevent price instability.
Functions or Activities of Marketing Board
(1) Marketing of farm produce: - It is the responsibilities of the marketing board to market farm products in order to ensure ready-made market for the farmers. They are to promote the sale of any good in the world market.
(2) Specialist services: - They carry out research projects to benefit the farmers in their farming activities. This will be of help to improve the quality of farm products.
(3) Research services: - They carry out research projects to benefit the farmers in their farming activities. This will be of help to improve the quality of farm products.
(4) Encourages the formation of cooperatives: - The board encourages the farmers to form cooperative societies among themselves to help them financially.
(5) Fixing of Price: - The board fixed prices for the products on behalf of the farmers to avoid and prevent fluctuation.
(6) Controlling Production: - The Board controls the level of products the farmer offer for sale. They give advice to farmers on the best way to control their outputs.
(7) Generates revenue for development: - Government also enjoy a lot of re3venue being generated by the marketing board. This is used for development purposes.
EVALUATION
- Explain Marketing Board
- List five activities of Marketing Board
GENERAL EVALUATION
Objective Test
1. One of the effects of marketing of export crops by private merchants in Nigeria is
(a) Poor quality control
(b) Good quality control
(c) Lack of quality control
(d) Poor pricing of commodities
(e) Poor transportation
2. The major factor that causes fluctuations in the supply of agricultural produce is
(a) High price
(b) Pest
(c) Weather variations
(d) Rural-urban migration
(e) Drought
3. Which of the following is not a contribution of agriculture to industrial development
(a) Provision of food for the industrial sector
(b) Provision of raw materials for industries
(c) Provision of funds for industrial development
(d) Release of labour to the industrial sector
(e) Supply of machinery to the industrial sector
4. All the followings are activities of the marketing board except
(a) Fixing of price
(b) Specialist service
(c) Research service
(d) Financial assistance
(e) Collection of money
5. Marketing Board rendered financial assistance to
(a) Schools
(b) Markets
(c) Churches
(d) Agricultural sector
(e) None of the above
EssayQuestions
1. Define Marketing Board
2. Explain how the marketing board carry out researches in Agricultural sector
3. Discuss the functions of Marketing Boards which were been set up to handle export crops.
4. The marketing boards were mainly concerned with the marketing of certain products – discuss.
5. Highlight the various ways in which the marketing of agricultural produce in your country be improved.
REFERENCE TEXTS
(1) Fundamental Economics for SSCE by R.A.I. Anyanwuocha. AFRICANA PUBLISHER.
(2) Comprehensive Certificate Economics for SSS by A. Aderinto and S.H. Abdulahi.
(3) Amplified and simplified Economics for SSS 1, 2 and 3. LONGE PUBLISHERS.
CONTENT: Activities of the Marketing Boards in Nigeria
Sub-Topic: - Definition and Activities of the Marketing Boards in Nigeria
Definition: - Marketing Boards
Marketing Boards are known as the organization which was established by the government to help those farmers that ware producing agricultural products in the grading, marketing, distribution and sales of their products. They usually buy materials from farmers and re sell to others in order to prevent price instability.
Functions or Activities of Marketing Board
(1) Marketing of farm produce: - It is the responsibilities of the marketing board to market farm products in order to ensure ready-made market for the farmers. They are to promote the sale of any good in the world market.
(2) Specialist services: - They carry out research projects to benefit the farmers in their farming activities. This will be of help to improve the quality of farm products.
(3) Research services: - They carry out research projects to benefit the farmers in their farming activities. This will be of help to improve the quality of farm products.
(4) Encourages the formation of cooperatives: - The board encourages the farmers to form cooperative societies among themselves to help them financially.
(5) Fixing of Price: - The board fixed prices for the products on behalf of the farmers to avoid and prevent fluctuation.
(6) Controlling Production: - The Board controls the level of products the farmer offer for sale. They give advice to farmers on the best way to control their outputs.
(7) Generates revenue for development: - Government also enjoy a lot of re3venue being generated by the marketing board. This is used for development purposes.
EVALUATION
- Explain Marketing Board
- List five activities of Marketing Board
GENERAL EVALUATION
Objective Test
1. One of the effects of marketing of export crops by private merchants in Nigeria is
(a) Poor quality control
(b) Good quality control
(c) Lack of quality control
(d) Poor pricing of commodities
(e) Poor transportation
2. The major factor that causes fluctuations in the supply of agricultural produce is
(a) High price
(b) Pest
(c) Weather variations
(d) Rural-urban migration
(e) Drought
3. Which of the following is not a contribution of agriculture to industrial development
(a) Provision of food for the industrial sector
(b) Provision of raw materials for industries
(c) Provision of funds for industrial development
(d) Release of labour to the industrial sector
(e) Supply of machinery to the industrial sector
4. All the followings are activities of the marketing board except
(a) Fixing of price
(b) Specialist service
(c) Research service
(d) Financial assistance
(e) Collection of money
5. Marketing Board rendered financial assistance to
(a) Schools
(b) Markets
(c) Churches
(d) Agricultural sector
(e) None of the above
EssayQuestions
1. Define Marketing Board
2. Explain how the marketing board carry out researches in Agricultural sector
3. Discuss the functions of Marketing Boards which were been set up to handle export crops.
4. The marketing boards were mainly concerned with the marketing of certain products – discuss.
5. Highlight the various ways in which the marketing of agricultural produce in your country be improved.
REFERENCE TEXTS
(1) Fundamental Economics for SSCE by R.A.I. Anyanwuocha. AFRICANA PUBLISHER.
(2) Comprehensive Certificate Economics for SSS by A. Aderinto and S.H. Abdulahi.
(3) Amplified and simplified Economics for SSS 1, 2 and 3. LONGE PUBLISHERS.