Economics

ECONOMICS SHS 1 SEMESTER 1 WEEK 2 Economic Tools and Fundamental Economic Concepts Economics uses a language of words, graphs, tables, mathematics and statistical tools to describe relationships, analyse information and understand economic problems. This lesson develops two connected areas of economic thinking. First, we examine the tools economists use to communicate and analyse information….

ECONOMICS SHS 1 SEMESTER 2 WEEK 12 The Features of Domestic Trade Introduction Trade is the exchange of goods and services between individuals, businesses, countries or regions. Domestic trade refers to the exchange of goods and services within the boundaries of a country between individuals, businesses and government entities. It is an essential part of…

ECONOMICS SHS 1 SEMESTER 2 WEEK 11 The Importance of Industry to the Ghanaian Economy Introduction Industry includes activities that transform raw materials, components or resources into finished products used or consumed by individuals and businesses. Industrial activities use machinery, technology and human labour to create products on a large scale. Industries range from traditional…

ECONOMICS SHS 1 SEMESTER 2 WEEK 10 The Importance of Agriculture to the Ghanaian Economy Introduction Agriculture is one of the oldest and most fundamental human activities. It involves cultivating plants, raising animals and carrying out related activities for the production of food, fibre and other goods needed for human consumption and use. Agriculture is…

ECONOMICS SHS 1 SEMESTER 2 WEEK 9 Types of Financial Institutions Introduction Financial institutions are important organisations within an economy because they facilitate the flow of funds between individuals, businesses and governments. They provide a wide range of financial services and help connect people who have surplus funds with those who require funds for investment…

ECONOMICS SHS 1 SEMESTER 2 WEEK 8 The Concept of Money Introduction Money plays a central role in every modern economy. It facilitates the exchange of goods and services, provides a common measure of value and enables individuals, businesses and governments to carry out economic transactions efficiently. Modern economies use different forms of money, ranging…

ECONOMICS SHS 1 SEMESTER 2 WEEK 7 The Fundamental Macroeconomic Variables Introduction Macroeconomics is the branch of economics that studies the overall economy and its large-scale performance. It focuses on the behaviour and interactions of major economic aggregates. To understand how well an economy is performing, economists and policymakers rely on a number of key…

ECONOMICS SHS 1 SEMESTER 2 WEEK 6 The Economic System Introduction An economic system is the way a society organizes the ownership and control of resources and answers the fundamental economic questions of what to produce, how to produce, and for whom to produce. Different societies solve economic problems differently, and these differences give rise…

ECONOMICS SHS 1 SEMESTER 2 WEEK 5 Factors That Affect Pricing In The Economy Introduction Prices of goods and services do not occur randomly. They are influenced by several factors that affect how consumers value products and how producers determine selling prices. Three important factors that affect pricing in the economy are scarcity, durability, and…

ECONOMICS SHS 1 SEMESTER 2 WEEK 4 Price In The Economy Introduction Price is one of the most important concepts in economics because it influences the decisions of consumers, producers, investors, and governments. It serves as a signal that helps determine what goods and services should be produced, how resources should be allocated, and how…