ECONOMICS SHS 1 SEMESTER 1 WEEK 12 Division of Labour and Specialisation in Production Imagine a production process in which one person performs every task from beginning to end. Now imagine the same process divided into several tasks, with different people responsible for different parts. What might happen to efficiency, skill and output? This leads…
ECONOMICS SHS 1 SEMESTER 1 WEEK 11 Location and Localisation of Industries Why do some industries choose particular places to establish their factories? And why do several businesses in the same or related industries sometimes become concentrated in one area? These questions lead to two related economic concepts: location of industry and localisation of industry….
ECONOMICS SHS 1 SEMESTER 1 WEEK 10 Production and Productivity Think about a carpentry workshop making chairs or a tailoring shop making dresses. Both are involved in production. But suppose one workshop produces more output using the same amount of resources as another. Which one is using its resources more efficiently? This question leads us…
ECONOMICS SHS 1 SEMESTER 1 WEEK 9 The Rewards of Factors of Production Production requires resources, but what do the owners of those resources receive in return for making them available? Economics describes these returns as rewards of the factors of production. 1. Meaning of Reward A reward is something given or received in return…
ECONOMICS SHS 1 SEMESTER 1 WEEK 8 The Factors of Production Every good or service we use requires resources to produce it. A school needs teachers, buildings and equipment. A farm needs land, labour, tools and organisation. These resources are known as the factors of production. 1. Production and Inputs Production is the process of…
ECONOMICS SHS 1 SEMESTER 1 WEEK 7 The Law of Diminishing Marginal Utility in Everyday Life Imagine that you are very thirsty and receive a glass of water. The first glass may give you a great deal of satisfaction. What happens when you drink a second glass, then a third? The satisfaction from each additional…
ECONOMICS SHS 1 SEMESTER 1 WEEK 6 The Concept of Utility Why does a glass of water feel more valuable when you are thirsty? Why might the same smartphone, meal or activity give different people different levels of satisfaction? Economics uses the concept of utility to help explain these differences in consumer behaviour and choice….
ECONOMICS SHS 1 SEMESTER 1 WEEK 5 The Law of Demand and Types of Demand Think about buying a cup of gari. If its price rises, would you normally buy the same quantity? If the price falls, would you be likely to buy more? This relationship between price and quantity demanded is the foundation of…
ECONOMICS SHS 1 SEMESTER 1 WEEK 4 The Role of Buyers and Sellers and the Concept of Demand Markets are places—physical or virtual—where buyers and sellers come together to exchange goods, services or assets. To understand how markets work, we first need to understand the people who participate in them and then examine the idea…
ECONOMICS SHS 1 SEMESTER 1 WEEK 3 Fundamental Concepts of Economics II Economic life involves constant decisions. People have wants, but the resources available to satisfy those wants are limited. This makes want, scarcity, choice, scale of preference and opportunity cost important concepts in everyday decision-making. Economic decisions also take place within different economic systems….
