SS1 Economics Past Questions and Answers

FIRST TERM

Definitions, Scope, Importance And Methodology Of Economics
Economics As A Science
Concepts Of Wants, Scarcity, Scale Of Preference, Choice And Opportunity Cost
Graphs, Charts And Table With Relevant Examples
Measures of Central Tendencies – Meaning
Types Of Central Tendency, Merits And Demerits And Simple Application:
Price system, Demand – Meaning, Schedules, Curves, Laws
Factors Affecting Demand
Elasticity Of Demand
Supply – Meaning, Schedules, Curves, Laws
Factors Affecting Supply
Elasticity of Supply
Determinants of Equilibrium Price, Quantity And Point With Simple Applications
Definition of Production
Types of Production
Factors of Production
Meaning of Division of Labour
Specialization
Advantages, Disadvantages And Limitations of Division of Labour
Meaning of Scale of Production
Advantages And Disadvantages of Scale of Production
Definition of Economic System
Types of Economic Systems (Capitalism)
Advantages And Disadvantages of Capitalism
Types of Economic System (Socialism, Mixed economy)
Advantages And Disadvantages of Socialism And Mixed Economy

SECOND TERM

Construction of frequency distribution
Basic Economic Problems of Society
Definitions of Firms And Industry
Types And Basic Features of Business Enterprises/Organisations
General And Specific Problems of Business Enterprises
Definitions of Private And Public Companies
Characteristics of Private And Public Companies
Distinction Between Private And Public Companies
Definitions of Quoted And Unquoted Companies And Distinctions
Shares, Debentures And Bonds
Meaning of Population In Economics
Determinants And Implication of Population, Size And Growth
Theories of Population
Distribution of Population: Geographical, Age, Sex And Occupational
Importance And Problems of Census
Rural – Urban Migration
Concept of Labour Force
Efficiency And Mobility of Labour Force
Factors Affecting The Size of Labour Force Particularly The Population Characteristics
General Overview And Structure of Nigerian Economy And Its Economic Potentials
Nature And Structure of Industries In Nigeria
Contributions of The Primary, Secondary And Tertiary Sectors
Meaning of Agriculture
Components of Agriculture, Crop Production, Livestock, Forestry, Fishing
Systems of Agriculture (Cultivation Methods)
Importance of Agriculture To Nigeria Economy
Activities of Marketing Boards In Nigeria
Components of The Nigerian Mining Industry
Minerals: Types, Use And Locations
Meaning And Segments of Financial System
Features of Banking And Non-Banking Financial Institutions
Functions of Each Institution And Its Importance
Money And Capital Markets
Benefits of Capital Markets
Definition of Money
Historical Development of Money
Functions of Money
Qualities of A Good Money

THIRD TERM

Types of Money
Channels And Process of Distribution
Roles of Wholesaler
Roles of Retailer
Roles of Cooperatives
Roles of Government Agencies In Product Distribution
Problems of Distribution And Ways of Improvement
Sources of Funds For Businesses
Basic Instruments For Business Financing
Meaning And Types of Shares, Debenture And Other Securities
Problems of Business Financing In Nigeria

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