Second Term Lesson Note for Week Five
Class : JSS 3
Subject : Social Studies
Topic : National Economy
Duration : 40 Minutes
Period : Single Period
Reference Book :
- Social Studies for Junior Secondary School, JSS 3.
- Lagos State Unified schemes of work for Junior Secondary Schools, JSS 1 – 3.
- Online Resources
Instructional Material : Chart showing the Nigerians Economy
Learning Objectives : By the end of the lesson learners will be able to :
i. Define National Economy
ii. Explain trade and types of trade.
iii. Describe Wholesaler and Retailer.
Content :
NATIONAL ECONOMY
National Economy can be defined as a nations financial resources and its financial managements with a view towards its production. It consist of economic agencies that takes part in production, exchange, distribution and consumption.
ECONOMIC ACTIVITIES
Examples of economic activities as trade.
Trade: it is an act of buying and selling of goods and services
Trade can be divided into two (i) Home trade (ii) Foreign trade
TRADE
Home Trade Foreign Trade
Wholesale trade Retail trade
Import Export
Home Trade: This is the trade which operates within a country. It can also be referred to as internal trade. This trade can be practised into two ways which are
(i) Wholesales trade and (ii) Retail trade.
Wholesale Trade: This involves buying of goods in large quantities from the produces and sell directly to the retailers or consumers.
The wholesaler is a trader that buys goods and sell out in large quantities.
FUNCTIONS OF WHOLESALER
He finance the producers
Re – brands the goods
Speeds up production process
Assists the producers in advertising their products
He also give information to the producers about the market
He borrow retailers money
He gives goods or credits to retailers.
RETAIL TRADE
This is the type of trade that involves sales of goods in small quantity. Retailer is a trader that buys goods in smaller quantity from the wholesaler and sells it in bits to the final consumer.
FUNCTIONS OF A RETAILER
He sells in bits to the final consumer
He proves information about the market to the wholesaler
The retailer is a link between the wholesaler and consumer
He provides after sale services
He gives credit facilities to the trusted consumer.
FOREIGN TRADE: This can be referred to as the trade across border. It is the trade between nations. E.g. Trade between Nigeria and United State of America (USA), Nigeria and Europe. Foreign trade can be divided into two :
- Import trade
- Export trade
IMPORT TRADE : It is the trade that involves movement of goods from one country into another. E.g. movement of electronics from Japan to Nigeria.
EXPORT TRADE: This is the movement of goods produced in the country to the other country that lacks the product of goods. e.g. The movement of cocoa, coffee to other part of country (USA, France Etc.)
Importance of Foreign Trade
i. It provides employment opportunity for people
ii. It makes goods available in those area/country that doesn’t produce that kind of goods
iii. It improves people skilfulness
iv. It promotes peace and unity among nations
v. It encourages economy development
vi. It gives room for a close relationship of nations
vii. It increase the standard of people.
Problems Of Foreign Trade
- Language Barrier
- Currency problem of difference
- The policies of government in different countries
- Document accusation problem
- Imposition of tarriff
Solution to the problem of international Trade
- Political stability
- There should be reduction in tariffs.
- The currency exchange rate should be regulated
- Transport network should be improved
- Loan should be granted to facilities trade
- Government policies should encourage foreign trade
- Production of goods and services should be increased
- Country’s should sign treaties and peace accord/agreement.
Evaluation :
1. What is National Economy?
2. Define Trade
3. List the two types of trade and explain.
4. Explain the wholesale trade and Retail trade
5. Foreign trade can be divided into __________________ and __________________.
6. Highlight three problems of foreign trade.
Conclusion :
The teacher summarizes the lesson and goes over it again. He marks their Note and makes necessary correction.
ASSIGNMENT :
1. State three Importance of Foreign Trade.
2. List the solutions to the problems of international trade.