Term: Second Term / Term 2
Week : Week 5
Class : Primary 5 / Basic 5 /Grade 5
Subject : Social Studies
Topic : Resources Development
Duration : 40 minutes
Previous Knowledge : Learners have been taught
Reference Materials : Social Studies for Primary Schools, Book 5., Online Resources, Scheme of work
Instructional Materials : Charts showing meaning of key words such as (Capital, loan, wealth, revenue, taxes)
Behavioural Objectives : By the end of the lesson, learners will be able to :
i. Define Capital in relation to resources development
ii. Identify sources of resources capitals abd explains
Content:
Capital is wealth in the firm of money or other valuable possessions owned by a person or organization from which future income can be made.
Sources of Capital
Capital can be made or acquired by institutions and organizations in different ways. Some of the ways are:
Government and individual
Government: The government raises capital primarily through taxes, duties and bonds. The government collects taxes from individuals and businesses through the Federal Inland Revenue Services (FIRS) board. This organization sets tax rules and guidelines. It also monitor and ensures that people pay their taxes. Government uses the tax to further develop the country by providing social services such as infrastructure (road, electricity and water supply), education and healthcare. Taxes contribute to the revenue of the country. It is a crime to try and avoid paying your taxes. The government also charges a tax calked duty exports, imports and the sale of goods.
Individuals: The individuals can acquire capital by saving their income over a period of time. People can also inherit capital left to them by relatives. Some people inherit land and property from their parents and grandparents.
An important part of an individual capital is also through securing loan.
A loan is the sum of money borrowed to be paid back within a certain period with interest. A loan can be gotten from different sources, either from bank or an individual with some conditions or terms. The loan acquired is used to start up small businesses and to acquire properties in order to make profit as well as income from it.
I
Presentation Steps:
Step I: The teacher revises the previous topic with the learners to arouse their interest.
Step II: He/ She introduces the new topic by asking, ‘ What is Capital?’
Step III: The teacher then ask the learners the sources of capital.
Step IV : He / She then explains the sources sources of wealth.
Evaluation: The teacher reviews the lesson by asking the following questions :
1. Define Capital.
2. Mention two main sources of capital.
3. ________________ is the money borrowed by an individual to be paid back with interest.
4. It is a crime to avoid paying taxes. (True / False)
Conclusion: At the end of the lesson, learners were able to answer the questions correctly.