Basic Economic Concepts - Economics (Senior Secondary)
Resources are limited while human wants remain unlimited, creating the fundamental economic problem of scarcity that necessitates choice. This course examines how individuals and societies allocate scarce resources through scale of preference, opportunity cost, and rational decision making to satisfy competing needs efficiently.
Students apply these concepts to analyse real allocation problems within Nigerian households, businesses, and government policy frameworks. Knowledge of production, distribution, and consumption enables learners to evaluate resource use efficiency in local markets and understand the trade-offs inherent in national development planning or personal financial management.
Learners will define wants, scarcity, choice, scale of preference, opportunity cost, and rationality; distinguish between production, distribution, and consumption; solve the problems of what, how, and for whom to produce; calculate opportunity cost using given data; and construct, interpret, and apply the production possibility frontier to demonstrate efficiency, inefficiency, and unattainable output combinations.
This course targets Senior Secondary students preparing for Economics examinations who require a firm grasp of foundational principles. Early university students needing revision of core concepts and vocational learners seeking practical understanding of resource allocation also benefit from this structured, syllabus-aligned content delivered without unnecessary abstraction.
$ 9.99
Enrolment valid for 12 months
This course is also part of the following learning track. You may join the track to gain comprehensive knowledge across related courses.
Economics
Economics dictates how societies allocate scarce resources to survive. This track delivers the exact principles required to pass the JAMB UTME and understand the economy of Nigeria. You study resource allocation, supply and demand, production costs, and market structures. The curriculum provides factual knowledge on national income, public finance, and international trade. You gain a practical foundation to predict market trends, manage finances, and make rational decisions in real business environments.
This programme targets senior secondary school students preparing for the JAMB UTME and final examinations. It directly serves university freshmen who require a strict review of basic economics. Young entrepreneurs starting a business in Nigeria will find the pricing principles and survival analysis highly useful. Anyone who seeks a factual grasp of economic realities and local market operations will benefit from this clear structure.
Upon completion, you will calculate price elasticity, determine market equilibrium, and interpret the graphs of production costs. You will understand the functions of financial institutions, the calculation of national wealth, and the mechanics of global commerce. This exact knowledge guarantees a high score in your examinations and provides a strong base for university studies in finance, business, or public administration. You will possess the analytical skills to evaluate government policies and navigate the realities of modern trade.
Economics
Economics dictates how societies allocate scarce resources to survive. This track delivers the exact principles required to pass the JAMB UTME and understand the economy of Nigeria. You study resource allocation, supply and demand, production costs, and market structures. The curriculum provides factual knowledge on national income, public finance, and international trade. You gain a practical foundation to predict market trends, manage finances, and make rational decisions in real business environments.
This programme targets senior secondary school students preparing for the JAMB UTME and final examinations. It directly serves university freshmen who require a strict review of basic economics. Young entrepreneurs starting a business in Nigeria will find the pricing principles and survival analysis highly useful. Anyone who seeks a factual grasp of economic realities and local market operations will benefit from this clear structure.
Upon completion, you will calculate price elasticity, determine market equilibrium, and interpret the graphs of production costs. You will understand the functions of financial institutions, the calculation of national wealth, and the mechanics of global commerce. This exact knowledge guarantees a high score in your examinations and provides a strong base for university studies in finance, business, or public administration. You will possess the analytical skills to evaluate government policies and navigate the realities of modern trade.
Economics dictates how societies allocate scarce resources to survive. This track delivers the exact principles required to pass the JAMB UTME and understand the economy of Nigeria. You study resource allocation, supply and demand, production costs, and market structures. The curriculum provides factual knowledge on national income, public finance, and international trade. You gain a practical foundation to predict market trends, manage finances, and make rational decisions in real business environments. This programme targets senior secondary school students preparing for the JAMB UTME and final examinations. It directly serves university freshmen who require a strict review of basic economics. Young entrepreneurs starting a business in Nigeria will find the pricing principles and survival analysis highly useful. Anyone who seeks a factual grasp of economic realities and local market operations will benefit from this clear structure. Upon completion, you will calculate price elasticity, determine market equilibrium, and interpret the graphs of production costs. You will understand the functions of financial institutions, the calculation of national wealth, and the mechanics of global commerce. This exact knowledge guarantees a high score in your examinations and provides a strong base for university studies in finance, business, or public administration. You will possess the analytical skills to evaluate government policies and navigate the realities of modern trade.
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Course Chapters
1. Introduction41
1. Introduction
4
1
This chapter introduces the study of Economics, outlining the foundational concepts explored throughout the course. It establishes the framework for understanding how individuals, firms, and governments navigate scarcity and choice.
You will understand the scope of Economics, identify the core concepts of wants, scarcity, and choice, and recognise the fundamental economic problem.
Concept Overviews
4 Lessons
Problem Walkthroughs
1 Lesson
2. Wants and Scarcity33
2. Wants and Scarcity
3
3
This chapter examines the nature of human wants and the concept of scarcity as the central problem in Economics. It highlights how unlimited wants and limited resources create the need for decision-making.
You will define wants and explain their characteristics, explain the concept of scarcity, and analyse the relationship between unlimited wants and limited resources.
Concept Overviews
3 Lessons
Problem Walkthroughs
3 Lessons
3. Scale of Preference32
3. Scale of Preference
3
2
This chapter introduces the concept of scale of preference as a tool for prioritising wants in the face of scarcity. It explains how individuals, firms, and governments use this tool to make rational decisions.
You will define scale of preference, construct a scale of preference, explain its importance in decision-making, and discuss the role of rationality in Economics.
Concept Overviews
3 Lessons
Problem Walkthroughs
2 Lessons
4. Opportunity Cost42
4. Opportunity Cost
4
2
This chapter explores the concept of opportunity cost as the sacrifice made when a choice is made. It highlights its relevance to individuals, firms, and governments in resource allocation.
You will define opportunity cost, calculate opportunity cost using given data, and explain its importance in decision-making.
Concept Overviews
4 Lessons
Problem Walkthroughs
2 Lessons
5. Economic Activities41
5. Economic Activities
4
1
This chapter examines the core economic activities of production, distribution, and consumption. It outlines how goods and services are created, moved through distribution channels, and used to satisfy human wants.
You will define production, distinguish between production, distribution, and consumption, and identify the roles of middlemen in the chain of distribution.
Concept Overviews
4 Lessons
Problem Walkthroughs
1 Lesson
6. Basic Economic Problems34
6. Basic Economic Problems
3
4
This chapter examines the fundamental economic problems of what, how, and for whom to produce, as well as the efficient use of resources. It highlights how societies address these problems under different economic systems.
You will identify the basic economic problems, explain how they arise, discuss the efficient use of resources, and state the goals of society in resource allocation.
Concept Overviews
3 Lessons
Problem Walkthroughs
4 Lessons
7. Production Possibility Frontier42
7. Production Possibility Frontier
4
2
This chapter introduces the production possibility frontier (PPF) as a tool for analysing resource allocation and opportunity cost. It demonstrates how the PPF illustrates efficiency, inefficiency, and unattainable output combinations.
You will define the production possibility frontier, construct and interpret a PPF, and apply it to solve economic problems.
Concept Overviews
4 Lessons
Problem Walkthroughs
2 Lessons
8. Conclusion1
8. Conclusion
1
This chapter summarises the key concepts covered in the course, reinforcing the foundational principles of Economics. It highlights the interconnectedness of wants, scarcity, choice, and resource allocation.
You will review the core concepts of Economics, consolidate your understanding of scarcity and choice, and appreciate the relevance of these concepts to real-world decision-making.
Concept Overviews
1 Lesson