Basic Economic Problems
This lesson covers the basic economic problems faced by society, including scarcity and resource allocation. It explains different economic systems such as capitalism, socialism, and mixed economy, and how they address these problems. The role of market forces in regulating the economy is also discu
- 00:00 “Hello, welcome to this lesson. My name is Cornelius and I will be taking you economics SS1. And the topic for today is basic economic problems of society. So in this lesson, we are going to be looking at what an economic...”
- 23:54 “that while some people are building wealth, some people are not living in penalty or poverty. The next point is consumer sovereignty is protected. So, in the mixed economy, there's consumer sovereignty as opposed to a ca...”
- 20:42 “and then the private individuals also control resources and they're able to direct as well. So, we see the government and private sector playing in the mixed economy. Now, in the mixed economy, the aim is balancing centr...”
Interdependence of Nations
The lesson covers the concept of interdependence among nations and the importance of international interactions. It explains Nigeria's economic, political, and cultural interactions with other countries, as well as the advantages and disadvantages of these interactions.
- 00:49 “of Nigerian interdependence and globalization. You should be able to mention the disadvantages of interactions among nations of the world. Now, let's all see the community of nations. What do we mean by community of nati...”
- 14:02 “Non-nation is self-sufficient. No matter how industrialized a nation is, there must be something that a nation or country can need from another country. No matter how developed a country is, there is something that a nat...”
- 14:49 “So that is why there is need for interactions. When there is interaction between one country and another country, you find out that such resources can be exchanged and everything will be balanced. So other factors that m...”
Structure of the Nigerian Economy
This lesson covers the nature and structure of the Nigerian economy. It explains the primary, secondary, and tertiary sectors and their contributions to the economy. The lesson also discusses the economic activities in different geopolitical zones of Nigeria.
- 17:07 “They engage in oil palm farming, rubber farming, cassava farming, cocoa farming, etc. The major economic contribution to the Nigerian economy from this zone is the production of crude oil from this zone. So, as you can s...”
- 02:27 “That is, some parts of the businesses are owned and controlled by private individuals, which is capitalism, while other parts of the businesses and economic activities are owned and controlled by the government, which is...”
- 16:15 “state, urban state, undue state, ocean state, and or your state. The economic activities here are mostly commercial activities. There are also farming practices, including poultry farming. What this means is that commerc...”
Electoral Constituencies
This lesson covers the definition of electoral constituencies and their importance in representing the interests of people in a parliamentary system. It discusses factors that influence the delimitation of constituencies, including population density, geographical features, and cultural backgrounds.
- 04:56 “Areas which return members to the legislature? The constituency must be small enough to enable candidates to be known in a simple and genuine way. The item will be small in a way that people must know the person represen...”
- 05:45 “the candidate. It is very simple and economic because you know your candidate, at times you might not even need to spend more because you already know your electorate. Even though there's everything you might not know ev...”
- 01:47 “Population. A high density area may praise for a separate constituency even when the area is not large. There's some areas where fighting for autonomous, they want to be and they want to be a constituency of their own, t...”
ECOWAS Overview
This lesson covers the meaning of the acronym ECOWAS, which stands for Economic Community of West African States. It identifies the member countries, discusses the purpose of ECOWAS, and outlines its advantages and disadvantages, along with potential solutions to its problems.
- 01:39 “So, what is ECOWAS? You must have had about this word for ECOWAS means economic community of West African states. Look at the first word, economic. The one reason why these states are coming together is for their economi...”
- 20:33 “They must have a post. Just a amount of money is paid. Payed every month or every day to that post. So that if they are challenging, they can use it and solve it. Some nations after a time, after a while, they are not ab...”
- 13:34 “Well, let's look at the disadvantages of Ecoa's. Whatever has, whatever is good. Sometimes it will also have this other aspect. I bear disadvantages, I bear bad things about it. It creates financial burden on the richer,...”
Types of Production
This lesson defines production and explains its types, including primary, secondary, and tertiary production. It also discusses the extraction of raw materials and the transformation into finished goods.
- 11:44 “business are being reduced. We also have the transport services fed of production on environment or society. Let us see, you can equally say the importance of production in our society. One is this, it provides employmen...”
- 10:09 “house health, still work actors, house health, still work and so on and so forth. We also have people like the judges, the educationists, ambassadors, soldiers, policemen and so on and so forth. Right? We also have peopl...”
- 13:24 “erosion and pollution in our society. It improved the standard of living of the people. Of course, with aid of production, our standard of living is improved day by day. It helps to develop the society where it is locate...”
Cost of Production
This lesson covers the concept of cost in economics, focusing on the cost of production. It explains different types of costs, such as fixed and variable costs, and discusses the factors of production that contribute to overall costs.
- 04:08 “will not be paid for the usage of such land. Of course, when I like it or not, rents must be paid. On label, you can also employ a label for working for you free of charge, you need to pay them either with this or what,...”
- 05:46 “see as well money cost, that is, the actual amount spent to acquire a particular world commodity. Are we together? Then, that is the way an accountant see cost. How then does an economy see cost? To an economist, cost is...”
- 08:08 “When I forego the pen, it means that I have sacrificed the pen, in order to enable me to buy the world, the book. That pen I have forego is what economists refer to as well as opportunity calls, sacrificing the particula...”
Pre-colonial Administration Systems
This lesson covers the systems of government in the Hausa/Fulani, Igbo, and Yoruba societies before colonial rule. It explains the structure of their governments, the roles of different components, and compares the various pre-colonial administrations.
- 11:48 “Now, the law already then were not checked. Now, because the law already were not checked by other members, it was only restricted to people, to the people who were among the political units. They were the one that says...”