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...”
- 00:46 “the available productive resources within the state will be owned, managed, and utilized for the satisfaction of human wants. Now if you recall our introductory class, we talked about scarcity. We talked about how we do...”
- 02:22 “with other economic systems and we'll get to discuss what is the best or what is most practical. Now we move on to still with capitalism. It says the function of regulating the economy is then achieved mainly through the...”
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.
- 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...”
- 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...”
- 25:58 “okay, over changing quantity, anything marginal, the first line is always dash, you can see, here, for the first unit is dash, so you start from the second one, very easy, even without capital it or you can do this, just...”
Channels of Distribution
This lesson covers the channels through which goods move from producers to consumers. It explains the roles of wholesalers and retailers, the functions of cooperative societies and government agencies in distribution, and identifies problems in distribution along with possible improvements.
- 14:14 “By putting their resources together and giving them self, that's financial capacity to be able to go directly to the producers to get goods in large quantities for their members' consumption. They also aid in marketing m...”
- 15:00 “government are supposed to provide storage facilities so that goods that are produced in large quantities and which are perishable can be stored and so that they are prevented from spoilage, especially agricultural produ...”
- 13:23 “the financial capacity to buy and pay immediately are given goods on credits. They give advice to members also as regards the product and services they wish to go into or deal in. They also bring products closer to membe...”
Factors of Production
The lesson covers the concept of production and its types. It explains the factors of production, division of labor, and specialization. The advantages and disadvantages of division of labor and large scale production are also discussed.
- 32:40 “economies. So the things that happen on the outside of the firm that brings about an increase in the size of the firm and increasing the outputs and reduction in cost. Whatever happens on the outside of the firm that is...”
- 33:30 “goods that is internal economies. The things that happen on the inside that brings about, what would I call it now, a shortfall to that internal, these economies. The things that happen on the outside that brings about g...”
- 01:36 “haircuts, your legal advice, your medical services and all of that, things that we can't see that are rendered towards those are services. It is important to note that production is only complete when the goods or servic...”
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...”
- 10:57 “to get those goods to be consumers are either by air, by water or by road, okay? And before those goods will be able to get to the consumer, it may be stored in our warehouse, okay? Until those goods are being needed. An...”
- 17:35 “machinery, equipment. All these things are being included as capital. Then we have reward for capital as interest. The reward for capital is world interest. Right, we have the entrepreneur. The entrepreneur is the owner...”
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.
- 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...”
- 21:07 “and make their profit and its widening markets. Exchange of culture, social cultural interaction, among the nations of the world, lead to exchange of cultural efforts and across fertilization. Cultures will be exchanged....”
Government Revenue and Expenditure
This lesson covers the classification of government revenue into revenue receipts and capital receipts. It also explains government expenditure, distinguishing between capital and recurrent expenditure. Students will learn how to prepare statements of revenue and expenditure accounts.
- 09:36 “where the expenditure is higher than the revenue what you have is a deficit. So let's look at the solution that I told you all the items of expenditure are debited to the accounts and what are those items of expenditure...”
- 11:07 “we have a balance brought forward that the balance of the revenue 3,500,500 NERA, then we have the license fees 31,750,000, 15 NERA, then fines 5,325 NERA, statutory allocation 750,000 NERA, interest on deposits 4,320, r...”
- 11:55 “for the expenditure. If we add this will not give us 4,300 and 13,000 but our revenue total will give us 4,300 and 13,500 and 30. Now when we add all the items of expenditure together and we deduct from these total it wi...”
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.
- 05:37 “So it means that the tertiary sector are majorly involved in rendering of services. They do not produce manufactured goods. What they do is that they render services, either rendered services in the process of distributi...”
- 00:00 “Good day students, my name is Mr. Balogun Abdullah, your economics teacher. The topic for today is, the nature of the Nigerian economy. At the end of this lesson, it should be able to do the following. 1. Explain the nat...”
- 06:25 “reliant on farming and extractive industries such as oil and gas to one which is making more money or GDP from manufacturing or secondary industries and more services in the tertiary sector. What this means is that both...”
Meaning and Functions of Money
The lesson covers the definition of money and its characteristics. It compares a money economy with a barter economy and identifies various types of money. The functions of money in a modern economy are also explained.
- 02:21 “what does this mean? This means that if someone has a particular commodity and is in need of another commodity, he must go in search of somebody who has the commodity that he is in need of and who also needs the commodit...”
- 00:00 “(upbeat music) - Good day, everyone. My name is Mr. Balogun Abdullah, your economic teacher. The topic for today is money. At the end of this class, you should be able to do the following. One, explain the meaning of mon...”
Public Sector Accounting: Revenue and Expenditure
This lesson covers sources of government revenue and explains terms related to public sector accounting. It classifies expenditures into capital and recurrent categories and provides examples for preparing statements of revenue and expenditure.
- 03:19 “something that is done regularly? No. So, it is more capital in nature. Purchase of Motoka is not something that is done regularly. So, it's a capital expenditure. Stationery is something that we do regularly. We use bai...”
- 04:04 “drugs is also recurrence because hospitals need drugs regularly. Purchase of incubators is not something that is done regularly. So, it's capital in nature. Salaries is recurrence in nature. Purchase of beds is also a ca...”
- 04:54 “quickly prepare the question. Like I've explained to you, statements of capital expenditure will include all those items that are capital in nature. While statements of recurrence expenditure will include items that are...”
Commercial Arithmetic: Profit and Loss
This lesson covers the concepts of profit and loss in commercial arithmetic. Students will learn to identify cost price and selling price, and how to calculate profit or loss these values. The lesson also includes calculating profit or loss in percentage.
- 00:00 “Hello, my name is Oyase. Sunday. I will be taking you mathematics JSS2 class. We're looking at an interesting topic for today. The topic is transaction in the home and offices. Transaction in the home and offices, we're...”
Revenue Types
This lesson defines revenue and explains its three main types: total revenue, average revenue, and marginal revenue. It covers how to calculate each type and their relationships to production and sales.
- 20:42 “So this is what you need to know in the rest of the world. This is where I'm going to stop my class. But before then, I need to give you an assignment in the rest of the world of that. So you go to the 1998 question in m...”
- 05:10 “So, let's get the words, the solution to these words, so this interesting question won't have to the other. Look at the board, here you have what, P is on the wall, it's first on the CR, remember the formula I give to us...”
- 01:01 “However, when you produce an item and then you sell that item, you will realize money. Is that so? Now, the total amount you have realized when you sell a commodity you have produced, that total amount realized is what w...”
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.
- 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,...”
Labour Market and Labour Force
This lesson covers the definition of the labour force and its components. It explains the concept of the labour market, including how wage rates and conditions of service are determined. The lesson also discusses the efficiency of labour in production processes.
- 05:59 “Now if the work can be broken into component parts and which will now make the work move faster, but we decide to keep it and have one worker do the work from start to finish, then we're going to have a very inefficient...”
- 02:32 “That is the defence, the industries. And when that exchange goes on, that is what we call the labour market. Like we said in our definition, it is in the labour market that we define the wage rates, how much we are going...”
- 05:05 “For example, we have chain processes. The product moves from here to this portion and this is done. When management is able to create that system where the production process is seamless, then we have an efficient labour...”
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...”
Meaning and Types of Trade
The lesson explains the concept of trade as the buying and selling of goods. It describes the types of trade, including own trade and foreign trade, and outlines the services that facilitate trade. The role of Customs and Excise in foreign trade is also discussed.
- 22:38 “So it is just a trade between two or more people and among agents, exchange of goods or services. If services such as electronic, like you have problems with your electronic device, you take it to an agent that can help...”
- 19:32 “You have to put that into the construction boat. Transport helps facilitate trade in a very, very effective and efficient manner. So, everything. It helps each trade. Organizations normally organize holidays for parents...”
- 11:03 “They need profits. They need money in exchange for this good that's been produced. So because they also bear the cost of production, yes, it is risk if the consumers do not buy. So it is efficiency in the longer. In this...”
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...”
- 10:15 “they are put in place. Now, they have to look at how it was elaborated, how it was splitted into different areas. Now, because it was splitted into different areas, from 1914 to 1922, now, they state up their own problem...”
- 17:12 “where they would now decide on what, on the decision making by the world, by the person. Now, in arousal full army political system, there was taxation. Why the evil political system? There was no taxation. Yes, in arous...”
Departmental Accounts
This lesson covers the definition and purpose of departmental accounts. It explains how to prepare these accounts to show the performance of different departments in a business. The lesson also discusses the advantages of using departmental accounts for comparison, error detection, and managerial as
- 08:00 “Then selling expenses such as bad debts, discounts, allowed, carried out words advertising will also floor area is also the basis for apportionment. Then salaries and wages, the number of staff employed or the basis givi...”
- 11:05 “If there are up to five departments, you need to create columns for each of the five departments. Because you want to compare and contrast these departments. Now, we also look at the courage involved. What's the cost of...”
Financial Institutions Overview
This lesson defines financial institutions and lists the types of banking and non-banking financial institutions. It also explains the key differences between these institutions and their functions in the economy.
- 16:05 “are financial documents to which the government can solve for loan from the public and interest repeat back when the government is paying back the loan. Bill of exchange. Call on money fund. Call on money fund is a kind...”
- 10:04 “currency. So the aid foreign exchange transaction maintenance of external reserves it helps in maintaining the external reserves of the country that is the money that the country has from or received from foreign exchang...”
- 06:38 “require them if they are able to meet their requirements. The agent of payment that they serve as agent of payments for their customers for instance those customers who have current accounts in commercial banks they just...”
Digestive System
The lesson covers the organs involved in the digestive system and the process of digestion. It explains how food is broken down, absorbed, and the role of nutrients in the body. The lesson also discusses the gastrointestinal tract and associated organs.
- 17:42 “It is the difficulty or infrequent passage of stool. In most cases increasing fiber, fluids and exercise will solve the condition of constipation. Evaluation. You are to discuss the concept of digestion and digestive sys...”
- 00:49 “food and assimilation of digested food. Students should also be able to discuss the ailment of digestive system. Digestive system. Digestion takes place the moment your food gets and meets with the saliva and then your f...”
- 01:42 “substances needed by the body. So the body needs energy and the energy is going from the nutrients received from the food that have been absorbed by the body. This is a diagram of a digestive system. Yes, the diagram of...”