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INTERNATIONAL TRADE International trade is exchange of goods and services between two or more countries. FORMS OF INTERNATIONAL TRADE 1.    Bilateral Trade: exchange involving two countries. 2.    Multi-lateral Trade: exchange involving more than two countries DIVISIONS OF INTERNATIONAL TRADE 1.    EXPORT These are goods and services sold by a country to other countries of the world. Ex. Nigeria exports crude oil to USA 2.    IMPORT These are goods and services bought by a country from abroad. Ex. Nigeria buys electronics from China or automobiles from America . Visible imports and exports: These are tangible product bought from or sold to other countries. Examples: mobile phones, automobiles. Invisible imports and Exports: These are services rendered by or to other countries. Examples: banking, tourism, shipping etc. 3.    ENTREPORT This is importing goods and services for re-exporting REASONS FOR ...

SS2 LESSON 5  NATIONAL INCOME ACCOUNTING  National income is the total amount of money earned as rents, wages, interests and profits within a country.  Or  National income is the total value of goods and services produced annually in a country.  MAJOR CONCEPTS  1. Gross Domestic Product(GDP):  The total monetary value of goods and services produced in a country by nationals or residents within a year without considering income from abroad.  2. Gross National Product (GNP):  The total monetary value of goods and services produced in a country by nationals within a year plus net income from abroad  GNP=GDP + net income from abroad – output of foreigners  3. Gross National Product at Factor Price:  Gross national product at factor cost is defined as the value of all final goods and services at market price produced within a country including net factor income from abroad ...

SS2 ECONS LESSON 4 PUBLIC FINANCE Public finance is an aspect of Economics which deals with government revenue and expenditure. An economy is the state of a country in terms of the production and consumption of goods and services and the supply of money. Government intervenes in an economy basically through: 1.      Fiscal policy(Public Finance) 2.      Monetary policy(Banking system, Central Bank and Specialized Institutions) 3.      Direct control ( This topic is only focusing on fiscal policy) FISCAL POLICY This is government’s deliberate attempt to use tax and expenditure to control economic activities. Objectives of Fiscal Policy 1.      To achieve full employment 2.      General price stability 3.      Optimal growth rate. 4.      Income re-distribution. 5.      Ef...

SS2   GOVT.LESSON 2 ELECTORAL SYSTEM Electoral system is the methods through which people elect their representatives into different political offices in government. ELECTORAL COMMISSION This is a body appointed to conduct elections in a state. In Nigeria , FEDECO (Federal Electoral Commission) was the 2 nd republic electoral body, NEC (National Electoral Commission) was the 3 rd and currently, INEC (Independent National Electoral Commission) is the electoral body since 1999.   TYPES OF ELECTORAL SYSTEM 1.   Simple Majority System:         This is also called ‘ first past the vote’ or plurality system. As in USA , Canada , and Britain , in this system, scoring the highest number of votes makes the winner. MERITS OF PLURALITY SYSTEM 1.    Simple voting 2.    Saves time and cost. 3.    It is a very easy and understandable voting system. DEMERITS OF PLURALITY...

SS1 LESSON 3                           TOOLS FOR ECONOMIC ANALYSIS        Economics uses tools like table, charts, graphs, statistical tools etc. to assume and analyze the patterns of human behavior. 1.    TABLE This is a list of facts or numbers arranged in special order usually in rows and columns. Features of Table 1.    It is very neat, simple to prepare and easy to understand 2.    Has rows and columns 3.    Shows relationship between variables 4.    Rows and Columns has titles Importance of Table 1.    It is very useful for comparison of data 2.    Data are properly arranged 3.    Easy to understand  which makes for quick decision making 4.     Shows complete summary of data 2.   CHARTS This tool presents data in diagrams and pictures. Types of Charts...