M I N I S T R Y O F E D U C AT I O N

Republic of Ghana

TEACHING SYLLABUS FOR ECONOMICS

(SENIOR HIGH SCHOOL 1- 3)

Enquiries and comments on this syllabus should be addressed to:

The Director
Curriculum Research and Development Division (CRDD)
P. O. Box 2739
Accra, Ghana

Tel: 0302-683668
0302-683651

September, 2010
RATIONALE FOR TEACHING ECONOMICS

People, as well as, countries have the need for more and better quality goods and services such as better food, clothing, housing, schooling, hospital care and
entertainment. These goods and services can only be obtained by the use of resources such as Land, Labour, Capital and Entrepreneurship which are scarce
relative to the demand for them, and which, therefore, need to be managed. Economics, indeed, is the study of the management of relatively scarce resources for
satisfying the needs of individuals, organizations and countries.

As a practical subject, Economics helps to provide an effective framework for individuals, firms and governments to identify their basic economic problems, and
make necessary decisions and policies for raising the living standards of people and societies. Indeed, the study of Economics helps the individual to develop skills
for managing his/her economic resources efficiently both in the family and in business. The course further equips students with the basic tools required for further
studies in the subject.

GENERAL AIMS

The syllabus is designed to help students to:

1. Acquire basic economic concepts, principles and tools for economic analysis.
2. Acquire greater understanding of the roles of consumers, businesses and governments in economic development.
3. Develop the ability to analyze the structure, and functions of commercial, agricultural, industrial and financial institutions.
4. Appreciate the economic development policies and strategies of the government and their inherent problems.
5. Understand the relationship between the Ghanaian economy and external economies in respect of trade and integration.

SCOPE OF CONTENT

The course covers the concepts and general principles of Economics at both the micro and macro levels. It provides adequate knowledge for economic
deliberations and analysis of economic issues by students who will terminate their education at the SHS level. It also provides sound foundation for those who will
wish to further their studies in Economics.

PRE-REQUISITE SKILLS AND ALLIED SUBJECTS

Core Mathematics is a necessary pre-requisite for the study of Economics. For students who will undertake advanced studies, Elective Mathematics will be very
useful. Also, subjects such as Geography, Agriculture and Social Studies enhance the study of Economics and they provide a useful background and deeper
insights.

ORGANIZATION OF THE SYLLABUS

The syllabus has been designed to cover three years of Senior High Secondary School Programme. Each year‟s work is divided into a number of sections and a
number of units for each section.

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The syllabus has been structured into a total of 18 main sections as follows:

YEAR 1
SECTIONS 1: Fundamental Concepts of Economics.
2: Factors of Production (Kinds of Resources or Inputs).
3: Economic Systems (Economies).
4: Price Theory (Demand).
5: Price Theory (Supply).

YEAR 2
SECTIONS 1: The Theory of Production
2: Prices of Factors of Production.
3: The Theory of Costs and Revenue.
4: Distributive Trade.
5: The Theory of Consumer Behaviour.
6: The National Income Accounting and Determination.
7: Agriculture and Industry.

YEAR 3
SECTIONS
1: Money and Financial Institutions.
2: Public Finance.
3: International Trade and Economic Development.
4: Economic Cooperation.
5: Economic Development Planning
6: Contemporary Economic Issues

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The Sections and Unit Topics for the three-year course are as follows:

STRUCTURE AND ORGANIZATION OF THE SYLLABUS

YEAR 1 YEAR 2 YEAR 3

SECTION 1: FUNDAMENTAL CONCEPTS IN SECTION 1: THE THEORY OF PRODUCTION SECTION 1: MONEY AND FINANCIAL
ECONOMICS INSTITUTIONS
Unit 1: Production and Productivity
Unit 1: Introductory Concepts in Economics Unit 2: Time Periods in Production; Returns to an Unit 1: Money
Unit 2: Scope of Economic Activity Input; Returns to Scale Unit 2: Characteristics of Good Money;
Unit 3: Tools of Economic Analysis Unit 3: Location and Localisation (Concentration) Functions and Forms on Money in a
of Industries Modern Economy
Unit 4: Specialization and Division of Labour Unit 3: Supply of and Demand for Money;
Unit 5: Labour Intensive & Capital Intensive Meaning and Determinants
Methods of Production Unit 4: The Value of Money
Unit 6: The Concept of Appropriate Technology in Unit 5: Financial Institutions
the LDCs Unit 6: Banking Institutions
Unit 7: Inflation-Meaning; Types; Causes and
Control.

SECTION 2: FACTORS OF PRODUCTION SECTION 2: PRICES OF FACTORS OF SECTION 2: PUBLIC FINANCE

(KINDS OF RESOURCES OR PRODUCTION
INPUTS) Unit 1: Government Activities
Unit 1: Factors Determining Demand for a Factor Unit 2: Categories of Government Expenditures
Unit 1: Land of Production Unit 3: Effects of Government Expenditure
Unit 2: Labour Unit 2: Factors Determining Supply of a Factor of Unit 4: Public/Government Revenue
Unit 3: Trade Unions and Other Related Concepts. Production Unit 5: Taxation
Unit 4: Population Unit 6: The National Budget
Unit 5: Capital Unit 7: The National Debt
Unit 6: Entrepreneurship / Enterprise

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 YEAR 1 YEAR 2 YEAR 3

SECTION 3: ECONOMIC SYSTEMS SECTION 3: THE THEORY OF COSTS AND SECTION 3: INTERNATIONAL TRADE AND
(ECONOMIES) REVENUE ECONOMIC DEVELOPMENT

Unit 1: Types; Functions; Advantages and Unit 1: The Concept of Cost of Production Unit 1: Domestic Trade and International Trade:
Disadvantages Unit 2: Cost Concepts in Production Differences
Unit 2: Unemployment Unit 3: Economies and Diseconomies of Scale Unit 2: Reasons for International Trade
Unit 4: Revenue Concepts Unit 3: Some Concepts of International Trade
Unit 5: The Concept of a Market and Market Unit 4: Problems of the LDCs and Their
Structures Solutions
Unit 6: Objectives of Firms and the Concepts of Unit 5: Arguments Against and For Free Trade
an Equilibrium of a firm and of an Industry Unit 6: Composition and Direction of External
Unit 7: Price Discrimination Trade of West African Countries
Unit 7: Exchange Rates and their Determinants

SECTION 4: PRICE THEORY (DEMAND) SECTION 4: DISTRIBUTIVE TRADE SECTION 4: ECONOMIC COOPERATION

Unit 1: The Concept of Price and Importance of Unit 1: Methods of Distribution Unit 1: Different Forms of Economic Cooperation
Prices Unit 2: Agencies and Channels of Distribution Unit 2: International Economic Organisations
Unit 2: The Concept of Demand and the Law of Unit 3: Problems of Internal Distribution
Demand
Unit 3: Types of Demand
Unit 4: Factors Determining Demand
Unit 5: The Concept and Types of Elasticity of
Demand
Unit 6: Factors Affecting Own Price Elasticity of
Demand

SECTION 5: PRICE THEORY (SUPPLY) SECTION 5: THE THEORY OF CONSUMER SECTION 5: ECONOMIC DEVELOPMENT
BEHAVIOUR PLANNING
Unit 1: The Concept of Supply and the Law of
Supply Unit 1: Utility Concepts and the Law of Unit 1: Economic Development Planning
Unit 2: Types of Supply Diminishing Marginal Utility
Unit 3: Factors Determining Supply Unit 2: The Equilibrium of a Consumer
Unit 4: The Concept of Elasticity of Supply and its Unit 3: Substitution and Income Effects
Importance
Unit 5: The Concept of an Equilibrium Price (price
Determination)
Unit 6: Introduction to Algebraic Equations of
Demand and Supply and their solutions
Unit 7: Price Controls ( Price Regulations)

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 YEAR 1 YEAR 2 YEAR 3

SECTION 6: THE NATIONAL INCOME SECTION 6: CONTEMPORARY ECONOMIC

ACCOUNTING AND DETERMINATION
ISSUES
Unit 1: Concept and Measurement Unit 1: African Growth And Opportunity Act
Unit 2: Related Concepts of National Income (AGOA)
Unit 3: Level of Living and Standard of Living Unit 2: New Partnership For Africa‟s
Unit 4: Uses and Limitations of National Income Development (NEPAD)
Unit 5: Aggregate Expenditure Unit 3: Petroleum Economics
Unit 6: Aggregate Expenditure Cont‟d
Unit 7: The Multiplier Concept and Measurement
Unit 8: The Concept of Economic Growth and
Economic Development

SECTION 7: AGRICULTURE AND INDUSTRY

Unit 1: Agriculture
Unit 2: Industrialisation

TIME ALLOCATION

Economics is allocated 6 periods a week, with 40 minutes for each period. Extra time should, however, be made available to adequately complete the syllabus in
good time.

SUGGESTIONS FOR TEACHING THE SYLLABUS

This syllabus is designed to embody concepts, principles and their applications in Economics. Teachers‟ attention is drawn to the quantitative aspects of the
syllabus and the inclusion of new topics on contemporary economic issues.

General Objectives
General Objectives (learning outcomes) have been listed at the beginning of each section. The general objectives specify the skills and objectives students should
acquire as a result of instruction in the units of a section. Read the general objectives very carefully before you plan teaching the sections. After teaching all the
units of a section go back and read the general objectives again to be sure you have covered all the objectives adequately in the course of your teaching.

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Sections and Units
The syllabus has been planned in Sections and Units. Each year‟s work has been divided into sections and within each section are a number of units. A unit
consists of a more related and homogeneous body of knowledge and skills.

Each section is structured into five columns: i) Units, ii) Specific Objectives, iii) Content, iv) Teaching and Learning Activities and v) Evaluation. A description of
the contents of each column is as follows:

Column 1: Units
The units of column 1 are divisions of the major topics of the section. Teachers are advised to follow the unit topics sequentially as presented in the syllabus.
However, teachers have the option to skip to another unit before coming back to the unit in the sequence if that encourages effective teaching and learning.

Column 2: Specific Objectives

Column 2 shows the specific objectives for each unit. The Specific Objectives are numbered with three digits such as 1.1.2. These numbers are referred to as
“Syllabus Reference Numbers” (SRN‟s). The first digit refers to the Section; the second digit refers to the Unit, while the third digit refers to the rank order of the
specific objective.

The specific objectives which are student-oriented indicate what the student will achieve at the end of each unit.

Column 3: Content
The content in column 3 presents a selected body of information that you will need to use in teaching the particular unit.

Column 4: Teaching and Learning Activities (T/LA)

Teaching and Learning Activities (T/LA) that will ensure maximum student participation in the lessons are presented in Column 4. The teacher must emphasize
participatory teaching and learning. This implies that students should be encouraged to acquire the habit of analytical thinking, problem-solving attitudes and the
capacity for applying their knowledge in dealing with economic issues both in and out of school.

The teacher is also encouraged to adopt other teaching and learning activities that will optimize student learning.

Column 5: Evaluation
Suggestions and exercises for evaluating the lessons of each unit are indicated in Column 5. Evaluation exercises take the form of oral questions, quizzes, class
assignments, essays, structured questions, data-response questions, project work, terminal tests, etc.
PROFILE DIMENSIONS

A „dimension‟ is a psychological unit for describing a particular learning behavior. More than one dimension constitutes a profile of dimensions. A specific
objective such as follows: “The student will be able to describe…..” etc., contains an action verb “describe” that indicates what the student will be able to do after
teaching has taken place. Being able to “describe” something after the instruction has been completed means that the student has acquired “knowledge”. Being
able to explain, summarize, give examples, etc. means that the student has understood the lesson taught. Similarly, being able to develop, plan, construct, etc.
means that the student has learnt to create, innovate or synthesize knowledge. You will note that each of the specific objectives in this syllabus contains an “action
verb” that describes the behavior the student will be able to demonstrate after the instruction. “Knowledge”, “Application”, etc. are dimensions that should be the
prime focus of teaching and learning in schools. Instruction in most cases has tended to stress knowledge acquisition to the detriment of other higher level
behaviours such as application, analysis, etc. The importance of learning is to enable the student to apply knowledge, develop analytical skills and use knowledge
in a variety of ways. Each action verb indicates the underlying profile dimension of each particular specific objective. Read each objective carefully to know the
profile dimension toward which you have to teach.

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In Economics the two profile dimensions that have been specified for teaching, learning and testing are:

Knowledge and Understanding 45%

Application of Knowledge 55%

Each of the dimensions has been given a percentage weight that should be reflected in teaching, learning and testing. The weights indicated on the right of the
dimensions, show the relative emphasis that the teacher should give in the teaching, learning and testing processes. The focus of this syllabus is to get students
not only to acquire knowledge but also to understand what they have learnt and apply them practically.

The explanation and key words involved in each of the dimensions are as follows:

Knowledge and Understanding (KU)

Knowledge The ability to: remember, recall, identify, define, describe, list, name, match, state principles, facts and concepts. Knowledge is simply the
ability to remember or recall material already learned and constitutes the lowest level of learning.

Understanding The ability to explain, summarize, translate, rewrite, paraphrase, give examples, generalize, estimate or predict consequences based
upon a trend. Understanding is generally the ability to grasp the meaning of some material that may be verbal, pictorial, or symbolic.

Application of Knowledge (AK)

The ability to use knowledge or apply knowledge, as implied in this syllabus, has a number of learning/behavior levels. These levels include application, analysis,
creativity or innovation, and evaluation. These may be considered and taught separately, paying attention to reflect each of them equally in your teaching. The
dimension “Application of Knowledge” is a summary dimension for all four learning levels. Details of each of the four sub-levels are as follows:

Application The ability to apply rules, methods, principles, theories, etc. to concrete situations that are new and unfamiliar. It also involves the ability to
produce, solve, operate, demonstrate, discover, etc.

Analysis The ability to break down a piece of material into its component parts; to differentiate, compare, distinguish, outline, separate, identify significant
points, etc., recognize unstated assumptions and logical fallacies, recognize inferences from facts, etc. Analytical ability underlies discriminatory
thinking.

Innovation/Creativity The ability to

put parts together to form a new whole. It involves the ability to synthesize, combine, compile, compose, devise, suggest a new idea or
possible ways, plan, revise, design, organize, create, and generate new solutions. The ability to create or innovate is the highest form of
learning. The world becomes more comfortable because some people, based on their learning, generate new ideas, design and create
new things.

Evaluation The ability to:

appraise, compare features of different things and make comments or judgments, contrast, criticize, justify, support, discuss, conclude,
make recommendations etc. Evaluation refers to the ability to judge the worth or value of some materials, ideas etc., based on some
criteria. Evaluation is a constant decision making activity. We generally compare, appraise and select throughout the day. Every decision
we make involves evaluation. Evaluation is a high level ability just as application, analysis and innovation or creativity since it goes beyond
simple knowledge acquisition and understanding.

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FORM OF ASSESSMENT
It must be emphasized again that it is important that both instruction and assessment be based on the profile dimensions of the subject. In developing assessment
procedures, select specific objectives in such a way that you will be able to assess a representative sample of the syllabus objectives. Each specific objective in
the syllabus is considered a criterion to be achieved by the student. When you develop a test that consists of items or questions that are based on a
representative sample of the specific objectives taught, the test is referred to as a “Criterion-Referenced Test”. In many cases, a teacher cannot test all the
objectives taught in a term, in a year, etc. The assessment procedure you use i.e. class tests, home work, projects, etc. must be developed in such a way that it
will consist of a sample of the important objectives taught over a period.

The example below shows an examination consisting of two papers, Paper 1 and Paper 2. School Based Assessment (SBA) has been added to the structure.
Paper 1 will usually be an objective-type paper; Paper 2 will consist of data-response questions and structured questions; and the SBA will consist of an
aggregation of marks over a number of assignments. The distribution of marks for the objective test items and the essay type questions in the two papers should
be in line with the weights of the profile dimensions already indicated and as shown in the last column of the table below.

The West African Examinations Council (WAEC) generally sets about 50 objective test items at the WASSCE. Emulate this by developing an objective test paper
that consists of 50 items. Paper 2 could consist of some data-response questions, and structured questions. In general, let students answer one of the data-
questions (questions 1 and 2) in Paper 2A and four questions from a list of 3 – 10 questions in Paper 2B.

In the sample assessment structure presented on the next page, Paper 1 is marked out of 50; Paper 2A is marked out of 20 and Paper 2B is marked out of 80.
The SBA is marked out of 65. The total marks for the examination is 215. Depending on the school‟s examination and marking system, you could use a total mark
convenient to the teacher and the school. Bear in mind of course, that using a different total mark will change the mark allocations for the test papers, etc.

The last row shows the weight of the marks allocated to each of the three test components. The two papers and the SBA are weighted differently. Paper 1, the
objective test paper has a weight of 23% in the examination. Paper 2 is a more intellectually demanding paper and the two sections A and B are together weighted
46% of the total marks. Paper 2 especially Section B is designed to test more of “Application of knowledge”. The SBA is weighted 30% as required.

DISTRIBUTION OF EXAMINATION PAPER WEIGHTS AND MARKS

Paper 1 Paper 2 SBA Total % Weight of

Dimensions Marks Dimensions
(Objective
Paper) Section A: Section B:
Data Essays
Response

Knowledge and 30 20 20 25 95 45
Understanding
Application of
Knowledge 20 - 60 40 120 55
-
Total Marks 50 20 80 65 215

% Contribution of 23 9 37 30 - 100
Exam Papers and SBA

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The numbers in the cells indicate the marks to be allocated to the items/questions that test each of the dimensions within the respective papers.

The last but one column shows the total marks allocated to each of the dimensions. The numbers in this column are additions of the numbers in the cells and they
agree with the profile dimension weights indicated in the last column. Of the total marks of 215, the 95 marks for Knowledge and Understanding is approximately
equal to the profile dimension weight of 45%. The 120 marks for “Application of knowledge” is approximately to 55% of the total marks and the profile dimension
weight.

Item Bank
Obviously the structure of assessment recommended in this syllabus will need a lot of work on the part of the teacher. In preparation for setting examination
papers, try to develop an item bank. The term “item bank” is a general term for a pool of objective items, a pool of essay structured questions and data-response
questions. As you teach the subject, try to write objective test items, structured questions and data-response questions to fit selected specific objectives which you
consider important to be tested. Randomly select from the item bank to compose the test papers. Select with replacement. This means, as items/ questions are
selected for testing, new ones have to be written to replace those items/questions already used in examinations. Items already needed in examinations may also
be modified and stored in the item bank.

An important issue in the preparation for a major examination such as the WASSSCE, is the issue of test wiseness. To be testwise, means that the student knows
the mechanics for taking a test. These mechanics include writing your index number and other particulars accurately and quickly on the answer paper; reading all
questions before selecting the best questions to answer; apportioning equal time to each question or spending more time on questions that carry more marks;
making notes on each question attempted before writing the answer, leaving extra time to read over one‟s work; finally checking to see that the personal
particulars supplied on the answer sheet are accurate. Some good students sometimes fail to do well in major examinations because of weakness in the
mechanics of test taking; because they are not test wise. Take your final year students through these necessary mechanics so that their performance in major
examinations may not be flawed by the slightest weakness in test taking.

GUIDELINES FOR SCHOOL-BASED ASSESSMENT (SBA)

A new School Based Assessment system (SBA) will be introduced into the school system in 2011. The new SBA system is designed to provide schools with an
internal assessment system that will help schools to achieve the following purposes:

o Standardize the practice of internal school-based assessment in all Senior High Schools in the country
o Provide reduced assessment tasks for subjects studied at SHS
o Provide teachers with guidelines for constructing assessment items/questions and other assessment tasks
o Introduce standards of achievement in each subject and in each SHS class
o Provide guidance in marking and grading of test items/questions and other assessment tasks
o Introduce a system of moderation that will ensure accuracy and reliability of teachers‟ marks
o Provide teachers with advice on how to conduct remedial instruction on difficult areas of the syllabus to improve
class performance.

The arrangement for SBA may be grouped in categories as follows: Project, Mid-Term test, Group Exercise and End of Term Examination.

1. Project: This will consist of a selected topic to be carried out by groups of students for a year. Segments of the project will be carried out each term toward
the final project completion at the end of the year. Projects may comprise the following:

i. Case Study
ii. Practical work

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 2. Mid-Term Test: The mid-term test following a prescribed format will form part of the SBA

3. Group Exercise: This will consist of written assignments or practical work on a topic(s) considered important or complicated in the term‟s syllabus

4. End-of-Tem Examination: The end-of-term test is a summative assessment system and should consist of the knowledge and skills students have acquired
in the term. The end-of-term test for Term 3 for example, should be composed of items/questions based on the specific objectives studied over the three
terms, using a different weighting system such as to reflect the importance of the work done in each term in appropriate proportions. For example, a
teacher may build an End-of-Term 3 test in such a way that it would consist of the 20% of the objectives studied in Term 1, 20% of objectives studied in
Term 2 and 60% of the objectives studied in Term 3.

GRADING PROCEDURE

To improve assessment and grading and also introduce uniformity in schools, it is recommended that schools adopt the following WASSCE grade structure for
assigning grades on students‟ test results. The WASSCE structure is as follows:

Grade A1: 80 - 100% - Excellent

Grade B2: 70 - 79% - Very Good
Grade B3: 60 - 69% - Good
Grade C4: 55 - 59% - Credit
Grade C5: 50 - 54% - Credit
Grade C6: 45 - 49% - Credit
Grade D7: 40 - 44% - Pass
Grade D8: 35 - 39% - Pass
Grade F9: 34% and below - Fail

In assigning grades to students‟ test results, you are encouraged to apply the above grade boundaries and the descriptors which indicate the meaning of each
grade. The grade boundaries i.e., 60-69%, 50-54% etc., are the grade cut-off scores. For instance, the grade cut-off score for B2 grade is 70-79% in the example.
When you adopt a fixed cut-off score grading system as in this example, you are using the criterion-referenced grading system. By this system a student must
make a specified score to be awarded the requisite grade. This system of grading challenges students to study harder to earn better grades. It is hence a very
useful system for grading achievement tests.

Always remember to develop and use a marking scheme for marking your class examination scripts. A marking scheme consists of the points for the best answer
you expect for each question, and the marks allocated for each point raised by the student as well as the total marks for the question. For instance, if a question
carries 20 marks and you expect 6 points in the best answer, you could allocate 3 marks or part of it (depending upon the quality of the points raised by the
student) to each point , hence totaling 18 marks, and then give the remaining 2 marks or part of it for organization of answer. For objective test papers you m ay
develop an answer key to speed up the marking.

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 LIST OF MAIN TOPICS ARRANGED YEAR BY YEAR

YEAR 1
SECTION 1
FUNDAMENTAL CONCEPTS IN ECONOMICS
UNIT 1: Introductory Concepts: Scarcity; Choice; Including Scale of Preference and Opportunity Cost; Definition of Economics.

UNIT 2: Scope of Economic Activity – Production and Distribution

Classification of Economic Activity – Primary; Secondary; Tertiary and Their Inter-relationships.
Contribution of the Sectors in Terms of Output/Income; Employment; Savings and Foreign Exchange.

UNIT 3: Tools of Economic Analysis – Tables; Graphs and Charts (Bar, Line and Pie Charts and Pictograms)
Some Basic Statistical Measures: Arithmetic Mean; Median and Mode.

SECTION 2
FACTORS OF PRODUCTION (KINDS OF RESOURCES OR INPUTS)

UNIT 1: Land - Meaning; Characteristics; Importance and Problems of Land.

UNIT 2: Labour - Meaning (Mental and Physical Effort); Types (Skilled and Unskilled); Difference between the Labour Force and Supply of Labour; Factors
Affecting Supply of Labour; Efficiency of Labour and Its Determinants.

UNIT 3: Trade Unions and Other Related Concepts:- Employers Associations, Government Policies and Their Effects on Labour Efficiency and Wage Rates;
Mobility of Labour (Geographical and Occupational Mobility – Meaning and Factors)

UNIT 4: Population – Size and Measurement of Population (Census); Purposes and Problems of a Census; The Growth of Population (Birth Rate, Death Rate
and Natural Growth Rate, Net Migration) Demographic Transition Theory; Meaning of Youthful and Ageing Population; Causes and Effects on the
Economy. Malthusian Principle of Population Growth; Under population, Optimum Population and Overpopulation.
Structure of Population (Age, Sex and Occupational Structure; Geographical Distribution of Population); Internal Migration (Rural-Urban, Rural – Rural,
Urban – Urban, Urban – Rural); Causes, Problems and Remedies.

UNIT 5: Capital – Meaning, Types; Importance and Characteristics of Capital Assets; Sources of Capital: Internal:- Personal Savings, Government Savings;
Business Savings, Loans. External:- Foreign Aid (Grants, Loans, Technical Aid); Portfolio Investments; Direct Investments; Joint Ventures and Loans.
Reasons for Shortage of Capital in Less Developed Countries (LDCs).

UNIT 6: Entrepreneurship/Enterprise - Meaning; Importance (i.e. Functions); Reasons for the Shortage of Entrepreneurship in the LDCs; Reasons for Government
Entrepreneurship; Problems of Government as an Entrepreneur in the LDCs. Types of Business Units for Mobilizing Resources (Sole Proprietorship;
Partnership etc.); Features; Advantages and Disadvantages. Reasons for the Establishment and Failure of SOEs; Solutions to Their Problems; Including
Privatization (Divestiture) and Commercialisation; Indigenisation and Nationalisation.

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 SECTION 3
ECONOMIC SYSTEMS (ECONOMIES)

UNIT 1: Meaning; Criteria for Identifying Economic Systems; Types; Functions of Economic Systems (What to Produce; How to Produce etc); How the Functions
are Performed Under the Various Economic Systems. Advantages and Disadvantages of the Various Economic Systems.

UNIT 2: Unemployment and Underemployment – Meanings; Types of Unemployment (Structural; Frictional Seasonal; etc); Causes and Remedies.

SECTION 4
PRICE THEORY (DEMAND)
UNIT 1: i) Definition of Price; Importance of Prices to Producers and Consumers in Decision Making; ii) Other Methods of Determining Prices –
Bargaining/Haggling/Higgling, Auctioning; Tender; iii) Determination of Prices of Goods and Services Under Free
and Regulated Markets.

UNIT 2: Demand: Meaning of Demand and the Law of Demand; Demand Schedule and Curve;

UNIT 3: Types of Demand: Derived Demand; Composite Demand; Joint/Complementary Demand; Competitive Demand.

UNIT 4: Factors Determining the Demand for Goods and Services:-

(i) Price, (ii) Demand Conditions - (Prices of Other Commodities; Income; Tastes; Price Expectations etc.). The Difference Between a Change in
Demand and a Change in Quantity Demanded; Exceptional Demand Curves; Reasons for Exceptional Demand Curves.

UNIT 5: The Concept of Elasticity of Demand. Types of Elasticity of Demand and Their Measurements: i) Price Elasticity of Demand, ii) Income Elasticity of
Demand, iii) Cross Elasticity of Demand

UNIT 6: Factors Affecting Own Price Elasticity of Demand. Importance of the Various Types of Elasticity to Consumers, Producers and the Government.

SECTION 5
PRICE THEORY (SUPPLY)

UNIT 1: Supply: Meaning of Supply and the Law of Supply; Supply Schedule and Curves; Exceptional Supply Curves; Reasons for Exceptional Supply Curves.

UNIT 2: Types of Supply – Composite, Complementary/Joint, Competitive.

UNIT 3: Factors Determining Supply: i) Price; ii) Conditions of Supply; (Input Prices, Technology; Prices of Other Commodities; Climatic Factors etc.) The
Difference Between a Change In Supply and a Change in Quantity Supplied.

UNIT 4: Elasticity of Supply; Concept and Measurement; Factors Affecting Price Elasticity of Supply. Importance of Price Elasticity of Supply to Producers
and Governments.

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UNIT 5: Determination of Prices and Quantities and Changes in Them

UNIT 6: Introduction to Algebraic Equations on Demand and Supply and Their Solutions.

UNIT 7: Price Controls: (a) Maximum Price Control – Meaning and Problems (b) Minimum Price Control – Meaning and Problems.

YEAR 2
SECTION 1
THE THEORY OF PRODUCTION

UNIT 1: The Concept of Production and Productivity: – Meaning of Total Product (TP), Average Product (AP) and Marginal Product (MP); Factors Affecting
Productivity in Agriculture and Industry.

UNIT 2: Time Periods in Production: – The Market Period; Short run, Long Run and the Longer Run (Secular Period). The Law of Diminishing Returns (the Law of
Variable Proportions) Associated with the Short Run. Relationship Between MP, TP and AP. Economic and Uneconomic Stages of Production.

UNIT 3: The Scale of Production:- Meaning; Returns to Scale: – Increasing, Constant and Decreasing (Associated with the Long Run).

UNIT 4: Location of Industries: - Meaning; Factors Affecting Location of Industries; Reasons why Industries Tend to be Sited in Urban Areas; Reasons why
Industries should be Sited in the Rural Areas. Localization (Concentration) of Industries: Meaning; Advantages and Disadvantages of Localization of
Industries (External Economics and Diseconomies of Scale).

UNIT 5: Specialization and Division of Labour – Meanings, Advantages and Disadvantages.

UNIT 6: Labour Intensive and Capital Intensive Methods of Production (Choice Depends on Input Productivities and Prices)

UNIT 7: The Concept of Appropriate Technology in the LDCs.

SECTION 2
PRICES OF FACTORS OF PRODUCTION

UNIT 1: (a) Factors Determining the Demand for a Factor of Production:

(i) Price of the Factor (ii) Demand Conditions of the Factor – Marginal Revenue Productivity (the Price of the Output and the Marginal Physical Product of
the Factor). A Change in the Demand for a Factor of Production: Meaning; Graphical Representation.

UNIT 2: (b) Factors Determining the Supply of a Factor of Production;

(i) The Price of the Factor (ii) Supply Conditions (e.g. Conditions of Service; Period of Education); A Change in the Supply of a Factor of Production:
Meaning; Graphical Representation.

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 SECTION 3
THE THEORY OF COSTS AND REVENUE

UNIT 1: The Concept of Cost of Production:– Meaning; Difference between Private/Accounting Cost Including Explicit and Implicit Cost and Social/Opportunity
Cost.

UNIT 2: Cost Concepts in Production – (a) Short-Run Costs – Fixed Cost, Variable Cost; Total Cost; Average Cost; Average Fixed Cost; Average Variable Cost
and Marginal Cost. The Relationship between Them; Long-Run Costs; Internal Economies and Diseconomies in Agriculture and Industry (Technical,
Managerial etc); Factors Determining the Size of Firms (e.g. Size of Market, Availability of Capital).

UNIT 3: Revenue Concepts – Average Revenue; Marginal Revenue and Total Revenue; Relationship between Them.

UNIT 4: Concept of a Market; Market Structures: - Characteristics of the Various Market Structures – (a) Perfect Competition (b) Monopoly (c) Imperfect
Competition (Monopolistic Competition;). Their Advantages and Disadvantages. Sources of Monopoly Power; Control of Monopoly.

UNIT 5: Objectives of Firms (e.g. Profit Maximization; Increase in Size of Firm). Concept of the Equilibrium of a Firm. Short Run Equilibrium of the Firm Under the
Various Market Structures. The Loss Minimising Firm. The Concept of an Equilibrium of an Industry.

UNIT 6: Price Discrimination – Meaning; Possibility; Profitability.

SECTION 4
DISTRIBUTIVE TRADE

UNIT 1: Methods of Distribution: – Price System and Rationing and Their Problems.

UNIT 2: Agencies of Distribution: – Private; Government; Co-operatives. Channels of Distribution: – Producer; Wholesaler; Retailer. Functions of the Wholesaler
to the Manufacturer and to the Retailer. Functions of the Retailer to the Consumer and the Wholesaler.

UNIT 3: Problems of Internal Distribution of Agricultural Produce and Industrial Products in Ghana and their Remedies.
SECTION 5
THE THEORY OF CONSUMER BEHAVIOUR

UNIT 1: The Utility Concepts and the Law of Diminishing marginal Utility: – Marginal Utility; Average Utility and Total Utility and Their Relationships.

UNIT 2: The Concept of an Equilibrium of a Consumer. The Conditions for the Equilibrium of the Consumer:
(a) The Case of a Single Commodity (Assumptions that (i) Utility is Measured in Utils (ii) Utility is Measured in Money Terms) (b) The Case of Two
Commodities. The Paradox of Value. The Effect of a Change in Price on the Equilibrium of a Consumer. Why a Consumer Will Normally Buy More at a
Lower Price. The Concept of Consumer Surplus – Use Marginal Utility Curve and the Demand Curve.

UNIT 3: The Concept of a Substitution Effect and an Income Effect of a Change in Price. (The Analysis of The Effects of a Change in Price on Consumer
Equilibrium). Use Indifference Curves. (Note: The Properties of Indifference Curves need not be taught).

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 SECTION 6
THE NATIONAL INCOME ACCOUNTING AND DETERMINATION
UNIT 1: Concept of National Income; The Circular Flow of National Income; Measurement of National Income: Output/Product; Income and Expenditure
Approaches and their Problems.

UNIT 2: Gross Domestic Product (GDP) And Related Concepts; Gross National Product (GNP); Net National Product (NNP) and Their Relationships. Conversion
of Nominal Income into Real Income (Deflating).
UNIT 3: The Concept of the Level of Living and the Standard of Living. The Concept of Per Capita Income.

UNIT 4: Use and Limitations of National Income Data as Basis for Inter-Temporal and International Comparison of Levels of Living. Other Uses of National Income
Data.
UNIT 5: Meaning And Importance, The Components of Total Expenditure, Consumption, The Consumption Function, The Shape of The Consumption Function,
The Marginal Propensity to Consume (MPC), The savings function, The Shape of the savings function, The Marginal Propensity to Save (MPS)

UNIT 6: Aggregate Expenditure Cont‟d: Investment: Meaning; Autonomous and Induced and Their its Functions; (ii) Government Expenditure (iv) Net Exports:
Meaning; Equilibrium National Income: Meaning; Graphical Representation (a) Total Income/total Expenditure Approach (b) Savings and Investment
Approach. Changes in the Components of Aggregate Expenditure and Their Effects on Equilibrium National Income and Employment.

UNIT 7: The Multiplier: Concept and Measurement. The Multiplier in Open and Closed Economies (with and Without Government Taxation).
UNIT 8: The Concepts of Economic Growth and Economic Development; Features of the LDC‟s. Why some Countries Have Higher National Incomes than Others.
Why Some Countries Have Higher National Income Growth Rates than Others.

SECTION 7
AGRICULTURE AND INDUSTRY

UNIT 1: Agriculture: Systems of Agriculture (Peasant; Commercial) and Their Relative Contribution to Food; Industrial Raw Materials; Employment; Foreign
Exchange. Types of Agricultural Production in Ghana; e.g. Food Crops; Export Crops; Problems of Agriculture - e.g. i) Supply Problem, Such As Lack of
Credit Facilities; ii) Demand Problem, Such As Transportation and Storage; Remedies. Importance of Agriculture to contribution to National Income,
Foreign Exchange, Government Revenue, Industry and Food Supply.

UNIT 2: Industrialisation: The Concept of Industrialisation; Meaning; Types - Cottage industries, Light Industries, Heavy Industries; Strategies of Industrialisation
(Processing, Import Substitution, Export-led); Importance of Industrialisation (Contribution to National Income; Employment etc.) Problems i) Supply – e.g.
Inadequate Capital and Raw Materials etc. ii) Demand – e.g. Low Income and Competition from Cheap Imports etc. (iii) Others: Political Instability and
Bad Government Policies); Solutions. Ways / Methods of Encouraging Industrialization in Ghana (Protecting Infant Industries; Creating Industrial Estates
etc.) The Link between Agricultural and Industrial Development; Public Policy Towards Agricultural and Industrial Development in Ghana.

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 YEAR 3
SECTION 1
MONEY AND FINANCIAL INSTITUTIONS

UNIT 1: Money: Definition; Historical Development of Money;

UNIT 2: Characteristics of Good Money; Functions of Money;
UNIT 3: Supply of Money: Meaning; Forms of Money in a Modern Economy (M o, M1, M2); Determinants of Supply of Money. Demand for Money: Meaning;
Motives for Holding Money and Their Determinants.
UNIT 4: The Value of Money: Meaning; Determinants; Measurement of Changes in The Value of Money.

UNIT 5: Financial Institutions: Money Markets:– Meaning; Capital Markets:– Meaning.

UNIT 6: Banking Institutions: Commercial Banks; Their Functions and Roles in Economic Development; How Commercial Banks Create Credit; Micro Finance
Institutions; Traditional Institutions (“Susu”) Central Bank; Their Functions, including Roles in Economic Development.
UNIT 7: Inflation: Meaning; Types; Causes of Inflation in LDCs; Effects of Inflation; Control of Inflation.

SECTION 2
PUBLIC FINANCE

UNIT 1: Government Activities: The Need for Government Activities (Objectives of Public Finance e.g. (i) Protection of Life and Property (ii) Stabilizing The
Economy; (ii) Improving Economic Efficiency).

UNIT 2: Categories of Government Expenditure (Central and Local Governments) – Composition or Structure ((i) General Administration e.g. Civil Service;
Armed Forces; (ii) Economic Services e.g. Agriculture and Industry; (iii) Social Services e.g. Infrastructural Facilities; Education; (iv) Transfer
Services e.g. Servicing of Public Debt, Payment to Pensioners)

UNIT 3: Effects of Government Expenditure on (i) Level of National Income and Employment (ii) Distribution of Income (iii) Allocation of Resources

UNIT 4: Public/Government Revenue: Sources – (a) Recurrent/Regular Sources e.g. Taxation, Royalties, Income from Government Activities etc. (b) Capital
Sources e.g. Loans and Grants

UNIT 5: Taxation: - Types (Direct and Indirect); Objectives of Direct and Indirect Taxes; Merits and Demerits of Direct and Indirect Taxes; Incidence of
Taxes; the effects of price elasticity of demand on the incidence of taxes; Rates of Taxation (Proportional; Progressive; Regressive);
Principles/Canons of Taxation.

UNIT 6: The National Budget: Definition; Concept of Budget Balance – Budget Surplus; Budget Deficit; Balanced Budget; Purpose (e.g. Control Inflation,
Check a Deflation etc.); Division of Government Expenditure into recurrent and capital expenditure; Importance of Recurrent and Capital
Expenditures.

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UNIT 7: The National Debt: (i) Internal Debt and (ii) External Debt; Their Meanings; Types of Public Debts (Short and Long Term).
Reasons Why Governments Borrow From Internal and External Sources. Sources of (i) Internal Borrowing e.g. Banks and The Public (ii) External
Borrowing; e.g. Foreign Government; International Financial Organisations, Such As The World Bank and The IMF. Effects of The National Debt
(Internal and External); Debt Servicing: Meaning;
UNIT 8: Fiscal Policies: Meaning; Tools and Effect on Income and Employment.

SECTION 3
INTERNATIONAL TRADE

UNT 1: Differences Between Domestic (Internal) Trade and International (Foreign) Trade.
UNIT 2: Reasons for International Trade e.g. Uneven Distribution of Natural Resources, Differences in Efficient Use of Resources (The Law of Comparative
Costs/Advantage); Advantages and Disadvantages of International Trade.
UNIT 3: Some Concepts: (i) Terms of Trade (Commodity Terms of Trade) Changes in The Terms of Trade (ii) Balance of Trade (iii) Balance of Payments
(Current, Capital, Including Balancing Items; Total) Accounts; Financing a Deficit and Using a Surplus; Correcting of Balance of Payments Deficit and
Surplus.
UNIT 4: Problems Faced by LDCs in International Trade; Marketing Boards and Their Problems.
UNIT 5: Arguments Against Free Trade (Arguments for Protection) e.g. Protection of Infant Industries, Generate Revenue. Arguments for Free Trade (Trade
Liberalization)
UNIT 6: Composition and Direction of the External Trade of West African Countries.
UNIT 7: Exchange Rate: Meaning; Determinants of The Exchange Rate; Exchange Rate Regimes.

SECTION 4
ECONOMIC CO-OPERATION

UNIT 1: Different Forms of Economic Cooperation: e.g. Free Trade Area; Customs Union; Common Market; Economic Union; Economic Integration.
Advantages and Problems of The Various Forms of Economic Co-operation.
UNIT 2: International Economic Organisations: E.g. i) OPEC; ii) EEC; iii) ECA; iv) UNCTAD; v) AfDB; vi) World Bank; vii) IMF.
Advantages and Disadvantages of the various International Organisations to the LDC‟s.

SECTION 5
ECONOMIC DEVELOPMENT PLANNING

UNIT 1: Economic Development Planning: Meaning; Objectives or Reasons for Economic Development Planning; (e.g. to Increase the Level of Income and
Employment; Provision of Infrastructure); Time Periods in Economic Development Planning; Stages in Development Planning; The Necessity of
Development planning; Problems of Development Planning.

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 SECTION 6:
CONTEMPORARY ECONOMIC ISSUES

Unit 1: African Growth And Opportunity Act (AGOA): Meaning; Features and Conditionalities; Benefits.
Unit 2: New Partnership For Africa‟s Development (NEPAD); Operations And Objectives.
Unit 3: Petroleum Economics: Historical Background of Petroleum in Ghana; The Role of the Ghana National Petroleum Corporation (GNPC); Some Concepts in
Petroleum Economics; The Contribution of Petroleum To the Economy of Ghana; Problems and Prospects of Petroleum in Ghana; The Organisation of
Protroleum Exporting Countries (OPEC).

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