Lesson Note for Economics

Economics is a vital subject in the WAEC curriculum, and excelling in this course can open up numerous academic and career opportunities. To help you succeed, we have compiled a lesson note for Economics, focusing on common WAEC Economics questions and how to answer them effectively.

Understanding Basic Economic Concepts

Before tackling the common questions, it is crucial to grasp basic economic concepts. Terms like demand, supply, inflation, and elasticity form the foundation of most economic discussions. Make sure to understand definitions, graphical representations, and their real-world applications. Studying these concepts from your lesson notes and other recommended textbooks will provide you with a solid foundation.

Common WAEC Economics Questions

1. What is Demand and Supply?

Often, WAEC questions require you to define and differentiate between demand and supply. For demand, explain it as the quantity of a good or service that consumers are willing and able to purchase at various prices. In contrast, supply is the quantity that producers are willing and able to sell at various prices.

To answer this question effectively, include the following:

• Definition - Start with a clear definition of both terms.
• Determinants - Discuss the factors affecting demand and supply, such as price, income levels, consumer preferences, and production costs.
• Graphical Analysis - Use diagrams to illustrate how changes in these determinants shift the demand and supply curves.

Refer to your class notes and textbooks for detailed explanations and graphical examples.

2. What are the Types of Economic Systems?

This question often appears in the WAEC Economics paper, requiring a discussion of various economic systems such as capitalism, socialism, and mixed economies. Provide a comprehensive explanation of each type, touching upon:

• Capitalism - Highlight its characteristics like private ownership, profit motive, and market competition.
• Socialism - Discuss public ownership, planned economy, and distribution based on need.
• Mixed Economy - Explain how this system blends elements of both capitalism and socialism.

Use examples from different countries to illustrate your points, and cross-reference with your learning resources for more insights.

3. Explain the Concept of Price Elasticity of Demand

Price Elasticity of Demand (PED) measures how the quantity demanded of a good changes in response to a change in its price. This concept often tests your understanding of elasticity, including:

• Formula - PED = % Change in Quantity Demanded / % Change in Price. Make sure to show how to calculate this.
• Types - Describe the types of elasticity (elastic, inelastic, unitary), and provide graphical representations for each.
• Factors Influencing PED - Discuss factors such as the availability of substitutes, necessity versus luxury goods, and time period for adjustment.

Refer to past questions and answers from Green Bridge CBT to practice calculating and interpreting elasticity scenarios.

4. What Are the Functions of Money?

This question details the multifaceted roles money plays in an economy. You'll need to discuss:

• Medium of Exchange - Money facilitates transactions and overcomes the limitations of barter.
• Measure of Value - It provides a standard unit for measuring the value of goods and services.
• Store of Value - Money can be saved and retrieved in the future, maintaining its value over time.
• Standard of Deferred Payment - Money is used to settle future payments or debts.

Ensure that you provide real-world examples for each function to substantiate your explanations. Utilize lesson notes and additional reading materials available on our platform for an in-depth understanding.

Effective Answering Techniques

While knowing the answers to common WAEC Economics questions is crucial, how you present your answers matters just as much. Here are some tips:

• Be Clear and Concise - Write in simple, clear language. Avoid unnecessary jargon.
• Use Diagrams - Where applicable, include well-labelled diagrams to illustrate your points.
• Practice - Practice with past questions and answers. Consider using the Green Bridge CBT app for additional practice on the go.
• Review and Revise - Regularly review your notes and revise the key concepts to retain the information long-term.