Economics – Scheme of Work

Course Duration: One Academic Year (40 Weeks)

Level: Grade 11 or Grade 12 | Prerequisite: None

Term 1: Introduction & Basic Economic Concepts (Weeks 1–10)

Weeks 1–2 – Introduction to Economics

  • Definition of Economics
  • Scarcity, choice, and opportunity cost
  • Economic decision-making

Weeks 3–4 – Basic Concepts & Tools of Economic Analysis

  • Production possibilities frontier
  • Comparative advantage and trade
  • Supply and demand basics

Weeks 5–6 – Demand and Supply

  • Law of demand and law of supply
  • Determinants of demand and supply
  • Equilibrium analysis

Weeks 7–8 – Elasticity of Demand and Supply

  • Price elasticity
  • Income and cross elasticity
  • Applications of elasticity

Weeks 9–10 – Production and Costs

  • Production functions
  • Short-run and long-run costs
  • Economies of scale

Term 2: Market Structures & Labour (Weeks 11–20)

Weeks 11–12 – Market Structures

  • Perfect competition, monopoly, monopolistic competition, oligopoly
  • Price and output determination

Weeks 13–14 – Labour Market and Wages

  • Determinants of wages
  • Labour supply and demand
  • Unions and wage policies

Weeks 15–16 – National Income and Circular Flow

  • GDP, GNP, and other measures
  • Circular flow of income
  • Leakages and injections

Weeks 17–18 – Employment and Inflation

  • Types and measurement of unemployment
  • Inflation causes and measurement
  • Phillips Curve and trade-offs

Weeks 19–20 – Government and Fiscal Policy

  • Government spending and taxation
  • Budget deficits and debt
  • Fiscal policy effects on economy