SHS2 Economics · Semester 1 Week 9: Production of Goods and Services

Lesson notes

Learning Objectives

Indicator: 2.2.1.LI.1 - Identify the time periods in production

By the end of the lesson, learners can:

Define the three time periods in production: the market period, the short run, and the long run.
Distinguish between fixed factors and variable factors of production and state which time period each applies to.
Explain the difference between the short run and the long run using the behaviour of fixed and variable factors.
Give at least two real-life examples from Ghanaian production activities to illustrate each time period.
Justify why a business operates in a particular time period using strategic reasoning based on given scenarios.

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Curriculum details

Strand: Firms' Innovative Decision Making (Strand 2)
Sub-strand: Production of Goods and Services (2.1)
Content standard: 2.2.1.CS.1 - Apply knowledge and understanding of production to pricing of goods. 2.2.1.LO.1 Use information gathered from the environment to determine the time periods, TP, AP, MP, labour and capital-intensive methods and the cost of production. 2.2.1.LO.2 Establish the relationships among Total Revenue (TR), Average Revenue (AR), and Marginal Revenue (MR).
Indicator: 2.2.1.LI.1 - Identify the time periods in production.
Suggested placement: Semester 1, Week 9 (Week 9 of the year)
Our suggestion, laid out in curriculum order across three terms of twelve weeks. NaCCA does not fix the week, so follow your school's scheme of learning.
Source document note: The official curriculum document has a fault in this entry, so the curriculum text above is transcribed exactly as printed:

core competencies - p.66 the document sets part of this text in a Calibri subset with no ToUnicode map, so the text layer reads as Latin Extended letters; the wording stored here was read off a 150 dpi render of printed page 66 and cross-checked against a letter-for-letter decode
core competencies - p.67 the document sets part of this text in a Calibri subset with no ToUnicode map, so the text layer reads as Latin Extended letters; the wording stored here was read off a 150 dpi render of printed page 67 and cross-checked against a letter-for-letter decode
Curriculum reference: NaCCA curriculum document, p. 68

Exemplars (from the NaCCA curriculum)

Talk for Learning Approaches (TfL): Discuss the various time periods in production. Give equal opportunity to all learners.
Assessment (2.2.1.AS.1). The document marks these depth-of-knowledge levels for this indicator: Level 3 Strategic reasoning.
Teaching and Learning Resources:
- Pen
- Exercise books
- Computer projectors markers
- White board
- ICT Lab
- Microsoft PowerPoint