Production of Goods and Services · SHS1 Economics

Lesson notes

Learning Objectives

Indicator: 1.2.1.LI.2 - Identify the factors of production and their rewards.

By the end of the lesson, learners can:

List all four factors of production with at least one real-world example for each.
Match each factor of production to its corresponding reward (rent, wages, interest, profit).
Explain in their own words why each factor of production earns its specific reward in an economy like Ghana.
Identify the factors of production operating within a given business scenario and state what reward each factor receives.
Demonstrate through a short group presentation how all four factors combine in a Ghanaian business to produce goods or services.

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Curriculum details

Strand: Firms' Innovative Decision Making (Strand 2)
Sub-strand: Production of Goods and Services (2.1)
Content standard: 1.2.1.CS.1 - Demonstrate knowledge and understanding of Factors of Production. 1.2.1.LO.1 Evaluate the relevance of factors of production. 1.2.1.LO.2 Evaluate the relevance of the concepts of production, location and localisation of industries, division of labour and specialisation in production.
Indicator: 1.2.1.LI.2 - Identify the factors of production and their rewards.
Suggested placement: Semester 1, Week 14 (Week 14 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.
Curriculum reference: NaCCA curriculum document, p. 35

Exemplars (from the NaCCA curriculum)

Talk for Learning Approaches (TfL): Discuss the various rewards and relate them to the factors of production. Give equal opportunities to all learners. Let them take turns to express their views. Encourage learners to respect one another's views.
Assessment (1.2.1.AS.2). The document marks these depth-of-knowledge levels for this indicator: Level 2 Skills of conceptual understanding.
Teaching and Learning Resources:
- Textbooks
- Computers
- Internet
- Search engine such as google web etc.
- ICT Lab
- Pens
- Exercise books
- Marker
- White board
- Projectors