Production of Goods and Services · SHS3 Economics

Lesson notes

Learning Objectives

Indicator: 3.2.1.LI.2 - Explain the objectives of the firms in an industry.

By the end of the lesson, learners can:

State at least four distinct objectives that firms pursue in an industry, with real examples from Ghanaian businesses.
Explain the traditional profit maximization objective and the conditions under which it applies.
Distinguish between short-run and long-run objectives of firms, giving a reason why firms may shift between them.
Justify why a firm may pursue a non-profit objective such as sales maximization or survival, using a case study of a Ghanaian firm.
Evaluate how conflicting objectives among firms in the same industry affect market behaviour and consumer welfare.

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Curriculum details

Strand: Firms' Innovative Decision Making (Strand 2)
Sub-strand: Production of Goods and Services (2.1)
Content standard: 3.2.1.CS.2 - Demonstrate knowledge and understanding of Equilibrium of firms in an Industry and how prices are discriminated. 3.2.1.LO.1 Describe Economies of scale and Diseconomies of scale. 3.2.1.LO.2 Compare Economies of scale to Diseconomies of scale.
Indicator: 3.2.1.LI.2 - Explain the objectives of the firms in an industry.
Suggested placement: Semester 1, Week 11 (Week 11 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. 100

Exemplars (from the NaCCA curriculum)

Talk for Learning Approaches (TfL): Develop activities leading to quality discussions on the objectives of firms in an industry. Pay attention to learners approaching proficiency.
Assessment (3.2.1.AS.2). The document marks these depth-of-knowledge levels for this indicator: Level 4 Extended critical thinking and reasoning.
Teaching and Learning Resources:
- Pens,
- Exercise books
- Markers
- White board
- Computers
- Internet,
- Search engines
- Projectors
- ICT lab