Business Studies Syllabus

General Objectives

This course will enable the learner to:

1. acquire necessary knowledge, skills and attitudes for the development of self and the nation;

2. understand business and its environment;

3. appreciate the role of business in society;

4. acquire necessary entrepreneurial knowledge, skills and attitude for starting and operating a business;

5. develop ability for inquiry, critical thinking and rational judgement;

6. appreciate the need for ethical practice and efficient business management;

7. acquire self-discipline and positive attitude towards work;

8. enhance co-operation and inter-relation in the society through trade;

9. understand the role of the government in relation to business activities;

10. appreciate the role of communication and information technology in modern business management;

11. develop positive environment and health practices;

12. have a firm foundation for further education and training;

13. appreciate the need for measuring business performance;

14. appreciate basic economic issues in society;

15. understand the role of auxiliary services in business;

16. appreciate the role of market forces in determining prices of goods.

1.0.0 Introduction to Business Studies

1.1.0 Specific objectives By the end of the topic, the learner should be able to:

a) explain the meaning of business studies;

b) explain the importance of business studies in society.

1.2.0 Content

1.2.1 Meaning of business studies

1.2.2 Importance of business studies in society

2.0.0 Business and Its Environment

Specific objectives By the end of the topic, the learner should be able to:

a) explain the meaning and purpose of a business;

b) identify various business activities;

c) identify various types of business environments;

d) explain how the various business environments influence a business;

e) recognise the need for maintaining a healthy business environment.

(iv) Prescribed African Music:

This will test the candidate's knowledge of and skills in all or any of the following: Instrumentation, form, rhythmic and melodic structure phrasing style A recording of the prescribed African music will be made available for study each year.

This will test the candidate's knowledge of and skills in all or any of the following:-form, orchestration, rhythmic structure, phrasing, modulation, cadences, transposition, clefs, ornaments and terms and signs.

NB: A recording of the prescribed western music together with the score will be made available for study each year.

Only one movement will be prescribed.

The school is required to ensure that each candidate is provided with a clean unmarked score for use in the examination.

Supervisors are requested to ensure that the scores have no additional marks or notes other than bar numbers and any other marks made by the publishers.

Section C: General Musical Knowledge

This will test the general knowledge of and skills in all or any of the following:-

• African:- instruments, folk songs, costumes, make up and folk dances.

  • Western:- instruments, voice and ornaments

  • Music in society

    • Music Industry There will be four structured questions and the candidate will be required to answer all of them.

    2.2.0 Content

    2.2.1 Meaning and purpose of a business

    2.2.2 Business activities

    2.2.3 Business:

  • Internal,
  • External

    2.2.4 Effects of various business environments on a business

    2.2.5 Healthy business environments

    3.0.0 Satisfaction of Human Wants

    3.1.0 Specific objectives At the end of the topic, the learner should be able to:

    a) explain the meaning and characteristics of human wants;

    b) classify human wants;

    c) explain the meaning of goods and services;

    d) discuss characteristics of goods and services;

    e) explain the meaning and characteristics of economic resources;

    f) relate the concepts of scarcity, choice and opportunity cost to real life situations.

    3.2.0 Content

    3.2.1 Meaning and characteristics of human wants

    3.2.2 Types of human wants

    3.2.3 Meaning of goods and services

    3.2.4 Characteristics of goods and services

    3.2.5 Economic resources

    3.2.6 Scarcity, choice and opportunity cost.

    4.0.0 Production

    4.1.0 Specific objectives By the end of the topic, the learner should be able to:

    a) explain the meaning of production;

    b) distinguish between the different types of utility;

    c) distinguish between direct and indirect production;

    d) describe the levels of production and occupations relating to each;

    e) Discuss the factors of production and the reward for each;

    t) Explain the role of division of labour in the production process;

    g) Discuss the factors that influence the mobility of factors of production;

    h) Classify goods and services produced in an economy.

    4.0.0 Content

    4.2.1 Meaning of production.

    4.2.2 Types of utility

    4.2.3 Direct and indirect production

    4.2.4 Levels of production and related occupations

    4.2.5 Factors of production as their rewards

    4.2.6 Division of labour

    4.2.7 Factors that influence the mobility of factors of production

    4.2.8 Classification of goods and services produced in an economy.

    5.0.0 Enterpreneurship

    5.1.0 Specific objectives By the end of the topic, the learner should be able to:

    a) explain the meaning of entrepreneurship;

    b) discuss the importance of entrepreneurship to an economy;

    c) describe the characteristics of an entrepreneur;

    d) generate business ideas;

    e) identify a business opportunity;

    f) evaluate a business opportunity;

    g) discuss the factors that may inhibit entrepreneurial development;

    h) discuss the causes of business failure.

    5.2.0 Content

    5.2.1 Meaning of entrepreneurship

    5.2.2 Importance of entrepreneurship to an economy

    5.2.3 Characteristics of an entrepreneur

    5.2.4 Business ideas

    5.2.5 Business opportunity

    5.2.6 Evaluating a business opportunity

    5.2.7 Factors that may inhibit entrepreneurial development

    5.2.8 Business failure.

    6.0.0 Management a Business

    6.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the meaning of the term management;

    b) describe the function of management;

    c) explain how the various functions can be applied for the success of a business;

    d) recognize the need for ethical practices in business;

    e) explain the functions of various departments in a business organization;

    f) discuss the role of technology in business;

    g) discuss emerging issues and practices in management of business.

    6.2.0 Content

    6.2.1 Meaning of management

    6.2.2 Functions of management:

    Planning, Organizing,

    Coordinating,

    Controlling.

    Staffing.

    Note: Only elementary treatment of the, junctions

    6.2.3 Role of management in success of a business

    6.2.4 Ethical issues in business

    6.2.5 Department in an organization

    6.2.6 Technology in business

    6.2.7 Emerging issues and practices in the management of business.

    7.0.0 The Office

    7.1.0 Specific objectives By the end of the topic, the learner should be able to:

    a) explain the concept of an office;

    b) explain the functions of an office;

    c) discuss the various office layouts;

    d) explain the uses of various office equipment;

    e) discuss the role of filing in an office; f) discuss the duties of various categories of office staff;

    g) describe essential qualities of each category of office staff;

    h) discuss trends in office management.

    7.2.0 Content

    7.2.1 Concept of an office

    7.2.2 Functions of an office

    7.2.3 Types of office layouts

    7.2.4 Office equipment

    7.2.5 Role of filing in an office

    7.2.6 Duties of various office staff

    7.2.7 Essential qualities of office staff

    7.2.8 Trends in office management

    8.0.0 Home Trade

    8.1.0 Specific objectives By the end of the topic, the learner should be able to:

    a) explain the meaning and importance of trade;

    b) classify trade;

    c) explain the forms of home trade;

    d) discuss the types and functions of retailers;

    e) discuss the types and functions of wholesalers;

    f) describe the documents used in home trade;

    g) describe the documents used in home trade and the circumstances under which they are used;

    h) Explain the terms of payment used in home trade and circumstances in which they are used.

    8.2.0 Content

    8.2.1 Meaning and importance of trade

    8.2.2 Classification of trade

    8.2.3 Forms of home trade

    8.2.4 Types and functions of retailers

    8.2.5 Types and functions of wholesalers

    8.2.6 Documents used in home trade

    8.2.7 Means of payment in home trade

    8.2.8 Terms of payment in home trade

    9.0.0 Forms of Business Units

    9.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) identify the various forms of business units;

    b) explain the characteristics of each form of business unit;

    c) discuss the formation and management of each form of business unit;

    d) discuss the sources of capital for each form of business unit;

    e) explain advantages and disadvantages of each form of business unit;

    f) recognize the circumstances under which the various forms of business units may be dissolved;

    g) Discuss trends in business ownership.

    9.2.0 Content

    9.2.1 Business units:

    Sole proprietorships,

    Partnerships, Co-operatives,

    Private companies,

    Public companies,

    Public corporations

    9.2.2 Features of each form of business unit

    9.2.3 Formation and management of each from of business unit

    9.2.4 Sources of capital for each form of business unit

    9.2.5 Advantages and disadvantages of each form of business unit

    9.2.6 Dissolution of business units

    9.2.7 Trends in business ownership e.g. Globalisation, Amalgamation/mergers, Privatisation.

    10.0.0 Government and Business

    10.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain reasons for government involvement in business;

    b) explain how the government gets involved in business;

    c) discuss the merits and demerits of government involvement in business activities;

    d) Discuss the importance of consumer protection.

    10.2.0 Content

    10.2.1 Government involvement in business

    10.2.2 Methods of government involvement in business activities:

    Regulation,

    Training,

    Trade promotion,

    Provision of public utilities,

    Enabling environment.

    10.2.3 Merits and demerits of Government involvement in business

    10.2.4 Consumer protection: Need for consumer protection , Methods of consumer protection.

    11.0.0 Transport

    11.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the meaning and importance of transport to business;

    b) explain the essentials of transport;

    c) describe the modes and means of transport;

    d) discuss advantages and disadvantages of each means of transport;

    e) discuss the factors which influence choice of an appropriate means of transport;

    f) Discuss trends in transport.

    11.2.0 Content

    11.2.1 Transport

    11.2.2 Essentials of transport

    11.2.3 Modes and means of transport

    11.2.4 Advantages and disadvantages of each means of transport

    11.2.5 Choice of an appropriate means of transport 11.2.6 Trends in transport. Containerisation, Pipeline

    12.0.0 Communication

    12.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the meaning and importance of communication;

    b) describe the lines of communication;

    c) explain the essentials of effective communication;

    d) describe the various forms and means of communication;

    e) discuss the advantages and disadvantages of each means of communication;

    f) discuss the factors that influence choice of an appropriate means of communication;

    g) identify the barriers to effective communication; h) discuss services that facilitate communication;

    i) discuss trends in communication.

    12.2.0 Content

    12.2.1 Communication

    12.2.2 Lines of communication: vertical/horizontal, formal and informal.

    12.2.3 Essentials of effective communication

    12.2.4 Forms and means of communication

    12.2.5 Advantages and disadvantages of communication

    12.2.6 Choice of an appropriate means of communication

    12.2.7 Barriers to effective communication

    12.2.8 Services that facilitate communication e.g. courier, postal, telecommunication

    12.2.9 Trends in communication: Facsmile (Fax), Developments in the internet (e.g. e-mail, e-commerce), Cell-phones

    13.0.0 Warehousing

    13.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the meaning and importance of warehousing to business;

    b) discuss the essentials of a warehouse;

    c) identify the various types of warehouses;

    d) discuss the advantages and disadvantages of each type of warehouse.

    13.2.0 Content

    13.2.1 Warehousing

    13.2.2 Essentials of a warehouse

    13.2.3 Types of warehouses

    13.2.4 Advantages and disadvantages of each type of warehouse.

    14.0.0 Insurance

    14.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the concept of insurance;

    b) discuss the meaning and importance of insurance;

    c) explain terms used in insurance;

    d) explain the principles of insurance;

    e) distinguish between the classes of insurance;

    f) explain the meaning of reinsurance and co-insurance;

    g) describe procedure for obtaining an insurance policy;

    h) describe the procedure of making an insurance claim.

    14.2.0 Content

    14.2.1 Insurance

    14.2.2 Importance of Insurance

    14.2.3 Terms used in Insurance

    14.2.4 Principles of Insurance

    14.2.5 Classes of insurance

    14.2.6 Re-insurance and co-insurance

    14.2.7 Obtaining an insurance policy

    14.2.8 Making an insurance claim

    15.0.0 Product Promotion

    15.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the meaning of a product;

    b) explain the meaning and purpose of product promotion;

    c) discuss various methods of product promotion;

    d) discuss advantages and disadvantages of each method of product promotion;

    e) discuss factors which influence choice of promotion medium;

    f) discuss the factors which influence choice of promotion medium;

    g) recognise the need for ethical practices in product promotion;

    h) discuss trends in product promotion.

    15.2.0 Content

    15.2.1 Meaning of a product

    15.2.2 Product promotion

    15.2.3 Methods of product promotion

    15 2.4 Advantages and disadvantages of each method of product promotion

    15.2.5 Choice of promotion method

    15.2.6 Choosing a promotion medium

    15.2.7 Ethical issues in product promotion

    15.2.8 Trends in product promotion

    e) discuss factors which influence choice of promotion medium;

    t") discuss the factors which influence choice of promotion medium;

    g) recognise the need for ethical practices in product promotion;

    h) discuss trends in product promotion.

    15.2.0 Content

    15.2.1 Meaning of a product

    15.2.2 Product promotion

    15.2.3 Methods of product promotion

    15 2.4 Advantages and disadvantages of each method of product promotion

    15.2.5 Choice of promotion method

    15.2.6 Choosing a promotion medium

    15.2.7 Ethical issues in product promotion

    15.2.8 Trends in product promotion

    16.0.0 Demand and Supply

    16.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the meaning of demand;

    b) explain the factors which influence demand for a product;

    c) distinguish between derived demand and joint demand;

    d) derive a demand curve from a demand schedule;

    e) distinguish between movement along a demand curve and shift in the demand curve;

    f) explain the meaning and importance of elasticity of demand;

    g) explain the meaning of supply;

    h) explain the factors which influence supply of a product;

    i) derive a supply curve from a supply schedule;

    j) distinguish between movement along a supply curve and shift in supply curve;

    k) explain the meaning and importance of elasticity of supply;

    1) determine equilibrium price and quantity;

    m) discuss the effects of excess demand and excess supply on equilibrium price and quantity;

    n) discuss the effects of a shift in a demand curve and a shift in a supply curve on equilibrium price and quantity.

    16.2.1 Demand

    16.2.2 Factors which influence demand for a product

    16.2.3 Derived demand and joint demand

    16.2.4 Demand schedule and demand curve

    16.2.5 Movement along and shift in a demand curve

    16.2.6 Elasticity of demand

    16.2.7 Meaning of supply

    16.2.8 Factors which influence supply of a product

    16.2.9 Supply schedule and supply curve

    16.2.10 Movement along a supply curve and shift in the supply curve

    16.2.11 Elasticity of supply

    16.2.12 Equilibrium price and quantity

    16.2.13 Excess demand and excess supply

    16.2.14 Effects of shift in a demand curve and shift in a supply curve on equilibrium price and quantity.

    Theory of the Firm

    17.0.0 Specific Objectives

    17.1.0 By the end of the topic, the learner should be able to:

    a) distinguish between a firm and an industry;

    b) discuss the factors which influence the decision on what goods and services to produce;

    c) distinguish between different costs of production;

    d) describe the criteria for determining the size of a firm;

    e) explain the factors that influence the location of a firm;

    f) discuss the economies and diseconomies of scale;

    g) discuss advantages and disadvantages of localization and delocalization of firms;

    h) justify the reasons for existence of small firms;

    i) discuss the implication of production activities on the environment and community health.

    17.2.0 Content

    17.2.1 The concepts of a firm and industry

    17.2.2 Decision on what goods and services to produce

    17.2.3 Costs of production: Fixed costs and variable costs, Direct costs and indirect costs, Total costs, average costs and marginal costs.

    17.2.4 Determining the size of a firm

    17.2.5 Location of a firm

    17.2.6 Economies and diseconomies of scale

    17.2.7 Localization and delocalization of firms in an economy.

    17.2.8 Existence of small firms in an economy

    17.2.9 Implications of production activities on the environment and community health

    18.0.0 Product Markets

    18.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the meaning of a market;

    b) discuss different types of product markets;

    c) determine price and output in the various product markets;

    d) explain other methods of determining price of a product.

    18.2.0 Content

    18.2.1 Meaning of a market

    18.2.2 Types of product markets and the assumptions of each

    18.2.3 Determining price and output in various product markets

    Note: Coverage of profit and loss not required Other methods of determining price of a product

    19.0.0 Chain of Distribution

    19.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the meaning of distribution

    b) describe the various channels of distribution

    c) discuss the role of intermediaries in distribution chain

    d) discuss the factors which may influence choice of a distribution channel.

    19.2.0 Content

    19.2.1 Meaning of distribution

    19.2.2 Channels of distribution

    19.2.3 Intermediaries in the distribution chain

    19.2.4 Choosing a distribution channel

    20.0.0 National Income

    20.1.0 Specific Objectives By the end of the topic, the leaner should be able to:

    a) explain the meaning of national income;

    b) describe the circular flow of income;

    c) determine national income using the various approaches;

    d) explain the problems encountered in measuring national income;

    e) discuss the uses of national income statistics; I) discuss the factors which influence the level of national income.

    20.2.0 Content

    20.2.1 Meaning of national income

    20.2.2 The circular flow of income

    20.2.3 Approaches to measurement of national income

    20.2.4 Problems encountered in measuring national income

    20.2.5 Use of national income statistics

    20.2.6 Factors which influence the level of national income

    Note: Only elementary treatment of national income concepts required

    21.0.0 Population and Employment

    21.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the basic concepts in population

    b) explain the implications of population size and structure on the development of a country

    c) explain the meaning of employment and unemployment

    d) discuss the various types and causes of unemployment

    e) discuss measures that may be taken to solve unemployment problems

    21.2.0 Content

    21.2.1 Basic concepts in population: Fertility, Mortality, Growth rate, Optimum population, Under-population, Over-population, Young population, Aging population.

    21.2.2 Implication of population size and structure on development

    21.2.3 Employment and Unemployment

    21.2.4 Types and causes of unemployment

    21.2.5 Solving unemployment

    22.0.0 Determining the Net Worth of a Business

    22.1.0 Specific Objectives By the end of the topic, the learner should be able to: .

    a) explain the meaning of the terms assets, liabilities and capital;

    b) derive the book-keeping equation;

    c) prepare a simple balance sheet;

    d) relate the accounting equation to the balance sheet;

    e) explain the meaning of networth of a business.

    22.2.0 Content

    22.2.1 Meaning of assets, liabilities and capital

    22.2.2 The book keeping equation

    22.2.3 Balance sheet

    22.2.4 Relationship between book-keeping equation and balance sheet

    22.2.5 Networth of a business

    23.0.0 Business Transactions

    23.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the meaning of a business transaction;

    b) distinguish between cash and credit transactions;

    c) determine the effects of transactions on the balance sheet;

    d) discuss causes of changes in capital;

    e) determine the initial and final capital of a business.

    23.2.0 Content

    23.2.1 Meaning of a business trasaction

    23.2.2 Cash and credit transactions

    23.2.3 Effects of transactions on the balance sheet

    23.2.4 Causes of changes in capital

    23.2.5 Initial and final capital of a business

    24.0.0 The Ledger

    24.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the meaning and purpose of a ledger;

    b) explain the concept of double entry;

    c) explain the meaning and format of a ledger account;

    d) explain the rules of recording business transactions in ledger accounts;

    e) record business transactions in various ledger accounts;

    f) describe the procedure of balancing a ledger account;

    g) balance off a ledger account;

    h) extract a trial balance from ledger account balances;

    i) Explain the purposes and limitations of a trial balance;

    j) Classify accounts;

    k) Discuss the various types of ledgers.

    24.2.0 Content

    24.2.1 Meaning and purpose of a ledger

    24.2.2 Concept of double entry

    24.2.3 Meaning and format of a ledger account

    24.2.4 Rules of posing to various ledger accounts: Asset account, Liability account, Expense account, Revenue account, Capital account.

    24.2.5 Recording business transactions in the ledger accounts

    24.2.6 Balancing a ledger account

    24.2.7 The trial balance

    24.2.8 Purpose and limitations of a trial balance

    24.2.9 Classification of ledger accounts

    24.2.10 Types of ledgers

    25.0.0 The Cash Book

    25.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the meaning and purpose of a cash book;

    b) distinguish between the basic types of cash books;

    c) explain the term contra entry;

    d) prepare the various cash books.

    25.2.0 Content

    27.2.6 Calculating basic financial ratios: margins and mark-ups, current ratio/working capital ratio, rate of stock turn-over, return on capital

    27.2.7 Importance of financial ratios

    28.0.0 Incomplete Records

    28.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the term incomplete record;

    b) explain the term statement of affairs;

    c) prepare a statement of affairs;

    d) distinguish between a statement of affairs and a balance sheet;

    e) update incomplete records;

    f) prepare final statements from updated records.

    28.2.0 Content

    28.2.1 Incomplete records

    28.2.2 Statements of affairs

    28.2.3 Preparation of a statement of affairs

    28.2.4 Distinction between a statement of affairs and a balance sheet

    28.2.5 Updating incomplete records

    28.2.6 Preparation of final statements from updated records

    29.0.0 Money and Banking

    29.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the meaning and limitations of barter;

    b) explain the meaning and characteristics of money;

    c) explain the functions of money;

    d) discuss demand for and supply of money;

    e) explain the meaning of banking;

    f) describe the development of banking;

    g) explain the functions of commercial banks;

    h) discuss the types of accounts offered by commercial banks;

    i) explain the functions of non bank financial institutions;

    j) distinguish between commercial banks and non-bank financial institutions;

    k) discuss the role of a Central Bank in an economy;

    1) discuss trends in banking.

    29.2.0 Content

    29.2.1 Barter

    29.2.2 Meaning and characteristics of money

    29.2.3 Functions of money

    29.2.4 Demand for and supply of money

    29.2.5 Meaning of banking

    29.2.6 Development of banking .

    • banks 29.2.7 Functions of commercial Dams

    29.2.8 Types of accounts offered by commercial banks

    29.2.9 Functions of non-bank financial institutions

    29.2.10 The role of the Central Bank in an economy

    29.2.11 Trends in banking

    30.0.0 Public Finance

    30.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the meaning and purpose of public finance;

    b) describe the various sources of public finance;

    c) categorize government expenditure;

    d) discuss the principles of government expenditure;

    e) explain the meaning and purpose of taxation;

    f) explain the principles of taxation; -

    g) classify taxes;

    h) discuss the merits and demerits of each type of tax;

    i) discuss the role of the budget as a tool of planning.

    30.2.0 Content

    30.2.1 Public finance

    30.2.2 Sources of public finance

    30.2.3 Categories of Government expenditure

    30.2.4 Principles of Government expenditure

    30.2.5 Taxation

    30.2.6 Principles of taxation

    30.2.7 Classification of taxes

    30.2.8 Merits and demerits of each type of tax

    30.2.9 Budget as a tool of planning

    31.0.0 Inflation

    31.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the meaning of inflation;

    b) determine consumer price index;

    c) discuss the types and causes of inflation;

    d) assess the effects of inflation in an economy;

    e) discuss the methods of controlling inflation.

    31.2.0 Content

    31.2.1 Inflation

    31.2.2 Consumer price index

    31.2.3 Types and causes of inflation

    31.2.4 Effects of inflation in an economy

    31.2.5 Controlling inflation

    32.0.0 International Trade

    32.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) explain the meaning of international trade;

    a) discuss the advantages and disadvantages of international trade;

    b) account for the differences in the terms of trade between countries;

    c) describe the components of balance of payments account;

    d) discuss the causes of balance of payments disequilibrium;

    e) discuss the measures that may be taken to correct balance of payments disequilibrium;

    f) explain the terms of sale in international trade;

    g) Describe the documents used in international trade;

    h) Discuss the role of international financial institutions in international trade;

    i) Describe the various forms of economic integration;

    j) Recognize the importance of economic integration to a country;

    k) Discuss the advantages and disadvantages of free trade;

    1) Explain the reasons for and methods of trade restriction;

    m) Discuss the advantages and disadvantages of trade restriction;

    n) Discuss the various exchange rate systems;

    o) Discuss trends in international trade.

    32.2.0 Content

    32.2.1 International trade

    32.2.2 Advantages and disadvantages of international trade

    32.2.3 Terms of trade

    32.2.4 Reasons for differences in the terms of trade between countries

    32.2.5 Balance of payments accounts

    32.2.6 Balance of payments disequilibrium

    32.2.7 Correcting balance of payments disequilibrium

    32.2.8 Terms of sale in international trade

    32.2.9 Documents used in international trade

    32.2.10 International financial institutions: International Monetary Fund (IMF), African Development Bank (ADB), International Bank for Reconstruction and Development (World Bank)

    32.2.11 Forms of economic integration

    32.2.12 Importance of economic integration to a country

    32.2.13 Free trade

    32.2.14 Reasons for and methods of trade restriction

    32.2.15 Advantages and disadvantages of trade restriction

    32.2.16 Exchange rates: fixed, flexible

    32.2.17 Trends in international trade e.g. Liberalization, Export Processing Zones (E.P.Z)

    33.0.0 Economic Development and Planning

    33.1.0 Specific Objectives By the end of the topic, the learner should be able to:

    a) distinguish between economic growth and economic development;

    b) discuss the characteristics of under-development;

    c) explain the goals of development;

    d) discuss the factors which may hinder development;

    e) explain the meaning of development planning;

    f) recognize the need for development planning;

    g) discuss problems encountered in development planning.

    33.2.0 Content

    33.2.1 Economic growth and development

    33.2.2 Characteristics of underdevelopment

    33.2.3 Goals and development

    33.2.4 Factors which hinder development

    33.2.5 Meaning of development planning

    33.2.6 Need for development planning

    33.2.7 Problems encountered in development planning.

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