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    Form 3 Social Studies - Consumer Affairs - Lesson 2

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    lolmemes
    The document outlines key concepts and objectives for a social studies lesson on consumer affairs. It defines terms like savings, devaluation, inflation, globalization, and trade liberalization. It discusses the forms and benefits of savings, as well as the effects of devaluation and inflation. Strategies to deal with those effects are suggested. Globalization and trade liberalization are explained, and their effects include cheaper and wider-choice goods/services as well as more technology use and market competition.

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    Form 3 Social Studies - Consumer Affairs - Lesson 2

    Uploaded by

    lolmemes
    67 views12 pages
    The document outlines key concepts and objectives for a social studies lesson on consumer affairs. It defines terms like savings, devaluation, inflation, globalization, and trade liberalization. It discusses the forms and benefits of savings, as well as the effects of devaluation and inflation. Strategies to deal with those effects are suggested. Globalization and trade liberalization are explained, and their effects include cheaper and wider-choice goods/services as well as more technology use and market competition.

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    The document outlines key concepts and objectives for a social studies lesson on consumer affairs. It defines terms like savings, devaluation, inflation, globalization, and trade liberalization. It discusses the forms and benefits of savings, as well as the effects of devaluation and inflation. Strategies to deal with those effects are suggested. Globalization and trade liberalization are explained, and their effects include cheaper and wider-choice goods/services as well as more technology use and market competition.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    67 views12 pages

    Form 3 Social Studies - Consumer Affairs - Lesson 2

    Uploaded by

    lolmemes
    The document outlines key concepts and objectives for a social studies lesson on consumer affairs. It defines terms like savings, devaluation, inflation, globalization, and trade liberalization. It discusses the forms and benefits of savings, as well as the effects of devaluation and inflation. Strategies to deal with those effects are suggested. Globalization and trade liberalization are explained, and their effects include cheaper and wider-choice goods/services as well as more technology use and market competition.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 12

    Form 3 Social Studies

    Lesson 2 – Consumer Affairs


    Objectives

    Students will be able to:


    1. Define (i) Savings (ii) Devaluation (iii) Inflation (iv) Globalization (v) Trade
    liberalization (vi) Retrenchment.
    2. Identify the forms of saving.
    3. Give TWO reasons for saving.
    4. Give TWO benefits of saving to: i. the individual; ii. The country; iii. The
    region.
    5. Give TWO Effects of devaluation and inflation.
    6. Suggest TWO Strategies to deal with effects of devaluation and inflation.
    7. Explain what is globalization and trade liberalization.
    8. Identify 4 Effects of globalization and trade liberalization.
    Definition of Savings

    Savings is the unused portion of your disposable income.


    Forms of Savings

    There are formal savings arrangements as well as informal.

    Formal savings include:


    Deposits in banks, credit unions, life insurance companies, friendly societies,
    building societies etc.

    Informal savings include:


    Sou-sou
    Reasons for Saving

    Saving money is done for different reasons:


    1. To pay for unexpected health or vehicle emergencies.

    2. To provide security after retirement or loss of work

    3. To pay for their children education

    4. To purchase an expensive item such as a car.


    Benefits of Savings

    For individuals:
    Individuals have financial security when they practice saving.

    For a country:
    If citizens invest in government bonds and treasury notes, then it gives
    government more money to invest in the country.

    For the region:


    Investing savings in local business helps businesses to expand and create
    employment.
    Devaluation and Inflation

    Devaluation is the reduction on the value of a currency in relation to other


    currencies.

    Inflation is the rise in prices over a period of time.

    Devaluation can cause an increase in inflation.


    Effects of Devaluation and Inflation

    1. Higher prices
    2. Reduced purchasing power
    3. Retrenchment of workers
    4. Lower standard of living
    Strategies to deal with the Effects of
    Devaluation and Inflation
    1. Growing your own food.
    2. Taking care of possessions so they can last a long time.
    3. Retraining to get another job
    4. Recycling and reusing household items.
    Globalization & Trade liberalization

    Globalization is the linking of the world together through technology,


    communication, transport and trade.

    Trade liberalization is removing or reducing the barriers to trade such as quotas


    and tariffs.
    Globalization & Trade liberalization

    Globalization
    https://www.youtube.com/watch?v=JJ0nFD19eT8&t=248s

    Trade liberalization
    https://www.youtube.com/watch?v=VJTwT0YvoEM
    Effects of Globalization & Trade
    liberalization
    a. Cheaper goods and services.
    b. Wider choice of goods and services.
    c. More widespread use of technology for transactions.
    d. Competition from developed countries for available markets.

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