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CHAPTER ONE
Definitions and Scope of Economics
Ø Meaning of Economics
Ø Branches of Economics
Ø Relevant Terminologies
Ø Economic Activities
Ø Importance of Economics/Reasons for Studying Economics
Ø Economics as a Science
Ø Differences between Economics and other Science Subjects
Ø Relationship between Economics and other Social Sciences
Ø Basic Concepts of Economics
Ø Positive and Normative Economics
Ø Deductive and Inductive Method of Reasoning
Ø Basic Economic Problems of any Society
Ø Basic Economic Goals of any Society
CHAPTER TWO
Basic Tools of Economic Analysis
Ø Tables
Ø Graphs
· How to Graph Data
· Slope of a Straight Line and Curve
Ø Charts
Ø Data Collection
Ø Measures of Central Tendency
· Grouped Data
· Ungrouped Data
Ø Measures of Dispersion
Ø Measures of Partition
Ø Cumulative Frequency Curve
Ø Symmetry and Skewness
CHAPTER THREE
Types and Basic Features of Economic Systems
Ø Capitalist Economy/Capitalism/Market Economy
Ø Socialist Economy/Socialism/Centrally Planned Economy
Ø Mixed Economy
· Meaning
· Features
· Examples
· Advantages
· Disadvantages
Ø Consumer's Sovereignty
CHAPTER FOUR
Theory of Consumer Behaviour
Ø Meaning of Utility and Types of Utility
Ø Approaches to the Study of Consumer Behaviour
v Cardinal Utility Approach to Consumer Behaviour
· Assumptions of Cardinal Utility Approach
· Shortcomings of Cardinal Utility Approach
· Basic Concepts of Cardinal Utility Approach
· The Law of Diminishing Marginal Utility
· The Law of Equi-marginal Utility
· Calculations Relating to Total Utility and Marginal Utility
· Consumer Equilibrium Under Cardinal Utility Approach
v Ordinal Utility Approach to Consumer Behaviour
· Assumptions of Ordinal Utility Approach
· Indifference Curve and Indifference Map
· Shapes of Indifference Curve for Perfect Substitutes and Perfect
Complements
· Marginal Rate of Substitution
· Law of Diminishing Marginal Rate of Substitution
· Budget Line
· Consumer Equilibrium under Indifference Curve Approach
Ø Criticisms or Shortcomings of Indifference Curve Analysis
Ø Derivation of Demand Curve from Equi-marginal Utility
Ø Derivation of Demand Curve from Marginal Utility Curve
Ø Derivation of Demand Curve from Indifference Curve and Budget Line, and
Price Consumption Curve
Ø Income Consumption Curve
Ø Consumer's Surplus and Producer's Surplus.
CHAPTER FIVE
Theory of Demand
Ø Definition of Demand
Ø Demand Schedule
Ø Demand Curve
Ø Law of Demand
Ø Causes or Rationale for the Normal Law of Demand
Ø Factors Affecting Demand
Ø Types of Demand
Ø Change in Demand and Change in Quantity Demanded
Ø Exceptional or Abnormal Demand
Ø Demand Function
Ø Elasticity of Demand (Price, Income and Cross Elasticity of Demand)
Ø Factors Affecting Elasticity of Demand
Ø Importance of Elasticity of Demand
Ø Price Elasticity of Demand and Total Revenue
Ø Bandwagon Effect and Engel's Curve
CHAPTER SIX
Theory of supply
Ø Definition of Supply
Ø Supply Schedule
Ø Supply Curve
Ø Law of Supply
Ø Factors Affecting Supply
Ø Types of Supply
Ø Change in Supply and Change in Quantity Supplied
Ø Exceptional or Abnormal Supply Curve
Ø Supply Function
Ø Price Elasticity of Supply
Ø Measurement of Elasticity of Supply
Ø Factors Affecting Elasticity of Supply
CHAPTER SEVEN
Theory of Price Determination
Ø Determination of Equilibrium Price and Quantity in a Free Market Economy.
Ø Determination of Equilibrium Price and Quantity Through Demand and Supply.
Ø Effects of Changes in Demand and Supply on the Equilibrium Price and Quantity.
Ø Price System and Price Control
· Meaning of Price System
· Functions of the Price System
· Meaning of Price Control
· Price Ceiling
· Price Floor
Ø Rationing, Black market and Hoarding
CHAPTER EIGHT
Theory of Production
Ø Definition of Production
Ø Meaning of Goods and Types of Goods
Ø Stages of Production
Ø Factors of Production
v Land - Meaning
· Characteristics
· Importance
v Labour - Meaning
· Characteristics
· Types of labour
· Importance of labour
v Capital - Meaning, Characteristics, Types, and Importance
· Capital Formation
· Capital Consumption
v Entrepreneurship / Entrepreneur
· Meaning
· Importance
Ø Importance of Production.
Ø Factors that Determine the Volume of Production.
Ø Production Function.
Ø Production Analysis in the Short-run.
Ø Production analysis in the Long-run.
Ø Division of Labour and Specialisation
Ø Scale of Production
Ø Production Possibility Curve.
Ø Concepts of Economic Rent and Transfer Earning.
CHAPTER NINE
Theory of Cost and Revenue
Ø Definition of Cost
Ø Views of Cost (Accountant's and Economist's Views)
Ø Broad Categories of Cost (Explicit and Implicit Costs)
Ø Types of Cost
· Fixed Cost
· Variable Cost
· Total Cost
· Average Total Cost
* Average Variable Cost
* Average Fixed Cost
· Marginal Cost
Ø Relationships between Total Cost, Average Total Cost and Marginal Cost
Ø Short-run Period and Short-run Costs
Ø Long-run Period and Long-run Costs
Ø Returns to scale
Ø Revenue (Meaning, Total Revenue, Average Revenue and Marginal
Revenue)
Ø Profit
Ø Calculations on Cost, Revenue and Profit
CHAPTER TEN
Market Structure
Ø Meaning of Market
Ø Classification of Markets According to Commodities
Ø Classification of Markets According to Prices (i.e. Types of Market Structure)
· Perfect Market
· Imperfect Market
* Monopoly
* Monopolistic Competition
* Oligopoly
* Duopoly
* Monopsony
* Oligopsony
* Duopsony
Ø Similarities between Monopoly and Monopolistic Competition
Ø Differences between Monopoly and Monopolistic Competition
Ø Differences between Monopolistic Competition and Perfect Market
Ø Similarities between Monopolistic Competition and Perfect Market
Ø Comparison of Some Market Structures
CHAPTER ELEVEN
Business Organisations
Ø Introduction
Ø Factors that Determine the Type of Business Organisation to be Formed
Ø Business Name Registration
Ø Sole Proprietorship
Ø Partnership
Ø Reasons for the Continued Existence and Survival of Small Business
Organisations
Ø Companies
Ø Multinational Companies
Ø Co-operative Societies
Ø Public Corporations
Ø Concepts of Nationalisation, Commercialisation, and Privatisation
CHAPTER TWELVE
Distributive Trade
Ø Introduction (Definitions)
Ø Definition of Relevant Terms
Ø Wholesaler
Ø Retailer
Ø Types of Retail Trade
Ø Middlemen
· Criticisms of Middlemen
· Circumstances or Conditions that Warrant the Elimination of
Middlemen in the Channel of Distribution
Ø Problems of Distribution and Marketing of Commodities in West Africa
Ø Measures to Improve Distribution and Marketing of Goods in West Africa
CHAPTER THIRTEEN
Agriculture
Ø Meaning of Agriculture
Ø Components of Agriculture
Ø Systems of Agriculture
Ø Importance of Agriculture in West Africa
Ø Problems of Agriculture in West Africa
Ø Solutions to Low Agricultural Productivity in West Africa
Ø Marketing Boards and Their roles in the Marketing of Agricultural
Produce in West Africa
Ø Agricultural Programmes in Nigeria
Ø Non-governmental Organisations that Contribute to Agricultural
Production in West Africa
CHAPTER FOURTEEN
Population
Ø Meaning of Population
Ø Population Census
Ø Population Size and Growth
Ø Increasing or Large Population
Ø Declining Population
Ø Ageing Population
Ø Under Population, Over Population and Optimum Population
Ø Theories of Population
· Malthusian Theory of Population
· Demographic Transition Theory
· Microeconomic Theory of Fertility
Ø Population Structure or Population Distribution
Ø Rural-urban Migration and Its Economic Effects
Ø Suggested Solutions to the Problem of Rural-urban Migration in West Africa
Ø Other Forms of Migration
CHAPTER FIFTEEN
Labour Market
Ø Definition of Labour Market
Ø Meaning of Labour Force
Ø Supply of Labour
Ø Demand for Labour
Ø Wages and Trade Union
Ø Employers' Association
Ø Minimum Wage
Ø Efficiency of Labour
Ø Mobility of Labour
Ø Unemployment
Ø Self-employment
Ø Job Creation
Ø Dignity of Labour
Ø Brain Drain
Ø Human Capital and Human Capital Development
CHAPTER SIXTEEN
Industrialisation and Indigenisation
Ø Meaning of Industrialisation
Ø Definition of Firm, Plant, Industry and Industrial Estate
Ø Strategies for Industrialisation
Ø Division of Industries
Ø Importance of Industrialisation
Ø Problems or Obstacles of Industrialisation in West Africa (or Nigeria)
Ø How Government Can Encourage Industrialisation in Nigeria
Ø Reasons for Establishing Industries in Rural Areas
Ø Location of Industry
Ø Localisation of Industries
Ø Indigenisation Policy in Nigeria
Ø Service Industries and their Contributions
Ø Manufacturing Industries and their Importance
Ø Construction Industries and their importance
Ø The Mining industry, Its Contributions and Adverse Effects
CHAPTER SEVENTEEN
National income
Ø Definition of National Income
Ø National Income Accounting Concepts
Ø Approaches Used in Measuring National Income
· Expenditure Approach
· Income Approach
· Output Approach
Ø Further Worked Examples on National Income Accounting
Ø Importance or Uses of National Income Estimates
Ø Problems of National Income Measurement or Computation
Ø Limitations of the Uses of National Income Statistics or Estimates
Ø Circular Flow of Income
Ø Consumption, Savings and Investment
Ø Multiplier
Ø Equilibrium Level of National Income
Ø Deflationary and Inflationary Gaps
Ø Paradox of Thrift
CHAPTER EIGHTEEN
Money
Ø Meaning of Money
Ø Trade by Barter
Ø Brief History of Modern Day Paper Money
Ø Qualities of Money
Ø Fundamental Functions of Money
Ø Types of Money
Ø Electronic Means of Payment
Ø Supply of Money
Ø Demand for Money (Liquidity Preference)
Ø Quantity Theory of Money
Ø Value of Money
Ø Price Index
CHAPTER NINETEEN
Inflation and Deflation
Ø Meaning of Inflation
Ø Types of Inflation
Ø Related Concepts of Inflation
Ø Causes of Inflation
Ø Effects of Inflation
Ø Control of Inflation
Ø Measurement of Inflation
Ø Definition of Deflation
Ø Types of Deflation
Ø Causes of Deflation
Ø Effects of Deflation
Ø Control of Deflation
Ø Lesson on Great Depression and Business Cycle.
Ø Inflation and the Nigerian Economy
Ø Economic Recession
CHAPTER TWENTY
Financial Institutions
Ø Meaning of Financial Institution: Banking and Non-banking Financial
Institutions
Ø Traditional Financial Institutions
Ø Banks (Meaning and History)
Ø Commercial Banks: Meaning, Characteristics and Functions
Ø Types of Bank Accounts
Ø Factors Bank Managers Consider Before Granting Loans
Ø Problems of Commercial Banks in Nigeria
Ø Money Creation by Commercial Banks
Ø Universal Banking, Electronic Banking, Bank Consolidation, Bank Distress,
and Cashless Economy.
Ø Cheques
Ø Clearing House (Inter-bank Settlement of Indebtedness)
Ø Central Bank: Meaning, Characteristics, Functions, and How the Central
Bank Controls the Commercial Banks.
Ø Liquidity Ratio and Cash Reserve Ratio Compared
Ø Differences Between Central Bank and Commercial Bank
Ø The Nigerian Security Printing and Minting PLC
Ø Merchant Bank
Ø Development Bank
Ø Mortgage Bank
Ø Micro-finance Bank
Ø Insurance and Insurance Companies
Ø Bureaux De Change
Ø Nigeria Deposit Insurance Corporation (NDIC)
Ø The Stock Exchange
Ø Security and Exchange Commission (SEC)
Ø Capital Market
Ø Money Market
CHAPTER TWENTY ONE
Public Finance
Ø Definition of Public Finance
Ø Definition of Fiscal Policy
Ø Objectives and Functions of Public Finance
Ø Structure of Government Revenue and Expenditure
Ø Definition of Tax
Ø Relevant Concepts of Tax
Ø Reasons for Imposing Taxes
Ø Principles of Taxation
Ø Systems of Taxation
Ø Types of Tax (Direct Taxes and Indirect Taxes)
Ø Incidence of Tax
Ø Taxation and Deadweight Loss
Ø Public or National Debt
Ø Crowding-out Effects
Ø Budget (National Budget)
Ø Revenue Allocation in Nigeria
CHAPTER TWENTY TWO
Economic Growth, Economic Development and Economic
Development Planning
Ø Meaning of Economic Growth and Economic Development
Ø Ways of Achieving Growth in an Economy
Ø Differences Between Economic Growth and Economic Development
Ø Economic Development Indicators Used by the United Nations
Ø Underdevelopment and Characteristics of an Underdeveloped Economy
Ø Reasons for Low Economic Development
Ø Economic Development Planning
Ø Types of Economic Plans (By Duration and Scope)
Ø Aims and Objectives of Economic Development Planning
Ø Problems of Economic Development Planning
Ø National Development Plans in Nigeria (Nigeria’s Planning Experience)
Ø Structural Adjustment Programme (SAP)
Ø General Objectives of Nigeria's National Development Plans
Ø How to Finance Economic Development
CHAPTER TWENTY THREE
International Trade, Balance of Payments and Globalisation
Ø Meaning of International Trade
Ø Differences between International Trade and Internal Trade
Ø Reasons for International Trade and Types of International Trade
Ø Barriers to or Problems of International Trade
Ø Principles of International Trade - Comparative Cost Advantage and
Absolute Cost Advantage
Ø Advantages and Disadvantages of International Trade
Ø Commercial Policy and Protection in International Trade
Ø Entrepot Trade
Ø Infant Industries
Ø Free Trade
Ø Terms of Trade
Ø Meaning of Balance of Payments and Components of Balance of
Payments
Ø Balance of Payments Disequilibrium
Ø Autonomous Items and Accommodating Items of Balance of Payments
Ø Format for Balance of Payments Components and Worked Examples on
Balance of Payments
Ø Meaning of Globalisation and Factors Responsible for Globalisation
Ø Features of Globalisation
Ø Opportunities Presented to Nigeria by Globalisation (i.e. Advantages of
Globalisation)
Ø Problems/Disadvantages of Globalisation
CHAPTER TWENTY FOUR
Economic Integration
Ø Meaning of Economic Integration
Ø Classification of Economic Integration
Ø Objectives of Economic Integration
Ø Problems Associated with Economic Integration
Ø The New International Economic Order (NIEO)
CHAPTER TWENTY FIVE
Exchange Rate Determination And Currency Devaluation
Ø Meaning of Exchange Rate
Ø Types of Exchange Rate Systems
Ø Determinants of Exchange Rate
Ø Graphical Illustration of the Market for Foreign Currency (Dollar)
Ø Meaning of Currency Devaluation
Ø Other related concepts (Revaluation of Currency, Depreciation and
Appreciation of Currency)
Ø Illustration of Currency Devaluation
Ø Effects of Currency Devaluation
Ø Conditions Necessary for Currency Devaluation
CHAPTER TWENTY SIX
International Economic Organisations
Ø International Monetary Fund (IMF)
Ø International Bank for Reconstruction and Development (IBRD i.e. World
Bank)
Ø Economic Commission for Africa (ECA)
Ø African Development Bank (AfBD)
Ø United Nations Conference on Trade and Development (UNCTAD)
Ø World Trade Organisation (WTO)
Ø West African Monetary Agency (WAMA)
Ø Niger Basin Authority (NBA)
Ø European Economic Community (EEC)
Ø Economic Community of West African States (ECOWAS)
Ø New Partnership for Africa’s Development (NEPAD)
CHAPTER TWENTY SEVEN
Petroleum and the Nigerian economy
Ø Brief History on the Development of Petroleum in Nigeria
Ø Contributions of Petroleum in Nigeria
Ø Activities in the Oil Sector
Ø Petroleum and Linkage Effects
Ø Nigeria National Petroleum Corporation
Ø Organisation of Petroleum Exporting Countries (OPEC)
CHAPTER TWENTY EIGHT
Current/Recent Economic Plans In Nigeria
Ø Meaning and Objectives of Millennium Development Goals (MDGs)
Ø Vision 2020
Ø Transformation Agenda
Ø Meaning and Objectives of National Economic Empowerment and
Development Strategy (NEEDS)
Ø Economic Recovery and Growth Plan (ERGP)
CHAPTER TWENTY NINE
Economic Development Challenges In Nigeria
Ø Meaning, Causes and Effects of Poverty
Ø Poverty Eradication and Alleviation in Nigeria.
Ø Poverty Alleviation and Eradication Programmes and Agencies in Nigeria
Ø HIV/AIDS and the Nigerian Economy
Ø Corruption and the Nigerian Economy
Ø Power and Energy Inadequacy in Nigeria
Ø Resource Control in Nigeria
CHAPTER THIRTY
Economic Lessons From Asian Tigers And Japan
Ø Economic History of the Asian Tigers
Ø Development Strategies Used by the Asian Tigers
Ø Meaning of Japanese Miracle
Ø Factors that Contributed to Japan's Economic Growth
Ø Lessons For Nigeria from the Asian Tigers and Japan
CHAPTER THIRTY ONE
Economic Reform Programmes And Regulatory Bodies In Nigeria
Ø Deregulation
Ø Consolidation of Financial Institutions
Ø Privatisation and Commercialisation
Ø Economic and Financial Crimes Commission - EFCC
Ø Independent Corrupt Practices and Other Related Offences Commission
- ICPC
Ø National Agency for Food and Drug Administration and Control - NAFDAC
Ø Standards Organisation of Nigeria - SON
Ø National Drug Law Enforcement Agency - NDLEA
CHAPTER THIRTY TWO
The Nature of the Nigerian Economy
Ø General Overview of the Nigerian Economy and Its Economic Potentials
Ø Economic Activities of the Geopolitical Zones in Nigeria
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Map of Nigeria Showing the Locations of Mineral Resources
Map of Nigeria Showing Locations of Agricultural output
Nature and Structure of Industries in Nigeria
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