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This course is designed to assess students’ knowledge of basic economic principles needed for rational decision making relating to individuals, businesses, government, and society. Such knowledge is necessary for enhancing their appreciation of government economic policies, problems of implementation, and how they impact the economy. This will help candidates to understand that economics is not only an academic field of study but also a practical subject.
OBJECTIVES
At the end of the course, students will gain
- knowledge of the basic economic principles, concepts, and the tools for economic analysis;
- understanding of the structure and functioning of economic institutions – commercial, agricultural, industrial and financial institutions;
- understanding of the basis for rational economic decisions;
- ability to explain the basis and structure of the West African economy, including the roles of agriculture, industry and mining and their contributions to the national income;
- ability to follow the role and status of the West African countries in international economic relationships;
- ability to appreciate the problems West African countries encounter in their economic development.
Course Curriculum
| Definition and Scope of Economics | |||
| Definition of Economics | 00:00:00 | ||
| Scope of Economics | 00:00:00 | ||
| Scarcity and Choice | 00:00:00 | ||
| Scale of Preference | 00:00:00 | ||
| Opportunity Cost | 00:00:00 | ||
| Production Possibility Curve | 00:00:00 | ||
| Economic activities – Production, Distribution and Consumption | 00:00:00 | ||
| Classification of economic activities | 00:00:00 | ||
| Factors of Production | |||
| Meaning, Characteristics and Importance of Land | 00:00:00 | ||
| Meaning, Characteristics and Importance of Labour | 00:00:00 | ||
| Meaning, Characteristics and Importance of Capital | 00:00:00 | ||
| Meaning, Characteristics and Importance of Entrepreneurship | 00:00:00 | ||
| Types and Basic Features of Economic Systems | |||
| Capitalism – Types, Basic features, Advantages and Disadvantages | 00:00:00 | ||
| Socialism – Types, Basic features, Advantages and Disadvantages | 00:00:00 | ||
| Mixed Economy – Types, Basic features, Advantages and Disadvantages | 00:00:00 | ||
| Economic Problems of Society and the Approaches for solving them under each of the Systems | 00:00:00 | ||
| Basic Tools of Economic Analysis | |||
| Tables, Graphs and Charts | 00:00:00 | ||
| Basic Statistical Measures and Representations | 00:00:00 | ||
| Demand | |||
| Concept of Demand and Law of Demand | 00:00:00 | ||
| The Demand Schedules and Curve | 00:00:00 | ||
| Reasons for Exceptional Demand Curves | 00:00:00 | ||
| Types of Demand | 00:00:00 | ||
| Factors Determining Demand for Goods and Services | 00:00:00 | ||
| Concept of Elasticity of Demand | 00:00:00 | ||
| Supply | |||
| Concept of Supply and Law of Supply | 00:00:00 | ||
| The Supply Schedules and Curve | 00:00:00 | ||
| Types of Supply | 00:00:00 | ||
| Factors Determining Supply | 00:00:00 | ||
| Distinction between the shift of and movement along the supply curve | 00:00:00 | ||
| Concept and measurement of elasticity of supply and its importance to producers and government | 00:00:00 | ||
| Theory of Consumer Behaviour | |||
| The Utility Concepts | 00:00:00 | ||
| The law of Diminishing Marginal Utility | 00:00:00 | ||
| The Concept of Equilibrium of a Consumer | 00:00:00 | ||
| Determination of Consumer Equilibrium | 00:00:00 | ||
| The effects of changes in price on consumer equilibrium | 00:00:00 | ||
| The relationship between marginal utility and the demand curve. | 00:00:00 | ||
| Agriculture | |||
| Structure | 00:00:00 | ||
| Systems of Agriculture | 00:00:00 | ||
| Importance of Agriculture to the National Economy | 00:00:00 | ||
| Marketing of Agricultural Products | 00:00:00 | ||
| Agricultural Policies | 00:00:00 | ||
| Problems of Agriculture and Remedies. | 00:00:00 | ||
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