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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
| Theory of Price Determination | |||
| The Concept of the market | 00:00:00 | ||
| Price determination under free and regulated markets | 00:00:00 | ||
| Equilibrium price and quantity in product and factor markets | 00:00:00 | ||
| The effects of changes in supply and demand on equilibrium prices and quantities. | 00:00:00 | ||
| Introduction to algebraic determination of equilibrium price and quantity | 00:00:00 | ||
| Price controls: maximum and minimum price regulations | 00:00:00 | ||
| Theory of Production | |||
| Production: division of labour and specialization | 00:00:00 | ||
| Scale of production (Internal and External economies) | 00:00:00 | ||
| concept of total, average and marginal productivity | 00:00:00 | ||
| law of variable proportions. | 00:00:00 | ||
| Theory of Cost and Revenue | |||
| Cost concepts | 00:00:00 | ||
| Distinction between economist’s and accountant’s view of cost | 00:00:00 | ||
| Revenue concepts | 00:00:00 | ||
| Market Structures | |||
| Concept of a market | 00:00:00 | ||
| characteristics of various market structures | 00:00:00 | ||
| determination of price and output under different structures | 00:00:00 | ||
| Review of cost and revenue concepts | 00:00:00 | ||
| Price discrimination | 00:00:00 | ||
| Business Organisation | |||
| Types and basic features of business enterprises | 00:00:00 | ||
| Sources of funds | 00:00:00 | ||
| General and basic problems of business enterprises. | 00:00:00 | ||
| Privatization and Commercialization | 00:00:00 | ||
| Indigenization and nationalization policies | 00:00:00 | ||
| Distributive Trade | |||
| Process of distribution | 00:00:00 | ||
| role of producers, role of wholesalers, retailers and co-operatives | 00:00:00 | ||
| the role of government agencies in product distribution | 00:00:00 | ||
| the problems of distribution and their solutions. | 00:00:00 | ||
| Population and Labour Market | |||
| Population | 00:00:00 | ||
| determination and implication of size and growth of population | 00:00:00 | ||
| Rural – urban migration | 00:00:00 | ||
| Malthusian theory of population | 00:00:00 | ||
| Importance and problems of census | 00:00:00 | ||
| Population and economic development | 00:00:00 | ||
| Labour Market | 00:00:00 | ||
| Concept of labour force and human capital | 00:00:00 | ||
| supply of and demand for labour: wage determination | 00:00:00 | ||
| Concept of unemployment and underemployment | 00:00:00 | ||
| Trade Unions | 00:00:00 | ||
| Employers’ Association and Government policies on labour and wages | 00:00:00 | ||
| Industrialization | |||
| Meaning and types of industry | 00:00:00 | ||
| Definition of industrial concepts | 00:00:00 | ||
| Location of industry | 00:00:00 | ||
| role of industrialization in economic development | 00:00:00 | ||
| Strategies of industrialization | 00:00:00 | ||
| Problems of industrialization | 00:00:00 | ||
| National Income | |||
| Gross Domestic Product – Meaning and concepts | 00:00:00 | ||
| Gross National Product – Meaning and concepts | 00:00:00 | ||
| Net National Product | 00:00:00 | ||
| Ways of measuring National Income and their problems | 00:00:00 | ||
| Uses and limitations of national income Data | 00:00:00 | ||
| Trends and structure of national income | 00:00:00 | ||
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