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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.


At the end of the course, students will gain

  1. knowledge of the basic economic principles, concepts, and the tools for economic analysis;
  2. understanding of the structure and functioning of economic institutions – commercial, agricultural, industrial and financial institutions;
  3. understanding of the basis for rational economic decisions;
  4. 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;
  5. ability to follow the role and status of the West African countries in international economic relationships;
  6. 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
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
  • $7
  • 60 Days

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