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

Ø

Ø

Ø

Map of Nigeria Showing the Locations of Mineral Resources

Map of Nigeria Showing Locations of Agricultural output

Nature and Structure of Industries in Nigeria