Economics

The Unified Tertiary Matriculation Examination (UTME) syllabus was used to design this course. The course content is also relevant for other exams, such as the National Examination Council (NECO) exams, the West African Examination Council (WEAC) exams, and the General Certificate of Education (GCE) exams.

Free Lesson 

Sample Economics CBT

Free Lesson 

Sample Economics CBT

Economics

 

The Unified Tertiary Matriculation Examination (UTME) syllabus was used to design this course. The course content is also relevant for other exams, such as the National Examination Council (NECO) exams, the West African Examination Council (WEAC) exams, and the General Certificate of Education (GCE) exams.

Ifeanyi James Princewill

Ifeanyi James Princewill

Course Instructor

The subject Economics is not as important as English and Mathematics; it is more important because it gives students a reason to learn how to read and how to conquer algebra and other math skills. In this course, I will not just teach for you to pass your exams, I will show you how to apply economics in your daily endeavors.

Ezeukwu Charles Ikenna

Ezeukwu Charles Ikenna

Assistant Course Instructor

Learning Outcomes

 At the end of this course, candidates should be able to:

(I) Demonstrate sufficient knowledge and understanding of the basic concepts, tools, and
general applications to economic analysis;
(ii) Identify and explain the basic structures, operations, and roles of the various economic units
and institutions (national and international);
(iii) Describe major economic activities – production, distribution, and consumption;
(iv) Identify and appraise the basic and current economic problems of society;
(v) Develop the competence to proffer solutions to economic problems identified.

Learning Outcomes

 At the end of this course, candidates should be able to:

(I) Demonstrate sufficient knowledge and understanding of the basic concepts, tools, and
general applications to economic analysis;
(ii) Identify and explain the basic structures, operations, and roles of the various economic units
and institutions (national and international);
(iii) Describe major economic activities – production, distribution, and consumption;
(iv) Identify and appraise the basic and current economic problems of society;
(v) Develop the competence to proffer solutions to economic problems identified.

Course Syllabus

Economics as a science

a. Basic Concepts:
Wants, Scarcity, choice, the scale of
preference, opportunity cost, Rationality,
production, distribution, consumption.

bi. Economic problems of:
What, how, and for whom to produce and
the efficiency of resource use.
bii. Application of PPF to the solution of economic
problems.

Economic Systems

a. Types and characteristics of free
enterprise, centrally planned
and mixed economies
b. Solutions to economic problems under
different systems
c. Contemporary issues in economic systems (economic reforms e.g deregulation,
banking sector consolidation, cash policy
reform).

Methods and Tools of Economic Analysis

a. Scientific Approach:
i. inductive and deductive methods
ii. positive and normative reasoning
b. Basic Tools
i. tables, charts and graphs
ii. measures of central tendency: mean,
median and mode, and their
applications.
iii. measures of dispersion; variance,
standard deviation, range and their
applications;
iv. merits and demerits of the tool

The Theory of Demand

a. i. meaning and determinants of demand
ii. demand schedules and curves
iii. the distinction between change in
quantity demanded and change in
demand.
b. Types of demand:
Composite, derived, competitive and
joint demand:
c. Types, nature and determinants of
elasticity and their measurement –
price, income and cross elasticity of
demand:
d. Importance of elasticity of demand to
consumers, producers and government.

The Theory of Consumer Behavior

a. Basic Concepts:
i. utility (cardinal, ordinal, total
average and marginal utilities)
ii. indifference curve and budget
line.
b. Diminishing marginal utility and the law
of demand.
c. Consumer equilibrium using the
indifference curve and marginal
analyses.
d. Effects of shift in the budget line and the
indifference curve.
e. Consumer surplus and its applications

The Theory of Supply

a. i. Meaning and determinants of
supply
ii. Supply schedules and supply curves
iii. the distinction between change in
quantity supplied and change in
supply
b. Types of Supply:
Joint/complementary, competitive and
composite
c. Elasticity of Supply:
determinants, measurements, nature and
applications

The Theory of Price Determination

a. The concepts of market and price
b. Functions of the price system
c. i. Equilibrium price and quantity in
product and factor markets
ii. Price legislation and its effects

d. The effects of changes in supply and
demand on equilibrium price and
quantity

The Theory of Production

a. Meaning and types of production
b. Concepts of production and their
interrelationships (TP, AP, MP and the
law of variable proportion).
c. Division of labour and specialization
d. Scale of Production:
Internal and external economies of scale
and their implications.
e. Production functions and returns to
scale
f. Producers’ equilibrium isoquant-isocost
and marginal analyses.
g. Factors affecting productivity.

Theory of Costs and Revenue

a. The concepts of cost:
Fixed, Variable, Total Average and
Marginal
b. The concepts of revenue: Total, average
and marginal revenue;
c. Accountants’ and Economists’ notions
of cost
d. Short-run and long-run costs
e. The marginal cost and the supply curve
of firm.

Market Structures

a. Perfectly competitive market:
i. Assumptions and characteristics;

ii. Short-run and long-run equilibrium
of a perfect competitor;
b. Imperfect Market:
i. Pure monopoly, discriminatory
monopoly and monopolistic
competition.
ii. Short-run and long-run equilibrium
positions.
c. Break-even/shut-down analysis in the
various markets.

National Income

a. The Concepts of GNP, GDP, NI, NNP
b. National Income measurements and
their problems
c. Uses and limitations of national income
estimates
d. The circular flow of income (two and
three-sector models)
e. The concepts of consumption,
investment and savings
f. The multiplier and it effects
g. Elementary theory of income
determination and equilibrium national
income.

Money and Inflation

a. Types, characteristics and functions of
money
b. Demand for money and the supply of
money
c. Quantity Theory of money (Fisher
equation)
d. The value of money and the price level
e. Inflation: Types, measurements, effects
and control
f. Deflation: Measurements, effects and
control.

Financial Institutions

a. Types and functions of financial
institutions (traditional, central bank,
mortgage banks, merchant banks,

insurance companies, building
societies);
b. The role of financial institutions in
economic development;
c. Money and capital markets
d. Financial sector regulations
e. Deposit money banks and the creation
of money
f. Monetary policy and its instruments
g. Challenges facing financial institutions
in Nigeria.

Public Finance

a. Meaning and objectives
b. Fiscal policy and its instruments
c. Sources of government revenue (taxes
royalties, rents, grants and aids)
d. Principles of taxation
e. Tax incidence and its effects
f. The effects of public expenditure
g. Government budget and public debts
h. Revenue allocation and resource control
in Nigeria.

Economic Growth and Development

a. Meaning and scope
b. Indicators of growth and development
c. Factors affecting growth and
development
d. Problems of development in Nigeria
e. Development planning in Nigeria

Agriculture in Nigeria

a. Types and features;
b. The role of agriculture in economic
development;
c. Problems of agriculture;
d. Effects of agricultural policies and their
effects;
e. Instability in agricultural incomes
(causes, effects and solutions).

Industry and Industrialization

a. Concepts and effects of location and
localization of industry in Nigeria;
b. Strategies and Industrialization in
Nigeria;
c. Industrialization and economic
development in Nigeria;
d. Funding and management of business
organization;
e. Factors determining the size of firms.

Business Organizations

a. Private enterprises (e.g. soleproprietorship,
partnership, limited liability companies
and cooperative societies)
b. Problems of private enterprises;
c. Public enterprises and their problems;
d. Funding and management of business
organizations;
e. Factors determining the size of firms;
f. Privatization and Commercialization as
solutions to the problems of public
enterprises.

Population

a. Meaning and theories;
b. Census: importance and problems.

c. Size and growth: over-population, underpopulation and optimum population.
d. Structure and distribution;
e. Population policy and economic
development.

International Trade

a. Meaning and basis for international trade
(absolute and comparative costs etc)
b. Balance of trade and balance of
payments: problems and corrective
measures;
c. Composition and direction of Nigeria’s
foreign trade;
d. Exchange rate: meaning, types and
determination.

International Economic Organizations

Roles and relevance of international
organization e.g. ECOWAS, AU, EU, ECA,
IMF, EEC, OECD, World Bank, IBRD,
WTO, ADB and UNCTAD etc to Nigeria

Factors of Production and their Theories

a. Types, features and rewards;
b. Determination of wages, interest and
profits;
c. Theories: marginal productivity theory
of wages and liquidity preference
theory;
d. Factor mobility and efficiency;
e. Unemployment and its solutions

Course Packages:

Featured In:

Estimated Data consumption

Our player detects a user’s bandwidth and CPU capacity in real-time, and adjusts video quality to ‘low’, ‘medium’, or ‘high’ to ensure seamless streaming. However, you can manually select your preferred streaming quality. Average data consumption:0.387 gigabytes per hour