ECONOMI

CSSCHEMEOFWORK(
SS1)

I
NSTRUCTOR:
BONI
FACEEJI
KEMEI
TANWU

Cont
ent
s:

MEANI
NGOFECONOMI
CSANDRELATEDCONCEPTS

i
.Def
ini
ti
ons,
scope,
impor
tanceandmet
hodol
ogyofeconomi
cs.

i
i
.Economi
csasasci
ence

i
i
i.Concept
sofwant
s,scar
cit
y,scal
eofpr
efer
ence,
choi
ceandoppor
tuni
tycost
.

BASI
CTOOLSOFECONOMI
CANALYSI
S

i
.Gr
aphs,
char
tsandt
abl
ewi
thr
elev
antexampl
es

i
i
.Const
ruct
ionoff
requencydi
str
ibut
ion

BASI
CTOOLSOFECONOMI
CANALYSI
S

i
.Measur
esofcent
ral
tendenci
es–Meani
ng

i
i
.Ty
pes(
mean,
mode,
medi
an)mer
it
sanddemer
it
sandsi
mpl
eappl
i
cat
ion.

CONCEPTSOFDEMANDANDSUPPLY

i
.Pr
icesy
stem,
Demand–meani
ng,
schedul
es,
cur
ves,
laws.

i
i
.Fact
orsaf
fect
ingDemand

CONCEPTSOFDEMANDANDSUPPLY

i
.Meani
ngofsuppl
y,l
awandschedul
e

i
i
.Fact
orsaf
fect
ingsuppl
y

CONCEPTSOFDEMANDANDSUPPLY

i
.Det
ermi
nant
sofequi
l
ibr
ium pr
ice,
quant
it
yandpoi
ntwi
thsi
mpl
eappl
i
cat
ions.

THEORYOFPRODUCTI
ON

i
.Meani
ngofPr
oduct
ion

i
i
.Ty
pesofPr
oduct
ion

i
i
i.Fact
orsofPr
oduct
ion
THEORYOFPRODUCTI
ON

i
.Meani
ngofdi
vi
sionofl
abour

i
i
.Speci
ali
zat
ion

i
i
i.Adv
ant
agesanddi
sadv
ant
agesandl
i
mit
ati
onsofdi
vi
sionofl
abour

THEORYOFPRODUCTI
ON

i
.Scal
eofpr
oduct
ion

i
i
.Adv
ant
agesanddi
sadv
ant
agesofl
argescal
epr
oduct
ion

BASI
CECONOMI
CPROBLEMSOFSOCI
ETY

i
.Def
ini
ti
onofeconomi
csy
stem

i
i
.Ty
pesofeconomi
csy
stem (
Capi
tal
i
sm)

i
i
i.Adv
ant
agesanddi
sadv
ant
agesofcapi
tal
i
sm.

BASI
CECONOMI
CPROBLEMSOFSOCI
ETY

i
.Ty
pesofeconomi
csy
stem (
Soci
ali
sm andMi
xedeconomy
)

i
i
.Adv
ant
agesanddi
sadv
ant
agesoft
heabov
eeconomi
csy
stems.

BASI
CECONOMI
CPROBLEMSOFSOCI
ETY

i
.Whatt
opr
oduce

i
i
.Howt
opr
oduce

i
i
i.Forwhom t
opr
oduce

i
v.Ef
fi
ciencyofr
esour
ceuse

FI
RMSANDI
NDUSTRY

i
.Def
ini
ti
onsoff
ir
msandi
ndust
ry

i
i
.Ty
pesandbasi
cfeat
uresofbusi
nessent
erpr
ises/
organi
sat
ions.

FI
RMSANDI
NDUSTRY

i
.Generalandspeci
fi
cpr
oblemsofbusi nessent
erpr
ises(
e.g.i
nadequat
ecapi
tal
,l
ocat
ion,
i
nfl
ati
on,gover
nmentpol
icy
, seasonal
changesetc)

FI
RMSANDI
NDUSTRY
i
.Def
ini
ti
onsofpr
ivat
eandpubl
i
ccompani
es

i
i
.Char
act
eri
sti
cs

i
i
i.Di
sti
nct
ionbet
weenpr
ivat
eandpubl
i
ccompani
es.

FI
RMSANDI
NDUSTRY

i
.Def
ini
ti
onsofquot
edandunquot
edcompani
esanddi
sti
nct
ions

i
i
.Shar
es,
debent
uresandbonds.

POPULATI
ON

i
.Meani
ngofpopul
ati
oni
neconomi
cs

i
i
.Det
ermi
nant
sandi
mpl
i
cat
ionofpopul
ati
on,
sizeandgr
owt
h

i
i
i.Theor
iesofpopul
ati
one.
g.Mal
thusi
anTheor
y,Demogr
aphi
cTr
ansi
ti
ont
heor
yet
c.

POPULATI
ON

i
.Di
str
ibut
ionofpopul
ati
on:
Geogr
aphi
cal
,Age,
SexandOccupat
ional
.

POPULATI
ON

i
.Impor
tanceandpr
obl
emsofcensus

i
i
.Rur
al–Ur
banmi
grat
ion

LABOURMARKET

i
.Conceptofl
abourf
orce

i
i
.Ef
fi
ciencyandmobi
l
ityofl
abourf
orce

i
ii
.Factor
saffect
ingthesi
zeofl
abourf
orcepar
ti
cul
arl
ythepopul
ati
onchar
act
eri
sti
cs(
age,
sex,
occupati
on,
education)
.

THENATUREOFTHENI GERIANECONOMYi .Gener

aloverv
iewandstr
uctur
eofNi
geri
an
economyanditseconomicpotent
ial
sii
.Nat
ureandstr
uctureofi
ndust
ri
esinNi
ger
ia.i
ii
.
Contr
ibut
ionsft
heprimary,
secondaryandt
ert
iar
ysector
s.

MEANI
NGOFFI
NANCI
ALI
NSTI
TUTI
ON

i
.Meani
ngandsegment
soff
inanci
alsy
stem

i
i
.Feat
uresofbanki
ngandnon-
banki
ngf
inanci
ali
nst
it
uti
ons.

i
i
i.Funct
ionsofeachi
nst
it
uti
onandi
tsi
mpor
tance.
MEANI
NGOFFI
NANCI
ALI
NSTI
TUTI
ON

i
.Moneyandcapi
tal
mar
ket
s

i
i
.Benef
it
sofcapi
tal
mar
ket
s.

MONEY

i
.Def
ini
ti
onofmoney

i
i
.Hi
stor
ical
dev
elopmentofmoneyi
i
i.Funct
ionsofmoney

MONEY

i
.Ty
pesofmoney(
incl
udi
ngcr
edi
tcar
d,v
alv
ecar
d,ot
herI
CTai
dedpay
menti
nst
rument
s)

i
i
.Char
act
eri
sti
csofmoney

i
i
i.Qual
i
tiesofagoodmoney

CHANNELSOFDI
STRI
BUTI
ON

i
.Channel
sandpr
ocessofdi
str
ibut
ion

i
i
.Rol
esofWhol
esal
er

i
i
i.Rol
esofRet
ail
er

CHANNELSOFDI
STRI
BUTI
ON

i
.Rol
esofCooper
ati
ves

i
i
.Rol
esofGov
ernmentAgenci
esi
npr
oductdi
str
ibut
ion

i
i
i.Pr
obl
emsofdi
str
ibut
ionandway
sofi
mpr
ovement
.

I
NSTRUMENTSOFBUSI
NESSFI
NANCE

i
.Sour
cesoff
undsf
orbusi
nesses

i
i
.Basi
cinst
rument
sforbusi
nessf
inanci
ng(
shar
es,
debent
uresandbonds)

I
NSTRUMENTSOFBUSI
NESSFI
NANCE

i
.Meani
ngandt
ypesofshar
es,
debent
ureandot
hersecur
it
ies. I
NSTRUMENTSOFBUSI
NESS
FI
NANCE

i
.Pr
obl
emsofbusi
nessf
inanci
ngi
nNi
ger
ia
ECONOMI
CSSCHEMEOFWORK(
SS2)

I
NSTRUCTOR:
BONI
FACEEJI
KEMEI
TANWU

Cont
ent
s:

TOOLSOFECONOMI
CANALYSI
S

i
.Si
mpl
eli
nearequat
ions

i
i
.Measur
esofdi
sper
sion

i
i
i.Pi
echar
t

TOOLSOFECONOMI
CANALYSI
S

i
.Barchar
ts

i
i
.Cal
cul
ati
onofchar
ts

CONCEPTOFDEMANDANDSUPPLY

i
.Meani
ngofdemandandsuppl
y

i
i
.Lawsofdemandandsuppl
y

i
i
i.Fact
orsaf
fect
ingdemandandsuppl
y.

CONCEPTOFDEMANDANDSUPPLY

i
.Di
sti
ngui
shbetweenf
act
orsthatcauseshi
fti
ndemandandsuppl
ycur
vesandt
hosecausi
ng
movemental
ongdemandandsupplycurv
es

i
i
.Ty
pesofdemandandsuppl
y(wi
thcur
ves)

THEPRODUCTI
ONPOSSI
BILI
TYCURVE

i
.Meani
ngofpr
oduct
ionpossi
bil
i
tycur
ve(
PPC)

i
i
.Pl
ott
ingt
hePPCf
rom possi
bledat
a

THEPRODUCTI
ONPOSSI
BILI
TYCURVE

i
.Conceptoft
otal
,av
erageandmar
ginal
product
ivi
ty.

i
i
.Lawsofv
ari
abl
epr
opor
ti
on

COSTCONCEPTS

i
.Basi
ccostconcept
s:t
otal
,av
erage,
mar
ginal
,fi
xedandv
ari
abl
ecost
.
i
i
.Di
ff
erentcostcur
ves

COSTCONCEPTS

i
.Shor
t-
runandLong-
runCost
s

i
i
.Di
sti
nct
ionbet
weeneconomi
st’
sandaccount
ant
’sv
iewofcost

REVENUECONCEPTS

i
.Conceptofr
evenue–t
otal
,av
erageandmar
ginal
rev
enuei
i
.Rev
enueschedul
esandcur
ves

TYPESANDFEATURESOFECONOMI
CSYSTEM

i
.Basi
cfeat
uresofeconomi
csy
stem (
Capi
tal
i
sm,
Soci
ali
sm,
Mixedeconomyet
c)

LABOURMARKET

i
.Suppl
yofanddemandf
orl
abour

i
i
.Wagedet
ermi
nat
ion

LABOURMARKET

i
.Tr
adeUni
onsandot
herr
elat
edi
nst
it
uti
ons.

LABOURMARKET

i
.Conceptofunempl
oyment

i
i
.Ty
pesofunempl
oyment
,causes,
eff
ect
sandsol
uti
ons.

i
i
i.Conceptofsel
fempl
oyment
,jobcr
eat
ionanddi
gni
tyofl
abour
.

ELEMENTARYTREATMENTOFUTI
LITYTHEORY

i
.Conceptofut
il
it
y–av
erage,
mar
ginal
andt
otal
uti
l
ity
.

i
i
.Thel
awofdi
mini
shi
ngmar
ginal
uti
l
ity
.

PRI
CEDETERMI
NATI
ON

i
.Det
ermi
nat
ionofequi
l
ibr
ium pr
iceandquant
it
y

i
i
.Ef
fect
sofchangesi
ndemandandsuppl
y

i
i
i.Ty
pesofdemandandsuppl
ye.
g.j
ointdemand,
joi
ntsuppl
yet
c.

PRI
CEDETERMI
NATI
ON
i
.Conceptofel
ast
ici
tyandi
tsappl
i
cat
ion

i
i
.Si
mpl
eappl
i
cat
ionofpr
icet
heor
ye.
g.mi
nimum andmaxi
mum pr
icel
egi
slat
ion.

MARKETSTRUCTURE

i
.Conceptandt
ypesofmar
ket
s

i
i
.Rev
iewofcostandr
evenuecur
ves.

MARKETSTRUCTURE

i
.Pr
iceandquant
it
ydet
ermi
nat
ionunderper
fectcompet
it
ionandmonopol
y.

MARKETSTRUCTURE

i
.Pr
iceandquant
it
ydet
ermi
nat
ionunderduopol
yandmonopol
y.

I
NDUSTRI
ESI
NNI
GERI
A

i
.Def
ini
ti
onofi
ndust
ri
alconcept–pl
ant
,fact
ory
,fi
rm,
indust
ryandi
ndust
ri
alest
ate.

I
NDUSTRI
ESI
NNI
GERI
A

i
.Locat
ionandl
ocal
i
zat
ionofi
ndust
ri
esi
nNi
ger
ia.

i
i
.Adv
ant
ageanddi
sadv
ant
agesofl
ocal
i
zat
ionofi
ndust
ri
es.

i
i
i.Fact
orst
hati
nfl
uencel
ocat
ionandl
ocal
i
zat
ionofi
ndust
ri
es.

ELEMENTARYTREATMENTOFFI
SCALPOLI
CY

i
.Meani
ngoff
iscal
pol
i
cyi
npubl
i
cfi
nance

i
i
.Obj
ect
ivesofpubl
i
cfi
nance

i
i
i.Rev
enueal
l
ocat
ion(
incl
udi
ngr
esour
cecont
rol
)

i
v.Sour
cesofgov
ernmentr
evenue

TREATMENTOFFI
SCALPOLI
CY

i
.Di
rectandi
ndi
rectt
axat
ion

i
i
.Ef
fect
sandi
nci
denceoft
axat
ion

i
i
i.St
ruct
ureofef
fect
sofpubl
i
cexpendi
tur
eongov
ernmentbudgety
ear
.

BALANCEDANDUNBALANCEDBUDGET
i
.Meani
ngofbal
ancedbudget

i
i
.Reasonsf
orbal
ancedbudget

i
ii
.Meani
ngofsurplusanddef
ici
tbudgetofr
evenueandit
emst heyspendmoneyone.g.i
nthe
pr
evi
ousweek.Thiswil
lil
l
ustr
atethei
deaofrevenueandexpendi
tur
eatthei
ndiv
idual
level
.

BALANCEDANDUNBALANCEDBUDGET

i
.Way soff
inanci
ngdef
ici
tbudgetandt
hei
ref
fect
s(e.
g.debtbur
den,
debtr
eli
efanddebtbuy
back)

ELEMENTSOFNATI
ONALI
NCOMEACCOUNTI
NG

i
.Meani
ngofnat
ional
incomeconcept
sandt
hei
ruses

i
i
.Way
sofmeasur
ingnat
ional
incomeandt
hei
rli
mit
ati
ons.

ELEMENTSOFNATI
ONALI
NCOMEACCOUNTI
NG

i
.Usesandl
i
mit
ati
onsofNat
ional
incomeest
imat
es

i
i
.Tr
endsandst
ruct
ureofnat
ional
income

TYPESOFFI
NANCI
ALI
NSTI
TUTI
ONSANDTHEI
RFUNCTI
ONS

i
.MoneyMar
keti
nst
it
uti
ons

i
i
.Capi
tal
Mar
keti
nst
it
uti
ons

i
i
i.Ot
herMar
ketagenci
es.

TYPESOFFI
NANCI
ALI
NSTI
TUTI
ONSANDTHEI
RFUNCTI
ONS

i
.Funct
ionsofcapi
tal
mar
keti
nst
it
uti
ons

i
i
.Howt
hest
ockexchangeoper
ates

i
i
i.Secondar
yandpr
imar
ymar
ket
s

MONEY:
DEMANDFORANDSUPPLYOFMONEY

i
.Det
ermi
nant
sofsuppl
yanddemandf
ormoney
.

i
i
.Val
ueofmoneyandt
hepr
icel
evel
.

I
NFLATI
ONANDDEFLATI
ON

i
.Meani
ngandt
ypesofi
nfl
ati
on
i
i
.Causes,
eff
ect
sofi
nfl
ati
on/
def
lat
ion

MONEY

i
.Cont
rol
ofi
nfl
ati
on/
def
lat
ion

i
i
.Inf
lat
ioni
nNi
ger
ia.

ECONOMI
CSSCHEMEOFWORK(
SS3)

I
NSTRUCTOR:
BONI
FACEEJI
KEMEI
TANWU

Cont
ent
s:

ECONOMI
CLESSONSFROM THEASI
ANTI
GERS,
JAPAN,
EUROPEANDAMERI
CA

i
.Economi
chi
stor
yoft
heAsi
anTi
ger
sandJapan(
1960t
o2000)

i
i
.Dev
elopmentst
rat
egi
esempl
oyedbyt
heAsi
anTi
ger
s,Japan,
Eur
opeandAmer
ica.

i
i
i.Lessonsf
ort
heNi
ger
ianeconomy
.

HUMANCAPI
TALDEVELOPMENT

i
.Def
ini
ti
onandchar
act
eri
sti
csofhumancapi
tal

i
i
.Fact
orst
hataf
fectt
heef
fi
ciencyofhumancapi
tal

i
i
i.Di
sti
nct
ionbet
weenhumanandphy
sical
capi
tal
.

i
v.Br
aindr
ainandi
tsef
fectont
heNi
ger
ianeconomy
.

v
.Ar
rest
ingbr
aindr
ain.

PETROLEUM ANDTHENI
GERI
ANECONOMY

i
.Dev
elopmentoft
hepet
rol
eum i
ndust
ry.

i
i
.Cont
ri
but
ionofpet
rol
eum t
otheNi
ger
ianeconomy(
posi
ti
veandnegat
ive)

i
ii
.Rol
esofNNPCandOPECi
ntheexpl
orat
ion,
product
ion,
ref
ini
ng,
mar
ket
inganddi
str
ibut
ion
ofpet
rol
eum pr
oduct
s.

MANUFACTURI
NGANDCONSTRUCTI
ON

i
.Meani
ngsofmanuf
act
uri
ngandconst
ruct
ion,
typesofmanuf
act
uri
ng(
craf
ts,
foodpr
ocessi
ng
et
c.)

i
i.Contr
ibut
ionoft
hemanuf
act
uri
ngandconst
ruct
ionsect
orst
oNi
ger
ia'
sGr
ossDomest
ic
Product
.
i
i
i.Rol
esofmanuf
act
uri
ngandconst
ruct
ioni
neconomi
cdev
elopment
.

SERVI
CEI
NDUSTRI
ES

i
.Meani
ngofser
vice.

i
i
.Li
stofser
vicei
ndust
ri
es(
transpor
t,t
our
ism,
insur
ance,
banki
ng,
war
ehousi
ng,
adv
ert
isi
nget
c.)

i
i
i.Congr
atul
ati
onsofser
vicei
ndust
ri
est
odev
elopment
.

AGENCI
ESTHATREGULATETHEFI
NANCI
ALMARKET

i
.Regul
ati
onofmoney

i
i
.Ther
egul
ator
yagenci
es(
CBN,
NDI
C,et
c.)

BALANCEOFPAYMENTS(
B.O.
P.)

i
.Termsoftradeandmeasurements,
favourabl
eandunf
avour
abl
ebal
anceofpay
ment
sand
t
heiref
fect
s,bal
anceofpaymentsconcepts.

i
i
.Met
hodsofcor
rect
ingbal
anceofpay
ment
s

ECONOMI
CGROWTHANDDEVELOPMENT

i
.Def
ini
ti
onofEconomi
cgr
owt
handdev
elopment

i
i
.Di
sti
nct
ionbet
weeneconomi
cgr
owt
handdev
elopment
.

i
i
i.Pr
obl
em ofeconomi
cdev
elopmenti
nNi
ger
ia.

ECONOMI
CDEVELOPMENTPLANNI
NG

i
.El
ement
sofdev
elopmentpl
anni
ng

i
i
.Ni
ger
ia'
spl
anni
ngexper
ience

i
i
i.Obj
ect
ivesofNi
ger
ia'
sdev
elopmentpl
ans.

I
NTERNATI
ONALECONOMI
CORGANI
SATI
ONS

i
.ECOWAS,
ECO,
IMF,
IBRD,
ADB,
OPEC,
WACH,
GATT,
UNCTADet
c.

i
i
.Ai
ms,
obj
ect
ivesandr
olesoft
heor
gani
sat
ions.

CURRENTECONOMI
CPLANS:
MDGs,
NEEDS,
VISI
ON2020

i
.Meani
ngandobj
ect
ivesofMDGs,
NEEDSandVi
sion2020.

ECONOMI
CDEVELOPMENTCHALLENGES
i
.Meani
ngandef
fect
sofpov
ert
y

i
i
.Pov
ert
yal
l
evi
ati
onander
adi
cat
ion.

i
ii
.Agenci
esf
orpov
ert
yall
eviat
ionanderadi
cati
on:
Nati
onal
AgencyforPov
ert
yEr
adi
cat
ion
Pr
ogramme(NAPEP),Nat
ionalDi
rect
orateofEmpl
oyment(
NDE)etc.

i
v.HI
V/AI
DSandt
heeconomy

v
.Powerandener
gyi
nadequacy

ECONOMI
CREFORM PROGRAMMES

i
.Consol
i
dat
ionoff
inanci
ali
nst
it
uti
ons

i
i
.Pr
ivat
isat
ionandcommer
cial
i
sat
ion

i
i
i.EFCC,
ICPC,
NAFDAC,
SONet
c.

PRACTI
CALSOLUTI
ONSTOPASTWAECANDNECOQUESTI
ONS