1. DEFINITION AND SCOPE OF ECONOMICS

1.1 Scarcity and Choice

1.2 Scale of Preference

1.3 Opportunity Cost

1.4 Production Possibility Curve

1.5 Economic activities – Production, Distribution and Consumption

1.6 Classification of economic activities - Primary, Secondary and Tertiary

2. FACTORS OF PRODUCTION

2.1 Land, labour, capital and entrepreneurship

3. TYPES AND BASIC FEATURES OF ECONOMIC SYSTEMS

3.1 Types – capitalism, socialism and mixed economy.

3.2 Basic features of each

3.3 Advantages and disadvantages of each

3.4 Economic problems of society and the approaches for solving them under each of the systems.

4. BASIC TOOLS OF ECONOMIC ANALYSIS

4.1 Tables, graphs and charts.

4.2 Some basic statistical measures and representations

5. DEMAND

5.1 The demand schedules and curve

5.2 Reasons for exceptional demand curves

5.3 Types of demand (derived, composite, joint and competitive);

5.4 Factors determining demand for goods and services

5.5 Distinction between a shift of and movement along a demand curve

5.6 Concept of elasticity of demand.

6. SUPPLY

6.1 Concept of supply and law of supply

6.2 Supply schedules and curve

6.3 Types of Supply: composite, complementary and competitive

6.4 Factors determining supply: input prices, technology, prices of other commodities, climatic factors, etc.

6.5 Distinction between the shift of and movement along the supply curve.

6.6 Concept and measurement of elasticity of supply and its importance to producers and government

7. THEORY OF CONSUMER BEHAVIOUR

7.1 The utility concepts

7.2 The concept of equilibrium of a consumer

7.3 Determination of consumer equilibrium

7.4 The effects of changes in price on consumer equilibrium.

7.5 The relationship between marginal utility and the demand curve.

8. THEORY OF PRICE DETERMINATION

8.1 The Concept of the market

8.2 Price determination under free and regulated markets.

8.3 Equilibrium price and quantity in product and factor markets.

8.4 The effects of changes in supply

8.5 Introduction to algebraic determination of equilibrium price and quantity.

8.6 Price controls: maximum and minimum price regulations; and their effects

9. THEORY OF PRODUCTION

9.1 Production: division of labour and specialization

9.2 Concept of total, average and marginal productivity

9.3 Law of variable proportions

10. THEORY OF COST AND REVENUE

10.1 Cost concepts: total cost, average cost, marginal cost, variable cost, fixed cost; short run and long run costs.

10.2. Distinction between economist’s and accountant’s view of cost (opportunity cost and money cost).

10.3. Revenue concepts: total, average and marginal revenue

11. MARKET STRUCTURES

11.1 Concept of a market

11.2 Review of cost and revenue concepts.

11.3 Price discrimination.

12. BUSINESS ORGANIZATIONS

12.1 Types and basic features of business enterprises

12.2 Sources of funds.

12.3 General and basic problems of business enterprises.

13. DISTRIBUTIVE TRADE

13.1 Process of distribution

14. POPULATION AND LABOUR MARKET

14.1 Population - determination and implication of size and growth of population

14.2 Labour Market

14.3 Supply of and demand for labour

15. AGRICULTURE

15.1 Structure (e.g. food crops, export crops, livestock, fisheries)

15.2 Systems of agriculture (peasant, commercial, co-operative and state farming)

15.3 Importance of agriculture to the national economy

15.4 Marketing of agricultural products (commodity boards)

15.5 Agricultural policies (minimum agricultural prices)

16. INDUSTRIALIZATION

16.1 Meaning and types of industry

16.2 Definition of industrial concepts: plant, firm, industry and industrial estates.

16.3 Location of industry

16.4 Strategies of industrialization.

16.5 The link between agricultural and industrial development.

17. NATIONAL INCOME

17.1 Meaning of major national income concepts

17.2 Different ways of measuring national income and their problems.

17.3 Uses and limitations of national income data

17.4 Trends and structure of national income.

18. MONEY AND INFLATION

18.1 Money: definition and historical development

18.2 Barter and its problems, types, characteristic functions.

18.3 Supply of and demand for money, value of money and the price level.

18.4 Inflation: meaning types, causes, effects and control.

19. FINANCIAL INSTITUTIONS

19.1 Types of financial institutions

19.2 Development and functions of financial institutions.

19.3 Money and capital markets: meaning, types and functions

20. PUBLIC FINANCE

20.1 Fiscal policy and objectives of public finance

20.2 Sources of government revenue.

20.3 Taxation: types(direct and indirect),objectives, merits, demerits and incidence

20.4 Government budget and the national debt.

21. ECONOMIC DEVELOPMENT AND PLANNING

21.1 Meaning of economic development

21.2 Distinction between economic growth and development

21.3 Characteristics and problems of developing countries

21.4 Elements of development planning

21.5 Types of plans (short term, medium term, perspective or long term, rolling plan etc.).

22. INTERNATIONAL TRADE AND BALANCE OF PAYMENTS

22.1 International Trade

22.2 Balance of Payments

23. ECONOMIC INTEGRATION

23.1 Economic Integration (objectives, levels of and features).

23.2 Development and problems of economic integration in West Africa- ECOWAS

24. INTERNATIONAL ECONOMIC ORGANIZATIONS

24.1 Development and role of: Organization of Petroleum Exporting Countries (OPEC)

25. MAJOR NATURAL RESOURCES

25.1 Development of major natural resources (petroleum, gold, diamond, timber, groundnut etc.)