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
2.1 Land, labour, capital and entrepreneurship
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.
4.1 Tables, graphs and charts.
4.2 Some basic statistical measures and representations
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.
6.1 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
7.1 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.
8.1 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
9.1 Production: division of labour and specialization
9.2 Concept of total, average and marginal productivity
9.3 Law of variable proportions
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
11.1 Concept of a market
11.2 Review of cost and revenue concepts.
11.3 Price discrimination.
12.1 Types and basic features of business enterprises
12.2 Sources of funds.
12.3 General and basic problems of business enterprises.
13.1 Process of distribution
14.1 Population - determination and implication of size and growth of population
14.2 Labour Market
14.3 Supply of and demand for labour
15.1 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)
16.1 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.
17.1 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.
18.1 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.
19.1 Types of financial institutions
19.2 Development and functions of financial institutions.
19.3 Money and capital markets: meaning, types and functions
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.
21.1 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.).
22.1 International Trade
22.2 Balance of Payments
23.1 Economic Integration (objectives, levels of and features).
23.2 Development and problems of economic integration in West Africa- ECOWAS
24.1 Development and role of: Organization of Petroleum Exporting Countries (OPEC)
25.1 Development of major natural resources (petroleum, gold, diamond, timber, groundnut etc.)
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