1.       Economics as a science

a.                    Basic Concepts:

Wants, Scarcity, choice, scale of                preference,  opportunity cost, Rationality,                production, distribution,  consumption.

bi.   Economic problems of:

What, how and for whom to produce and               efficiency of resource use.

bii.  Application of PPF to solution of economic               problems.

2.       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

Candidates should be able to:

(i)                  compare various concepts in economics

and their applications;

(ii)                interpret graphs/schedules in relation to

the concepts;

(iii)              identify economic problems;

(iv)               proffer solutions to economic problems

Candidates should be able to:

(i)                  compare the various economic systems;

(ii)                apply the knowledge of economic

systems to contemporary issues in Nigeria

(iii)              proffer solutions to economic problems

in different economic systems.

3.            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 tools.

4.            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.

Candidates should be able to:

(i)                  distinguish between the various forms of

reasoning;

(ii)                apply these forms of reasoning to real life

Candidates should be able to:

(i)                    identify the factors determining demand;

(ii)                  interpret demand curves from demand

schedules;

(iii)                differentiate between change in quantity

demanded and change in demand;

(iv)                 compare the various types of demand and

their interrelationships;

(v)                  relate the determinants to the nature of

elasticity;

(vi)                 compute elasticities;

(vii)               interpret elasticity coefficients in relation

to real life situations.

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.

6.            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

7.            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

(i)        explain the various utility concepts;

(ii)       apply the law of demand using the

marginal utility analysis;

(iii)     use indifference curve and marginal

analyses          to            determine           consumer equilibrium;

(iv)     relate the income and substitution effects; (v)     apply consumer surplus to real life

from                                                                                 supply

(iii)              differentiate between change in quantity

supplied and change in supply;

(iv)               compare the various types of supply and

their interrelationships;

(v)                relate the determinants to the nature of

elasticity;

(vi)               compute elasticity coefficients;

(vii)             interpret the coefficients in relation to real

live situations.

Candidates should be able to:

(i)                  explain the concepts of market and price;

(ii)                examine the functions of the price system;

(iii)              evaluate            the          effects    of             government

interference with the price system;

(iv)               differentiate      between minimum             and

8.       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.

g.

9.

a.

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.

10. Market Structures

a. Perfectly competitive market:

i.     Assumptions and characteristics;

(v)          interpret the effects of changes in supply

and demand on equilibrium price and quantity.

Candidates should be able to:

(i)             relate TP, AP and MP with the law of

variable proportion;

Candidates should be able to:

(i)                  explain the various cost concepts

(ii)                differentiate between accountants’ and

economists’ notions of costs

(iii)              interpret the short-run and long-run costs

curves

(iv)               establish the relationship between marginal

cost and supply curve.

(v)                explain the various revenue concepts.

Candidates should be able to:

(i)         analyse          the         assumptions          and

characteristics of a perfectly competitive market;

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.

11.    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.

12.    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.

13.    Financial Institutions 

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

(iii)              analyse             the          assumptions            and characteristics of imperfect markets;

(iv)               differentiate between the short-run and

long-run equilibria of imperfectly competitive firms;

(v)                establish the conditions for the break- even/shut down of firms.

Candidates should be able to:

(i)                  identify the major concepts in national income;

(ii)                compare the different ways of measuring national income;

(iii)              examine their problems;

(iv)               assess the uses and limitations of national income estimates;

(v)                interpret the circular flow of income using the two and  three-sector models;

(vi)               calculate the various multipliers;

(vii)             evaluate their effects on equilibrium national income;

(viii)           explain the concepts of consumption, investment and savings.

Candidates should be able to:

(i)                  explain        between the          types,

characteristics and functions of money;

(ii)                identify        the          factors    affecting       the  demand for and the supply of money;

(iii)              examine the relationship between the value of money and the price level;

(iv)               identify the components in the quantity theory of money;

(v)                examine the causes and effects of

inflation;

(vi)               calculate the consumer price index; (vii)     interpret the consumer price index; (viii)          examine ways of controlling inflation.

(ix)          Examine the causes, measurement,

effects and control of deflation.

Candidates should be able to:

(i)                  Identify the types and functions of financial institutions;

(ii)                Explain        the          roles       of       financial

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.

14.    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.        w

f.        The effects of public expenditure

g.       Government budget and public debts

h.       Revenue allocation and resource control in Nigeria.

15.    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.

16.    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).

(iii)              Distinguish between the money and capital markets;

(iv)               Identify the various financial sector regulators and their functions;

(v)                Explain the money creation process and its challenges;

(vi)               Examine the various monetary policy instruments and their effects;

(vii)             Appraise the challenges facing the

financial institutions in Nigeria.

Candidates should be able to:

(i)                  identify the objectives of public finance;

(ii)                explain fiscal policy and its instruments;

(iii)              compare        the          various   sources        of government revenue

(iv)               analyse the principles of taxation;

(v)                analyse the incidence of taxation and its effects;

(vi)               examine        the          effects    of        public expenditure on the economy;

(vii)             examine the types and effects of budgets;

(viii)           highlight       the          criteria   for        revenue allocation in Nigeria and their impact.

Candidates should be able to:

(i)                  distinguish between economic growth and development;

(ii)                highlight the indicators of growth and development;

(iii)              identify the factors affecting growth and development;

(iv)               examine the problems of development in Nigeria;

(v)                examine         the          role         of         planning                in development;

Candidates should be able to:

(i)                  identify the types and features of agriculture;

(ii)                examine the characteristics and problems of agriculture;

(iii)              assess the role of agriculture in economic development;

(iv)               appraise agricultural policies in Nigeria;

(v)                evaluate the causes and effects of

instability in agricultural incomes.

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.

18.    Natural       Resources             and         the          Nigerian Economy

a.        Development of  major natural resources

(petroleum, gold, diamond, timber etc);

b.       Contributions of the oil and the non-oil sectors to the Nigerian economy;

c.        Linkage effects;

d.       Upstream/downstream of the oil sector;

e.        The role of NNPC and OPEC in the oil

sector;

f.        Challenges          facing     natural   resources exploitation.

19.    Business Organizations 

a.        Private proprietorship, 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.

20.    Population 

a.        Meaning and theories;

b.       Census:  importance and problems.

(i)                  differentiate between location and localization of industry;

(ii)                identify the factors influencing  the location and localization of industry;

(iii)              examine         the          problems         of industrialization;

(iv)               appraise         some         industrialization strategies;

(v)                examine the role of industry in economic development.

Candidates should be able to:

(i)                  trace the development of the major natural resources  in Nigeria;

(ii)                assess the contribution of the oil and the non-oil sectors to the Nigerian economy;

(iii)              establish the linkages between the natural resources and other sectors;

(iv)               analyse the environmental effects of exploitation activities in Nigeria;

(v)                distinguish between the upstream and downstream activities in the oil sector ;

(vi)               examine the roles of NNPC and OPEC in the oil sector;

(vii)             suggest ways of controlling the effects of natural resources exploitation.

Candidates should be able to:

(i)                  compare the types and basic features of private business organization;

(ii)                assess the financing and management problems of business organizations;

(iii)              identify the features of public enterprises;

(iv)               identify the factors determining the size of firms;

(v)                differentiate between privatization and commercialization;

(vi)               compare          the          advantages           and

disadvantages      of      privatization                                and

commercialization;

Candidates should be able to:

(i)           analyse  some population theories:

(ii)          examine the relevance of the theories to Nigeria;

d.       Structure and distribution;

e.        Population          policy     and         economic development.

21.     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.

22.     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.

23.     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

causes                                                                                 of