COURSE DESCRIPTION: ECONOMICS

Topic 1: Meaning, Scope, Methodology, and Principles of Economics

This course provides an introduction to the field of economics, covering its meaning, scope, methodology, and fundamental principles. Students will learn to define and explain economics, identify basic economic problems in life, and understand the concept of opportunity cost and its relation to scarce resources. The course will explore the use of tools of economic analysis such as statistical data, graphs, and mathematics. Additionally, students will examine different economic systems and how they solve the basic economic problems.

Topic 2: Theory of Consumer Behaviour

In this unit, students will delve into the theory of consumer behavior. They will learn to define utility and explore concepts such as total utility, marginal utility, and diminishing marginal utility. The course will explain how consumer equilibrium is achieved using the concept of marginal utility and how a normal demand curve can be derived from it. Students will analyze the paradox of value and consumer surplus. Furthermore, they will explore indifference curves, budget lines, and consumption curves to understand consumer equilibrium, substitution and income effects of price changes, and different types of goods.

Topic 3: Demand and Supply

This section focuses on the concepts of demand and supply in economics. Students will define effective demand and supply and construct and interpret individual and market demand and supply curves. They will learn to distinguish between changes in demand/quantity demanded and changes in supply/quantity supplied. The course covers different types of demand and supply and discusses the determination of equilibrium price using algebraic and graphical methods. The effects of changes in demand, supply, taxes, and subsidies on equilibrium price and quantity will also be examined.

Topic 4: Elasticity of Demand and Supply

The course explores the concept of elasticity in economics. Students will learn to define and calculate price, income, and cross elasticity of demand and discuss the factors that affect price elasticity of demand. They will analyze how price elasticity changes along the demand curve and its relationship with total revenue. Additionally, the course covers elasticity of supply, factors affecting it, and its relationship with price changes over time.

Topic 5: Theories of Production and Cost

This unit focuses on theories related to production and cost in economics. Students will learn about the factors of production and their roles in the production process. They will explore concepts such as total physical product, average physical product, marginal physical product, and the law of diminishing returns. The course covers the relationship between total, average, and marginal physical products, stages of production, and the distinction between private and social costs. Students will also analyze different types of costs and their relationships, including total, variable, fixed, marginal, and average costs. The use of production isoquants and isocosts curves to determine firm equilibrium will be examined.

Topic 6: Theories of Revenue and Profit in Relation to Market Structures

This section focuses on revenue and profit theories in relation to market structures. Students will learn to explain and illustrate total revenue, average revenue, and marginal revenue and their graphical relationships. They will analyze different market situations such as perfect competition, monopoly, monopolistic competition, and oligopoly, and discuss profit maximization and business objectives other than profit maximization. The course also covers price discrimination and the circular flow of income in closed and open economies.

Topic 7: National Income and Product

This unit explores national income and product in economics. Students will learn about different methods of measuring national income and discuss its components. The course will cover aggregate demand in closed and open economies and explain the concepts of injections and withdrawals and their effects on national income through the multiplier effect.

Topic 8: Money, Banking, and Finance

In this section, students will study the concepts of money, banking, and finance. They will learn about the demand

and supply of money, price indices, the quantity theory of money, and the use of bills of exchange and promissory notes. The course covers credit creation by commercial banks, the role of the central bank in controlling money supply through monetary policy tools, and the causes and effects of inflation. Students will also explore the role of different financial institutions and analyze the possible causes of inflation.

Topic 9: Public Finance

This unit focuses on public finance and its role in the economy. Students will learn about sources of public revenue, public expenditure, different types of budgets, and government fiscal measures. The course will discuss taxation, its rates, incidence, and canons, as well as expansionary and contractionary fiscal policies. Additionally, students will examine the role of government in economic development and its policies regarding investment, inflation, balance of payments, unemployment, and exchange rates.

Topic 10: Unemployment and Underemployment

This section explores the concepts of unemployment and underemployment and their implications for economic development. Students will learn about different types of unemployment, such as frictional, residual, and structural, as well as the causes and solutions to these problems. The course will discuss population and labor market issues, optimal and overstaffed labor markets, and factors affecting labor efficiency.

Topic 11: International Trade, Payments, and Finance

In this unit, students will study international trade, payments, and finance. They will learn about absolute and comparative cost advantage theories and their limitations. The course covers terms of trade, balance of payments, and the structure and effects of different trade policies. Students will also examine economic integration, the development and implications of regional organizations, and measures taken by governments, the International Monetary Fund (IMF), and other international financial institutions to solve balance of payments problems.

Applied Economics

This course expands on the principles covered in the introductory economics course. It focuses on the practical applications of economics in real-world contexts, particularly in West African countries. The topics covered include economic growth and development, national resources, income, and product, money, banking and finance, public finance, internal and external trade and payments, industrialization, contemporary economic issues, and the role of government in economic development. Throughout the course, students will analyze and discuss specific economic policies and strategies relevant to the region, along with their benefits, challenges, and impacts.