1. Economics as a science

1.1. Basic Concepts

1.1.1. Wants

1.1.2. Scarcity

1.1.3. Choice

1.1.4. Scale of preference

1.1.5. Opportunity cost

1.1.6. Rationality

1.1.7. Production

1.1.8. Distribution

1.1.9. Consumption

1.2. Economic problems

1.2.1. What to produce

1.2.2. How to produce

1.2.3. Whom to produce

1.2.4. Efficiency use of resources

1.3. Application of PPF to solution of economic problems.

2. Economic Systems

2.1. Types of economic system

2.1.1. Free enterprise economy

2.1.2. Centrally planned economy

2.1.3. Mixed economy

2.2. Solutions to economic problems under different systems

2.3. Contemporary issues in economic systems

2.3.1. Economic reforms

2.3.2. Deregulation

2.3.3. Banking sector consolidation

2.3.4. Cash policy reform

3. Methods and Tools of Economic Analysis

3.1. Scientific Approach

3.1.1. Inductive and deductive methods

3.1.2. Positive and normative reasoning

3.2. Basic Tools

3.2.1. Tables, charts and graphs

3.2.2. Mean, median and mode, and their applications

3.2.3. Variance, standard deviation, range and their applications

3.2.4. merits and demerits of the tools.

4. The Theory of Demand

4.1. Meaning and determinants of demand

4.1.1. Demand schedules and curves

4.1.2. Distinction between change in quantity demanded and change in demand

4.2. Types of demand

4.2.1. Composite demand

4.2.2. Derived demand

4.2.3. Competitive demand

4.2.4. Joint demand

4.3. Types, nature and determinants of elasticity and their measurement

4.3.1. Price elasticity of demand

4.3.2. Income elasticity of demand

4.3.3. Cross elasticity of demand

4.4. Importance of elasticity of demand to consumers, producers and government

5. The Theory of Consumer Behaviour

5.1. Basic Concepts of Theory of Consumer Behaviour

5.1.1. Utility

5.1.2. Indifference curve

5.1.3. Budget line

5.2. Diminishing marginal utility and the law of demand

5.3. Consumer equilibrium using the indifference curve and marginal analyses

5.4. Effects of shift in the budget line and the indifference curve

5.5. Consumer surplus and its applications

6. The Theory of Supply

6.1. Meaning and determinants of supply

6.1.1. Supply schedules

6.1.2. Supply curves

6.1.3. The distinction between change in quantity supplied and change in supply

6.2. Types of Supply

6.2.1. Joint/complementary supply

6.2.2. Competitive supply

6.2.3. Composite supply

6.3. Elasticity of Supply

6.3.1. Determinants of Elasticity of Supply

6.3.2. Measurements of Elasticity of Supply

6.3.3. Nature and applications of Elasticity of Supply

7. The Theory of Price Determination

7.1. The concepts of market and price

7.2. Functions of the price system

7.2.1. Equilibrium price and quantity in product and factor markets

7.2.2. Price legislation and its effects

7.3. The effects of changes in supply and demand on equilibrium price and quantity

8. The Theory of Production

8.1. Meaning and types of production

8.2. Concepts of production and their interrelationships

8.2.1. Total Product(TP)

8.2.2. Average Product(AP)

8.2.3. Marginal Product(MP)

8.2.4. The law of variable proportion

8.3. Division of labour and specialization

8.4. Scale of Production

8.4.1. Internal economies of scale

8.4.2. External economies of scale

8.4.3. Their implications

8.5. Production functions and returns to scale

8.6. Producers equilibrium

8.6.1. Isoquant

8.6.2. Isocost

8.6.3. Marginal Analyses

8.7. Factors affecting productivity

9. Theory of Costs and Revenue

9.1. The concepts of cost

9.1.1. Fixed cost

9.1.2. Variable cost

9.1.3. Total cost

9.1.4. Average cost

9.1.5. Marginal cost

9.2. The concepts of revenue

9.2.1. Total revenue

9.2.2. Average revenue

9.2.3. Marginal revenue

9.3. Accountants' and Economists' notions of cost

9.4. Short-run and long-run costs

9.5. The marginal cost and the supply curve of a firm

10. Market Structures

10.1. Perfectly competitive market

10.1.1. Assumptions and characteristics of Perfectly Competitive Market

10.1.2. Short-run and long-run equilibrium of a perfect competitor

10.2. Imperfect Market

10.2.1. Pure monopoly

10.2.2. Discriminatory monopoly

10.2.3. Monopolistic competition

10.2.4. Short-run and long-run equilibrium positions

10.3. Break-even/shut-down analysis in the various markets

11. National Income

11.1. The Concepts of GNP, GDP, NI, NNP

11.2. National Income measurements and their problems

11.3. Uses and limitations of national income estimates

11.4. The circular flow of income (two and three-sector models)

11.5. The concepts of consumption, investment and savings

11.6. The multiplier and its effects

11.7. Elementary theory of income determination and equilibrium national income

12. Money and Inflation

12.1. Types, characteristics and functions of money

12.2. Demand for money and the supply of money

12.3. Quantity Theory of money (Fisher equation)

12.4. The value of money and the price level

12.5. Inflation

12.5.1. Types of inflation

12.5.2. Measurements of inflation

12.5.3. Effects of inflation

12.5.4. Control of inflation

12.6. Deflation

12.6.1. Measurements of Deflation

12.6.2. Effects and control of Deflation

13. Financial Institutions

13.1. Types and functions of financial institutions

13.1.1. Traditional banks

13.1.2. Central bank

13.1.3. Mortgage banks

13.1.4. Merchant banks

13.1.5. Insurance companies

13.1.6. Building societies

13.1.7. Commercial Banks

13.1.8. Development Banks

13.2. The role of financial institutions in economic development

13.3. Money and capital markets

13.4. Financial sector regulations

13.5. Deposit money banks and the creation of money

13.6. Monetary policy and its instruments

13.7. Challenges facing financial institutions in Nigeria

14. Public Finance

14.1. Meaning and objectives of Public Finance

14.2. Fiscal policy and its instruments

14.3. Sources of government revenue

14.3.1. Taxes, royalties

14.3.2. Rents

14.3.3. Grants and aids

14.4. Principles of taxation

14.5. Tax incidence and its effects

14.6. The effects of public expenditure

14.7. Government budget and public debts

14.8. Revenue allocation and resource control in Nigeria

15. Economic Growth and Development

15.1. Meaning and scope of Economic Growth and Development

15.2. Indicators of growth and development

15.3. Factors affecting growth and development

15.4. Problems of development in Nigeria

15.5. Development planning in Nigeria

16. Agriculture in Nigeria

16.1. Types and features of Agriculture

16.2. The role of agriculture in economic development

16.3. Problems of agriculture

16.4. Agricultural policies and their effects

16.5. Instability in agricultural incomes

16.5.1. Causes of instability in agricultural incomes

16.5.2. Effects and solutions to instability in agricultural incomes

17. Industry and Industrialization

17.1. Concepts and effects of location and localization of industry in Nigeria

17.2. Strategies and Industrialization in Nigeria

17.3. Industrialization and economic development in Nigeria

17.4. Funding and management of business organization

17.5. Factors determining the size of firms

18. Natural Resources and the Nigerian Economy

18.1. Development of major natural resources

18.1.1. Petroleum

18.1.2. Gold

18.1.3. Diamond

18.1.4. Timber

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

18.3. Linkage effects

18.4. Upstream/downstream of the oil sector

18.5. The role of NNPC and OPEC in the oil sector

18.6. Challenges facing natural resources exploitation

19. Business Organizations

19.1. Private enterprises

19.1.1. Sole-proprietorship

19.1.2. Partnership

19.1.3. Limited liability companies

19.1.4. Cooperative societies

19.2. Problems of private enterprises

19.3. Public enterprises and their problems

19.4. Funding and management of business organizations

19.5. Factors determining the size of firms

19.6. Privatization and Commercialization as solutions to the problems of public enterprises

20. Population

20.1. Meaning and theories of population

20.2. Census

20.2.1. Importance and problems of Census

20.3. Size and growth

20.3.1. Over-population

20.3.2. Under-population

20.3.3. Optimum population

20.4. Structure and distribution of population

20.5. Population policy and economic development

21. International Trade

21.1. Meaning and basis for international trade

21.1.1. Absolute costs

21.1.2. Comparative costs

21.2. Balance of trade and balance of payments

21.2.1. Problems of Balance of trade and balance of payments

21.2.2. Corrective of Balance of trade and balance of payments

21.3. Composition and direction of Nigeria's foreign trade

21.4. Exchange rate

21.4.1. Meaning of exchange rate

21.4.2. Types of exchange rate

21.4.3. Determination of exchange rate

22. International Economic Organizations

22.1. Roles and relevance of international organization

22.1.1. ECOWAS

22.1.2. AU

22.1.3. EU

22.1.4. ECA

22.1.5. IMF

22.1.6. EEC

22.1.7. OECD

22.1.8. World Bank

22.1.9. IBRD

22.1.10. WTO

22.1.11. ADB

22.1.12. UNCTAD

23. Factors of Production and their Theories

23.1. Types, features, and rewards of Factors of Production

23.2. Determination of wages, interest, and profits of Factors of Production

23.3. Theories of Factors of Production

23.3.1. Marginal productivity theory of wages

23.3.2. Liquidity preference theory

23.4. Factor mobility and efficiency of Factors of Production

23.5. Unemployment and its solutions