Complete JUPEB Economics Syllabus For 2021/2022 Academic Session

JUPEB Economics Syllabus

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JUPEB Economics syllabus PDF and text is broken into two semesters with two broad courses each.

FIRST SEMESTER

• ECN 001: PRINCIPLES OF ECONOMICS I
• ECN 002: PRINCIPLES OF ECONOMICS II

SECOND SEMESTER

• ECN 003: APPLIED ECONOMICS I
• ECN 004: APPLIED ECONOMICS II

See JUPEB Economics syllabus

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ECN 001 — Principles of Economics I

1. Introduction

• Definition of Economics
• Economics as a Social Science subject
• Distinction between Social Science and Natural Science
• Nature of Economic problems
• Scope and purpose of Macro- and Micro- Economics: distinctions and limitations

2. Basic Economics Concepts

• Scarcity, choice and resource allocation
  • Meaning of scarcity and the inevitability of choices at all levels (individuals, firm, government)
  • Opportunity cost
  • Basic question of what will be produced, how and for whom
• Different allocative mechanisms
  • Market Economics
  • Planned Economics
  • Mixed Economics
• Production possibility curve — shape and shifts
• Positive and Normative statements
• Factors of production
  • Land
  • Labour
  • Capital
  • Enterprise
• Division of labour
• Efficient resource allocation
• Economic efficiency: productive and allocative efficiency

3. Tools and Methods of Economic Analysis

• Fundamental relationship — algebraic and geometric form
• Systems of equation — economic equation
• Variables — endogenous and exogenous
• Interpretation and comprehension of statistical data
• Application of the use of statistical data in Nigerian economy and solving global economic problems
• Inductive and deductive methods
• Advantages and limits of Mathematical tool

4. The Price System

• Individual demand curve
• Aggregation of individual demand curves to give market demand
• Factors
• Factors influencing demand
• Movements along and shift of a demand curve
• Price
• Price, income and cross-elasticity of demand
  • Meaning and calculation
  • Factors affecting
  • Implications for revenue and business decisions
• Supply curve analysis: aggregation of individual supply curves to give market supply
• Factors influencing market supply including direct taxes. Movement along and shift of a supply curve
  • Price elasticity of supply: determinants, implications for speed/ease with which businesses react to market conditions
  • Interaction of demand and supply: equilibrium price and quality
  • Application of demand and supply analysis
• Government intervention via maximum price controls, price stabilisation, taxes, subsidies, direct provision of goods and services

5. Theory of Consumer Behaviour

• Concept of utility
• Law of diminishing marginal utility and its relationship to derivation of an individual demand schedule and curve
  • Equi-marginal principle limitations of marginal utility theory
• Cardinal and ordinal approaches to theory of utility
• Budget lines
• Income and substitute effect of free change

6. Theory of the Firm

• Short run production function: fixed and variable factors of production, total product, average product and marginal product
• Law of diminishing returns (law of variable proportion)
• Long run production function. Returns to scale
• Economist’s versus Accountant’s definition of cost
  • Marginal cost and average cost
  • Short run cost function – fixed cost versus variable cost
  • Explanation of shape of SRAC
  • Long run cost function
  • Explanation of shape of LRAC
  • Relationship between Economies and scale and Decreasing cost
  • Internal and external economies of scale
• Survival of small firm. Growth of firm
• Relationship between elasticity, marginal, average and total revenue for a downward sloping demand curve
• Concept of firm and industry
• Traditional objective of a firm – profit maximisation
• Normal and abnormal profit

7. Market Structure

• Different market structure
  • Perfect competition
  • Monopoly
  • Monopolistic competition
  • Oligopoly
  • Structure of market as explained by numbers of buyers and sellers
  • Nature of product
  • Degree of freedom of entry and nature of information
  • Contestable markets
• Conduct of form — pricing policy and non-pricing policy, including price discrimination, price leadership model and mutual independence in the case of oligopolies
• Performance of firm — in terms of output, profits and efficiency, comparison with regard to economic efficiency, barriers to entry, price competition, non-price competition and collusion

8. Theory of Income Distribution

• Demand for labour, meaning and factors affecting demand for labour, derivation of individual firm’s demand for a factor using marginal revenue product theory
• Supply of labour — meaning and factors affecting supply, net advantages and the long run supply of labour
• Wage determination under free market forces (competitive product and factor market). The ole of trade union and government in wage determination, wage differences and economic rent

9. Government Intervention

• Sources of market failure
• Market imperfections — existence of Monopolistic elements
• Objectives of government microeconomic policy: efficiency and equity
• Policy to correct market failure: Regulations
• Policies towards income and wealth distribution
• Effectiveness of government policies
• Privatisation
• Externalities
• Social cost as a sum of private cost and external cost
• Social benefits as a sum of private benefit and external benefits
• Decision making using cost-benefit analysis
• Private goods and public goods
• Merit goods and Demerit goods

ECN 002 — Principles of Economics II

1. Circular Flow of Income

• The concept of national circular flow of income
• The circular flow of income without government, with government and with foreign sector (3-sector economy)
• The concept of aggregate savings, consumption and investment (aggregate demand)

2. National Income Accounting

• The concept of Gross National Product (GNP), Gross Domestic Product (GDP), Net National Product (NNP), Disposable National Income (DNI), etc.
• Methods of measuring national income: output, income and expenditure methods
• Problems arising from national income measurement
• Determinant and uses of national income statistics

3. Theory of National Income Determination

• The Keynesian theory: aggregate demand and aggregate supply
• The theory of saving, consumption and investment. Functions – concepts of average and marginal propensities
• Household consumption pattern
  • Theories of consumption expenditure
  • Absolute theory of consumption, permanent income expenses, life-cycle hypothesis
  • The determination of equilibrium level of national income
  • Inflationary and deflationary gaps: specific adjustment policy for each
  • Shifts in the aggregate demand function and national income equilibrium
  • The multiplier and accelerator principle

4. Money and Banking

• Nature and history of money. Properties of good money. The traditional functions of money and its role in economic development. Motives for holding money. Supply of money and quantity. Theory of money.
• The demand for money
• Theory of interest rate determination
• The central bank, commercial banks and development banks
• The money and capital market
• Other liquidity financial institutions. Importance of liquidity

5. Inflation and Unemployment

• The meaning of inflation. Theories, types, causes, effects and remedies of inflation with special reference to the Nigerian economy
• The construction and uses of index number. Real and money wages
• The meaning of unemployment. Theories, causes, effects and measures to curb unemployment in Nigeria
• The Phillips curve and stagflation

6. Public Finance

• Sources of government revenue
• Reasons and types of government expenditure
• The growth of government expenditure
• Taxations: principles and types of taxation
• Problems associated with the collection of tax revenue
• Revenue sharing principle
• Budget — types and forms of budgeting
• The budget of the Federal Government
• National debt

ECN 003 — Applied Economics I

1. Economic structure of West Africa

• The production sector
  • Primary sector (agriculture)
  • Secondary sector (manufacturing)
  • Tertiary sector (services)
• Historical perspective of their contribution to GNP and growth of the economy
• Public and private sector

2. Economic Growth and Development

• Indicators of underdevelopment
• The concept of economic growth and development
• Development and underdevelopment
• The development of human resources in Education, Technical Skill and Entrepreneurship
• The mobilisation of domestic resources
• The role of science and technology in the development process

3. Population

• History of World population growth
• Structure and distribution of world population today
• Population structure and the labour face
• Malthusian population theory. The population cycle
• Population pyramid, birth rate and death race
• Concept of optimum population and population explosion
• Food and Resource Allocation vis-a-vis population, population and poverty versus family life education
• Population control
• The effects on HIV/AIDS on labour force and its productivity
• Gender and productivity

4. International Trade

• Fixed and floating exchange rate. The concept of international liquidity. Benefits and problems of international trade. The new economic order
• Principle of absolute and Comparative advantage, and their real-world limitations, other explanation/determinant of trade flows. Opportunity cost concepts applied to trade
• Domestic and international trade. International division of labour and specialisation. Theories of absolute and Comparative advantage
  • Argument for free trade and motive for protection
  • Types of protection and their effects
  • Economic integration: Free trade area, customs union, economic union
  • Terms of trade
  • Components of the balance of payment
  • Balance of payment problems
• Meaning of balance of payment equilibrium and disequilibrium
• Causes of balance of payment disequilibrium
• Consequences of balance of payment disequilibrium on domestic and external economy
  • Fluctuations in foreign exchange rates
• Definition and measurement of exchange rates — nominal, Real, trade-weighted exchange rates
• Determination of exchange rate — floating, fixed, managed float. Corrective measures
• Factors underlying fluctuations in exchange rates
• Effects of changing exchange rates on the economy

ECN 004 — Applied Economics II

1. Measurements and Application in Macroeconomics

• Comparison of economic growth rate and living standards over time and between countries.
• Other indicators of living standards and economic development
• Main school of thought on how the macroeconomic functions – Keynesian and Monetarist
• Aggregate Expenditure Function — meaning, components of AE and their determinant. Income determination using AE – income approach and withdrawal/injection approach. Inflationary and deflationary gaps. Full employment level of income versus Equilibrium level of income

2. Applied Issues in Labour Economics

• Demand and supply of labour
• Employment statistics
  • Size and component of work force
  • Labour productivity
  • Definition of unemployment
  • Unemployment rate, patterns and trends in (un)employment
  • Difficulties involved in measuring unemployment

3. Stabilisation Policy in Developing Countries

• Objectives of macroeconomic policy: stabilisation, growth
• Policy towards developing economies: policies or trade and aid
• Types of policy: aims and instruments of each policy: how each is used to control inflation, stimulate employment, stimulate growth and development, correct balance of payment disequilibrium, the effectiveness of each:
  • Fiscal policy
  • Monetary policy
  • Exchange rate policy
  • Supply side policy
• Evaluating policy options to deal with problems arising from conflicts between policy objectives on inflation, unemployment, economic growth, balance of payment, exchange rate and the distribution of income and wealth
• Policies designed to correct balance of payment disequilibrium or influence the exchange rate
• Conflicts between policy objectives on inflation, balance of payment and exchange rate
• Application of stabilisation policies in Nigeria

4. International Economic Institutions

• Meaning, types/stages and benefits of international economic integration
• Economic Community of West African States (ECOWAS), Economic Commission for Africa (ECA), African Union (AU), Organisation of Petroleum Exporting Countries (OPEC),, European Union (EU), World Bank, International Monetary Fund (IMF),
• Foreign direct investment and portfolio investment. Globalisation

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