Rain Semester Units Status

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1 (c) Curriculum for B.Sc. Degree in Economics 100 Level Harmattan Semester MSS 101 Mathematics for Management - 3 C and Social Sciences I MSS 103 Statistics for Management and - 3 C Social Sciences I ECO 101 Introduction to Economics I - 3 C ACC 101 Introduction to Accounting - 3 C BUS 101 Introduction to Business I - 3 BFN 101 Introduction to Finance I - 2 C GNS 101 Use of English I - 2 R CIT 111 Introduction to Information and - 2 R Communication Technology LIB 101 Use of Library - 1 TOTAL 22 Rain Semester MSS 102 Mathematics for Management - 3 C and Social Science II MSS 104 Statistics for Management and - 3 C Social Sciences II ECO 102 Introduction to Economics II - 3 C ACC 102 Introduction to Accounting II - 3 C BUS 102 Introduction to Business II - 3 C BFN 102 Introduction to Finance II - 2 C GNS 102 Use of English II - 2 C CIT 112 Introduction to Computer - 2 C Programming TOTAL

2 200 Level Harmattan Semester MSS 201 Statistical Methods and MSS C Applications I ECO 201 Principles of Microeconomics I ECO C ECO 203 Applied Economics I - 3 C ECO 205 Mathematics for Economists I MSS 101 or 3 C 102 GNS 201 Nigerian Peoples and Culture - 2 R FRN 221 Basic French - 2 R Elective: Two of the following ACC 201 Financial Accounting I ACC E BUS 201 Principles of Management I BUS E BFN 201 Principle of Finance I BFN E GRM 203 Human Spatial Organization - 2 E GRM 205 Osun Region - 2 E POL 205 Introduction to Comparative - 3 E Politics POL 207 International Political System - 3 E SOC 201 Principles of Sociology I - 3 E SOC 207 Sociology of the Family I - 3 E TOTAL 20/21/ 22 Rain Semester MSS 202 Statistical Methods and MSS C Applications II ECO 202 Principles of Macroeconomics I ECO C ECO 204 Applied Economics II - 3 C ECO 206 Mathematics for Economists II MSS 101 or 3 C 102 GNS 202 Osun Peoples and Culture - 2 C FRN 222 French for Specific Purposes - 2 C Elective: Two of the following ACC 202 Financial Accounting II ACC E BUS 202 Principles of Management II BUS E BFN 202 Principles of Finance II BFN E 234

3 GRM 204 Introduction to Soil Geography - 3 E GRM 206 Introduction to Population - 3 E Geography POL 206 Introduction to Public - 3 E Administration POL 208 Local Government in Nigeria - 3 E SOC 202 Principles of Sociology II - 3 E SOC 208 Sociology of Mass Communication - 3 E TOTAL Level Harmattan Semester Course code Course Title Prerequisite ECO 301 Microeconomic Theory I ECO C ECO 303 Mathematical Analysis in ECO C Economics ECO 305 Statistical Analysis in Economics MSS C ECO 307 Elements of Public Finance - 3 C ECO 309 Structure of the Nigerian - 2 C Economy GNS 301 Entrepreneurial Skills Development and Practice - 2 R Electives: Two of the following ECO 311 Money and Banking - 2 E ECO 313 Managerial Economics - 2 E ECO 315 Political Economy - 2 E ECO 317 Labour Economics - 2 E ECO 319 Operation Research 1 MSS 101 or 2 E 102 TOTAL Level Rain Semester Units Status ECO 302 Macroeconomic Theory I ECO C ECO 304 Elements of Econometrics MSS 103 or 3 C 104 ECO 306 Project Analysis and Evaluation - 3 C ECO 308 Theories of Growth and - 3 C Development ECO 310 Research Methodology in - 3 C Economics GNS 302 Introduction to Man and Science - 2 R 235

4 Electives: Two of the following ECO 312 Elements of Financial Economics - 2 E ECO 314 Business Economics - 2 E ECO 316 Public Sector Economics - 2 E ECO 320 Labour Economics II - 2 E ECO 322 Operations Research II MSS 103 or 3 E 104 TOTAL 21/ Level Harmattan Semester ECO 401 Microeconomic Theory II ECO C ECO 403 Economics of Production - 3 C ECO 405 Elements of Public Project - 3 C Analysis ECO 407 History of Economic Thoughts - 3 C ECO 499 Research Project - 3 C Electives: One of the following ECO 409 Elements of Mathematical Statistics ECO E ECO 411 International Trade - 3 E ECO 413 Monetary Theory and Policy - 3 E ECO 415 Natural Resources Economics - 3 E ECO 417 Industrial Economics I - 3 E ECO 421 Labour and Industrial Relations - 3 E TOTAL Level Rain Semester ECO 402 Macroeconomic Theory II ECO C ECO 404 Fiscal Policy and Management - 3 C ECO 406 Economic Planning - 3 C ECO 408 Comparative Economic Systems - 3 C ECO 499 Research Project - 3 C Electives: One of the following ECO 410 Econometric Methods ECO E ECO 412 International Finance - 3 E ECO 414 Economics Public Policy Analysis - 3 E ECO 416 Economics of Developing and - 3 E Emerging Nations ECO 418 Industrial Economics II - 3 E ECO 420 Problems and Policies of - 3 E 236

5 COURSES DESCRIPTION Development TOTAL 18 ECO 101: Introduction of Economics I (3 UNITS) The subject matter of Economics, Scarcity and Resource Allocation, Positive Economics Versus Normative Economics, Micro-economics and Macroeconomics, the Scientific Method in Economics, the Economic Person, Organization of the Market Economy (goods, prices and Markets). Role of Economics sin Human Affairs, the concept of the Production Possibilities Curve, Prices Quantities and Markets, Market, Equilibrium and Disequilibrium, Supply & Demand Analysis, Elasticities, Demand and Supply Curves. ECO 102: Introduction to Economics II (3 UNITS) Distinguishing Macro issues from Micro ones, Special features of Macroeconomics, importance and Relevance of Macroeconomics, Expressing Economic ideas, Functional Relationships, and Error terms, types of Economic data and presentation, transactors in the macro economy (households, business firms, government and foreign sectors), the circular flow of national income and output, national income concepts, national income and accounting, consumption, investment and saving. ECO 201: Principles of Microeconomics I (3 UNITS) The nature of Economic Science, the methodology of Economics, steps in economics, Steps in economic theorizing, definition of model, theory of consumer behavior, theory of demand supply, market equilibrium and disequilibrium, elasticities of demand and supply curves, theory of production and costs, market structures and behavior (perfect competition, monopolistic competition, monopoly and oligopoly). Short-run and long run equilibrium analysis of firms. ECO 202: Principles of Macroeconomics I (3 UNITS) Nature and scope of Macroeconomics, further treatment of the Circular flow of National income, aggregate supply and aggregate demand approach, the concepts of multiplier and its implication, government fiscal action and income determination, income determination in an open economy, consumption/saving theories, investment theories, macroeconomic issues (inflation, unemployment and growth) and policies (monetary policy, fiscal policy and trade policy). ECO 204: Applied Economics II (3 UNITS) The application of Macro-economic theories to the problems of developing countries particularly as they relate to issues of poverty: income distribution, employment, under-employment; balance of payments problems and commercial policy; economics of aid and private foreign investment; global interdependence and international of aid and private foreign investment; global interdependence and international economic order. ECO 205: Mathematics for Economists I (3 UNITS) The nature of mathematical economics: Economic Models: Equilibrium. Analysis in economics; linear models and matrices algebra; Comparative Statistics of the 237

6 concepts of derivatives statistics functional models: Experimental and logarithmic functions optimization. ECO 206: Mathematics for Economists II (3 UNITS) Economic dynamics and integral calculus and its applications; First-order differential equations and its application dynamics and stability of equilibrium and simultaneous equation dynamic models; Linear Programming; Game Theory. ECO 301 Microeconomic Theory I (3 UNITS) Economic System and Organization: Demand and Supply; Individual Consumer Behaviour; The Utility Approach; the indifference Curve Approach. Market Classification; the Theory of Production; The firm and pure monopolistic Competition; Oligopoly; Pricing and Employment of Resources. ECO 302: Macroeconomic Theory I (3 UNITS) Introduction to Macro-economics; Measurement of economic Activity; Nigerian National Accounts; National Income Models; Elements of international Trade; Balance of payment Theory; Theory of Consumption Function; Theory of investment; Money and interest; General Equilibrium of Money and Commodity Markets; introduction to Macroeconomic Policy. ECO 303: Mathematical Analysis in Economics (3 UNITS) Treatment of the calculus of many variables; linear algebra, differential and difference equations and their applications in economic theory; microeconomics models of consumption and production; macro models of money and growth. Functions and diagrams in economic theory; unconstrained and constrained extreme (and, economic applications); linear and non-linear economic models or relations; iterative processes, difference equations and markov chains; linear programming; theory of games; general equilibrium theory and applications. ECO 304: Elements of Econometrics (3 UNITS) Definition and subject matter of econometrics, model types and their forms. Parameter estimation of models, bivariate and multivariate, linear and non-linear. Models, their variances, covariance and correlation coefficients between the variable. Formulation of generalized linear regression models in independent variables and t- joint observation. Assumption of multicollinerality heteroscedasticiity, autocorrelation, Non-stationary and cointegreation causes, consequences, tests and correction in models. Predictive power and significant tests of models. ECO 305: Statistical Analysis in Economics (3 UNITS) Sample survey design: Data collection in Nigeria; Index Numbers. Time series analysis; Tests of hypothesis; some parametric and non-parametric tests; applications to economic hypotheses. Experimental design; analysis of variance, analysis of covariance. Statistical quality control; essence of quality in industries; types of variation in quality; control charts for variables; control of attributes, Statistical decision; the structure and solution of single-stage decision problems. ECO 306: Project Analysis and Evaluation (3 UNITS) Definition and classification of projects and project evaluation; Cost and Benefit Analysis; The project in relation to the economy as a whole; Data requirements; Location and size of project; Calculation of investment required for a project, evaluation of projects financial/social profitability. 238

7 ECO 307: Elements of Public Finance (3 UNITS) Definition, subject matter and methodology of public finance. The concept of the public sector. Government budgeting and accounting federal finance, taxation. Public debt and fiscal policy. ECO 308: Theories of Growth and Development (3 UNITS) Development as Growth, and the Linear-stages theories, Rostow,s stages of Growth, the Harrod-Domar Growth Model, structural change models; the Lewis Theory of Development, Structural Change and Patterns of Development, the internationaldependence revolution. The Neocolonial Dependence Model, the false-paradigm Model, the Dualistic Development thesis; the Neo Classical Counter revolution; Free Markets, Public Choice and Market Friendly approaches, Traditional neoclassical growth theory; and the New growth theory. ECO 309: Structure of the Nigerian Economy (2 UNITS) National income accounting concepts, measurement, uses and limitations; Growth of income, employment and prices in the economy as a whole in major sectors; Structural changes between and within sectors; Relative sizes of public and private sectors and their determinants. Public development institution, macroeconomic development in Nigeria, trade, transport system. Economic development and social change. Urbanization. ECO 310: Research Methodology in Economics (3 UNITS) Definition of research; the role of research in development; developments in research methodology, essential features of research work, procedures and stages involved in research proposal and report writing in economics. New developments in research methods in social sciences. Uses of statistical and Econometric methods in research. ECO 311: Money and Banking (2 UNITS) Definition and functions of money, commercial banking, non-banking financial institution, credit creation and factors affecting it, the operational definitions of money supply. Traditional and development functions of the Central Bank of Nigeria (CBN), tools of monetary policy. Prospects for monetary policy. ECO 312: Elements of Financial Economics (2 UNITS) Overview of the Nigerian Financial System, the process and functions of financial intermediation. Deposit-taking financial institutions and portfolio management. International financial transactions and institutions (World Bank, IMF, ADB, ADF, etc). Contemporary issue in financial regulations; notion of financial regulation, the purposes of government regulation of financial markets, the role of the CBN and NDIC. Nature and causes of financial sector reforms, including arises, financial innovations and globalization. ECO 313: Managerial Economics (2 UNITS) Managerial theories of the firm, Business enterprises and the nature of management. Production and linear programming, Cost Analysis. Demand Analysis, Pricing decision. Investment Decision. ECO 314: Business Economics (2 UNITS) Definition and scope of Business Economics; Decision making under risk and uncertainty; Decision tree analysis; Demand estimation and forecasting; The 239

8 attribute approach to consumer choice; Alternative business objective; The internal organization of firms; Portfolio matrices and corporate strategy. Pricing and pricing policies; investment and Financing decisions; Demand Analysis; Business Risk and Forecasting; International business; Multinational Corporations; Business enterprise and Economic Development. ECO 315: Political Economy (2 UNITS) Nature and Scope of political economy, economic systems, capitalist system, central planned economics system and the mixed economic system; capitalist development and crisis, capitalist production and the structure of crises; the theories of crises, monopoly capitalism, concentration and combination of capital; the state in political economy, democracy, capitalist reforms and imperialism; methodology of Marxist political economy, the labour theory of value, the theory of exploitation and the rate of profit, the transformation problem and the marxist s solution. ECO 316: Public Sector Economics (2 UNITS) Analysis of the roles of governments under various fiscal systems of free, mixed and centrally planned economies; Taxation and public expenditure; Public debt; Public financial institutions; Functional finance; Stability and growth; International financial institutions. ECO 317: Labour Economics I (2 UNITS) Definition and scope; labour market in an Economy Labour Market theories; labour supply and demand; concept of human capital; Human Resource Development; wage theory, determination and economic welfare; trade unionism and collective bargaining. ECO 319: Operations Research I (2 UNITS) Origin, Role and Methodology of Operations Research. Linear Programming Techniques: Graphical Method, Simplex Method, Shadow Price. Inventor and Production Control: Carrying Inventories, Inventory Costs, Inventory Ordering Systems. The fixed-order quantity inventory ordering system, The fixed-order Interval System, ABC Inventory Analysis. Inventory Modeling: EOQ Model, The Quantity discount Model, EDQO Model with Discounts. Simulation Model: Deterministic Simulation, Probabilistic Simulation. Replacement Theory Analysis: Assets that fail gradually, Assets that fail suddenly. Single Stage Decision theory Analysis. ECO 320: Labour Economics II (2 UNITS) Labour problem in less developed countries; Unemployment; The Nigerian Labour Market; Labour Mobility and Migration; Labour market institutions; Collective bargaining; Manpower policy; Manpower planning. ECO 322: Operations Research II (3 UNITS) Decision Making and Operational Research. Multi-Stage Decision Theory (Decision Tree), Queue Theory, Games Theory. Markov Chains Analysis, Transportation Model, Project Evaluation and Review Technique (PERT), Critical Path Analysis; Elements of an activity on arrow network, Drawing the network, Analysis of activity on an arrow network; isolating the critical path, Reducing the Project time, Resource Allocation. 240

9 ECO 401: Microeconomic Theory II (3 UNITS) Theory of Consumer Behaviour; Stability of Market equilibrium; Theory of Production and Cost; Theory of the firm and various forms of market organization; Theory of distribution; General Equilibrium Theory and Welfare Economics. ECO 402: Macroeconomic Theory II (3 UNITS) Determination of output and employment under classical and Keynesian assumption; Classical Keynesian controversies; More on the theory of investment, and consumption; Theories of money, interest and inflation; Effectiveness of monetary and fiscal policies to promote economic growth; introduction to the theory of Macroeconomic policy. ECO 403: Economics of Production (3 UNITS) Product and process analysis, job design, work-force management; Production planning and inventory, project management facilities planning and the management of technology. ECO 404: Fiscal Policy and Management (3 UNITS) The growth and structure of public financed in Nigeria: Local, State and Federal government finances and the financial relationships between local, state and federal government in Nigeria; Use of fiscal policy for economic stabilization and its effectiveness. ECO 405: Elements of Public Project Analysis (3 UNITS) Project analysis in the context of development economics and planning. Project planning and the project cycle; economic and social profitability; cost-benefit analysis (CBA) and cost-effectiveness Analysis (CEA). The general principles and methodology of CBA. Practical issues in the application of CBA; Definition of project and project life, enumeration and valuation of costs and benefits, treatment of externalities and market imperfections, unemployment and distribution problems, social time preference rate and the social opportunity cost rate, etc. socio-political context of project appraisal; the integration of equity and efficiency criteria in public investment decisions. The planning, programming and Budgeting System (PPBS); uses and limitations in public decision making. ECO 406: Economic Planning (3 UNITS) The rationale for planning: Planning origins; Types and performances. Planning machinery; The planning process. Planning decisions models; Planning data; Special accounting framework; Objective and policy formulations; Resources projections and consistency tests; Programme balancing; Plan implementation; Development planning in Nigeria; Plan experiences in other countries. ECO 407: History of Economic Thoughts (3 UNITS) Economic thought from the earliest times to the mid-nineteenth century with special references to the mercantilists, physiocrats. Adam Smith, J. B. Say. Ricardo, Malthus, Sisnaondi, Friedrick LISt and John Stuart Mill; Mark Reinrick Marx. The Historical School including Reseller Nies, Hiderl and Schmollory. The breakup of labour theory of value; the Mathematical school including Rossen, Stanley Jevons. Leon Walras and Bohm-Baerl Keynesian cost-keynesian economic thought. Socialist Economists Karl Marx, Lennis Engel. ECO 408: Comparative Economic Systems (3 UNITS) 241

10 ECO 409: Elements of Mathematics Statistics (3 UNITS) Theory of probability, random variable and distribution functions, mathematical expectation, the moment-generating function, some standard distributions (Binomial, Poisson, Geometric, Uniform, Exponential, gamma and Normal distributions). Sampling distributions, Estimation theory and tests of hypothesis. ECO 410: Econometric Methods (3 UNITS) Definition scope and division of econometrics, methodology of econometric research; elements of matrix algebra; ordinary least squares approach to regression analysis. Significant tests an confidence intervals for the estimates; time series analysis; multiple regression analysis; errors in variables; auto-correlation; multicollinearity; heteroskadasticity lagged variables; dummy variables; estimation of simultaneous systems. New Developments in Econometrics. ECO 411: International Trade (3 UNITS) The overall view of the international economy; The theory of comparative advantage; The gains from trade; Production function in international trade; The Heckscher-Ohlin; Trade Model; The Leontief Paradox; The welfares effects of international trade; Growth and development dynamic factors in international trade; Growth and development theory of trade and policy. ECO 412: International Finance (3 UNITS) The balance of payments; The foreign exchange market; Adjustment in the balance of payment; Automatic Mechanism; Other Adjustment Policies; International monetary system and institutions; Elements of a new International Economic Order; Current problems of trade policy; Custom Unions and regional economic integration. ECO 413: Monetary Theory and Policy (3 UNITS) The demand for money and supply. Definitions and determinants. Fundamental theories of money; Classical, Keynesian and monetarist views. Quantity theory of money, liquidity preference. Multiple deposit creation and monetary supply process. Determinants and conduct of monetary and fiscal policies. Elements of HIcksiasn IS-LM model, effectiveness and limitations of monetary and fiscal policies. Analysis of interest rates, inflation and exchange rates. ECO 414: Economics of Public Policy Analysis (3 UNITS) Theoretical arguments for and against government intervention in the economy. The concept, role and performance of Public Sector in the economy. Pricing investment and public sector enterprises Analysis of Selected public policies. Privatization and commercialization of public enterprises, economic liberalization and deregulation. Economics of globalization; the bases, costs and benefits including policy implications for developing nations. ECO 415: Natural Resource Economics (3 UNITS) The economics of natural resources-availability, exploitation and use, pricing etc. with particular reference to Nigeria s resources. Some of the areas to be covered include energy economics including petroleum economics, rural energy system. 242

11 Solid Minerals, Emphasis will also be given to the economics of depletable (nonrenewable) resources and their optimal depletion/pricing. ECO 416: Economics of Developing and Emerging Nations (3 UNITS) Defining and Characterizing the developing and emerging economies, the uneven pattern of development, restraints on economic development, contemporary development policies in the developing countries, communist countries and newly industrial countries (NICS), Globalization of trade and investment by transactional and the basic Washington consensus. ECO 417: Industrial Economics I (3 UNITS) Industrial structure and market conduct; Growth Diversification, innovation and merger activity; Investment Decisions; Pricing and Marketing; Determinants and Measures of Business Performance; Location of Industry; Theoretical basis for government intervention in the industrial sector. ECO 418: Industrial Economics II (3 UNITS) The case for industrialization: the industrial environment of Nigeria; the growth and structural changes in manufacturing industries; Market structure and conduct of selected manufacturing industries. Private and public enterprises in industrial development; the financing and ownership of industrial projects; Location of industry and distribution of industries; Performance of the industrial sector; Government intervention in the industrial sector. ECO 420: Problems and Policies of Development (3 UNITS) National endowment, population problems, human resource problems in Nigeria, issues in underdevelopment of the agricultural sector, agricultural policy, industrialization problems and policies. Unemployment and recent efforts towards job creation, corruption and its manifestations in economic systems. ECO 421: Labour and Industrial Relations (3 UNITS) The concept of industrial relations. Trade Union Characteristics. Central Labour Organizations and International Affiliations. Union Solidarity and check off system, collective bargaining, industrial dispute and their settlement. The state and industrial relations, Employers Associations, Joint Consultation and Workers participation. Union Wage policy. ECO 499: Research Project (3 UNITS) The objective is to train a student in the area of initiating and identifying researchable topical issues and the ability to develop the ideas into to a good feasible proposal. Students will be expected to demonstrate knowledge of relevant literature and ability to present information in suitable economic team. Topics, which should be approved by the department, must be distinctly economic. The essay should be about 10,000 words and must be presented in an approved manner. 243