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ACC320Management Sciences2 Unitsintermediate

Economics & Business Environment

This course introduces students to the fundamental concepts of economics and their application to the business environment. It covers measures of economic activity, demand and supply analysis, cost theory, and market structures. Additionally, the course explores the Nigerian business environment, including the money and capital markets, unemployment, balance of payment disequilibrium, and the role of information technology in business management. The course aims to equip students with the tools and techniques necessary for effective managerial decision-making in a dynamic economic landscape.

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156h

Study Time

13

Weeks

12h

Per Week

basic

Math Level

Course Keywords

EconomicsBusiness EnvironmentMarket StructuresDemand and SupplyNigerian Economy

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level

Builds on foundational knowledge

65%

intermediate

➕

Math Level

Basic Math

📖

Learning Type

Theoretical Focus

Course Topics

Key areas covered in this course

1

Economic Environment

2

Measures of Economic Activity

3

Demand and Supply Analysis

4

Cost Theory

5

Market Structures

6

Nigerian Economy

7

Money and Capital Markets

8

Unemployment

9

Balance of Payment

10

Information Technology Management

Total Topics10 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assessments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Business Analyst

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Management Consultant

Apply your skills in this growing field

Project Manager

Apply your skills in this growing field

Entrepreneur

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

BankingManufacturingConsultingGovernmentTechnology

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1:

3h

Unit 1: Economic Environment

3 study hours

•Read Unit 1: Economic Environment, focusing on the relationship between economics and business.
•Identify internal and external variables affecting firms.
•Differentiate between macroeconomics and microeconomics.
•Define normative versus positive economics.

Week

2

Module 1:

3h

Unit 2: Measures of Economic Activity

3 study hours

•Study Unit 2: Measures of Economic Activity, focusing on GDP, GNP, and unemployment rate.
•Learn the different approaches to measuring GDP.
•Distinguish between nominal GDP and real GDP.
•Explain the definition and construction of the GDP deflator and the Consumer Price Index.

Week

3

Module 1:

3h

Unit 3: Conceptual Framework of Nigerian Business Environment

3 study hours

•Study Unit 3: Conceptual Framework of Nigerian Business Environment, focusing on economic, political, and socio-cultural factors.
•Analyze the features of the Nigerian business environment.
•Understand the impact of corruption on business.
•Identify environmental factors that determine business success.

Week

4

Module 1:

6h

Unit 4: The Major Objectives of Business Firms

3 study hours

•Study Unit 4: Major Objectives of Firms, focusing on profit maximization and its limitations.
•Define business firms and their objectives.
•Understand the meaning and theories of profit.
•Analyze the problems associated with measuring profit.

Unit 5: Nature and Theory of Management

3 study hours

•Study Unit 5: Nature and Theory of Management, focusing on the functions and levels of management.
•Describe the concept of management.
•Analyze the approaches to the study of management.
•Identify the various levels of management.

Week

5

Module 2:

3h

Unit 1: Market Mechanism and Analyses of Demand and Supply

3 study hours

•Read Unit 1: Market Mechanism and Analyses of Demand and Supply, focusing on the law of demand and supply.
•Describe economic systems.
•Discuss the role of price as a rationing device.
•Apply the demand and supply model in a variety of situations.

Week

6

Module 2:

3h

Unit 2: Equilibrium Analysis of Demand and Supply

3 study hours

•Study Unit 2: Equilibrium Analysis of Demand and Supply, focusing on market equilibrium and price controls.
•Unite demand and supply.
•Analyze different changes that may occur to the demand and supply conditions and how the equilibrium is restored.
•Know how the government intervenes in the market through price fixation.

Week

7

Module 2:

3h

Unit 3: Concept of Elasticity of Demand

3 study hours

•Study Unit 3: Concept of Elasticity of Demand, focusing on price, income, and cross elasticity.
•Appreciate the concept of elasticity.
•Apply the concept to practice in the course of decision-making.
•Appreciate the applicability of the concept to real life situations.

Week

8

Module 2:

3h

Unit 4: Nature and Theory of Management

3 study hours

•Study Unit 4: Nature and Theory of Management, focusing on the functions and levels of management.
•Describe the concept of management.
•Analyze the approaches to the study of management.
•Identify the various levels of management.

Week

9

Module 3:

3h

Unit 1: The Theory of Cost

3 study hours

•Read Unit 1: The Theory of Cost, focusing on accounting and economic cost concepts.
•Appreciate the concept of cost.
•Understand explicit and implicit costs.
•Calculate the various aspects of cost such as FC, VC, MC, AC.

Week

10

Module 3:

3h

Unit 2: Some Basic Concepts in the Theory of Production

3 study hours

•Study Unit 2: Some Basic Concepts in the Theory of Production, focusing on input-output relationship.
•Define the meaning of production.
•Discuss the production function.
•Measure Input and output.
•Distinguish between Fixed and variable input.

Week

11

Module 3:

6h

Unit 3: Pricing under Perfect Competition

3 study hours

•Study Unit 3: Pricing under Perfect Competition, focusing on price determination and market equilibrium.
•Know the realities about perfect competition as a theoretical market.
•When profit and output are maximized under this market.

Unit 4: Pure Monopoly

3 study hours

•Study Unit 4: Pure Monopoly, focusing on pricing and output decisions.
•Define clearly who a monopolist is.
•Differentiate a monopoly from other market forms.
•Give reasons why monopolies exist.

Week

12

Module 4:

6h

Unit 1: The Nigerian Money Market

3 study hours

•Read Unit 1: The Nigerian Money Market, focusing on instruments and functions.
•Identify the rational for establishing money market.
•Discuss the instruments of Nigerian money market.

Unit 2: The Nigerian Capital Market

3 study hours

•Study Unit 2: The Nigerian Capital Market, focusing on the Nigerian Stock Exchange.
•Explain the functions of the Nigerian Stock Exchange.
•Differentiate the primary market from the secondary market.
•Analyze the development of the Nigerian Capital Market.

Week

13

Module 5:

9h

Unit 1: Unemployment in the Nigerian Economy

3 study hours

•Study Unit 1: Unemployment in the Nigerian Economy, focusing on causes and effects.
•Define the meaning of the unemployment.
•Identify the courses of the urban unemployment.
•Discuss at the government policies towards solving unemployment in the country.

Unit 2: Balance of Payment Disequilibrium in Nigeria

3 study hours

•Study Unit 2: Balance of Payment Disequilibrium in Nigeria, focusing on causes and adjustment mechanisms.
•Explain possible causes of balance of payments.
•Carry out the measurement of balance of payments Adjustment mechanisms.
•Explain the use of policy measures in Nigeria.

Unit 3: Introduction to Information Technology Management

3 study hours

•Study Unit 3: Introduction to Information Technology Management, focusing on components and management.
•Explain what is information technology.
•Identify the basic components of information technology management.
•Compare conventional method of managing an IT project with recent approaches.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

Access PDF Material

Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review all Tutor Marked Assignments (TMAs) and Self-Assessment Questions (SAQs) to reinforce understanding.

2

Create concept maps linking key economic indicators (GDP, inflation, unemployment) from Module 1 and their impact on business decisions.

3

Practice drawing and interpreting demand and supply curves from Module 2, Units 1-3.

4

Focus on understanding the characteristics of different market structures (perfect competition, monopoly) in Module 3 and their implications for pricing.

5

Study the instruments of the Nigerian money and capital markets in Module 4 and their role in economic development.

6

Prepare detailed notes on the causes and effects of unemployment and balance of payment disequilibrium in Nigeria from Module 5.

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