Economics & Business Environment

1. Understand the fundamental concepts of economics and their application to business.
2. Analyze the Nigerian business environment and its challenges.
3. Apply demand and supply analysis to real-world scenarios.
4. Evaluate cost structures and make informed pricing decisions.
5. Assess the impact of government policies on business operations.
6. Understand the role of information technology in enhancing business competitiveness.

13 weeks, about 54 hours in total. Yours will differ.

1. Week 1Module 1:

   • Unit 1: Economic Environment · 3 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..

2. Week 2Module 1:

   • Unit 2: Measures of Economic Activity · 3 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..

3. Week 3Module 1:

   • Unit 3: Conceptual Framework of Nigerian Business Environment · 3 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..

4. Week 4Module 1:

   • Unit 4: The Major Objectives of Business Firms · 3 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 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..

5. Week 5Module 2:

   • Unit 1: Market Mechanism and Analyses of Demand and Supply · 3 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..

6. Week 6Module 2:

   • Unit 2: Equilibrium Analysis of Demand and Supply · 3 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..

7. Week 7Module 2:

   • Unit 3: Concept of Elasticity of Demand · 3 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..

8. Week 8Module 2:

   • Unit 4: Nature and Theory of Management · 3 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..

9. Week 9Module 3:

   • Unit 1: The Theory of Cost · 3 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..

10. Week 10Module 3:

    • Unit 2: Some Basic Concepts in the Theory of Production · 3 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..

11. Week 11Module 3:

    • Unit 3: Pricing under Perfect Competition · 3 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 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..

12. Week 12Module 4:

    • Unit 1: The Nigerian Money Market · 3 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 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..

13. Week 13Module 5:

    • Unit 1: Unemployment in the Nigerian Economy · 3 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 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 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..