Macro Economics

1. Understand macroeconomic principles
2. Analyze national income accounts
3. Evaluate monetary and fiscal policies
4. Explain consumption and investment theories
5. Identify causes of unemployment
6. Analyze the causes and effects of inflation

13 weeks, about 77 hours in total. Yours will differ.

1. Week 1Module 1:

   • Unit 1: Introduction to Macroeconomics · 3 hours

     Read the introduction to economics, macroeconomics, and their relationship.. Define economics and macroeconomics.. Differentiate between macroeconomics and microeconomics..

   • Unit 2: Money and its Functions · 3 hours

     Define money and its functions.. Explain the functions of money as a medium of exchange, unit of account, store of value, and means of deferred payment.. Understand the inventory theoretic model..

2. Week 2Module 1:

   • Unit 3: Money and Fiscal Policy · 4 hours

     Define fiscal policy and monetary policy.. Differentiate between fiscal policy and monetary policy.. Understand the fiscal deficit and its implications..

   • Unit 4: Gross Domestic Product (GDP) · 3 hours

     Define Gross Domestic Product (GDP).. Identify different components of GDP: consumption, investment, government spending, and net exports.. Understand the GDP income account..

3. Week 3Module 1:

   • Unit 5: Measurement of GDP and its uses · 5 hours

     Compare the GDP for different countries.. Explain criticisms against measures of GDP.. Analyze the list of African countries by GDP.. Understand the uses of GDP as a measure of economic performance..

4. Week 4Module 2:

   • Unit 1: Economic Growth · 4 hours

     Define and explain economic growth as a concept.. List some indicators of economic growth.. State the theories of economic growth.. Differentiate between economic growth and economic development..

   • Unit 2: National Income and Related · 4 hours

     Define national income.. Identify the components of National Income.. Distinguish between the different concepts of national income.. Describe the importance of national income..

5. Week 5Module 2:

   • Unit 3: Measurement of National Income · 5 hours

     Calculate national income using simple examples.. Appreciate the difficulties in computing national income.. Understand the expenditure, output, and income methods..

6. Week 6Module 2:

   • Unit 4: National Income (NI) Measurement Continued · 4 hours

     State the importance of national income analysis.. Identify problems associated with national income measurement in developing countries.. Identify problems peculiar to the Nigerian environment..

   • Unit 5: The Consumption and Savings Functions · 4 hours

     Understand what consumption function is.. Know the technical attributes of consumption function.. Identify the determinants of the consumption function..

7. Week 7Module 3:

   • Unit 1: Determinants of Consumption · 5 hours

     Identify the factors that influence consumption.. Explain the effects of subjective and objective factors on consumption.. Understand individual and business motives..

8. Week 8Module 3:

   • Unit 2: Theories of Consumption · 5 hours

     Explain the Absolute Income Hypothesis (AIH).. Explain the Relative Income Hypothesis (RIH).. Discuss the Permanent Income Hypothesis.. Discuss the Life Cycle Hypothesis..

9. Week 9Module 3:

   • Unit 3: The Investment Theory · 4 hours

     Define capital and investment.. Know the relationship between capital and investment.. Understand the two types of investment: autonomous and induced..

   • Unit 4: Determinants of Investment · 4 hours

     Identify the determinants of investment.. Know the other factors (other than interest rate) that affect inducement to invest.. Explain marginal efficiency of capital and marginal efficiency of investment..

10. Week 10Module 3:

    • Unit 5: Unemployment · 5 hours

      Define unemployment.. Identify the types or causes of unemployment.. Understand frictional, seasonal, cyclical, structural, and technological unemployment..

11. Week 11Module 4:

    • Unit 1: Full Employment · 5 hours

      Discuss the classical view of full employment.. Discuss the Keynesian view of full employment.. Understand other views of full employment.. Explore measures to achieve full employment..

12. Week 12Module 4:

    • Unit 2: Inflation · 5 hours

      Understand the meaning of inflation.. Know the types and causes of inflation.. Understand demand-pull and cost-push inflation..

13. Week 13Module 4:

    • Unit 3: Measurement of Inflation · 5 hours

      Discuss commonly used measures of inflation.. Understand hedonic adjustments to measuring inflation.. Explain the role of inflation in the economy..