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ECO122Social Sciences3 Unitsbeginner

Principles of Economics II

This course introduces the principles of macroeconomics, covering fundamental concepts and practices. Students will familiarize themselves with national income accounting, money and banking, and the components of gross domestic product. The course also explores aggregate demand and supply, the government's role in the economy, and open economy macroeconomics. The aim is to provide students with a solid foundation in macroeconomic theory and its applications.

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100h
Study Time
13
Weeks
8h
Per Week
basic
Math Level
Course Keywords
MacroeconomicsNational IncomeMoney and BankingAggregate DemandOpen Economy

Course Overview

Everything you need to know about this course

Course Difficulty

Beginner Level
Perfect for newcomers to the field
35%
beginner
➕
Math Level
Basic Math
📖
Learning Type
Theoretical Focus

Course Topics

Key areas covered in this course

1

Macroeconomics Principles

2

National Income Accounting

3

Money and Banking Systems

4

Gross Domestic Product

5

Aggregate Demand and Supply

6

Government and Economy

7

Open Economy Macroeconomics

Total Topics7 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

Computer Based Test

Career Opportunities

Explore the career paths this course opens up for you

Economist

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Policy Analyst

Apply your skills in this growing field

Market Research Analyst

Apply your skills in this growing field

Banking Officer

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

BankingFinanceGovernmentConsultingResearch

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1: The Field of Macroeconomics

4h

Unit 1: Meaning of Macroeconomics

2 study hours
  • •Read Unit 1: Meaning of Macroeconomics.
  • •Define macroeconomics and its scope.
  • •Identify basic macroeconomic concepts: output, income, unemployment, inflation, and deflation.

Unit 2: Differences between Microeconomics and Macroeconomics

2 study hours
  • •Read Unit 2: Differences between Microeconomics and Macroeconomics.
  • •Compare and contrast microeconomics and macroeconomics.
  • •Understand the transition from microeconomic to macroeconomic analysis.
Week
2

Module 1: The Field of Macroeconomics

2h

Unit 3: Importance of Macroeconomics

2 study hours
  • •Read Unit 3: Importance of Macroeconomics.
  • •Discuss the importance of macroeconomics in understanding economic workings.
  • •Analyze how macroeconomics informs economic policies.
Week
3

Module 2: National Income Accounting

2h

Unit 1: Meaning of National Income Analysis

2 study hours
  • •Read Unit 1: Meaning of National Income Analysis.
  • •Understand the terms and measurement of national income.
  • •Learn the importance of national income accounting.
Week
4

Module 2: National Income Accounting

2h

Unit 2: Consumption, Savings and Investment

2 study hours
  • •Read Unit 2: Consumption, Savings and Investment.
  • •Understand the meaning of consumption and its components.
  • •Understand the meaning of savings and its components.
Week
5

Module 2: National Income Accounting

2h

Unit 3: Economic Welfare and National Income

2 study hours
  • •Read Unit 3: Economic Welfare and National Income.
  • •Understand the meaning of economic welfare and national income.
  • •Understand the relationship between economic welfare and national income.
Week
6

Module 3: Money and Banking

2h

Unit 1: Origins of Money

2 study hours
  • •Read Unit 1: Origins of Money.
  • •Understand the meaning of money and its history.
  • •Learn the characteristics, functions, and types of money.
Week
7

Module 3: Money and Banking

2h

Unit 2: Financial Institution

2 study hours
  • •Read Unit 2: Financial Institution.
  • •Understand the history of the Nigeria banking system.
  • •Understand the meaning of commercial banks and their functions.
Week
8

Module 3: Money and Banking

2h

Unit 3: Central Banking

2 study hours
  • •Read Unit 3: Central Banking.
  • •Know the evolution of central banks in Nigeria and worldwide.
  • •Understand the functions of central banks.
Week
9

Module 4: Components of Gross Domestic Product

2h

Unit 1: Personal Consumption Expenditure

2 study hours
  • •Read Unit 1: Personal Consumption Expenditure.
  • •Understand the concept of personal consumption expenditure.
  • •Know the concept of household final expenditure.
Week
10

Module 4: Components of Gross Domestic Product

2h

Unit 2: Gross Private Domestic investment and Net Exports

2 study hours
  • •Read Unit 2: Gross Private Domestic investment and Net Exports.
  • •Know the meaning and concept of net export.
  • •Understand how to measure gross private domestic investment and net exports.
Week
11

Module 4: Components of Gross Domestic Product

2h

Unit 3: Government Consumption and Gross investment.

2 study hours
  • •Read Unit 3: Government Consumption and Gross investment.
  • •Understand the national accounts measurement of government spending.
  • •Know the meaning and concept of gross investment.
Week
12

Module 7: Open Economy Macroeconomics

4h

Unit 1: Analysis of International Trade

2 study hours
  • •Read Unit 1: Analysis of International Trade
  • •Understand the meaning of international trade.
  • •Understand the reasons for international trade.

Unit 2: Gain from Trade

2 study hours
  • •Read Unit 2: Gain from Trade
  • •Understand the analysis of Gain from trade.
  • •Know the basis of terms of trade.
Week
13

Module 7: Open Economy Macroeconomics

2h

Unit 3: Net Export Function in the Open Economy.

2 study hours
  • •Read Unit 3: Net Export Function in the Open Economy.
  • •Understand the Net Export Function in the Open Economy.

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

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review all unit objectives and ensure you can explain each concept clearly.

2

Practice applying macroeconomic principles to real-world scenarios.

3

Create summaries of key theories and models from each module.

4

Focus on understanding the relationships between macroeconomic variables.

5

Review and rework all Tutor-Marked Assignments (TMAs) to reinforce learning.

6

Allocate study time proportionally based on the weight of each module in the final exam.

7

Create concept maps linking units within each module to see the bigger picture.

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