Principles of Economics II
- Social Sciences
- 100 level
- 3 credit units
- 181 pages
- 21 units
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.
About this course
- Difficulty
- Beginner
- Study hours
- 100 hours
- Maths
- Basic
- Content
- Theoretical
- Practical work
- No
- Assignments
- Tutor marked assessments
- Final examination
What you'll read
The real module and unit structure of ECO122, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
ECO122 · UNIT 1: Meaning of Macroeconomics
This module introduces you to the field of Macroeconomics. The module consists of 3 units which include: meaning of macroeconomics, Differences between Microeconomics and Macroeconomics and Importance of Macroeconomics.
What you should be able to do
- Define and understand the meaning of Macroeconomics as a field of study.
- Understand the terms and measurement of national income.
- Understand the meaning of Money and the History of money.
- Understand the Concept of personal consumption expenditure.
- Understand the meaning and nature of aggregate demand and its Curve.
- Understand the meaning and reasons for international trade.
What it prepares you for
- Economist
- Financial Analyst
- Policy Analyst
- Market Research Analyst
- Banking Officer
- Banking
- Finance
- Government
- Consulting
- Research
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 3: Money and Banking
Unit 3: Central Banking
Understanding the evolution and functions of central banks requires grasping complex financial systems and their regulatory roles.
- Module 5: Aggregate Demand and Aggregate Supply
UNIT 3: Short-run and Long-run Aggregate Demand and Supply.
Grasping the interplay between short-run and long-run aggregate demand and supply requires understanding macroeconomic equilibrium and policy implications.
A suggested way through it
13 weeks, about 30 hours in total. Yours will differ.
- Week 1Module 1: The Field of Macroeconomics
Unit 1: Meaning of Macroeconomics · 2 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 hours
Read Unit 2: Differences between Microeconomics and Macroeconomics.. Compare and contrast microeconomics and macroeconomics.. Understand the transition from microeconomic to macroeconomic analysis..
- Week 2Module 1: The Field of Macroeconomics
Unit 3: Importance of Macroeconomics · 2 hours
Read Unit 3: Importance of Macroeconomics.. Discuss the importance of macroeconomics in understanding economic workings.. Analyze how macroeconomics informs economic policies..
- Week 3Module 2: National Income Accounting
Unit 1: Meaning of National Income Analysis · 2 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 4Module 2: National Income Accounting
Unit 2: Consumption, Savings and Investment · 2 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 5Module 2: National Income Accounting
Unit 3: Economic Welfare and National Income · 2 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 6Module 3: Money and Banking
Unit 1: Origins of Money · 2 hours
Read Unit 1: Origins of Money.. Understand the meaning of money and its history.. Learn the characteristics, functions, and types of money..
- Week 7Module 3: Money and Banking
Unit 2: Financial Institution · 2 hours
Read Unit 2: Financial Institution.. Understand the history of the Nigeria banking system.. Understand the meaning of commercial banks and their functions..
- Week 8Module 3: Money and Banking
Unit 3: Central Banking · 2 hours
Read Unit 3: Central Banking.. Know the evolution of central banks in Nigeria and worldwide.. Understand the functions of central banks..
- Week 9Module 4: Components of Gross Domestic Product
Unit 1: Personal Consumption Expenditure · 2 hours
Read Unit 1: Personal Consumption Expenditure.. Understand the concept of personal consumption expenditure.. Know the concept of household final expenditure..
- Week 10Module 4: Components of Gross Domestic Product
Unit 2: Gross Private Domestic investment and Net Exports · 2 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 11Module 4: Components of Gross Domestic Product
Unit 3: Government Consumption and Gross investment. · 2 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 12Module 7: Open Economy Macroeconomics
Unit 1: Analysis of International Trade · 2 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 hours
Read Unit 2: Gain from Trade. Understand the analysis of Gain from trade.. Know the basis of terms of trade..
- Week 13Module 7: Open Economy Macroeconomics
Unit 3: Net Export Function in the Open Economy. · 2 hours
Read Unit 3: Net Export Function in the Open Economy.. Understand the Net Export Function in the Open Economy..
Preparing for the exam
- Review all unit objectives and ensure you can explain each concept clearly.
- Practice applying macroeconomic principles to real-world scenarios.
- Create summaries of key theories and models from each module.
- Focus on understanding the relationships between macroeconomic variables.
- Review and rework all Tutor-Marked Assignments (TMAs) to reinforce learning.
- Allocate study time proportionally based on the weight of each module in the final exam.
- Create concept maps linking units within each module to see the bigger picture.
Questions students ask about this course
What is ECO122 about?
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.
How many units does ECO122 have?
ECO122, Principles of Economics II, has 21 units across 7 modules, over 181 pages of course material. You can read it one unit at a time.
How many credit units is ECO122?
ECO122 carries 3 credit units, at 100 level in Social Sciences.
Is ECO122 hard?
ECO122 is rated beginner level, with basic mathematical content. It is mostly theoretical work.
How long does ECO122 take to study?
About 100 hours of study, spread across its 21 units.
How is ECO122 assessed?
ECO122 is assessed by assignments, tutor marked assessments and final examination.
What can I do with ECO122?
Economist, Financial Analyst, Policy Analyst, Market Research Analyst and Banking Officer.