**COURSE DESCRIPTIONS AND TITLES**

**ECN 101: Principles of Economics (1) 3 Units**

Evolution of Economics Science, Basic Tools of Theoretical Analysis: Economic way of thinking; Scarcity and production possibilities; elements of supply and demand: the market mechanism; Elasticity analysis: the public sector; elementary theory of distribution and resources allocation principles.

**ECN 102: Principles of Economics (2)**

Macroeconomic concepts and goals; measurements of Macro economy; national income estimation; aggregate supply and demand; consumption and saving; investment determinants; theory of output determination; multiplier analysis; unemployment and inflation; money and banking system; international economy; economic growth and planning.

**ECN 103: Mathematics for Economist (I) 3 Units**

The use and abuses of Mathematics in Economics; basic mathematical concepts; Algebraic Methods, set theory, complex numbers; sequences, series and progression; permutations and combinations; coordinate geometry and basic trigonometry; exponential, logarithmic and power functions; fundamentals of matrix algebra and inversion.

**ECN 104: Mathematics for Economists (II) 3 Units**

Derivative and rules of differentiation; calculus of marinade and multivariate function; differential equations; difference equation; integral calculus (definite and indefinite integral); Linear programming; game theory and input-output analysis.

**ECN 201: Introductory Microeconomics (I) 3 Units**

Nature and methodology of microeconomics; equilibrium and disequilibrium concepts; partial and general equilibrium analysis; supply and demand theory of consumer behavior; utility and preference functions; indifference curves analysis; substitution and income effects and cobweb theory; theory of production and costs.

**ECN 202: Introductory Microeconomics (II) 2 Units**

Market structures; perfect composition; dig policy; monopoly; monopolistic competition; imperfect competition, duopoly; factors markets pricing and techniques; general equilibrium theory; welfare theory and resources allocation.

**ECN 203: Introductory Macroeconomics (I) 2 Units**

Macroeconomic goals; national income accounting framework; macroeconomic principles; macroeconomics school of thought and economics systems; GNP estimation and related macroeconomic aggregates; estimation problems; simplified (market) macro-model.

**ECN 204: Introductory Macroeconomics (II) 2 Units **

Quantity theory of money; portfolio balance approach; Friendman’s restatement and liquidity theory, money supply determination; inflation and inflation controls; employment and unemployment; commercial banking and other banking.

**ECN 205: Statistics (I) 3 Units**

Probability theory and probability distributions; statistical methodology; normal distribution and random variables distribution; binomial, poison and hyper geometric distributions, set theory and combinational methods; exceptions and moments; probability sampling and applications, frequency distributions; measures of central tendency and dispersion.

**ECN 206: Statistics (II) 3 Units**

Sampling and sampling distributions; correlation analysis; hypothesis testing; simple and multiple regression analysis; statistical test of significance, sampling surveys and growth surveys; time series analysis; non-parametric methodology; variance analysis and chi-square distribution.

**ECN 207: History and Structure of Nigerian Economy I: 3 Units**

Pre-colonial structure, post-colonial period; economic and social organization; Nigerian economic system; natural and human resources endowments; sectoral contributions in Nigeria economic development; inter-sectoral relationship. Income growth, employment, wages and prices; monetary institutions and policies; public development institutions; retail and distributive trade; agriculture and industrial production; transport system and social change; economic development impact.

**ECN 208: History of Economic Thought 2 Units**

Compare survey and assessment in economic thought; ideas of the early Christian fathers, Islamic ideas on economic activity; institutionalism; contemporary developments in economics; marginalists and modern schools of economic thought: African economic ideas; third world development challenges, future prospect.

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**ECN 209: Mathematics for Economist 3 Units**

The derivatives of trigonometric functions; sequences and series; expansions; Taylor’s theorem; mathematical analysis of basic theories of economics. Partial and total derivatives, differentials and difference equations; applications of partial derivatives; maxima and minima; long range multiplier, linear algebra, matrix algebra; inverse matrix simultaneous linear equations, introduction to linear programming; input-output economic ideas; third world development challenges; future prospects.

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**ECN 211: Labour Economics 2 Units**

Concepts and definition of labour force; size determinants, composition and occupational distribution; formal and informal sectors of labour market; labour force migration; productivity; industrial psychology and personal policies; labour market theories and wage determination; organization theories and structure scope and structure of industrial relations system; trade unionism collective bargaining and joint consultation; capital theory; new home economics and manpower economics; Nigeria labour market features.

**ECN 212: Urban and Regional Economics 3 Units**

Urbanization and urban structure; spatial inequality; basic “the” model; congestion and competition and hard optimal location principles; housing and transportation issues; urban social problems; spatial variation models; urban and regional factor market; regional policies and contracts; industrial and residential local decisions; Nigerian regional and urban problems.

**ECN 215: Principles of Finance 2 Units**

Basic concepts of finance: principles, tools and techniques: financial analysis; financial planning, working capital management, the time value of money, an introduction to domestic and international financial markets, and traditional sources of debt and equity financing.

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**ECN 301: Intermediate Microeconomics (I) 2 Units**

Economic theoretical models; partial and general equilibrium approaches; intermediate theories of consumer behavior, linear programming applications; indifference cures and revealed preference theory; production and production functions; cost functions and derivations; dynamic Cobweb Models.

**ECN 302: Intermediate Microeconomics (II) 2 Units**

Intermediate price and output determination under perfect competition, oligopoly, monopoly and monopolistic competition; exchange theories, offer and contract curves; capital theories; theories; theory of distribution and welfare economics; factor pricing and allocation resources in developing economies.

**ECN 303: Intermediate Macroeconomics (I) 2 Units**

Functions and equilibrium concepts; static and dynamic state of macroeconomic profession; macroeconomic activities; intermediate theories of consumption and investment; income determination models; equilibrium in the commodity market; equilibrium in the money market; equilibrium in the markets; simultaneous equilibrium in the commodity and money markets; ISLM analytical apparatus; relative effectiveness of monetary and fiscal policies.

**ECN 304: Intermediate Macroeconomics (II) 2 Units**

Money and interest rates functions; aggregate supply and economy – wide equilibrium; inflation, unemployment and business cycles; economic growth and capital theories; rational expectations and new macroeconomic theories; balance of trade and balance of payments; economic policy and designs.

**ECN 305: Introductory Econometrics (I) 2 Units**

Econometrics definition and scope; econometric research stages; simple and multiple regression analysis; statistical tests of significance; ordinary least squares estimates; Applications and examples; practical demonstrations.

**ECN 306: Introductory Econometrics (II) 2 Units**

Econometric problems; heteroscedasticity, auto-correlation; multicollineoty; multiple regression analysis; seasonal adjustments and covariance analysis; Gauss-Marko theorem and estimates projects; causality and structural sensitivity problems.

**ECN 308: Project Evaluation 3 Units**

Project concept and cycle; data requirements and sources; projects cost and benefits (cash flows); static and dynamic approaches; identification and solution of projects, project analysis, economic analysis; financial analysis, institutional analysis, social analysis, environmental analysis, impact analysis, reporting monitoring and ex-post evaluation; alternative investment criteria; integration of efficiency and equality objectives; social discount rate; shadow price; wage rate and exchange rate; risk and uncertainty; project financing; case studies.

**ECN 309: Development Economics II 2 Units**

Trade and aid theories: models and strategies of economic growth and development; Marx’s historical materialism: vicious circle theories; dualistic and leading sector models; classical and neoclassical growth models; two-gap models; depends/imperialism and structural adjustment models; capital formation and institutional problems; domestic capital and foreign resources trade and development; leadership styles; poverty and income distribution, inequality and population problems; food scarcity problems.

**ECN 312: Research Methods 2 Units**

Philosophy of economic research; research problem formation, hypotheses development, verification problem in economics, methods and problems of collecting relevant research data. Research work presentation, composition of research funding, computing technology, economic model building; economic variables relationship establishment, group projects.

**ECN 313: Public Sector Economics 3 Units**

Economics of the public sector under certain conditions; Market determined allocation of resources; Pareto efficient outcomes in public goods: market failure and government intervention: Public sector and economic efficiency: Government role in redistributing income: Effects of government intervention on economic outcomes.

**ECN 314: Political Economy 3 Units**

Bourgeois method of analysis and dialectal method: historical materialism and social systems classification: social classes: capital accumulation and surplus value: capitalist development and socialism: slavery and feudalism: mixed economy concept: transitions and convergence hypothesis.

**ECN 315: International Economics I 2 Units**

Orthodox and modern theories of international trade: comparative advantage and factor proportion theories: static and dynamic against from trade: empirical testing and policy implications; trade protection; free trade and tariffs; economic integration theories; international and regional trade organizations; balance of payments adjustment mechanism, foreign exchange market and balance of payment policies; fixed and flexible exchange rates; exchange control and convertibility international liquidity; the international monetary systems; foreign aid and capital flow hypothesis.

** ****ECN 316: Public Sector Economics II: 3 Unit **

Advanced concepts of public sector policies: Pricing: investment and financing of public sector enterprises; The public sector and economic development; analysis of selected public policies.

**ECN 317: Operations Research 2 Units**

Development and limitations of operations research, decision, network and critical path analysis, formulation and solution of linear programming problems, non-linear programming, integrate a goal programming, game theory queuing theory and applications, dynamic and simulation, Markov Chain and sensitivity analysis programme evaluation and review techniques.

**ECN 319: Monetary Economics 2 Units**

Money and its role in the economy; theory of the demand of money, money supply theory, general equilibrium, level of money stock, money supply determination; theories of interest rate and inflation; growth of commercial bank and other financial institutions; control banking; monetary transmission mechanism; instructions of monetary policy; capital market and domestic stabilization; international monetary system

**ECN 401: Advanced Microeconomics (I) 2 Units**

Inter-temporal choice, risk and uncertainty in the consumer theory; application of consumer theory rationing work and leisure; advance treatment of cost and production function; optimization in the theory of firms; duopoly, oligopoly and bilateral monopoly; game theory and linear programming analysis.

**ECN 402: Advanced Microeconomics (II) 2 Units**

Dynamic equilibrium and disequilibrium analysis; general equilibrium, theory of production and comparative cost, transformation and contract curve theories of determination of wages, rent, interest and profit; economic efficiency, efficiency and equity; externalities, social and private costs/benefits; social welfare function and parents optimum, policy applications.

**ECN 403: Advanced Macroeconomics (I) 2 Units**

Advanced theories of consumption and investment functions; basic national income models; acceleration principles; the classical and Keynesian models of employment, output and prices; static and dynamic models of income determination; closed and open economy versions.

**ECN 404: Advance Macroeconomics (II) 2 Units**

Capital and economic growth theories; neoclassical growth model and income distribution; stabilization policies and goals; public sector existence and rationality; national policy formulation; planning principles and analysis; policy objectives, instruments and implementation; balance of payments adjustment mechanism; coordination and optimal resource allocation; public policy debates.

**ECN 405: Applied Statistics 3 Units**

Time series modeling; distributed lag structures; Koych lag structure; Almon Lag structure; binary choice models; linear probability model; discriminate function; probity model and tobity model; model selection and diagnostic checking; panel data methodology; computer-based practicals, non-linear models; Monte Carlo experimentations; structural analysis of econometric models; forecasting with econometric models; small scale macro econometric models; survey of major macro-econometric models; forecasting with econometric models; small scale macro econometric models; survey of major macro-econometric models of the Nigerian economy; error-correction models; computer-based practical.

**ECN 406: Production Economics 2 Units**

Theory of production and production functions; optimization and least cost production; advanced theory of production. Production theory and sectoral applications. Network analysis, developed and developing economy production.

**ECN 407: Economic Planning 2 Units**

Planning techniques and statistics; planning durations, objectives and target; plan

implementation and performance; manpower and educational planning; transitions and convergence hypothesis; planning models; input/output and fund flow analysis; national accounting and planning in Nigeria.

**ECN 408: Economic Planning II 2 Units**

The evolution of economic planning; Land use and the environment; Economic planning and Land Reform; Input-output analysis in planning; Central Planning and Market Socialism, Commercial property markets and development; Cost-benefit analysis; Principles: Project Valuation and Investment Criteria.

**ECN 409: Taxation and Fiscal Policy 2 Units**

Taxation and taxation theory; taxation and tax incidence; welfare cost and negative income tax; Nigeria tax system; fiscal policy elements; fiscal federalism; debt and tax financing; tax administration; balanced budgets; taxation, trade and development; financing Nigeria’s federalism; welfare economics and government intervention.

**ECN 410: Money and Banking 3 Units**

Money nature and functions; money demand and supply; central banking and monetary policy; commercial banking policies and principles; portfolio management theories; financial system development and structure; financial intermediation; comparative banking system; international monetary and financial institutions adjustment problems and liquidity.

**ECN 411: Comparative Economic System 2 Units**

Classification and analysis of economic systems, communalism, slavery, feudalism, capitalism, communism; system in tradition mixed economy; features of under-development.

**ECN 412: Advanced Mathematics for Economists 3 Units**

Linear and non-linear models, Static and Dynamic models, advanced treatment of input-output analysis, general equilibrium analysis. Mathematical programming, dynamic programming, optimal control theory with emphasis on Bellman and Pantryagin approaches. Game theory and applications, linear difference and differential equation system.

** ****ECN 413: Problem and Policies of Development 2 Units**

Nature of development problems; development and under-development; long term structural change; development requirements; growth and development; open and closed economy models; growth and equity; balance and unbalanced growth; terms of trade; import substitution and export promotion; quantitative analysis; dualism; human resources and capital formation; investment criteria and technology.

**ECN 414: Human Resource Economics 3 Units**

Theory of human capital in growth process, human resource management, target setting and performance measurement, human capital and productivity in private and public sectors of Nigeria and unemployment problems in Nigeria.

** ****ECN 419: Basic Concept of Finance 3 Units**

Meaning and importance of finance, financial decision and financial markets, present value and opportunity cost of capital, valuation of assets, discount rate, determination of risk adjusted discount rate, derivatives, role of financial market and objectives of financial managers and analysis of cash flow of a firm.

**ECN 420: Research Project/Original Essay 6 Units**

Every student is required to present a solid research report on any given economic problem (with the supervisory assistance of a lecturer. Here, the students are expected to show thorough knowledge of research methodology and quantitative techniques).

** ****ECN 421: Capital Market and Investment 3 Units**

Origin and development in Nigeria capital market and investment environment, concepts relating to investment decision making, organization of security markets and security trading, portfolio theory, asset pricing modes, bound fundamentals and valuation, company analysis and equity valuation, derivatives markets and international investing.

**ECN 423: Global Economic Environment 3 Units**

Nigeria and the global economy, the implications of the free market economy on consumers, government, labour and business, strategic aspects on international institutions, multilateral negotiation and lessons from Asian tigers.