Credit Units: 2
Lecturer: Mr. Shaib, E. Oluwatobi, Email ID: firstname.lastname@example.org, College of Arts, Law, Administration and Management Sciences, Department of Economics.
This is essentially a course on the macroeconomics aspects of economic theory. The course depicts you to the field of macroeconomics, national income accounting of a country through various terms of national income such as gross domestic product, gross national product, net national product, personal income, Disposable Income etc. It also laid more emphasis on money and banking which discusses the issue of money such as its functions and the Keynesian motive of holding money and financial institutions was also examined. The course shield more light on the components of gross domestic product which includes personal consumption expenditure, gross private domestic investment and net export. However, government consumption and gross investment were also examined. Furthermore the course shall enlighten you about the aggregate demand and aggregate supply both in the short and long run and it will also make you to know the differences between government spending/expenditure and government revenue as well as the budget analysis.
Conclusively it analyses the international trade in an open economy such as gain from trade, net export function in the open economy.
At the end of the course and having completed the essential reading and activities students should be able to:
➢ Understand the principles of Macroeconomics and know the basic macroeconomics concepts, as well as distinguish between Microeconomics and Macroeconomics.
➢ Understand the terms and measurement of national income as well as the importance of national income and understand the meaning of Consumption and its Components.
➢ Understand the meaning of Savings and its Components and Investment and its Components as well as to understand the meaning of Economic Welfare and National income.
➢ Understand the Relationship between Economic Welfare and National income and to understand the meaning of Money and the History of money with its Characteristics, Functions and types of Money as well as the Keynesian Motive of Holding Money.
➢ Understand the meaning and nature of aggregate Supply and its Curve and also to understand the meaning aggregate supply-aggregate demand model.
➢ Understand the analysis of shifts in aggregate demand-aggregate supply in aggregate supply- aggregate demand model, to know the meaning of Government Spending and understand the reasons for increase in Government spending.
➢ Meaning of Government Spending and to understand the reasons for increase in Government spending as well as to know how Government spending is financed.
➢ Understand the meaning of Government Revenue and to know the different types of taxation as a source of government revenue as well as to know the use of attributes or Principles of Taxation.
➢ Understand the meaning of government budget and the reasons for increase in government expenditure as well as to know how government expenditure is financed.
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