ECONOMIC THEORY BUS 802

Topics: Economics, Macroeconomics, Inflation Pages: 197 (53760 words) Published: April 11, 2015
BUS 802

MODULE 1

NATIONAL OPEN UNIVERSITY OF NIGERIA

SCHOOL OF MANAGEMENT SCIENCES

COURSE CODE: BUS 802

COURSE TITLE: ECONOMIC THEORY

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BUS 802

ECONOMIC THEORY

COURSE
GUIDE

BUS 802
ECONOMIC THEORY

Course Team

Dr. J.O. Onyemaechi (Course Writer/Developer) NOUN
Dr. A. O. Fagbemi (Course Editor) Dr. C. I. Okeke (Programme Leader) - NOUN Dr. O. Adenuga (Course Coordinator) - NOUN

NATIONAL OPEN UNIVERSITY OF NIGERIA
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BUS 802

MODULE 1

National Open University of Nigeria
Headquarters
14/16 Ahmadu Bello Way
Victoria Island, Lagos
Abuja Office
5, Dar es Salaam Street
Off Aminu Kano Crescent
Wuse II, Abuja
e-mail: centralinfo@nou.edu.ng
URL: www.nou.edu.ng
Published by
National Open University of Nigeria
Printed 2014
ISBN: 978-058- 408-9
All Rights Reserved

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BUS 802

ECONOMIC THEORY

CONTENTS
Introduction................................................................. Course Aims............................................................... Course Objectives…………………………………….. Working through the Course…………………………..

Course Materials……………………………………… Study Units................................................................. Assessment................................................................. Tutor-Marked Assignment…………………………….

Final Examination and Grading…………………….....
Facilitators/Tutors and Tutorials…………………….... Summary…………………………….…………………

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BUS 802

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INTRODUCTION
BUS 802 - Economic Theory is a two- credit unit course for students pursuing second degree in Business Administration in the School of Management Sciences. The course consists of 19 units that involve the basic concepts in Economy Theory. This course guide informs you of what you need to know about the aims and objectives of the course, composition of the course material, arrangement of the modules and study units, assignments, and examinations.

COURSE AIMS
The course is aimed at acquainting students with practicable economic theories, tools of economic analysis, and the applications of economic theories in business decision making. It focuses on the economic management of business ventures, contributions of

business firms in production and distribution of goods and services in an economic system, and welfare economics. To ensure the
achievement of this aim, some important background information have been provided and discussed, including:








The Circular Flow of Economic Activity
Analytical Tools and Models of Economic Analysis
Theories of Consumer Behaviour, Individual and Market
Demands
Theories of Production, Cost, and Profit
Income Determination, General Equilibrium, and Theories of
Money
Income, Inflation, Output, and Unemployment
Theories of Distribution and Welfare

COURSE OBJECTIVES
On successful completion of the course, you should be able to: 








distinguish between economic development and economic
growth
list and discuss freely the tools of economic analysis
describe consumer behaviour in terms optimal choice of goods and services
distinguish between individual and market demands
explain the theories of production, cost, and profit
define and compute the national income
explain general equilibrium, inflation, and unemployment
list and explain the theories of distribution and welfare
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BUS 802



ECONOMIC THEORY

explain the application of economic theories to business
decisions.

WORKING THROUGH THIS COURSE
To successfully complete this course a student will be required to read all the study units, read texts identified under further reading and other materials which may be provided. A student will also be required to do self- assessment exercise, while some other assignments will be submitted for assessment. A student will find below the major unit components of the course.

COURSE MATERIALS
Major components of the...
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