PRINCIPLES OF ECONOMICS l (BFN 112/ODFeL/ACC, BUS/1st)

Principle of Economics (BFN 112) is a three-credit and one-semester National Diploma course purposely designed for NDI Accountancy students. The course is made up of 5 modules spread across thirteen lecture weeks. This course guide tells you about the course material and how you can work your way through it. It proposes some general guidelines for the time you require to spend on each module to achieve the course aim and objectives successfully. In-text questions and answers and suggested links for further reading are equally provided at the end of the material.

Course Introduction and Description

Principle of Economics (BFN112) is fundamentally an introductory course that partly covers Economics theory (Micro-Economics). The study guide will give you an overview of Economics as a distinct field of study and its various definitions. Other topics covered include the subject matter of Economics and basic Economics problems, the methodology of Economics science, the Theory of Demand and Supply, and Elasticity. Theory of Production, market structure price, and output under perfect competition and monopoly were equally discussed as well as business organizations which include sole proprietorship and partnership. Cooperative forms of business and limited liability companies were also discussed in the last module.

Course Prerequisites

To qualify for ND Accountancy, you are expected to have the following O’ level requirements:

English Language (not Literature in English) and Mathematics and any three subjects from the following:

Economics/Commerce

Business Methods/Business Studies

Principles of Accounts/Book Keeping

Literature in English

Geography

Learning Outcomes

At the end of this course, you should be able to:

1. apply the principles of Economics in your daily life activities;

2. develop economic skills in the design of choices leading to decision making and relate basic economic concepts and problems;

3. become familiar with basic Economics questions and know how to apply them in the decision-making process;

4. state the relevant economic methods in solving economic problems;

5. differentiate between types of economies and states and, the strength and weaknesses of each method of the economy;

6. explain how firms transform resources allocated (input) into products (output);

7. discuss the theory of demand and supply for a commodity in relation to changes in price and elucidate on factors that determine the quantity demanded and supplied;

8. define elasticity in relation to demand and supply;

9. discuss factors of production and their specific contribution to the process of production;

10. explain cost concepts and their definitions, different market structures and behavior of firms, and also explain the forms of business organizations;

Principle of Economics (BFN 112) is a three-credit and one-semester National Diploma course purposely designed for NDI Accountancy students. The course is made up of 5 modules spread across thirteen lecture weeks. This course guide tells you about the course material and how you can work your way through it. It proposes some general guidelines for the time you require to spend on each module to achieve the course aim and objectives successfully. In-text questions and answers and suggested links for further reading are equally provided at the end of the material.

Course Introduction and Description

Principle of Economics (BFN112) is fundamentally an introductory course that partly covers Economics theory (Micro-Economics). The study guide will give you an overview of Economics as a distinct field of study and its various definitions. Other topics covered include the subject matter of Economics and basic Economics problems, the methodology of Economics science, the Theory of Demand and Supply, and Elasticity. Theory of Production, market structure price, and output under perfect competition and monopoly were equally discussed as well as business organizations which include sole proprietorship and partnership. Cooperative forms of business and limited liability companies were also discussed in the last module.

Course Prerequisites

To qualify for ND Accountancy, you are expected to have the following O’ level requirements:

English Language (not Literature in English) and Mathematics and any three subjects from the following:

Economics/Commerce

Business Methods/Business Studies

Principles of Accounts/Book Keeping

Literature in English

Geography

Learning Outcomes

At the end of this course, you should be able to:

1. apply the principles of Economics in your daily life activities;

2. develop economic skills in the design of choices leading to decision making and relate basic economic concepts and problems;

3. become familiar with basic Economics questions and know how to apply them in the decision-making process;

4. state the relevant economic methods in solving economic problems;

5. differentiate between types of economies and states and, the strength and weaknesses of each method of the economy;

6. explain how firms transform resources allocated (input) into products (output);

7. discuss the theory of demand and supply for a commodity in relation to changes in price and elucidate on factors that determine the quantity demanded and supplied;

8. define elasticity in relation to demand and supply;

9. discuss factors of production and their specific contribution to the process of production;

10. explain cost concepts and their definitions, different market structures and behavior of firms, and also explain the forms of business organizations;

Activities to Meet Course Objectives

The open distance and flexible e-learning programs are specially designed to replace conventional lectures. Hence, you can be able to work using these materials at your own convenient time, and at a place that best suits you. The study material will guide you on what to read and when to read other materials. Just as a lecturer might give you an in-class exercise, your study sessions provide exercises for you to do at appropriate times.

Each study session follows a unified format. The first item is an introduction to the subject matter of the study session, and how a particular session is integrated with others, linking to the course as a whole. Next is a set of learning objectives. These objectives allow you to know what you should be able to do by the time you have completed the study session. You should use these objectives to guide your study. When you have finished the study session, you must go back and check whether you have achieved the objectives. If you make a habit of doing this, you will significantly improve your chances of passing the course.

In order to achieve the learning objectives of this study, related sites and standard references have been provided for you. There are going to be a lot of online interactions between you and your course lecturer through WhatsApp, Facebook, or Instagram as you decide. Therefore, you are expected to have a good and functional software application on your mobile phones or I pad, such as WhatsApp, Facebook, and Instagram, an email address, and a phone number to enable you to chat, interact and share ideas with your tutors and other coursemates. Similarly, there will be individual and group assignments. It is important to note that all assignments are due at the times stated. Late submission of assignments will not be accepted by you hence, you should be very serious with your study. Activities to Meet Course Objectives

The open distance and flexible e-learning programs are specially designed to replace conventional lectures. Hence, you can be able to work using these materials at your own convenient time, and at a place that best suits you. The study material will guide you on what to read and when to read other materials. Just as a lecturer might give you an in-class exercise, your study sessions provide exercises for you to do at appropriate times.

Each study session follows a unified format. The first item is an introduction to the subject matter of the study session, and how a particular session is integrated with others, linking to the course as a whole. Next is a set of learning objectives. These objectives allow you to know what you should be able to do by the time you have completed the study session. You should use these objectives to guide your study. When you have finished the study session, you must go back and check whether you have achieved the objectives. If you make a habit of doing this, you will significantly improve your chances of passing the course.

In order to achieve the learning objectives of this study, related sites and standard references have been provided for you. There are going to be a lot of online interactions between you and your course lecturer through WhatsApp, Facebook, or Instagram as you decide. Therefore, you are expected to have a good and functional software application on your mobile phones or I pad, such as WhatsApp, Facebook, and Instagram, an email address, and a phone number to enable you to chat, interact and share ideas with your tutors and other coursemates. Similarly, there will be individual and group assignments. It is important to note that all assignments are due at the times stated. Late submission of assignments will not be accepted by you hence, you should be very serious with your study.