Introduction to economics

In this unit, you will learn that the wealth of a community exists in the goods and services it produces and that money is merely a convenient way of measuring wealth. We must now investigate money more closely and determine what it does, and what problems it creates. Market economy or Money economy should be compared with the subsistence economy. Subsistence economy means that people consume what they have themselves produced and exchange nothing. In a market economy, exchange may take two forms: direct exchange (barter) or indirect exchange using money as a “means of payment” or “medium of exchange”. It should be noted that barter involves such inconveniences at a comparatively early stage. In the development of an economy, we should expect a medium of exchange; money comes into use.

In every economic system, whether dominated by private interest as in capitalism or government interest as in communism and socialism, or mixed economy having a blend of capitalism and communism, money has very crucial roles to play. Its roles in the economy is pervasive, touching every aspect of the economy.

A special attention is given to money because the use of monetary policy as a stabilisation tool by the government is based on the role of money in the economy. We cannot have a proper grasp of monetary theories and policies without first of all understanding money.

TABLE OF CONTENT 



1. Money Market Operators and Methods of Sourcing for Funds
2. Limitations of Monetary Policy in Nigeria
3. Phases and Formulation and Administration of Monetary Policy in Nigeria
4. Steps in Presentation of National Budget
5. The Control of Financial Institutions/Principles of Economics
6. Advantage and disadvantage of International Trade
7. Concepts, Reasons and Importance of International Trade
8. Distinguish between Public Sector and Private Sector of the Economy
9. Factors that Inhibit Rapid Economic Development in Developing Countries
10. Features/Characteristics of a Developed Money Market
11. Functions of Financial Institutions
12. General Ways of Controlling Inflation in Nigeria
13. Introduction to economics
14. Reason for the Establishment of Nigerian Capital Market
15. Reasons/Functions for the Establishment of the Nigerian Money Market
16. The Reasons for Measuring the Balance of Payments
17. Tools/Objectives of Monetary Policies
18. Types of Financial Institutions
19. Why West African Countries have Lower National Income Figures than Developed Countries

References/Further Reading 

- Crowther, G. An outline of Money. Chapters 3 and 5. 

Haberler, G. Prosperity and Depression Part I. Chapter 1-3. 

Hanod, R. F. The Trade Cycle. 

Samuelson, P. A. Economics. Chapters 12 and 13. 

Keynes, T. M. General Theory of Employment, Interest and Money. 

Beveridge, W. H. Full Employment in a Free Society. 

Hanson, J. L. A Textbook of Economics. London: Mcdonald & Evans, 1968. 

Harvey, J. Intermediate Economics. London: Macmillan, 1969. 

Hacche, J. The Economics of Money and Income. London: Heinemann 1970. 

Marshal, B. V. Comprehensive Economics. Harlow: 1967.