Eco. 102 –14-01-2022 (Online Discussion and Quiz 1—Fields of Economics and Motivations)

NAME: Okeze Ezinne Pretty
REG NUMBER: 2016/234314
DEPARTMENT: ECONOMICS
EMAIL: ezinnepretty1@gmail.com
ECO 102

1. Economics is basically the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society. Economics is divided into two categories. Name them and state the basic difference between both.

ANSWER:

Macroeconomics is the study of the performance, structure, behavior and decision-making of an economy as a whole

Microeconomics deals with the economic interactions of a specific person, a single entity or a company; it is the study of markets.

DIFFERENCE
The most common macroeconomic topics of study for national entities are sustainability, full employment, price stability, external balance, equitable distribution of income and wealth, and increasing productivity.

Macroeconomists hope that their models help address two key areas of research: the causes and consequences of short-run fluctuations in national income (otherwise known as the business cycle) and what determines long-run economic growth.

WHILE
Microeconomics assumes businesses are rational and produce goods that maximize their profit.
The science of microeconomics covers a variety of specialized areas of study including: industrial organization, labor economics, financial economics, public economics, political economy, health economics, urban economics, law and economics, and economic history.

2. What motivated you to choose Economics as a course of study in the university.

ANSWER;

I choose to study Economics in University of Nigeria Nsukka because of the following reasons;.
• Because of the prestigious people that graduated from the University
• communication – presenting ideas in a well-defined framework.
• numeracy – handling complex data and techniques of mathematical and statistical analysis
• problem-solving
• analytical skills.

NAME: AMAEFULE RAPHEAL IZUCHUKWU
REG NO:2020/246139
DEPARTMENT: ECONOMICS

Categories of economics
There are two categories of economics, microeconomics and macroeconomics. Though these two categories of economics appear different, they actually interdependent and complement one another. Many overlapping issues exist between the two fields.

Microeconomics
Microeconomics is the study of decisions made by people and businesses regarding the allocation of resources, and prices at which they trade goods and services. It considers taxes, regulations, and government legislation.
Microeconomics focuses on supply and demand and other forces that determine price levels in the economy. It takes a bottom-up approach to analyzing the economy. In other words, microeconomics tries to understand human choices, decisions, and the allocation of resources.
Having said that, microeconomics does not try to answer or explain what forces should take place in a market. Rather, it tries to explain what happens when there are changes in certain conditions.
For example, microeconomics examines how a company could maximize its production and capacity so that it could lower prices and better compete. A lot of microeconomic information can be gleaned from company financial statements.
Microeconomics involves several key principles, including (but not limited to):
Demand, Supply and Equilibrium: Prices are determined by the law of supply and demand. In a perfectly competitive market, suppliers offer the same price demanded by consumers. This creates economic equilibrium.

Production Theory: This principle is the study of how goods and services are created or manufactured.

Costs of Production: According to this theory, the price of goods or services is determined by the cost of the resources used during production.

Labor Economics: This principle looks at workers and employers, and tries to understand patterns of wages, employment, and income. 
The rules in microeconomics flow from a set of compatible laws and theorems, rather than beginning with empirical study.

Macroeconomics
Macroeconomics, on the other hand, studies the behavior of a country and how its policies impact the economy as a whole. It analyzes entire industries and economies, rather than individuals or specific companies, which is why it’s a top-down approach. It tries to answer questions such as “What should the rate of inflation be?” or “What stimulates economic growth?”
Macroeconomics examines economy-wide phenomena such as gross domestic product (GDP) and how it is affected by changes in unemployment, national income, rates of growth, and price levels.
Macroeconomics analyzes how an increase or decrease in net exports impacts a nation’s capital account, or how gross domestic product (GDP) is impacted by the unemployment rate.
Macroeconomics focuses on aggregates and econometric correlations, which is why governments and their agencies rely on macroeconomics to formulate economic and fiscal policy. Investors who buy interest-rate-sensitive securities should keep a close eye on monetary and fiscal policy.
John Maynard Keynes is often credited as the founder of macroeconomics, as he initiated the use of monetary aggregates to study broad phenomena. Some economists dispute his theories, while many Keynesians disagree on how to interpret his work.

What is the basic difference between microeconomics and macroeconomics?
Microeconomics is the study of how individuals and companies make decisions to allocate scarce resources. Macroeconomics is the study of an economy as a whole.

My motivation in choosing to study economics in the university.
Before I proceed I would like to explain economics as a field of study.

What is economics?
Economics, at its very heart, is the study of people. It seeks to explain what drives human behaviour, decisions and reactions when faced with difficulties or successes. Economics is a discipline which combines politics, sociology, psychology and history.
When you study economics you gain a toolkit of skills, approaches and ways of thinking that you can apply to a wide range of problems. Economics is one of the central disciplines underpinning the study of business and management and public policy.

Economics – a useful tool
An economics degree gives you a high level of mathematical and statistical skills and the ability to apply economic principles and models to problems in business, finance and the public sector. More broadly, economic concepts can be applied to understand the logic of complicated data, to see how things relate to each other, and to see the broader context.
Some of the specific skills you develop include:
•communication – presenting ideas in a well-defined framework and supported by evidence that uses complex data
•numeracy – handling complex data and techniques of mathematical and statistical analysis
•problem-solving
•analytical skills.

There are careers that use specific knowledge of economics, for example banks, insurance, accountancy firms, businesses and in government. These jobs may involve identifying financial risks or making decisions about where a company or a government should invest its resources in the future, or even how to design a bidding platform for eBay. There are also roles for economists in think tanks and consultancies that advise governments and companies on public policy, such as how to deal with the Greek debt crisis.
More broadly, an economics degree helps prepare you for careers that require numerical, analytical and problem solving skills – for example in business planning, marketing, research and management. Economics helps you to think strategically and make decisions to optimise the outcome.
Especially in demand are people who have studied Economics and Finance as they are particularly well-prepared for jobs in banking and the financial sector, such as in accountancy firms.
The well-developed methodologies used in the economics profession have helped the subject expand into providing tools for other disciplines, such as politics, law, health, education, management, and many others. Some worry that by using the approaches of economics, the assumption is being made that people are rational in the way they behave. To counter this, economists are bringing in insights from behavioural science, psychology, and neuroscience.

The way forward
In terms of new employment areas, economists would be well prepared for roles in ‘Big Data’. This is a new field and is about analysing large volumes of data to identify patterns, and so help businesses or governments make better decisions. This could be, for example, in relation to customer behaviour, the spread of diseases, crime patterns, or trends in financial markets.
With the plan for an integrated ASEAN Economic Community(Opens in new window) among the 10 nations of South East Asia, there may be demand among central banks and governments for financial economists who can identify and manage risks and develop financial regulations to meet the needs of the new market.
You may need to follow your bachelor’s with a master’s to get the relevant specialist skills if you want to work in a competitive area such as for governments, banks or consultancies, or if you want to specialise in an area such as health, employment, insurance, or regional economic development.
Also , graduates may also use postgraduate study as a route to gaining professional qualifications required to work in certain career areas, such as accountancy or other financial professions.

(1a)Microeconomics and Macroeconomics
Basic different between them
Microeconomics deals with individual income, output, price of goods while macroeconomics deals with aggregates such as national output, income, as well as general price level.
Microeconomics focuses on issues that affect individuals and companies while macroeconomics focuses on issues that affects nations and the world economy.
(1b) To improve my career prospect
By choosing economic as a course of study in the university can improve my unemployability in a variety of industries, giving me insight into issues such as taxation, inflation and interest rate that influence my daily life.It also give me insight into how individuals and organisation make decisions and predict potential changes in the world,also thinking strategically and make decisions to optimize the outcome.

Name:Kalu Favour Enyindiya
Reg number: 2020/249472
Department: Library And Information Science

Name: igbokwe Gloria somtoochukwu
Reg no: 2020/245316
Email: igbokwegloria2003@gmail.com
Economics

Two major categories of economics are 1.MICROECONOMICS, which focuses on the behavior of individual consumers and producers, and 2. MACROECONOMICS which examine overall economies on a regional, national, or international scale.

What motivated me to study economics:
1.When you study economics you gain a toolkit of skills, approaches and ways of thinking that you can apply to a wide range of problems. Economics is one of the central disciplines underpinning the study of business and management and public policy.
2. There are many job opportunities for an economist because economics degree gives you a high level of mathematical and statistical skills and the ability to apply economic principles and models to problems in business, finance and the public sector. More broadly, economic concepts can be applied to understand the logic of complicated data, to see how things relate to each other, and to see the broader context. That is why an economist can work in most public sectors .
3.You’ll Understand Your Own Spending Habits
Economics will teach you about how your organization and its market behaves, but you’ll also gain insight into your own spending habits and values. it teaches one how to manage his or her business
4. It helps in decision making:addition to helping you make better decisions in both your personal and professional life, learning economics is also beneficial if you’re considering a graduate business degree.
5.Students who choose to study economics not only gain the skills needed to understand complex markets but come away with strong analytical and problem-solving skills, as well as the business acumen necessary to succeed in the professional world. In fact, economics can be useful for professionals in all industries, not just in business.

Microeconomics and Macroeconomics
The field of economics is typically divided into two broad realms: microeconomics and macroeconomics. It is important to see the distinctions between these broad areas of study.

Microeconomics is the branch of economics that focuses on the choices made by individual decision-making units in the economy—typically consumers and firms—and the impacts those choices have on individual markets. Macroeconomics is the branch of economics that focuses on the impact of choices on the total, or aggregate, level of economic activity.

The assessment of economic motivation, that is, the will to acquire and/or create wealth, has varied in accordance with the status of economic life within different social environments and during different historical periods. It was not until the rise

Economics are grouped into two major division namely
*macro economic
*micro economic

Macro economic refers to the branches of economic which deals with the larger units of of the economy macro economic relates to the larger parts of the economysuch as national income,inflation,unemployment and balance of payment .in summary macro economic deal the large part of the economic or the broad aggregates in the economy
There are some advantages of these macro economic which are :
*It help in the even distribution of wealth :the study of these macro economic helps to make sure that the wealth of he nationa are evenly distributed and not concreted on one sector or individual
*Balance of payment :macro economic also ensures that that there is adequate balance payment in the total economy
*Stability of price:In macro economy stability of price can be obtained by minimising price disturbance in the economy
There are also some disadvantages of macro economic which are
* statistical difficulties:the study of macro economic makes statistical data too difficult to analyse as a result of the grouping of macro variables
*negative grouping of data:in the analysis of macro economic, data are being negatively grouped to be the same without considering the particular nature of each components of the economy

Micro economic :these refers to the branches of economy which deals with the smaller units or components of the economy. It is concern with the analog the basic decision making components of the household, individual, firms and government. It relates to cost,output,production,pricing and marketing of activities of household,firms and government
Some advantages of micro e aare as follows :
*Better understanding :it helps in the better understanding of the functioning of the various units of the economy
*making policies:it also helps to enable us to make and develop better polices that will improve the welfare of the people
*knowledge of vibrant sector :it enables us to determine the vibrant sectors of the economy
*development of economic tools:it helps us ti develop sound economic tools used for interpretating economic problems
There are the disadvantage
*unreliabilityof data:data derived from the use of micro economic principles are not always reliable for the same components

2 the reason I wants to study economics is to help myself,my family, the society,and the nationa at large to maximise our resources and make the best use of it .I also want to study economic to help make good use of our scare resources and our alternative hood yo make the society a better place.to also educates people on the way to make use is adequate use of the resources wisely to that a our adequate needs will be meet without any wastage.so wat motivated me in studying economic is to help reduce the high level of wastage and help to meet the people need and reduce the rates of property.

Microeconomics and macroeconomics are the two divisions of economics
The difference between microeconomic and macroeconomics
1.microeconomics is the study of decision made by people and businesses regarding the allocation of resources, and prices at which they trade goods and services while macroeconomics is the studies the behaviour of a country and how its policies impact the economy as a whole
2. Microeconomics focuses on supply and demand and other forces that determine price levels in the economy while macroeconomics focuses on aggregates and econometric correlations.
3.microeconomics takes a bottom-up approach to analyzing the economy while macroeconomics takes a top-down approach to analyzing the economy.
4.microeconomics explain what happens when there are changes in certain conditions while macroeconomics tries to answer questions such as what should the rate of inflation be? 0r what stimulates economic growth.
5.microeconomic tries to understand human choices, decisions and the allocation of resources while micro while macroeconomic do not understand human choice, decision and allocation of resources.

2. I choosed economics has my course of study in the university because it Will make me to understand how to manage my resources in the country and will also help me in studying scarcity and its implications.

THE THEORIES OF DEVELOPMENT STUDIES
The meaning of development has been a burden on ancient political scholars. It has acquired
diverse meanings and interpretations from different scholars such as Amartya Sen, Todaro,
Coralie Bryant, etc. Development is defined by Todaro and Smith as a multi-dimensional process
that involves major changes in social structures, popular attitudes, and national institutions, as
well as economic growth, reduction of inequality, and eradication of absolute poverty. Most
scholars propounded theories concerning development, how it is achieved and how it is impeded.
These theories are the Modernization theory, the Dependency theory and the Feminist theory.
The modernization theory elaborates on two main categories of societies in world,
namely the traditional and modern societies. Theorists argue that the traditional societies are
entangled by norms, beliefs and values which are hindering their development process. Therefore
they must adapt the modern style of living, thus concentrate on accumulation of capital and
industrialization.
In essence, this theory seeks to improve the standard of living of inferior societies, that is,
improves the economic growth of supposed traditional societies to acquire basic and secondary
necessities of life, by introducing modern technology and economic strategy to the third world.
Modernization theorist, Rostow, also proposed swift machineries of transition for traditional
societies to develop; these are preparation to take-off, take-off, drive to maturity and the
period of mass consumption. These transitional path processes put traditional societies on the
development path. Again, the theory succeeds in the idea that the norms, values and beliefs of a
society can affect the social change of that society.
Despite the advantages attributed to the theory, it has weaknesses which must be
addressed. Firstly, the theory seeks to entail only the economic and concrete industrial growth of
the third world countries. The theory lacks Amartya’s view of development, which states that
“development can be seen as the process of expanding the freedoms that people enjoy”
(Sen,1999). To Sen, development entails freedom, liberty, and self esteem of humanity which are
neglected by the theory.
Secondly, the modernization theory posited that the third world countries must admit the
development processes of the modern countries. It fails to recognize the fact that one system
cannot be adopted by all countries due to the diverse historical and cultural background of the
countries.
Lastly, Wallerstien pointed out that the theory creates dependency and exploitation of the
third world countries. The theory neglects the social and cultural structure of the third world
countries and imposes on the poor, ethnocentric processes to develop.
The dependency theory on the other hand opposes the modernization theory. Its main
argument is that, the persistent increment in industrialization in the developed countries rather
equally subject poor countries to underdevelopment as a result of the economic surplus of the
poor countries being exploited by developed countries.
It was a great analysis done by Frank A. Gunder by being able to debunk the weak, non
historical and ethnocentric issues propounded by the modernization theory (Webster 1984).
Also, Gunder succeeded in pointing out the economic inequalities among the developed and the
developing countries, as well as the rampant internal inequalities in the various periphery
countries and the exploitation of economic surplus developing countries during colonialism.
Again, the theory posits an essence emphasis on the fact that development is not mainly
based on the cultural values but rather, the economic and social structures and procedures.
Dependency theory incurs some weaknesses. Frank failed to exhibit the specific and key
dependency of the less developed countries on the metropolis, he merely stated that poor
countries depend on rich countries with no specific clarification. The theory downplays internal
development. It promotes the idea that indigenous industries cannot develop by it productivity
which is not true. Moreover, the theory refuses to point out how the developed countries get
access to the economic surplus of the third world countries.
The feminist theory of development has its main argument being that, women have a
great influence in development therefore must be empowered to partake in decision making and
its implementation. This theory plays much role in the building of women capacity and
capabilities as development is concerned. Also feminists were able to bring awareness of gender
inequalities among societies and engaged in massive activities to emancipate women. Feminists
succeeded in propounding theories namely, Women in Development (WID) and Woman and
development (WAD) to promote equity.
Despite feminists’ achievement on the theory, they seemed to address the interest of
females instead of addressing issues concerned with gender as a whole. This was criticized by
the Gender and development theory. Also, upon all the activities and struggle to attain a high
standard of living for women, there are still high inequalities among our social world
unaddressed. The feminist theory failed to point out the actual actions and procedures which
must be taken by the society and men to empower women in development process but just
emphasized on why women must be part and neglected the
THE THEORIES OF DEVELOPMENT STUDIES
The meaning of development has been a burden on ancient political scholars. It has acquired
diverse meanings and interpretations from different scholars such as Amartya Sen, Todaro,
Coralie Bryant, etc. Development is defined by Todaro and Smith as a multi-dimensional process
that involves major changes in social structures, popular attitudes, and national institutions, as
well as economic growth, reduction of inequality, and eradication of absolute poverty. Most
scholars propounded theories concerning development, how it is achieved and how it is impeded.
These theories are the Modernization theory, the Dependency theory and the Feminist theory.
The modernization theory elaborates on two main categories of societies in world,
namely the traditional and modern societies. Theorists argue that the traditional societies are
entangled by norms, beliefs and values which are hindering their development process. Therefore
they must adapt the modern style of living, thus concentrate on accumulation of capital and
industrialization.
In essence, this theory seeks to improve the standard of living of inferior societies, that is,
improves the economic growth of supposed traditional societies to acquire basic and secondary
necessities of life, by introducing modern technology and economic strategy to the third world.
Modernization theorist, Rostow, also proposed swift machineries of transition for traditional
societies to develop; these are preparation to take-off, take-off, drive to maturity and the
period of mass consumption. These transitional path processes put traditional societies on the
development path. Again, the theory succeeds in the idea that the norms, values and beliefs of a
society can affect the social change of that society.
Despite the advantages attributed to the theory, it has weaknesses which must be
addressed. Firstly, the theory seeks to entail only the economic and concrete industrial growth of
the third world countries. The theory lacks Amartya’s view of development, which states that
“development can be seen as the process of expanding the freedoms that people enjoy”
(Sen,1999). To Sen, development entails freedom, liberty, and self esteem of humanity which are
neglected by the theory.
Secondly, the modernization theory posited that the third world countries must admit the
development processes of the modern countries. It fails to recognize the fact that one system
cannot be adopted by all countries due to the diverse historical and cultural background of the
countries.
Lastly, Wallerstien pointed out that the theory creates dependency and exploitation of the
third world countries. The theory neglects the social and cultural structure of the third world
countries and imposes on the poor, ethnocentric processes to develop.
The dependency theory on the other hand opposes the modernization theory. Its main
argument is that, the persistent increment in industrialization in the developed countries rather
equally subject poor countries to underdevelopment as a result of the economic surplus of the
poor countries being exploited by developed countries.
It was a great analysis done by Frank A. Gunder by being able to debunk the weak, non
historical and ethnocentric issues propounded by the modernization theory (Webster 1984).
Also, Gunder succeeded in pointing out the economic inequalities among the developed and the
developing countries, as well as the rampant internal inequalities in the various periphery
countries and the exploitation of economic surplus developing countries during colonialism.
Again, the theory posits an essence emphasis on the fact that development is not mainly
based on the cultural values but rather, the economic and social structures and procedures.
Dependency theory incurs some weaknesses. Frank failed to exhibit the specific and key
dependency of the less developed countries on the metropolis, he merely stated that poor
countries depend on rich countries with no specific clarification. The theory downplays internal
development. It promotes the idea that indigenous industries cannot develop by it productivity
which is not true. Moreover, the theory refuses to point out how the developed countries get
access to the economic surplus of the third world countries.
The feminist theory of development has its main argument being that, women have a
great influence in development therefore must be empowered to partake in decision making and
its implementation. This theory plays much role in the building of women capacity and
capabilities as development is concerned. Also feminists were able to bring awareness of gender
inequalities among societies and engaged in massive activities to emancipate women. Feminists
succeeded in propounding theories namely, Women in Development (WID) and Woman and
development (WAD) to promote equity.
Despite feminists’ achievement on the theory, they seemed to address the interest of
females instead of addressing issues concerned with gender as a whole. This was criticized by
the Gender and development theory. Also, upon all the activities and struggle to attain a high
standard of living for women, there are still high inequalities among our social world
unaddressed. The feminist theory failed to point out the actual actions and procedures which
must be taken by the society and men to empower women in development process but just
emphasized on why women must be part and neglected the
THE THEORIES OF DEVELOPMENT STUDIES
The meaning of development has been a burden on ancient political scholars. It has acquired
diverse meanings and interpretations from different scholars such as Amartya Sen, Todaro,
Coralie Bryant, etc. Development is defined by Todaro and Smith as a multi-dimensional process
that involves major changes in social structures, popular attitudes, and national institutions, as
well as economic growth, reduction of inequality, and eradication of absolute poverty. Most
scholars propounded theories concerning development, how it is achieved and how it is impeded.
These theories are the Modernization theory, the Dependency theory and the Feminist theory.
The modernization theory elaborates on two main categories of societies in world,
namely the traditional and modern societies. Theorists argue that the traditional societies are
entangled by norms, beliefs and values which are hindering their development process. Therefore
they must adapt the modern style of living, thus concentrate on accumulation of capital and
industrialization.
In essence, this theory seeks to improve the standard of living of inferior societies, that is,
improves the economic growth of supposed traditional societies to acquire basic and secondary
necessities of life, by introducing modern technology and economic strategy to the third world.
Modernization theorist, Rostow, also proposed swift machineries of transition for traditional
societies to develop; these are preparation to take-off, take-off, drive to maturity and the
period of mass consumption. These transitional path processes put traditional societies on the
development path. Again, the theory succeeds in the idea that the norms, values and beliefs of a
society can affect the social change of that society.
Despite the advantages attributed to the theory, it has weaknesses which must be
addressed. Firstly, the theory seeks to entail only the economic and concrete industrial growth of
the third world countries. The theory lacks Amartya’s view of development, which states that
“development can be seen as the process of expanding the freedoms that people enjoy”
(Sen,1999). To Sen, development entails freedom, liberty, and self esteem of humanity which are
neglected by the theory.
Secondly, the modernization theory posited that the third world countries must admit the
development processes of the modern countries. It fails to recognize the fact that one system
cannot be adopted by all countries due to the diverse historical and cultural background of the
countries.
Lastly, Wallerstien pointed out that the theory creates dependency and exploitation of the
third world countries. The theory neglects the social and cultural structure of the third world
countries and imposes on the poor, ethnocentric processes to develop.
The dependency theory on the other hand opposes the modernization theory. Its main
argument is that, the persistent increment in industrialization in the developed countries rather
equally subject poor countries to underdevelopment as a result of the economic surplus of the
poor countries being exploited by developed countries.
It was a great analysis done by Frank A. Gunder by being able to debunk the weak, non
historical and ethnocentric issues propounded by the modernization theory (Webster 1984).
Also, Gunder succeeded in pointing out the economic inequalities among the developed and the
developing countries, as well as the rampant internal inequalities in the various periphery
countries and the exploitation of economic surplus developing countries during colonialism.
Again, the theory posits an essence emphasis on the fact that development is not mainly
based on the cultural values but rather, the economic and social structures and procedures.
Dependency theory incurs some weaknesses. Frank failed to exhibit the specific and key
dependency of the less developed countries on the metropolis, he merely stated that poor
countries depend on rich countries with no specific clarification. The theory downplays internal
development. It promotes the idea that indigenous industries cannot develop by it productivity
which is not true. Moreover, the theory refuses to point out how the developed countries get
access to the economic surplus of the third world countries.
The feminist theory of development has its main argument being that, women have a
great influence in development therefore must be empowered to partake in decision making and
its implementation. This theory plays much role in the building of women capacity and
capabilities as development is concerned. Also feminists were able to bring awareness of gender
inequalities among societies and engaged in massive activities to emancipate women. Feminists
succeeded in propounding theories namely, Women in Development (WID) and Woman and
development (WAD) to promote equity.
Despite feminists’ achievement on the theory, they seemed to address the interest of
females instead of addressing issues concerned with gender as a whole. This was criticized by
the Gender and development theory. Also, upon all the activities and struggle to attain a high
standard of living for women, there are still high inequalities among our social world
unaddressed. The feminist theory failed to point out the actual actions and procedures which
must be taken by the society and men to empower women in development process but just
emphasized on why women must be part and neglected the
THE THEORIES OF DEVELOPMENT STUDIES
The meaning of development has been a burden on ancient political scholars. It has acquired
diverse meanings and interpretations from different scholars such as Amartya Sen, Todaro,
Coralie Bryant, etc. Development is defined by Todaro and Smith as a multi-dimensional process
that involves major changes in social structures, popular attitudes, and national institutions, as
well as economic growth, reduction of inequality, and eradication of absolute poverty. Most
scholars propounded theories concerning development, how it is achieved and how it is impeded.
These theories are the Modernization theory, the Dependency theory and the Feminist theory.
The modernization theory elaborates on two main categories of societies in world,
namely the traditional and modern societies. Theorists argue that the traditional societies are
entangled by norms, beliefs and values which are hindering their development process. Therefore
they must adapt the modern style of living, thus concentrate on accumulation of capital and
industrialization.
In essence, this theory seeks to improve the standard of living of inferior societies, that is,
improves the economic growth of supposed traditional societies to acquire basic and secondary
necessities of life, by introducing modern technology and economic strategy to the third world.
Modernization theorist, Rostow, also proposed swift machineries of transition for traditional
societies to develop; these are preparation to take-off, take-off, drive to maturity and the
period of mass consumption. These transitional path processes put traditional societies on the
development path. Again, the theory succeeds in the idea that the norms, values and beliefs of a
society can affect the social change of that society.
Despite the advantages attributed to the theory, it has weaknesses which must be
addressed. Firstly, the theory seeks to entail only the economic and concrete industrial growth of
the third world countries. The theory lacks Amartya’s view of development, which states that
“development can be seen as the process of expanding the freedoms that people enjoy”
(Sen,1999). To Sen, development entails freedom, liberty, and self esteem of humanity which are
neglected by the theory.
Secondly, the modernization theory posited that the third world countries must admit the
development processes of the modern countries. It fails to recognize the fact that one system
cannot be adopted by all countries due to the diverse historical and cultural background of the
countries.
Lastly, Wallerstien pointed out that the theory creates dependency and exploitation of the
third world countries. The theory neglects the social and cultural structure of the third world
countries and imposes on the poor, ethnocentric processes to develop.
The dependency theory on the other hand opposes the modernization theory. Its main
argument is that, the persistent increment in industrialization in the developed countries rather
equally subject poor countries to underdevelopment as a result of the economic surplus of the
poor countries being exploited by developed countries.
It was a great analysis done by Frank A. Gunder by being able to debunk the weak, non
historical and ethnocentric issues propounded by the modernization theory (Webster 1984).
Also, Gunder succeeded in pointing out the economic inequalities among the developed and the
developing countries, as well as the rampant internal inequalities in the various periphery
countries and the exploitation of economic surplus developing countries during colonialism.

Good day Mr President and honourable members of the the parliament.I am honourable Obetta Chisom from the department of education economics and I am here to bring to your know the world banks development strategies and programs under the leadership of Robert mc Namara.

Would bank development program under Robert mc namara.
McNamara became World Bank President on April 11968 . McNamara had recognized as “the central historical event of our times” the need to speed up the development of the poorest countries that made up the Third World. He clearly felt that developing countries need to devise policies and investment programs to assist the poor in their societies to become more productive and to ensure an equitable distribution of basic services to them. In response to these needs, Mr. McNamara sought to shape the policies and programs of the Bank to improve the lot of the poorest. He had a vision that saw the Bank as a key instrument for restructuring the world’s of the World Bankmc The World Bank was, to McNamara, “an innovative, problem-solving mechanism…to help fashion a better life for mankind in the decades ahead.” The primary consideration driving the Bank was the needs of the developing countries. It was obvious that these countries required more assistance than they had been receiving, and he set out to make the Bank a “critical mass” of financial and technical power. McNaeconomy so that the majority of its population—the poorest two thirds—could enjoy a fair share of the earth’s resources. He saw this as the Bank’s mission, one that could be accomplished by fashioning Bank programs and policies in consultation with, and in response to, the needs of member countries. But he also saw the Bank’s role as a pioneer in the field, providing leadership in this direction for national and

 Oil Crisis
The oil shocks of the 1970s proved to be the most serious threat to the fight against poverty. No longer was the burning question how to reduce the number of the poor, but rather how to prevent a massive increase in their number. McNamara responded in his proven method: asses the damage, express it in numerical terms; and then work on a solution. He estimated that the poor countries needed an additional three to four billion dollars in concessional assistance, and he urged the industrial countries and the oil producing states to provide this support. OPEC agreed to increase their commitments – $2 billion by 1974, and by 1975 OPEC members were contributing 3 per cent of their GNP.
 Structural Adjustment
In response to the oil crises, McNamara urged developing countries to adjust their economic policies: change the pattern of use and production of energy, increase the production of food grains, and revise their policies of subsidized capital, overvalued exchange rates and excessive regulation. He also asked donor countries to actively support structural adjustment programs. He called for a fundamental reorientation of economic policies to accomplish higher savings and investment rates, greater efficiency in the domestic use of capital, and more emphasis on the private sector than he had previously advocated.
A personal note introducing selections from speeches by Mr. McNamara.

Robert S. McNamara is retiring from the World Bank in June 1981, after 13 years as its President. During his tenure, there has been a sea change in the quality as well as the quantity of the Bank’s lending operations and the development policies that it pursued. Bank lending during Mr. McNamara’s presidency has grown from US$1 billion in fiscal year 1968 to $11.5 billion in 1980, so that today the Bank is supervising more than 1,600 projects in 100 countries. But these statistics show us only one aspect of the McNamara years at the World Bank. They do not reflect the unique vision of development that Robert McNamara brought and implemented during his tenure. Nor do the statistics on lending adequately reflect his managerial ability and remarkable capacity for absorbing and using the vast amount of economic and social data produced by the Bank to shape the Bank’s policies to serve his vision.
Early on, even before he had come to the World Bank, Mr. McNamara had recognized as “the central historical event of our times” the need to speed up the development of the poorest countries that made up the Third World. He clearly felt that developing countries need to devise policies and investment programs to assist the poor in their societies to become more productive and to ensure an equitable distribution of basic services to them. In response to these needs, Mr. McNamara sought to shape the policies and programs of the Bank to improve the lot of the poorest. He had a vision that saw the Bank as a key instrument for restructuring the world’s economy so that the majority of its population—the poorest two thirds—could enjoy a fair share of the earth’s resources. He saw this as the Bank’s mission, one that could be accomplished by fashioning Bank programs and policies in consultation with, and in response to, the needs of member countries. But he also saw the Bank’s role as a pioneer in the field, providing leadership in this direction for national and international agencies

one of the project he carried out is the programme of self s sufficiency in food production .his program of self-sufficiency in food was required to provide the solid base on which member countries could hope to build real growth. In addition to Bank help, there remained obligations for the governments of the developing world: to ensure that the state’s social services (pure water, health clinics, education, and so on) were directed to the poor masses wherever they were and not just to the privileged (and usually urban) few. In this approach, resources were to flow directly to the poorest, and their basic needs were to be met earlier and more extensively than they could be by a strategy of generalized growth in national product. More important, from Mr. McNamara’s point of view, such a program could have a decisive effect in reducing fertility rates—so that the planet’s population might stabilize earlier and at a lower figure.

Namara realized that the Bank could not solve by itself the world’s problems; but it could provide leadership and the will to leverage the world’s resources for development.
McNamara believed that there was a direct link between concerns about military security and economic development. For McNamara the threat of warfare was a consequence of the widening income gap between the industrial and developing countries.
his tenure at the Bank, McNamara struggled to gain a clear understanding of the problems the developing countries were facing. He traveled extensively, and consulted with a wide group of development thinkers. He insisted on spending time in the field, visiting schools and population clinics, talking to farmers and extension workers. And he pushed the Bank to be more inquisitive about development issues. The Bank’s economic research capacity expanded under the leadership of Hollis Chenery. The collection and processing of data became an important institutional response to the quest for better understanding and more effective solutions.
From the beginning, McNamara tried to grasp the causes of economic underdevelopment. He knew that economic development was a multifaceted, multidimensional process, yet was always looking for some single key to the problem. This constant search for answers was reflected in the sequence of dominant themes in the work of the Bank during the McNamara period.
One issue that came to characterize the McNamara presidency was the problem of population growth. McNamara believed that rapid population growth was the greatest barrier to economic progress. The Bank’s first financing for family planning was in 1970 in Jamaica.
McNamara realized that economic growth without equitable distribution did little to change the worst economic problems. He turned to Hollis Chenery, head of the Bank’s economic research department, who focused on the problems related to the uneven income distribution in developing countries. Chenery’s Redistribution with Growth was published in 1974. McNamara presented the results of Chenery’s research at the 1972 UNCTAD Conference in Santiago, Chile. He stated that in the early stages of a country’s economic growth the poorest segment of society was liable to suffer the most. This was most evident in subsistence agrarian economies, and McNamara recommended measures such as land and tenancy reform and programs to increase the productivity of small farmers.
He also emphasized the need for projects supporting education. During his tenure lending for education increased threefold.
Rural development was the centerpiece of the second five-year plan, introduced in Nairobi in 1973. To raise the productivity of the rural poor, the Bank increased lending to agriculture by over 40 percent, and three out of every four projects included components to help smallholder farmers. The integrated rural development project became the prototype for this assistance. Rural development programs benefited millions of people, but still rural laborers and the landless benefited, at best indirectly. Institutional weaknesses, such as tenant and land reform, hindered progress, and progress was slowest where it was most needed – in Sub-Saharan Africa.
McNamara also launched an attack on urban poverty, where he again attempted to raise the productivity of the poor. Urban assistance programs aimed at increasing employment opportunities, improving services, sites-and-service projects, squatter settlement programs, small-scale enterprise financing, and plans for basic services in transport, electricity, water supply, and education.

THE THEORIES OF DEVELOPMENT STUDIES
The meaning of development has been a burden on ancient political scholars. It has acquired
diverse meanings and interpretations from different scholars such as Amartya Sen, Todaro,
Coralie Bryant, etc. Development is defined by Todaro and Smith as a multi-dimensional process
that involves major changes in social structures, popular attitudes, and national institutions, as
well as economic growth, reduction of inequality, and eradication of absolute poverty. Most
scholars propounded theories concerning development, how it is achieved and how it is impeded.
These theories are the Modernization theory, the Dependency theory and the Feminist theory.
The modernization theory elaborates on two main categories of societies in world,
namely the traditional and modern societies. Theorists argue that the traditional societies are
entangled by norms, beliefs and values which are hindering their development process. Therefore
they must adapt the modern style of living, thus concentrate on accumulation of capital and
industrialization.
In essence, this theory seeks to improve the standard of living of inferior societies, that is,
improves the economic growth of supposed traditional societies to acquire basic and secondary
necessities of life, by introducing modern technology and economic strategy to the third world.
Modernization theorist, Rostow, also proposed swift machineries of transition for traditional
societies to develop; these are preparation to take-off, take-off, drive to maturity and the
period of mass consumption. These transitional path processes put traditional societies on the
development path. Again, the theory succeeds in the idea that the norms, values and beliefs of a
society can affect the social change of that society.
Despite the advantages attributed to the theory, it has weaknesses which must be
addressed. Firstly, the theory seeks to entail only the economic and concrete industrial growth of
the third world countries. The theory lacks Amartya’s view of development, which states that
“development can be seen as the process of expanding the freedoms that people enjoy”
(Sen,1999). To Sen, development entails freedom, liberty, and self esteem of humanity which are
neglected by the theory.
Secondly, the modernization theory posited that the third world countries must admit the
development processes of the modern countries. It fails to recognize the fact that one system
cannot be adopted by all countries due to the diverse historical and cultural background of the
countries.
Lastly, Wallerstien pointed out that the theory creates dependency and exploitation of the
third world countries. The theory neglects the social and cultural structure of the third world
countries and imposes on the poor, ethnocentric processes to develop.
The dependency theory on the other hand opposes the modernization theory. Its main
argument is that, the persistent increment in industrialization in the developed countries rather
equally subject poor countries to underdevelopment as a result of the economic surplus of the
poor countries being exploited by developed countries.
It was a great analysis done by Frank A. Gunder by being able to debunk the weak, non
historical and ethnocentric issues propounded by the modernization theory (Webster 1984).
Also, Gunder succeeded in pointing out the economic inequalities among the developed and the
developing countries, as well as the rampant internal inequalities in the various periphery
countries and the exploitation of economic surplus developing countries during colonialism.
Again, the theory posits an essence emphasis on the fact that development is not mainly
based on the cultural values but rather, the economic and social structures and procedures.
Dependency theory incurs some weaknesses. Frank failed to exhibit the specific and key
dependency of the less developed countries on the metropolis, he merely stated that poor
countries depend on rich countries with no specific clarification. The theory downplays internal
development. It promotes the idea that indigenous industries cannot develop by it productivity
which is not true. Moreover, the theory refuses to point out how the developed countries get
access to the economic surplus of the third world countries.
The feminist theory of development has its main argument being that, women have a
great influence in development therefore must be empowered to partake in decision making and
its implementation. This theory plays much role in the building of women capacity and
capabilities as development is concerned. Also feminists were able to bring awareness of gender
inequalities among societies and engaged in massive activities to emancipate women. Feminists
succeeded in propounding theories namely, Women in Development (WID) and Woman and
development (WAD) to promote equity.
Despite feminists’ achievement on the theory, they seemed to address the interest of
females instead of addressing issues concerned with gender as a whole. This was criticized by
the Gender and development theory. Also, upon all the activities and struggle to attain a high
standard of living for women, there are still high inequalities among our social world
unaddressed. The feminist theory failed to point out the actual actions and procedures which
must be taken by the society and men to empower women in development process but just
emphasized on why women must be part and neglected the
THE THEORIES OF DEVELOPMENT STUDIES
The meaning of development has been a burden on ancient political scholars. It has acquired
diverse meanings and interpretations from different scholars such as Amartya Sen, Todaro,
Coralie Bryant, etc. Development is defined by Todaro and Smith as a multi-dimensional process
that involves major changes in social structures, popular attitudes, and national institutions, as
well as economic growth, reduction of inequality, and eradication of absolute poverty. Most
scholars propounded theories concerning development, how it is achieved and how it is impeded.
These theories are the Modernization theory, the Dependency theory and the Feminist theory.
The modernization theory elaborates on two main categories of societies in world,
namely the traditional and modern societies. Theorists argue that the traditional societies are
entangled by norms, beliefs and values which are hindering their development process. Therefore
they must adapt the modern style of living, thus concentrate on accumulation of capital and
industrialization.
In essence, this theory seeks to improve the standard of living of inferior societies, that is,
improves the economic growth of supposed traditional societies to acquire basic and secondary
necessities of life, by introducing modern technology and economic strategy to the third world.
Modernization theorist, Rostow, also proposed swift machineries of transition for traditional
societies to develop; these are preparation to take-off, take-off, drive to maturity and the
period of mass consumption. These transitional path processes put traditional societies on the
development path. Again, the theory succeeds in the idea that the norms, values and beliefs of a
society can affect the social change of that society.
Despite the advantages attributed to the theory, it has weaknesses which must be
addressed. Firstly, the theory seeks to entail only the economic and concrete industrial growth of
the third world countries. The theory lacks Amartya’s view of development, which states that
“development can be seen as the process of expanding the freedoms that people enjoy”
(Sen,1999). To Sen, development entails freedom, liberty, and self esteem of humanity which are
neglected by the theory.
Secondly, the modernization theory posited that the third world countries must admit the
development processes of the modern countries. It fails to recognize the fact that one system
cannot be adopted by all countries due to the diverse historical and cultural background of the
countries.
Lastly, Wallerstien pointed out that the theory creates dependency and exploitation of the
third world countries. The theory neglects the social and cultural structure of the third world
countries and imposes on the poor, ethnocentric processes to develop.
The dependency theory on the other hand opposes the modernization theory. Its main
argument is that, the persistent increment in industrialization in the developed countries rather
equally subject poor countries to underdevelopment as a result of the economic surplus of the
poor countries being exploited by developed countries.
It was a great analysis done by Frank A. Gunder by being able to debunk the weak, non
historical and ethnocentric issues propounded by the modernization theory (Webster 1984).
Also, Gunder succeeded in pointing out the economic inequalities among the developed and the
developing countries, as well as the rampant internal inequalities in the various periphery
countries and the exploitation of economic surplus developing countries during colonialism.
Again, the theory posits an essence emphasis on the fact that development is not mainly
based on the cultural values but rather, the economic and social structures and procedures.
Dependency theory incurs some weaknesses. Frank failed to exhibit the specific and key
dependency of the less developed countries on the metropolis, he merely stated that poor
countries depend on rich countries with no specific clarification. The theory downplays internal
development. It promotes the idea that indigenous industries cannot develop by it productivity
which is not true. Moreover, the theory refuses to point out how the developed countries get
access to the economic surplus of the third world countries.
The feminist theory of development has its main argument being that, women have a
great influence in development therefore must be empowered to partake in decision making and
its implementation. This theory plays much role in the building of women capacity and
capabilities as development is concerned. Also feminists were able to bring awareness of gender
inequalities among societies and engaged in massive activities to emancipate women. Feminists
succeeded in propounding theories namely, Women in Development (WID) and Woman and
development (WAD) to promote equity.
Despite feminists’ achievement on the theory, they seemed to address the interest of
females instead of addressing issues concerned with gender as a whole. This was criticized by
the Gender and development theory. Also, upon all the activities and struggle to attain a high
standard of living for women, there are still high inequalities among our social world
unaddressed. The feminist theory failed to point out the actual actions and procedures which
must be taken by the society and men to empower women in development process but just
emphasized on why women must be part and neglected the
THE THEORIES OF DEVELOPMENT STUDIES
The meaning of development has been a burden on ancient political scholars. It has acquired
diverse meanings and interpretations from different scholars such as Amartya Sen, Todaro,
Coralie Bryant, etc. Development is defined by Todaro and Smith as a multi-dimensional process
that involves major changes in social structures, popular attitudes, and national institutions, as
well as economic growth, reduction of inequality, and eradication of absolute poverty. Most
scholars propounded theories concerning development, how it is achieved and how it is impeded.
These theories are the Modernization theory, the Dependency theory and the Feminist theory.
The modernization theory elaborates on two main categories of societies in world,
namely the traditional and modern societies. Theorists argue that the traditional societies are
entangled by norms, beliefs and values which are hindering their development process. Therefore
they must adapt the modern style of living, thus concentrate on accumulation of capital and
industrialization.
In essence, this theory seeks to improve the standard of living of inferior societies, that is,
improves the economic growth of supposed traditional societies to acquire basic and secondary
necessities of life, by introducing modern technology and economic strategy to the third world.
Modernization theorist, Rostow, also proposed swift machineries of transition for traditional
societies to develop; these are preparation to take-off, take-off, drive to maturity and the
period of mass consumption. These transitional path processes put traditional societies on the
development path. Again, the theory succeeds in the idea that the norms, values and beliefs of a
society can affect the social change of that society.
Despite the advantages attributed to the theory, it has weaknesses which must be
addressed. Firstly, the theory seeks to entail only the economic and concrete industrial growth of
the third world countries. The theory lacks Amartya’s view of development, which states that
“development can be seen as the process of expanding the freedoms that people enjoy”
(Sen,1999). To Sen, development entails freedom, liberty, and self esteem of humanity which are
neglected by the theory.
Secondly, the modernization theory posited that the third world countries must admit the
development processes of the modern countries. It fails to recognize the fact that one system
cannot be adopted by all countries due to the diverse historical and cultural background of the
countries.
Lastly, Wallerstien pointed out that the theory creates dependency and exploitation of the
third world countries. The theory neglects the social and cultural structure of the third world
countries and imposes on the poor, ethnocentric processes to develop.
The dependency theory on the other hand opposes the modernization theory. Its main
argument is that, the persistent increment in industrialization in the developed countries rather
equally subject poor countries to underdevelopment as a result of the economic surplus of the
poor countries being exploited by developed countries.
It was a great analysis done by Frank A. Gunder by being able to debunk the weak, non
historical and ethnocentric issues propounded by the modernization theory (Webster 1984).
Also, Gunder succeeded in pointing out the economic inequalities among the developed and the
developing countries,

Good day Mr President and honourable members of the the parliament.I am honourable Obetta Chisom from the department of education economics and I am here to bring to your know the world banks development strategies and programs under the leadership of Robert mc Namara.

Would bank development program under Robert mc namara.
McNamara became World Bank President on April 11968 . McNamara had recognized as “the central historical event of our times” the need to speed up the development of the poorest countries that made up the Third World. He clearly felt that developing countries need to devise policies and investment programs to assist the poor in their societies to become more productive and to ensure an equitable distribution of basic services to them. In response to these needs, Mr. McNamara sought to shape the policies and programs of the Bank to improve the lot of the poorest. He had a vision that saw the Bank as a key instrument for restructuring the world’s of the World Bankmc The World Bank was, to McNamara, “an innovative, problem-solving mechanism…to help fashion a better life for mankind in the decades ahead.” The primary consideration driving the Bank was the needs of the developing countries. It was obvious that these countries required more assistance than they had been receiving, and he set out to make the Bank a “critical mass” of financial and technical power. McNaeconomy so that the majority of its population—the poorest two thirds—could enjoy a fair share of the earth’s resources. He saw this as the Bank’s mission, one that could be accomplished by fashioning Bank programs and policies in consultation with, and in response to, the needs of member countries. But he also saw the Bank’s role as a pioneer in the field, providing leadership in this direction for national and

 Oil Crisis
The oil shocks of the 1970s proved to be the most serious threat to the fight against poverty. No longer was the burning question how to reduce the number of the poor, but rather how to prevent a massive increase in their number. McNamara responded in his proven method: asses the damage, express it in numerical terms; and then work on a solution. He estimated that the poor countries needed an additional three to four billion dollars in concessional assistance, and he urged the industrial countries and the oil producing states to provide this support. OPEC agreed to increase their commitments – $2 billion by 1974, and by 1975 OPEC members were contributing 3 per cent of their GNP.
 Structural Adjustment
In response to the oil crises, McNamara urged developing countries to adjust their economic policies: change the pattern of use and production of energy, increase the production of food grains, and revise their policies of subsidized capital, overvalued exchange rates and excessive regulation. He also asked donor countries to actively support structural adjustment programs. He called for a fundamental reorientation of economic policies to accomplish higher savings and investment rates, greater efficiency in the domestic use of capital, and more emphasis on the private sector than he had previously advocated.
A personal note introducing selections from speeches by Mr. McNamara.

Robert S. McNamara is retiring from the World Bank in June 1981, after 13 years as its President. During his tenure, there has been a sea change in the quality as well as the quantity of the Bank’s lending operations and the development policies that it pursued. Bank lending during Mr. McNamara’s presidency has grown from US$1 billion in fiscal year 1968 to $11.5 billion in 1980, so that today the Bank is supervising more than 1,600 projects in 100 countries. But these statistics show us only one aspect of the McNamara years at the World Bank. They do not reflect the unique vision of development that Robert McNamara brought and implemented during his tenure. Nor do the statistics on lending adequately reflect his managerial ability and remarkable capacity for absorbing and using the vast amount of economic and social data produced by the Bank to shape the Bank’s policies to serve his vision.
Early on, even before he had come to the World Bank, Mr. McNamara had recognized as “the central historical event of our times” the need to speed up the development of the poorest countries that made up the Third World. He clearly felt that developing countries need to devise policies and investment programs to assist the poor in their societies to become more productive and to ensure an equitable distribution of basic services to them. In response to these needs, Mr. McNamara sought to shape the policies and programs of the Bank to improve the lot of the poorest. He had a vision that saw the Bank as a key instrument for restructuring the world’s economy so that the majority of its population—the poorest two thirds—could enjoy a fair share of the earth’s resources. He saw this as the Bank’s mission, one that could be accomplished by fashioning Bank programs and policies in consultation with, and in response to, the needs of member countries. But he also saw the Bank’s role as a pioneer in the field, providing leadership in this direction for national and international agencies

one of the project he carried out is the programme of self s sufficiency in food production .his program of self-sufficiency in food was required to provide the solid base on which member countries could hope to build real growth. In addition to Bank help, there remained obligations for the governments of the developing world: to ensure that the state’s social services (pure water, health clinics, education, and so on) were directed to the poor masses wherever they were and not just to the privileged (and usually urban) few. In this approach, resources were to flow directly to the poorest, and their basic needs were to be met earlier and more extensively than they could be by a strategy of generalized growth in national product. More important, from Mr. McNamara’s point of view, such a program could have a decisive effect in reducing fertility rates—so that the planet’s population might stabilize earlier and at a lower figure.

Namara realized that the Bank could not solve by itself the world’s problems; but it could provide leadership and the will to leverage the world’s resources for development.
McNamara believed that there was a direct link between concerns about military security and economic development. For McNamara the threat of warfare was a consequence of the widening income gap between the industrial and developing countries.
his tenure at the Bank, McNamara struggled to gain a clear understanding of the problems the developing countries were facing. He traveled extensively, and consulted with a wide group of development thinkers. He insisted on spending time in the field, visiting schools and population clinics, talking to farmers and extension workers. And he pushed the Bank to be more inquisitive about development issues. The Bank’s economic research capacity expanded under the leadership of Hollis Chenery. The collection and processing of data became an important institutional response to the quest for better understanding and more effective solutions.
From the beginning, McNamara tried to grasp the causes of economic underdevelopment. He knew that economic development was a multifaceted, multidimensional process, yet was always looking for some single key to the problem. This constant search for answers was reflected in the sequence of dominant themes in the work of the Bank during the McNamara period.
One issue that came to characterize the McNamara presidency was the problem of population growth. McNamara believed that rapid population growth was the greatest barrier to economic progress. The Bank’s first financing for family planning was in 1970 in Jamaica.
McNamara realized that economic growth without equitable distribution did little to change the worst economic problems. He turned to Hollis Chenery, head of the Bank’s economic research department, who focused on the problems related to the uneven income distribution in developing countries. Chenery’s Redistribution with Growth was published in 1974. McNamara presented the results of Chenery’s research at the 1972 UNCTAD Conference in Santiago, Chile. He stated that in the early stages of a country’s economic growth the poorest segment of society was liable to suffer the most. This was most evident in subsistence agrarian economies, and McNamara recommended measures such as land and tenancy reform and programs to increase the productivity of small farmers.
He also emphasized the need for projects supporting education. During his tenure lending for education increased threefold.
Rural development was the centerpiece of the second five-year plan, introduced in Nairobi in 1973. To raise the productivity of the rural poor, the Bank increased lending to agriculture by over 40 percent, and three out of every four projects included components to help smallholder farmers. The integrated rural development project became the prototype for this assistance. Rural development programs benefited millions of people, but still rural laborers and the landless benefited, at best indirectly. Institutional weaknesses, such as tenant and land reform, hindered progress, and progress was slowest where it was most needed – in Sub-Saharan Africa.
McNamara also launched an attack on urban poverty, where he again attempted to raise the productivity of the poor. Urban assistance programs aimed at increasing employment opportunities, improving services, sites-and-service projects, squatter settlement programs, small-scale enterprise financing, and plans for basic services in transport, electricity, water supply, and education.

NAME: ODOH MMESOMA JESSICA
REG NUMBER:2020/242893
DEPARTMENT: COMBINED SOCIAL SCIENCES(ECONOMICS/PHILOSOPHY)

(A) FIELDS OF ECONOMICS
Economics is a social science concerned with the production, distribution and consumption of goods and services. It studies how individuals, businesses, governments and nations make choices about how to allocate resources.
In economics, there are two main fields of economics and they are;
(1) Microeconomics
(2) Macroeconomics
Microeconomics is the branch of economics that focuses on the choices made by individual decision-making units in the economy and the impacts those choices have on individual markets.
Macroeconomics is the branch of economics that focuses on the impact of choices on the total or aggregate level of economic activity.

DIFFERENCES BETWEEN MICROECONOMICS AND MACROECONOMICS
(1) Microeconomics studies individual economic units, while macroeconomics studies a nation’s economy, as well as it’s various aggregates.

(2) Microeconomics primarily deals with individual income, output and price of goods, while macroeconomics is the study of aggregates such as national output, income as well as general price levels.

(3) Microeconomics focuses on overcoming issues concerning the allocation of resources and price allocation, while macroeconomics accounts for the aggregated demand and supply of a nation’s economy.

(4) Microeconomics accounts for the demand and supply of a particular commodity, while macroeconomics accounts for the demand and supply of a nation’s economy.

(5) Microeconomics focuses on issue arising due to price variation and economic levels, while macroeconomics primarily problem is income.

(6) Microeconomics helps point out how equilibrium can be achieved at a small scale, while macroeconomics helps to determine the equilibrium levels of employment and income of the nation.

(7) Example of microeconomics includes; price determination of a particular product, consumer equilibrium, individual income and savings.
Example of macroeconomics includes; national income and savings, general price level, aggregated demand as well as supply, poverty e.t.c.

(B) What motivated you to choose economics as a course of study in the university.
What motivated me to choose economics as a course to study in the university is the lack of job opportunity in the country.
Every year, over forty universities graduate about a million students and the turn out being jobless thereby becoming nuisance in the country, not because there are no jobs but because of the high population of the citizens.
After becoming a professional economist, my goal is to create job opportunities to accommodate as many Nigerians in different academic field of study irrespective of tribe or religion.

Question 1 .
A. Economics can be grouped into
i. Micro-economics
ii. Macro- economics

B. i. Micro- economics is the study of how individuals and companies make decisions to allocate scarce resources. It focus on the behavior of consumer,the demand and supply equation in the individual market, workforce, demand , and how companies determine wages.

ii. This is the study of the economy on a larger scale both at regional and national level. It focus on the impact of policy, unemployment, inflation etc. It helps in price stability by minimising price disturbances in the economy.

Question 2.
I chose economics as a course to enable gain knowledge on how to maximize profit using economic principles in my business
Also, to utilize the principles of choice, opportunity cost, scale of preference etc. to satisfy human
want.

Pure and industrial chemistry
2020/248968

The two types of economic micro and macro economics
The major difference between the two is that micro economics studies individual income and prices while macro economics studies national income and overall price level
The reason why I choose to study economic in the university is cause of the economy situation of the country

The two categories of economics are microeconomics and macroeconomics.
The basic difference between them is this: Microeconomics studies individuals and business decisions while macroeconomics covers the decisions of countries and government.
With the knowledge that economics influences our daily lives,helps us to regulate our spending and inspires business success motivated me to study it.

QUESTION 1:
(a) Macroeconomics and microeconomics.

(b)Macroeconomics looks at the economy as a whole. Instead of trying to understand what determines the output of a single firm or industry or what the consumption patterns are of a single household or group of households, macroeconomics examines the factors that determine national output, or national product. Microeconomics is concerned with household income; macroeconomics deals with national income.
While
Microeconomics deals with the functioning of individual industries and the behavior of individ-ual economic decision-making units: firms and households. Firms’ choices about what to pro-duce and how much to charge and households’choices about what and how much to buy help to explain why the economy produces the goods and services it does.

QUESTION 2:
1. The study of economics teaches a way of thinking and helps me make decisions The study of economics teaches us a way of thinking and helps us make decisions.
2. The study of economics brings me to the essential part of the study of society.
3. An understanding of economics is essential to an understanding of global affairs.
4. To be an informed citizen requires a basic understanding of economics.

NAME: ACHOR OLUOMACHI FAVOUR
REG. NO: 2020/241506
E.MAIL ADDRESS: achoroluoma@gmail.com.

Answers:
1a) The categories of economics are: macroeconomics and microeconomics

b) some major differences are:
i) macroeconomics focuses on the economy as a whole. It takes a top down approach while microeconomics focuses on demand and supply approach with other forces that determine price level.

ii) macroeconomics analyses the decisions made by government and countries while microeconomics studies individuals and business decisions.

iii) macroeconomics is used to craft economic and fiscal policies while microeconomics can be used as investment decisions by investors.

2) I chose to study economics with the aim to acquire high level of statistical and mathematical skills for the solutions to the problems in the financial, public and business sector of nations.

Namestudyinggu madeliene ukamaka
Department: Economics
Reg number:2020/242568
Email: ukamakamadeleine@gmail.com
The study of economics in summation is the study of people’s behavior to manage and use resources in other to meet up needs.Now there are many problems in our economy today which motivates me to study economics

1.High rate of poverty:Ending poverty in Nigeria will entail improving the country’s economic productivity and opportunities for its citizens. This will mean investing in human capital potential and creating jobs for women and young people, increasing financial access and opportunities these groups in rural communities, and advancing technological innovation.Educating and enlightening young people on skills and other things that will help them earn money will go along way reducing the rate of poverty in our country, therefore making the country develop more and I believe studying economics will help us do that.

2.Embezzlemen of resources: Studying of economics will go a long way to stop embezzlement e.g peculation, white-collar crime,fraud,noblliing etc. By
A.Doing a full background check before hiring a new employee. You would be surprised by how many companies do not perform a background check. If you use a recruiting company, you need to be very clear as to what its background check entails, and you need to make sure the responsibility for a background check is in your contract. Many placement agencies try to limit their liability for the employees they pair with their company clients, so read the fine print.

B.Restrict access to financial information and resources. As a company grows, it is critical to manage which employees have access to financial information and records. When people leave the company, terminate access immediately. Similarly, as new people come onboard, set them up with unique credentials and limit access to only the systems and tools they need.

C. Assign financial duties to more than one person and cross train employees. If you have a small business, it may be easiest to have one person handle the mail, log and deposit checks, and reconcile the bank statements. But putting all the responsibility in one individual’s hands makes it easier for theft to go unnoticed. Companies should divide financial tasks between two or more people. For example, you should have one person open the mail and log payments coming in, and a separate person paying invoices and doing the books. Having more than one person handling these tasks makes it easier to identify things that look amiss.

3.High rate of unemployment:This is another thing that motivate me to study economics but the Use of
A. Labour-intensive Technology:
Both the organised and un-organised sectors must adopt labour-intensive technology if sufficient employment opportunities are to be generated in both the rural and urban sectors of the economy.
The decline in employment elasticity of output growth is primarily due to the increasing trend in capital intensity in the organised industrial sector as well as in agriculture.
ADVERTISEMENTS:
Increasing mechanization of agriculture in various states has lowered the employment elasticity of growth of agricultural output. Therefore, for raising labour intensity, suitable monetary and fiscal measures need to be adopted to discourage the use of capital-intensive techniques will help in solving unemployment problem

4.poor nutrition,:Globally, undernutrition is more common in poor households, but is also prevalent among wealthier households. Income is one—but not the only—determinant of stunting: food insecurity, diets lacking in diversity, high rates of infectious diseases and inappropriate infant feeding and care practices, and poor sanitation and hygiene practices also contribute to persistent stunting. Food and financial crises, as well as conflict, natural disasters and the COVID-19 Pandemic, have worsened undernutrition in many regions.But studying of economics will help us know that there is need for policy making that will accommodate nutritionist.

5.Lack of infastructure:

We all agree that we want quality infrastructure, because we know that quality reduces project risks, increases availability and durability over a project’s lifecycle, improves customer experience and as such makes the infrastructure worth the investment. But how can we ensure quality?
The IDB –as well as other development banks– uses a suite of safeguard policies to ensure the environmental and social quality of the infrastructure projects it finances. While this helps project owners comply with certain minimum environmental and social standards, this must be accompanied by a process of continuous improvement as is standard in quality management. To that end we must clearly define what sustainable infrastructure is and how it can be achieved and sustained over time.
Taken in its broadest sense, sustainable infrastructure encompasses all four sustainability dimensions: social, environmental, economic and institutional sustainability. With institutional sustainability I mean an institutional set up which ensures good governance, that is adequate upstream planning, preparation, execution and operation of infrastructure projects by transparency, accountability, measurability, and trackability of results

We all agree that we want quality infrastructure, because we know that quality reduces project risks, increases availability and durability over a project’s lifecycle, improves customer experience and as such makes the infrastructure worth the investment. But how can we ensure quality?
The IDB –as well as other development banks– uses a suite of safeguard policies to ensure the environmental and social quality of the infrastructure projects it finances. While this helps project owners comply with certain minimum environmental and social standards, this must be accompanied by a process of continuous improvement as is standard in quality management. To that end we must clearly define what sustainable infrastructure is and how it can be achieved and sustained over time.
Taken in its broadest sense, sustainable infrastructure encompasses all four sustainability dimensions: social, environmental, economic and institutional sustainability. With institutional sustainability I mean an institutional set up which ensures good governance, that is adequate upstream planning, preparation, execution and operation of infrastructure projects by transparency, accountability, measurability, and trackability of results.So studying of economics will also help us in making plans for our infastructures.

Obiekwe Chikamso Benita
2020/242445
Department of Pure and Industrial Chemistry
1). Microeconomics and macroeconomics
Microeconomics is the study of how individuals and companies make decisions to allocate scarce resources. Macroeconomics is the study of an economy as a whole.
2). I was motivated to choose economics as a course of study to be able to allocate resources efficiently and maximize production efficiency

Name: Okaforodoh Chimdindu Emmanuel
Reg no: 2016/236966
Email Address: Chimdiemmanuel.on@gmial.com

1: Economics is divided into 2;
a: Macroeconomics: focuses on the economy as a whole.
b: Microeconomics: focuses on individual businesses

2: Studying Economics has been my dream, I wish to acquire the knowledge of the whole world’s economy status. Also Economics will help me influence the market I choose to deal on.

1. Difference between macro and micro economics.
Microeconomics focuses on how individual consumers and firms make decisions; these individual decision making units can be a single person, a household, a business/organization, or a government agency. Analyzing certain aspects of human behavior, microeconomics tries to explain how they respond to changes in price and why they demand what they do at particular price levels. Microeconomics tries to explain how and why different goods are valued differently, how individuals make financial decisions, and how individuals best trade, coordinate, and cooperate with one another. Microeconomics’ topics range from the dynamics of supply and demand to the efficiency and costs associated with producing goods and services; they also include how labor is divided and allocated; how business firms are organized and function; and how people approach uncertainty, risk, and strategic game theory.

Macroeconomics studies an overall economy on both a national and international level, using highly aggregated economic data and variables to model the economy. Its focus can include a distinct geographical region, a country, a continent, or even the whole world. Its primary areas of study are recurrent economic cycles and broad economic growth and development. Topics studied include foreign trade, government fiscal and monetary policy, unemployment rates, the level of inflation and interest rates, the growth of total production output as reflected by changes in the Gross Domestic Product (GDP), and business cycles that result in expansions, booms, recessions, and depressions. 
1b). Difference between macro and micro economics
1.
Microeconomics studies individual economic units Macroeconomics studies a nation’s economy, as well as its various aggregates.
2.
Microeconomics primarily deals with individual income, output, price of goods, etc. Macroeconomics is the study of aggregates such as national output, income, as well as general price levels.
3.
Microeconomics focuses on overcoming issues concerning the allocation of resources and price discrimination. Macroeconomics focuses on upholding issues like employment and national household income.
4.
Microeconomics accounts for factors like demand and supply of a particular commodity. Macroeconomics account for the aggregated demand and supply of a nation’s economy.
5.
Microeconomics offers a picture of the goods and services that are required for an efficient economy. It also shows the goods and services that might grow in demand in future. Macroeconomics helps ensure optimum utilisation of the resources available to a country,

2) (1). Informs decisions
Economists provide information and forecasting to inform decisions within companies and governments. This knowledge of economics – or economic intelligence – is based on data and modelling.

2. Influences everything
Economic issues influence our daily lives. This includes issues such as tax and inflation, interest rates and wealth, inequality and emerging markets, and energy and the environment. A broad subject, economics provides answers to a range of health, social and political issues that impact households and wider communities.

3. Impacts industries
Firms of all sizes and industries have to rely on economics, whether that’s for product research and development, pricing strategies or how to advertise. This wide influence means studying economics can open up a variety of career options across all sectors of the economy, from agriculture to manufacturing, to banking and consultancy.

4. Inspires business success
Understanding how consumers behave is vital for a business to succeed. Economists use theories and models to predict behaviour and inform business strategies. For example, how to analyse ‘big data’.

5. International perspective
Economics affects the world we live in. Understanding domestic and international perspectives – historic and current – can provide a useful insight into how different cultures and societies interact. For international corporations, understanding the world economy is key to driving success.

1. Micro Economics
Macro Economics

Micro Economics looks at individuals and business decisions while Macro Economics look at the decision of the country and the government
2. The reason is because of my love for the course. It gives me insight about the world and it’s resources available in it and how to minimize and maximize the resources to give a profitable yield and good management strategy. The concept behind this course gives me good reason to study the course.

1. Microeconomics and Macroeconomics
Differences
a.Microeconomics studies individual income while; Macroeconomics studies government or national income.
b.Microeconomics is also known as bottom-up approach while; Macroeconomics is also called top- down approach
c.Microeconomics deals with demand and supply of goods while; Macroeconomics deals with aggregate demand and supply of goods.
d. Microeconomics has key principles of demand, supply and equilibrium, cost of production etc while; Macroeconomics has economic growth, business cycles.
e. Microeconomics studies individual prices while; Macroeconomics studies overall prices.

2. I was motivated to choose economics as a course study because it is a science which deals with wealth and also provided understanding and skills that are critical for success in today’s job market.

IKECHUKWU FEARGOD
REG. NUMBER: 2020/243108
PHILOSOPHY DEPARTMENT.

1.Microeconomics is the study of how individuals and companies make decisions to allocate scarce resources.
Macroeconomics is the study of an economy as a whole.
2. Economics affects nearly all aspects of our lives. It’s a broad subject area that equips you with skills that are needed in a variety of sectors and professions. Economics helps us understand the world around us and how it really works. It also helps us to understand people, governments, businesses and markets and why they make the economic choices they do. Studying for an economics degree will equip you with analytical and problem-solving skills, which will allow you to succeed in a wide variety of careers such as law, actuary, finance and foreign affairs.

Ezeh Ginika Noeline
Pure and Industrial chemistry
2020/241827
Answers
Micro economics and macroeconomics
Micro economics which focuses on the behavior of individual consumer and producers
Macroeconomics which examines overall economics on a regional,national, or international scales
2) i chose economics as a course to study because economics plays a role in our every day Life.studying economics enables us to understand past, future and current model,and apply them to the societies, government, businesses and individual

Economic is divided into macroeconomics and microeconomics.
The basic difference between them are microeconomics is specific and smaller in scale, looking at the behavior of consumers, the supply and demand equation in individual markets, and the hiring and wage-setting practices of individual companies while Macroeconomics has a broader focus, such as the impact of fiscal policy, big picture causes of unemployment or inflation, and how government actions impact nationwide economic growth
2. I choose to study economics because economics degree helps prepare you for careers that require numerical, analytical and problem solving skills – for example in business planning, marketing, research and management. Economics helps you to think strategically and make decisions to optimise the outcome.

1. Two categories of Economics are
a. Microeconomics and
b. Macroeconomics
Differences between both are
1. Microeconomics studies individual income while macroeconomics studies national income
2. Microeconomics analyzes demand and supply of goods while macroeconomics analyzes aggregate demand and aggregate supply
3. Microeconomics deals with household and firms decision while macroeconomics deals with aggregate decision
4. Microeconomics analyzes demand and supply of labour while macroeconomics analyzes total employment in the economy

2. What motivated me to choose economics as a course of study in the university is that I want to learn the concepts of Economics and it’s uses

Q1:Economics is categorized into Macro and Micro economics
Micro economics studies individual income and prices,deals with households and firm decision.It also analyzes demand and supply of labour and goods while
Macro economics studies national income and overall price level,deals with aggregate decision.It also analyzes total employment in the economy and aggregate demand and supply of labour
Q2: Economics is a social science subject that studies production, distribution and consuumption of goods and services.
So from these I understood that it can help me as a student to have a proper and effective management of my resources.Proper
understanding of demand and supply of me as a consumer towards goods and services

1)micro-economics and macro-economics
1)micro- economics:is the branch of economics that studies basically the decision tendencies of various agents of an economy,majorly household and firms in the allocation of scarce resources and the price determination of goods and services.
2)macro-economics:is the study that deals with majorly the structure and performance of the aggregate economy;studying economics phenomenon like inflation,unemployment, general price level, national income,balance of payment and cost of living.
1a) Difference between micro-economics and macro-economics is that micro-economics deals with small agent of economics like household and firm,while macro-economics deal with larger agent of economics like unemployment , national income etc.
2) To understand the factors leading to poor standard living and unemployment.
3)Name: UGWOKE EMMANUEL CHIDERA
Reg no:2020/243942

1:The 2 categories of economic are microeconomics and macroeconomics
b: The basic difference between the two of them is that microeconomics is the study of decision made by the people and business regarding the allocation of resources and price at which they trade goods and services while macroeconomics studies the behavior of a country and how it’s policies impact the economy as a whole
2: I chose economic as a course of study in the university because it teaches me how to utilize resources very well and also to be very calculative and economical.

Name: Okorie Miracle Chidinma
Reg No: 2020/242180
Department: pure and Industrial Chemistry.
Email address: mirahchiddy2020@gmail.com
1: Macroeconomics and microeconomics
The major difference between macroeconomics and microeconomics
Is that
Macroeconomics takes a wider view and looks at the economics on a much larger scale
That is regional, national, continental or even global
It studies economy wide phenomena , such as inflation, price level, rate of economic growth, national income, gross domestic product ( GDP) and changes In employment
They monitor and project ways to improve economic growth.
While
Microeconomics is the field of economics that looks at the economic behavior of individuals, households and companies.
It takes taxes, government legislation into consideration, it focuses on discovering which factors are contributing to the decisions of individuals and how these decisions will in turn influence the general market in terms of the price, demand and supply of goods and services.

2: I was strongly motivated to study economics as a course because it deals with an understanding of human behavior which can be used to improve living standards of people and the world at large.

Okeke Juliet Kelechi
2020/242642
Economics Department

1. Micro economics and Macro economics

Micro economics is the field of economics that looks at the economic behaviors of individual, households and companies. Examples of topics under micro economics are: Demand, supply and equilibrium, production theory, labour economics, factor pricing e.t.c. while Macro economics studies how an overall economy- the market or other systems that operate on a large scale behave. Examples of topics under macro economics are: national income, employment, inflation, economic growth e.t.c.

2. Many things motivated me to choose Economics as a field of study but I’ll mention a few. Firstly, Economics is a proud and prestigious profession, it is highly respected in the society. A good degree or certificate in Economics earn people respect, even by employers.
Secondly, Economics is so broad and has many career opportunities. A good degree or certificate holder in Economics entitle one to so many career opportunities that one can imagine. This really motivated me to study Economics.
Lastly, many successful people who holds top positions in the world or rather the world economy are economists. A good example is Ngozi Okonjo-Iweala, she studied economics in the University of Nigeria, Nsukka and now she is the current Director General of the World Trade Organization. Another example is Mrs Comfort Olu Eyitayo, she has a diploma in Economics and she is the current ICAN (Institute of Chartered Accountant of Nigeria) president.

ABUGU JOY CHIOMA
2020/247315
DEPARTMENT OF LIBRARY AND INFORMATION SCIENCE.

The two categories of economics are:
1. Micro Economics
2. Macro Economics

1. Micro Economics: It is a branch of economics that studies the behavior of individuals and how decisions are made based on the allocation of limited resources.

2. Macro Economics: It is the branch of economics that deals with how an economy functions on a large scale, it is the study of the entire economy as a whole, either at the national regional or global level, rather than individual markets.

Basic difference between micro and macro economics.
1. Micro economics is smaller and specific in scale, while Macro economics has a broad focus, it looks at the aggregate variables such as, aggregate demand, national output and inflation.

2. Micro economics studies effect on price of a good, while Macro economics studies general price level(inflation).

3. Micro economics studies the demand and supply of good, while Macro economics studies the productive capacity of the economy.

4. Micro economics deals with how economic individuals such as consumer and firms make decisions, while Macro economics deals with how an economy functions on a large scale.

2. To become a better economist, a better decision maker, and to know how the whole economy works.

Question 1

The two categories of economics are
1. Microeconomics
2. Macroeconomics

The difference between microeconomics and macroeconomics is that microeconomics is the study of individual and business decisions regarding the allocation of resources and prices of goods and services, while macroeconomics is the study of the decisions of countries and governments.

Question 2.

Why I study economics: I study economics because;

Economics helps prepare one for career that requires numerical, analytical and problem-solving skills. It helps one to think strategically and make decisions to optimise the outcome.

Onyenaobiya Chigozie Henry
2020/243531
Pure and industrial chemistry
onyenaobiyachigoziehenry@gmail.com

(a)1.Microeconomics
2.Macroeconomics
Microeconomics is the study of decisions made by people and business regarding the allocation of resources and the prices at which they produce and trade their goods/services. It focuses on supply and demand and other factors that determine price levels and allocation of prices to goods in an economy.

Macroeconomics on the other hand studies the behavior of a country and how its policies impact the economy as a whole. It is more specialized in analyzing industries and economies rather than individuals or specific companies.

(b)I was motivated to study economics in the higher institution because it helps me in proper and efficient decision making and in the proper utilization of resources in my everyday life

Fields of Economics
The study of economics is generally broken down into two disciplines.

Microeconomics focuses on how individual consumers and firms make decisions; these individual decision making units can be a single person, a household, a business/organization, or a government agency. Analyzing certain aspects of human behavior, microeconomics tries to explain how they respond to changes in price and why they demand what they do at particular price levels. Microeconomics tries to explain how and why different goods are valued differently, how individuals make financial decisions, and how individuals best trade, coordinate, and cooperate with one another. Microeconomics’ topics range from the dynamics of supply and demand to the efficiency and costs associated with producing goods and services; they also include how labor is divided and allocated; how business firms are organized and function; and how people approach uncertainty, risk, and strategic game theory.

Macroeconomics studies an overall economy on both a national and international level, using highly aggregated economic data and variables to model the economy. Its focus can include a distinct geographical region, a country, a continent, or even the whole world. Its primary areas of study are recurrent economic cycles and broad economic growth and development. Topics studied include foreign trade, government fiscal and monetary policy, unemployment rates, the level of inflation and interest rates, the growth of total production output as reflected by changes in the Gross Domestic Product (GDP), and business cycles that result in expansions, booms, recessions, and depressions.

My Motivation…
Students who choose to study economics not only gain the skills needed to understand markets but come away with analytical and problem-solving skills, as well as the business acumen necessary to succeed in the professional world. In fact, economics can be useful for professionals in all industries, not just in business.
Economics will teach you about how market behaves, but you’ll also gain insight into your own spending habits and values.

*Okoye Mmesomachukwu Blessing.
*2020/243267.
*nmesomaamarachi13@gmail.com.

1. Economics is divided into two categories which is microeconomics and macroeconomics.
.The basic differences of microeconomics and macroeconomics are :
Microeconomics: it is the study of economic at an individual, group or company level.
Macroeconomics: it is the study of national economy as a whole
Microeconomics: it focuses on supply and demand and other forces that determine price levels making it a bottom up
Macroeconomics: it takes a top down approach and looks at the economy as a whole trying to determine it’s and nature
Microeconomics: it focuses on issues that affects individual and companies
Macroeconomics: it focuses on issues that affects nations and the world economy
Microeconomics: Investors can use it in their investment decisions
Macroeconomics: it is an analytic tool mainly used to craft economic and fiscal policies
Microeconomics: it is about maximising profits for firms and surplus for consumers and producers
Macroeconomics: is about maximising national income and growth.

2. Why I chose economics as a course of study in university ?
Chose it because of the rate at which it is useful and important in our basic needs.
.Economics helps us in our daily needs, it helps us to be prepared for the upcoming career choice we take that require numerical, analytic and problem solving skills. It helps in our strategic thinking and make decisions to optimise the outcome.
.Economics creates more job opportunities for the citizens because in every organization one needs an economist to function in every part of the buisness. So I creates job opportunities to be sufficient mostly in a country called Nigeria.
.Economics is also the summation in the study of people behavior to manage resources in order to meet human needs.it influence one’s daily lifestyle.
.Economics teaches us how to manage resources which brings us to the two categories in which John Maynard keynes divided into which are microeconomics and macroeconomics.
.Microeconomics talks on how individuals buisnesses organization make their decisions on the allocation of resources while .Macroeconomics is on the economy both national and international levels .
.Economics also helps on the production of goods and services and also the finished product. this is when supply and demand comes in ,inorder to take in the people wants and desire to be satisfied.
.With this few points I stated down I think the desired reasons I went for economics is being clear and understanding

Name:chukwuma Ogochukwu susan
Reg number :2020/242910
Department :combined social science (economics and political science)

Assignment on Eco 102
fields of Economics and motivation

Agricultural and natural resource/environmental economists work for government, industry or industry associations, often specializing in a particular or closely related group of resource commodities. In general, they:

monitor and analyze trends in prices, supplies and demand, including the impact of economic activity and regulatory changes on particular commodities
estimate the non-market benefits and costs associated with the use of natural resources
forecast future prices and supplies, crop sizes and the effects of various policies.
Econometricians specialize in a branch of economics that relies primarily on statistics, mathematics and economic theory to develop, among other things, methods of forecasting economic variables and explaining economic behaviour. They usually work for government or large business firms. In general, they:

use complex mathematical models of the economy for the purpose of analyzing and forecasting key economic variables
produce forecasts of particular economic parameters which can be used for study, analysis, policy development and decision-making.
Financial economists work for government, banks, investment firms, insurance companies and other financial institutions. Large industries often employ economists interested in macroeconomics, money and banking, and domestic and international finance. In general, financial economists:

study overall economic, financial and monetary conditions to analyze economic activity and forecast trends
monitor and analyze factors affecting the money supply; stock, bond and other financial markets; the movement of interest, inflation and exchange rates; and other money market developments
provide advice on the financing of capital requirements and the placing of investments.
Government-employed economists usually work in specialized areas in federal, provincial and municipal government departments, particularly in treasury and finance departments. In general, they:

perform cost-benefit analyses to determine how tax dollars should be spent to maximize the benefits to taxpayers (especially for capital projects)
study employment, inflation, tax policy, tariff and trade policies, specific industries, energy and environmental policies, social programs and assessment of the need for policy change and, if required, potential alternatives
monitor social and political trends and policies, and their impact on the economy.

Name: Abosi Peter Osita
Department: Economics
Email: abosiosita@gmail.com
Reg: 2020/248501

1. Difference Between Micro and Macro Economics
Micro economics deals with small unit of the economy vs while macroeconomics deals with aggregate economy.
Microeconomics works on the principle that markets soon create equilibrium. In macro economics, the economy may be in a state of disequilibrium (boom or recession) for a longer period.
There is little debate about the basic principles of micro-economics. Macro economics is more contentious. There are different schools of macro economics offering different explanations (e.g. Keynesian, Monetarist, Austrian, Real Business cycle e.t.c).
Macro economics places greater emphasis on empirical data and trying to explain it. Micro economics tends to work from theory first – though this is not always the case.s a social science that studies how individuals, groups, and nations manage and economy.
Macroeconomics deals with national income, distribution of income, employment and money etc while microeconomics Deals with supply, demand, production, price levels and consumption etc.

2. At its core, economics is a social science that studies how individuals, groups, and nations manage and use resources.
Studying Economics will provide you with insight into issues such as taxation, inflation, and interest rates that influence our daily lives.
Having a degree in Economics helps uncover and understand current real-world issues. Learning Econ will give people insight into how individuals and organizations make decisions and predict potential changes in the world.Economics influences how much we pay for goods and services to how much employees get paid. Studying economics at university or school gives you a new perspective of the world and how it functions.
Additionally, studying Economics prepares people for an ever-changing world. Economics allows people to understand the world around them, such as opportunities and threats from markets and governmental policies.Economics influences the world we live in. Understanding local and international perspectives can provide insight into how different cultures and societies interact.
Economics is the study of how to assess alternatives and make better choices. Studying Economics will provide you with a strong background to rely on to make decisions, like attending graduate school or investing your money somewhere, by weighing their benefits and costs.

1. the two divisions of Economics are
Microeconomics and Macroeconomics

The differences between Microeconomics and Macroeconomics
1.it analyzes the objectives and decisions of individual economic units- consumers, firms, government agencies or specific projects WHILE Macroeconomics makes decisions that involve the national economy or aggregate economic variables such as the economy’s level of output, it’s money supply, government spending, the level of taxes, inflation and unemployment.
2. it is a firm’s determination of how much output to produce, a government’s agency’s decision about how much to spend on a specific project WHILE Macroeconomics deals primarily with explanations of a country’s overall level of economic activity.
3. Microeconomics is the detailed study of products, labor and capital markets WHILE Macroeconomics studies the economy as a whole.

2.What motivated me to study economics is that, there are a lot of job opportunities for an economics graduate.It helps me to know more about the economic situation of the country.It helps me to improve my standard of living.

1 Economic is divided into two categories
Micro Economic
Macro Economic
2.what motivate me to study Economic is that
a.it helps me understand the world around me and also enable me understand business, market,and government
b.it helps me make better decisions about how the world function in business and better decisions to make and also increases chance at a successful skill and career.

NAME: MAMAH FAITH OKWUKWE
REG NO: 2020/245317
DEPARTMENT: ECONOMICS
LEVEL: FIRST YEAR
SUBJECT CODE: ECO 102
1)Economics is divided into two categories which are:
a)Microeconomics
b)Macroeconomics
DIFFERENCES BETWEEN THE TWO CATEGORIES ARE:
i) THE DIFFERENCE IN MEANING:
Microeconomics is a branch of economics that deals with the study of the economy on an individual level and the choices made by those individual consumers as well as businesses concerning the fluctuating costs of goods and services in the economy. While Macroeconomics deals with the study of policies and other influencing factors that affect the economy as a whole.
ii) THE DIFFERENCE IN THEIR AREA OF STUDY:
Microeconomics evolves around particular or small market segments that is, individual markets while Macroeconomics deals with several or aggregate market segments in the economy that is, the whole economy.
iii) DIFFERENCE IN THEIR DISEQUILIBRIUM LIFESPAN:
Microeconomics works on the principle that markets soon create equilibrium that is, after a short period of having either excess demand or excess supply, it gets evened out at an equilibrium quantity and price while in Macroeconomics, the economy may be in a state of disequilibrium (recession) for a longer period.
iv) Microeconomics tends to work from theory first – although it not always the case while Macroeconomics tends to place greater emphasis on empirical data and trying to explain it.
v) Microeconomics has a bottom-up approach to analyzing the economy through studying supply and demand, consumer behavior, demand for service and labor and Determinants like wages while Macroeconomics has a top-down approach to analyzing the economy through the study of fiscal policies that might influence factors affecting interest rate, economic growth, globalization and international trade.
vi) Microeconomics deals with effects of price on a good, individual labor market, individual consumer behavior, supply of goods and so on while Macroeconomics deals with general price level (inflation), employment/unemployment, aggregate demand, productive capacity of an economy and so on.

2) WHAT MOTIVATED ME TO CHOOSE ECONOMICS AS A COURSE OF STUDY IN THE UNIVERSITY
When I was younger, I always thought that I would study hard and become a bank manager because for a reason I seemed to like the office setting and business environment. But I grew older and got my hands on my father’s book, “Fighting Corruption Is Dangerous – The Story Behind The Headlines” written by Ngozi Okonjo Iweala the now Director General of World Trade Organization. After that I wanted to become something more…more substantial and essential to our ailing economy just like the woman. What seemed to solidify my stand on my quest were the advices of my father when I told him of my dream career and the books he provided me with:
“The New Confessions Of An Economic Hitman – how America really took over the world” by John Perkins.
“Rich Dad, Poor Dad” by Robert Kiyosaki.
“The Business Of The 21st Century” by Kim Kiyosaki and Robert Kiyosaki. And since then, I’ve been praying and working hard to become a great economist.

Name: Okparaaluu Dominion Chukwumaife
Department: Economics
Matriculation number:2020/245657
Email: okparadominion@gmail.com.
1. Economics is divided into two which are macro and micro economics.but before I go further to give the differences I will briefly explain them both.
*Macroeconomics is the study of the behaviour of a national or regional economy as a whole. It is concerned with understanding economy-wide events such as the total amount of goods and services produced, the level of unemployment, and the general behaviour of price. Example of macroeconomics eonomic incude output, unemployment rates, and inflation are examples of macroeconomic factors. Governments, businesses, and consumers all monitor these indicators of economic health.
*Microeconomics is the study of what is likely to happen (tendencies) when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production. Individual actors are often grouped into microeconomic subgroups, such as buyers, sellers, and business. Example includes
addition to supply, demand, competition, and price, microeconomics can also include other factors.
Furthermore I will go by giving the differences based on there parameters such as central problem, limitations, equilibrium analysis, scope,use, approach, and tools.
*Economic unit: In micro economics it studies the individual economics unit such as consumers, family, industry, firms of an economy
While Macroeconomics studies an economy as a whole and it’s aggregate.
*Scope: In microeconomics deals with individual prices and individual output
While Macroeconomics deals with aggregates like national income, general price
level and National output.
*Use: Microeconomics is use to solve the problem of what,how, when and whom to produce in the economy.
While Macroeconomics is use to solve the problem of full employment of resources in the economy.
*Approach: Microeconomics takes a bottom up approach.
While Macroeconomics takes a top down approach.
*Tools: Microeconomics tools is demand and supply of a particular commodity and factor
While Macroeconomics uses aggregate demand and supply of economy as a whole as it’s tools.
*Central problem:In Microeconomics its central problem is price determination and allocation of resources.
While Macroeconomics is the aggregate demand and supply of the economy as a whole.
*Limitations: The limitations in Microeconomics is based on the assumption that there’s full employment in the society.
While Macroeconomics it’s limitations is based on the fallacy of composition which does not prove true always because is possible that what is true for aggregate May not be true for individual too.
*Equilibrium analysis: Microeconomics discuss how equilibrium of a consumer,a producer or an industry can attained.
While Macroeconomics is concerned with the determination of equilibrium level of income and employment of the economy.
2.what motivated me to choose economics is that economics is a discipline that you can’t do without in a country,a country that has a good economist will go a long way doing well in there economy and economics is a good coarse, because as an Economist you can work anywhere you find yourself.

1. Economics is a social science concerned with the production, distribution and consumption of goods and services. It is further categorized into micro and macro economics
DIFFERENCES BETWEEN MICROECONOMICS AND MACROECONOMICS
Microeconomics is the branch of Economics that is related to the study of individuals, household and firms behavior in decision making and allocation of resources while macroeconomics is the branch of Economics that deals with the study of the behavior and performance of the economy in total.
Microeconomics studies the particular market segment of the economy while macroeconomics studies the whole economy that covers several market segments.
Microeconomics deals with various issues like demand, supply,factor pricing, economic welfare, production and consumption while macroeconomics deals with various issues like national income, distribution, employment, general price level and money.
Microeconomics is applied to internal issues while macroeconomics is applied to environmental and external issues.

2. WHAT MOTIVATED ME TO STUDY ECONOMICS IN THE UNIVERSITY
Economics makes an individual a rational human being and it prepares him for his career in the future.

LIVINUS MURNA
Reg no.2020/250325
http://www.livinusmurna@gmail.com

NAME: RAMSEY EBRUBIO EMMANUELLA.
REG NO: 2020/247116 COURSE: ECO 102 DEPARTMENT: PALG
EMAIL ADDRESS: Ramseyebrubio2020@gmail.com
1. Economics can generally be broken down into : * Macroeconomics, which concentrates on the behavior of the economy as a whole, and * Microeconomics, which focuses on individual people and businesses. DIFFERENCE: Microeconomics focuses on the behavior of small units of the economy, it tends to limit itself to specific and specialized areas of study. This includes the balance of supply and demand in individual markets, the behavior of individual consumers (which is referred to as consumer theory), workforce demand, and how individual companies determine wages for their workforces. Whereas: Macroeconomics has a much broader reach than microeconomics. Prominent areas of research in the field of macroeconomics concern the implications of fiscal policy, locating the reasons for inflation or unemployment, the implications of government borrowing and economic growth on a nationwide scale. Macroeconomists also examine globalization and global trading patterns and perform comparative studies between different countries in areas such as living standards and economic growth. While the main difference between the two fields concerns the scale of the subjects under analysis, there are further differences. Macroeconomics evolved out of classic economic theory and microeconomics, as a means of explaining nationwide economic developments and behavior. 2.WHY I CHOSE TO STUDY ECONOMICS? Because economics will not only give me the skills needed to understand complex markets but come away with strong analytical and problem-solving skills, as well as the business acumen necessary to succeed in the professional world. In fact, economics can be useful for professionals in all industries, not just in business. B.I will Put New Terms into Practice Economics isn’t just learning a fancy set of words, it’s actually using them to develop a viable business strategy. C. It Will Help My Own Spending Habits Personally. Among Many Other Reasons.

NAME: OBODO EJIKE JOEL
REG NUMBER: 2020/242620
DEPARTMENT: ECONOMICS
ECO 102 ASSIGNMENT
EMAIL: obodoejike@gmail.com

1. Economics is basically the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society. Economics is divided into two categories. Name them and state the basic difference between both.
ANSWER:
microeconomics and macroeconomics involve examining economic behavior, but they differ in terms of the scale of the subjects being studied.

Microeconomics is the field of economics that looks at the economic behaviors of individuals, households, and companies
WHILE
Macroeconomics takes a wider view and looks at the economies on a much larger scale—regional, national, continental, or even global

The main difference between microeconomics and macroeconomics is scale. Microeconomics studies the behavior of individual households and firms in making decisions on the allocation of limited resources. Another way to phrase this is to say that microeconomics is the study of markets
In contrast macroeconomics involves the sum total of economic activity, dealing with the issues such as growth, inflation, and unemployment. Macroeconomics is the study of economies on the national, regional or global scale.

2. What motivated you to choose Economics as a course of study in the university.

ANSWER: I choose to study Economics because the then central bank of Nigeria Governor, prof. Soludo.
Also because of my love for probability, statistics and analysis.
Some other reasons are; I want to know how economist influence the life of others

NAME: RAMSEY EBRUBIO EMMANUELLA
REG NO: 2020/247116
COURSE: ECO 102
DEPARTMENT: PALG
EMAIL ADDRESS: Ramseyebrubio2020@gmail.com

1. Economics can generally be broken down into :
* Macroeconomics, which concentrates on the behavior of the economy as a whole, and
* Microeconomics, which focuses on individual people and businesses.
DIFFERENCE:
Microeconomics focuses on the behavior of small units of the economy, it tends to limit itself to specific and specialized areas of study. This includes the balance of supply and demand in individual markets, the behavior of individual consumers (which is referred to as consumer theory), workforce demand, and how individual companies determine wages for their workforces. Whereas:
Macroeconomics has a much broader reach than microeconomics. Prominent areas of research in the field of macroeconomics concern the implications of fiscal policy, locating the reasons for inflation or unemployment, the implications of government borrowing and economic growth on a nationwide scale. Macroeconomists also examine globalization and global trading patterns and perform comparative studies between different countries in areas such as living standards and economic growth.
While the main difference between the two fields concerns the scale of the subjects under analysis, there are further differences.
Macroeconomics evolved out of classic economic theory and microeconomics, as a means of explaining nationwide economic developments and behavior.

2.WHY I CHOSE TO STUDY ECONOMICS?
Because economics will not only give me the skills needed to understand complex markets but come away with strong analytical and problem-solving skills, as well as the business acumen necessary to succeed in the professional world. In fact, economics can be useful for professionals in all industries, not just in business.
B.I will Put New Terms into Practice
Economics isn’t just learning a fancy set of words, it’s actually using them to develop a viable business strategy.
C. It Will Help My Own Spending Habits Personally.

Among Many Other Reasons.

1) Categories of Economics are: microeconomics and macroeconomics.
Microeconomics focuses on the choices made by Individual consumers as well as businesses concerning the fluctuating cost of goods and services in the economy while Macroeconomics studies the policies and other influencing factors that affect the economy. It takes top down approach.
2) I chose Economics as a course of study in the university because, it helps one to understand the market dynamics which are those simple factors that impact the market.

Name: Eriugo marycynthia mmesoma
Reg no:2020/243533
Email:eriugommesoma429@gmail .com
Ans to number 1

The difference between microeconomics and macroeconomics are:
1: microeconomics focus on overcoming issues covering the allocation of resource and price discrimination on the other hand macroeconomics focuses on uploading issues like employment and national house hold income
2: microeconomics studies individual economic unit while macroeconomics studies nation’s economy as well as it’s various aggregate

Number 2 answers
The main reason I choose this course to study is because of it’s analytical skills

NAME: ONYEJE CHIDUMEBI ONYINYECHI
DEP: ECONOMICS
REG NO: 2020/242644

Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the economy as a whole, and microeconomics, which focuses on individual people and businesses.

1. macroeconomics, study of the behaviour of a national or regional economy as a whole. It is concerned with understanding economy-wide events such as the total amount of goods and services produced, the level of unemployment, and the general behaviour of prices.

2. Microeconomics is the social science that studies the implications of incentives and decisions, specifically about how those affect the utilization and distribution of resources. Microeconomics shows how and why different goods have different values, how individuals and businesses conduct and benefit from efficient production and exchange, and how individuals best coordinate and cooperate with one another. Generally speaking, microeconomics provides a more complete and detailed understanding than macroeconomics

DIFFERENCES BETWEEN MICROECONOMICS AND MACROECONOMICS :

1. Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments.

2.Macroeconomics analyzes how an increase or decrease in net exports impacts a nation’s capital account, or how gross domestic product (GDP) is impacted by the unemployment rate while microeconomics examines how a company could maximize its production and capacity so that it could lower prices and better compete. A lot of microeconomic information can be gleaned from company financial statements.
3.Microeconomics works on the principle that markets soon create equilibrium. In macro economics, the economy may be in a state of disequilibrium (boom or recession) for a longer period.
4. Macro economics places greater emphasis on empirical data and trying to explain it. Micro economics tends to work from theory first – though this is not always the case

WHY I CHOSE TO STUDY ECONOMICS :
I chose to study Economics because Economics majors are well-positioned in an ever-changing world because they have problem solving and analytical skills that allow them to succeed in variety of career paths—law, risk management, actuary, finance, foreign affairs, public administration, politics, policy analysis, health administration, entrepreneurship, market analysis, journalism, and unknown careers of the future and I wish to apply those problem solving and analytical skills to help my country , Nigeria

NAME: OKOAZE DANIEL CHINOSO
DEPARTMENT: ECONOMICS
REG NO:2020/246577

The study of economics is generally broken down into two disciplines.
Micro Economics
Macro Economics

1.Micro Economics:Microeconomics is the study of what is likely to happen (tendencies) when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production. Individual actors are often grouped into microeconomic subgroups, such as buyers, sellers, and business owners. These groups create the supply and demand for resources, using money and interest rates as a pricing mechanism for coordination.

2.Macro Economics:It is the study of the behaviour of a national or regional economy as a whole. It is concerned with understanding economy-wide events such as the total amount of goods and services produced, the level of unemployment, and the general behaviour of prices.

DIFFERENCES BETWEEN MICRO and MACRO ECONOMICS.
For most macroeconomists, the purpose of this discipline is to maximize national income and provide national economic growth. Economists hope that this growth translates to increased utility and an improved standard of living for the economy’s participants.while for microeconomics,the major goals of is to analyze the market and determine the price for goods and services that best allocates limited resources among the different alternative uses. This study is especially important for producers as they decide what to manufacture and the appropriate selling price.

2.The present situation of Nigeria motivated me into studying the course I wish to make efforts in making the economy a better one both for the rich and middle class people…I also want steady price of commodity in the economy so as to prevent more inflation and deflation in the country and to also create job opportunity to people if I get the opportunity to

NAME:Edeh loveth ifeoma
MATRIC NO:2020/242988
DEPARTMENT:Combine social science.
Economic/ political science
Email: ifeomaloveth33@gmail.com
COURSE:Eco
CODE:102
1:THE TWO BASIC CATEGORIES OF
ECONOMIC
1, Macroeconomics
2, microeconomics
Differences
1,Macroeconomics is the study of the performance, structure, behavior and decision-making of an economy as a whole. Macroeconomists focus on the national, regional, and global scales. For most macroeconomists, the purpose of this discipline is to maximize national income and provide national economic growth. Economists hope that this growth translates to increased utility and an improved standard of living for the economy’s participants. While there are variations between the objectives of different national and international entities
2,Microeconomics focuses on individual markets, while macroeconomics focuses on whole economies.
3,Microeconomics studies the behavior of individual households and firms in making decisions on the allocation of limited resources. Another way to phrase this is to say that microeconomics is the study of markets.
Macroeconomics is generally focused on countrywide or global economics. It studies involves the sum total of economic activity, dealing with the issues such as growth, inflation, and unemployment.while
Microeconomics studies the behavior of individual households and firms in making decisions on the allocation of limited resources across economic country wide or global economics.
4,Adam Smith, Founding Father of Economics: Adam Smith’s book, Wealth of Nations, was the basis of both microeconomic and macroeconomic study. The main difference between microeconomics and macroeconomics is scale
,2: WHAT MOTIVATE ME TO PUT ECONOMIC AS A COURSE OF STUDY
A,To learn how to plan my business, marketing, research and management.
B, Economics helps me to think strategically and make decisions to optimise my outcome.
C,The study of economics helps me to understand the world around me.
D, It enables me to understand people, businesses, markets and governments, and therefore better respond to the threats and opportunities that emerge when things change
E,Informs decisions. Economists provide information and forecasting to inform decisions within companies and governments. …

Dike Promise Akuoma
2020/242499
dikeakuoma@gmail.com
Economics department

1. Economics is divided into two categories.They are:
Microeconomics-Microeconomics is the study of decisions made by people and businesses regarding the allocation of resources, and prices at which they trade goods and services. It considers taxes, regulations, and government legislation
Macroeconomics-Macroeconomics deals with the economy as a whole. It studies the behavior of economic aggregates such as aggregate income,consumption,investment and the overall level of prices.

The major differences between the two is that the micro perspective focuses on parts of the economy such as individuals, firms and industries while the macro perspective looks st the economy as a whole, focusing on goals like growth in the standard of living, unemployment and inflation,

2. A lot of things motivated me to study Economics but the most crucial one was the practicality and versatility of the course. Economics is a study that is so practical because it is what every human being experiences but of which not everybody can explain or understand and so in order for me not to be a novice about things that goes on everyday I decided to study this course to gain deeper understanding of why and how things like scarcity,production, inflation and all occurs and how to satisfy my wants as a rational consumer. I also want to be able to rescue my country from such poor economic situation..

(1) Categories of economics are microeconomics and macroeconomics. Microeconomics focuses on the behavior of the individual consumer and producer while macroeconomics examines overall economies ona regional, national scale.
(2) I chose Economics as a course of study because I can gain a toolkit of skills, approaches and ways of thinking that I can apply to wide range of problems both financially and business wise.

No.1.microeconomics focuses on supply and demand and other forces that determine price Levels making it a bottom up approach WHILE macroeconomics takes a top down approach and looks at the economy as a whole trying to determine its course and nature. No.2 To understand the logic of complicated data to see how things relate to each other and to see the broader concept.

1. Economics is a social science which studies human behavior as a relation between ends and scarce means which have alternative uses. It studies how individuals, businesses, governments and nations make choices about how to allocate resources efficiently.
Economics has two broad categories which are microeconomics and macroeconomics.
Microeconomics focuses on the behavior of individual consumers and producers while macroeconomics examines overall economies on a regional, national or international scale.
DIFFERENCES BETWEEN MICROECONOMICS AND MACROECONOMICS
Microeconomics focuses on how individuals, consumers and firms make decisions while macroeconomics studies an overall economy on both a national and international level,using highly aggregated economic data and variables to model the economy.
Microeconomics focuses on the individuals, businesses and firms behavior while macroeconomics studies the economy as a whole.
Microeconomics studies how and why different goods are valued differently while macroeconomics studies the reasons for inflation and unemployment.
Microeconomics examines demand and supply of goods while macroeconomics examines aggregate demand and aggregate supply of goods.

2. WHAT MOTIVATED ME TO STUDY ECONOMICS IN THE UNIVERSITY
Economics empowers an individual with the skills, approaches and ways of thinking that he can apply to a wide range of problems.
The degree an individual gets in Economics will equip him for careers that require numerical, analytical and problem solving skills because it helps an individual to think strategically and make decisions to optimize the outcome.
And lastly I chose Economics because most students easily find a job out there after graduation as economists are needed in most businesses. Thank you.

NJOKU CHISOM PRECIOUS
Reg no.2020/245277
Department: Economics
Email: njiokuchisom@gmail.com

NO.1The two categories of economics are:
MICROECONOMICS ; it focuses on how individual consumers and firms make decisions; these individual decision making units can be individual, a household, a business/organization, or a government agency.
MACROECONOMICS: it studies an overall economy on both a national and international level, using highly aggregated economic data and changing model the economy. Its aim can include a distinct geographical region, a country, a continent,the whole world at large.

NO.2 The driving motive for choosing economics as a course is to understand how world economy works in order to make a positive contribution towards the poor economic state of Nigeria econony and Africa.

Name: Anike Peter Madueke
Reg : 2020/249532
email: maduekeankh@gmail.com

Reg no: 246592
Uba Chibuike Victor
Department of business education

Economics is divided into:. Micro economics and macro economics.
microeconomics analyze the market and determine the price for goods and services that best allocates limited resources among the different alternative uses. While macro economics is the study of the performance, structure, behavior and decision-making of an economic world.

My motivation for studying economics in UNN is that I want to have analytical and critical thinking skills and also know how people make decisions with limited resources.

Economics is divided into two categories
Micro economics
Macro economics
The two has much differences
Micro economics deals with household that is the smallest as the name implies this has to do with the consumers in person the wholesaler, retailer etc this involves a unit of a countries economy micro helps in creating equilibrium in every area of the economy b
While the macro deals with government and it also looks at the whole economy of a country macro economy focus on supply and demand it determines demand and supply equilibrium it also helps in production .

Economics is divided into two categories:
Microeconomics is the study of individual and business decisions while
Macroeconomics looks at the decisions of countries and the government.

Economics is the basis of any stable country and business. It enable you to be able to use limited resources to satisfy your wants.

Ibeh Gift Onyinyechi
2020/249859
Department of business education
Economics is divided into two which is: microeconomics and macroeconomics. Microeconomics is the study of individuals and business decisions, while macroeconomics is the study of the decisions of countries and governments.
Also, microeconomics tries to understand human choices, decisions, and the allocation of resources, it Is a top_approach while macro economics analyzes entire industries and economies.

I was motivated to study economics in UNN because I want to get a new perspective of the economic world , how it function and be able to make better decisions when spending or making money

Name:Mbah Nnamdi Kelvin
Reg No: 2020/248440
Email address: mbahnnamdi059@gmail.com
ANSWERS
1,The basic difference between microeconomics and macroeconomics.
Microeconomics is concerned on how individuals, businesses and companies make decisions to allocate resources and prices at which they trade their goods and services.
WHILE
Macroeconomics deals with decisions of countries and governments towards the impact of the economy as a whole.
No 2,Reason why I choose economics as a course of study in university.
I choose to study economics in the university because economics helps one’s to prepare for career’s that require numerical, analytical and problems solving skills, therefore as a Chemistry student am motivated and excited to study economics reasons are for example in the field of research institute and management, economics help one’s to think strategically and also make decision to optimize the outcome
,and solve critical problem.

Economics is a social science concerned with the production, distribution and consumption of goods and services and is divided mainly into two categories, microeconomics which focuses on the behaviour of individual consumers and producers and also macroeconomics which examine overall economics on a regional, national, or international scale.

Categories of economics are:
*Microeconomics
*Macroeconomics

The distinctive difference between the categories of economics micro and macro, they are actually interdependent and complement one another even though they appear differently.
Microeconomics as a branch concentrates on the study of individual and business decisions, it also focuses on supply and demand, and other forces that determine price levels, making it a buttom-up approach WHILE macroeconomics takes a top-down approach and looks at the economy as a whole, trying to determine it’s course and nature, it is also an analytical tool mainly used to craft economic and fiscal policy.
The motivation of taking economics as a course is to really understand the implications of every human decision on economical activities, it is fun filled seeing how the rise and fall of value and price affects basically the growth of everything. And the study of every factor that shapes our day to day trade life, and the interesting part is the deep investigation that helps in preventing fiscal problems and implications in our individual term and as a whole

Uzoetoh Chinaecherem Clara
2020/245127
Economics department
festusclara2@gmail.com

Economics is divided into two broad areas: 1.Microeconomics
2.Macroeconomics
~Microeconomics is the branch of economics that focuses on the choices made by individual decision-making units in the economy typically consumers and firms and the impacts those choices have on individual markets. Microeconomics focuses on how individual consumers and firms make decisions; these individual decision making units can be a single person, a household, a business/organization, or a government agency. Analyzing certain aspects of human behavior, microeconomics tries to explain how they respond to changes in price and why they demand what they do at particular price levels. Microeconomics tries to explain how and why different goods are valued differently, how individuals make financial decisions, and how individuals best trade, coordinate, and cooperate with one another.
~Macroeconomics is the branch of economics that focuses on the impact of choices on the total, or aggregate, level of economic activity.
Macroeconomics studies an overall economy on both a national and international level, using highly aggregated economic data and variables to model the economy. Its focus can include a distinct geographical region, a country, a continent, or even the whole world. Its primary areas of study are recurrent economic cycles and broad economic growth and development.

What motivated me to choose Economics as a course of study in the university: it assisted me in making decisions in difficult situations.
It broadens my imagination on how the economy works.
It has great career prospects.

NAME: ONAH JUDITH UGOCHI
REG NO: 2020/242646
DEPT: ECONOMICS
LEVEL: 100
EMAIL: onahjudith4@gmail.com

Answer No 1.

Economics is divided into 2 categories namely;
1) microeconomics
and
2) macroeconomics.

Where the word “Micro,” means small, while “Macro,” means extremely large or as a whole.

Microeconomics focuses on an individual level and studies a specific market segment in an economy. It is concerned with businesses and households and analyses consumer behaviour, resource allocation and human choices.
While,
Macroeconomics focuses on the study of the economy as a whole and covers different market segments. It takes an expansive approach by studying the whole Economy.

Their differences are as follows;

1) Microeconomics focus on individual markets.
while,
Macroeconomics focus on the Economy as a whole.

2) Microeconomics studies the effect on prices of goods and services.
while,
macroeconomics studies Economic growth, national income, inflation, G.D.P, e.t.c

3) Microeconomics is concerned with individual labour markets and consumer behavior. while,
Macroeconomics is concerned with National, territorial, and world Economies.

4) Major factors in Microeconomics are, demand, supply, factor pricing, product pricing, production consumption e.t.c
While,
Macroeconomics factors include, National income, distribution, monetary policies, Employment, General price level, productive capacity of Economy, e.t.c

5) Macroeconomics is referred to as the income theory because it describes the changing levels of national income of an Economy during a certain period of time.
While,
Microeconomics is referred to as the price theory, because it deals with factor pricing such as rent, interest, capital and enterprise. And it explains how different prices are decided.

Answer No 2.

2) What motivated me to choose Economics as a case of study here in the university.
Aside the fact that I enjoyed, loved and understood Economics in secondary school, I was also motivated to study it here in the university due to the fact that Economics is a course that can be applied in different areas of life and it’s not limited like some social science courses. An Economics graduate can work in different financial institutions. And it offers different job opportunities.

1. Economics is divided into ;Microeconomics and Macroeconomics.
Micro economics focuses mainly on the behavior of individual consumers and producers while Macroeconomic emphasizes on the examination of the overall economies on a regional, national and international scale.

2. Alfred Marshall defines economics as “the study of mankind in the ordinary business of life”, the definition explains briefly why economics as a course should be studied in the university. I as an student studies economics for the sole purpose of studying and understanding the behaviors of consumers, duties of producers and some marketing strategies. These studies help improve my behavior towards the consumer as a producer or vice-versa knowing fully well how fast a nations economy can either become good or bad and what to expect from each parties under such circumstances .

Name: MBA IBE
REG number :2020/247526
Department : PHILOSOPHY
Course Code :ECO 102

1. Macroeconomic and Microeconomic.
Micro- and macroeconomics are intertwined. Aggregate macroeconomic phenomena are obviously and literally just the sum total of microeconomic phenomena. However these two branches of economics use very different theories, models, and research methods, which sometimes appear to conflict with each other. Integrating the microeconomics foundations into macroeconomic theory and research is a major area of study in itself for many economists.

MACROECONOMIC : Macroeconomics studies an overall economy on both a national and international level, using highly aggregated economic data and variables to model the economy. Its focus can include a distinct geographical region, a country, a continent, or even the whole world. Its primary areas of study are recurrent economic cycles and broad economic growth and development. Topics studied include foreign trade, government fiscal and monetary policy, unemployment rates, the level of inflation and interest rates, the growth of total production output as reflected by changes in the Gross Domestic Product (GDP), and business cycles that result in expansions, booms, recessions, and depressions.

MICROECONOMIC : Microeconomics focuses on how individual consumers and firms make decisions; these individual decision making units can be a single person, a household, a business/organization, or a government agency. Analyzing certain aspects of human behavior, microeconomics tries to explain how they respond to changes in price and why they demand what they do at particular price levels. Microeconomics tries to explain how and why different goods are valued differently, how individuals make financial decisions, and how individuals best trade, coordinate, and cooperate with one another. Microeconomics’ topics range from the dynamics of supply and demand to the efficiency and costs associated with producing goods and services; they also include how labor is divided and allocated; how business firms are organized and function; and how people approach uncertainty, risk, and strategic game theory.

2. I choose to study Economics because it’s a borrowed course for my department. The course has actually helped and opened up my eyes to so many things concerning management and more which will really help me in the labor market.

1)Economics can be divided into two:
a) Microeconomics
b) Macroeconomics
a) Microeconomics: This focuses on the behavior of individual, consumers and producers.
b) Macroeconomics: This examines the overall economies on a regional, national or international scale.
2) why I choose economics as a course of study in the university is to have the insight of what business is all about and get the right approach in using my income.

1) Two major categories of economics are microeconomics and macro economics.
The basic difference are;
I). Microeconomics Is a type of economics which focuses on behavior of individuals, consumers and producers (economics in a small scale) while macroeconomics focuses on the overall economics on a regional, national or international ( large scale economics). Which means microeconomics studies individuals and business decisions while macroeconomics analyses the decisions made by government and countries.
II) microeconomics focuses on supply and demand and other forces that determine price level making it a bottom up approach while macroeconomics takes top down approach and looks at the economy as a whole trying to determine its course and nature.
III) Investors can use microeconomic in their investment decisions while macroeconomics is an analytical tool mainly used to craft economic and fiscal policy.
IV) microeconomics is the study of individuals and companies make decisions on how to allocate scarce resources while macroeconomics is the study of the economy as a whole.

2). I chosed to study economics because of my love for the course knowing fully well that I can be able to handle and run a legal business successfully with the knowledge of economics by using scarce resources to maximize satisfaction.

Attah Blessing Oluomachi
2020/243514
blessingoluomachi664@gmail.com

1. The two categories of economics are
i. Microeconomics and
ii. Macroeconomics
The basic difference between the two is
Microeconomics is the study of how individuals and companies make decisions to allocate scarce resources whereas Macroeconomics is the study of an economy as a whole. Having said that, microeconomics does not try to answer or explain what forces should take place in a market. Rather, it tries to explain what happens when there are changes in certain conditions while Macroeconomics examines economy-wide phenomena such as gross domestic product (GDP) and how it is affected by changes in unemployment, national income, rates of growth, and price levels.

2. Economics play a vital role in our everyday life.
It has influence over everything. Firms and industries of all sizes have to rely on economics for product research and development, pricing and advertising strategies. This wide influence means that studying economics can open up variety of career options across all sectors of the economy.

1.The two categories of Economics are;
i. Microeconomics
ii. Microeconomics

▪︎Microeconomics:

Microeconomics essentially deals with the behavior of individuals. Individuals can mean a single person, or a group of people who are “similar.” Now, this similarity could be in terms of many aspects ranging from similar taste in music to similar levels of income. This, essentially means that given a choice if one of the people in the group of this “similar individuals” chooses one alternative over the other, the rest will make the same choice. This is a assumption made in many microeconomic models, which is referred to as similar preferences.
However microeconomics is not restricted to people or group of similar people. It also deals with the decision making of individual firms in the market and also with individual markets, say the market of automobiles. For example, microeconomics would try to answer questions such as, given the factor prices involved in the production of an automobile (like steel, tires etc.) and the price of that automobile, what would be the optimum number of automobiles a firm should manufacture to maximize it’s profits. Now, once you have the answer to this simple question, you also know the factors which affect this choice of the firm and can use this knowledge to solve a variety pf problems. For example, suppose this automobile factory is causing some sort of pollution, and the government wants to reduce this pollution. This can be done in primarily two ways. Firstly, if it is a command and control economy the government could simply order the firm to reduce it’s production and hence pollution. But this would clearly imply that the firm would be making a loss, since it is no longer producing at it’s profit maximizing level. However, the government could also levy a tax on the production of the automobile. In this case, the firm would face a increased cost of production and it can be assumed that the firm would cut down the production and hence pollution. This method also has an additional benefit of generating a tax revenue for the government which can now be used to increase social welfare (say to compensate the people who were affected by the pollution).
Thus, in conclusion microeconomics deals with the choices individuals make and often prescribing policies by tweaking the incentive of these individuals to achieve desired outcomes.

▪︎Macroeconomics:

Macro Economics may be defined as that branch of economic analysis which studies the behaviour of not one particular unit, but of all the units combined together. Macroeconomics is a study of aggregates. It is the study of the economic system as a whole ½ total production, total consumption, total savings and total investment. The following are the fields covered by macroeconomics:

• Theory of Income, Output and Employment with its two constituents, namely, the theory of consumption function, the theory of investment function and the theory of business cycles or economic fluctuations.

• Theory of Prices with its constituents of the theories of inflation, deflation and reflation.

• Theory of Economic Growth dealing with the long-run growth of income, output and employment.

• Macro Theory of Distribution dealing with the relative shares of wages and profits in the total national income.

2. First and foremost, have always been thinking of owning my personal own business since childhood. During this time, studying economics wasn’t my intention but was always aiming financial Accounting. When I got admitted into my high school I was been exposed to different other career opportunities and their benefits. Then I got to know about economic as a course in the university and I picked interest but going to find out more about it.
Going through the profile of some economist in Nigeria, I similed and hope to be greater than them one time in future.
Also, studying economics wasn’t out of passion but out of my desire to handle and care for my business which I planned to own.

Name: Edet Hezekiah Emmanuel
2020/242582

1. The two categories of Economics are:
a. Microeconomics: This category is concerned with the behaviour of individual producers and consumers.
b. Macroeconomics: This is concerned with examining Economics on regional, national, and international scales.

While Microeconomics studies the various ways individuals and companies make decisions to allocate scarce resources, Macroeconomics studies the economy as a whole. This is the basic difference between Micro- and Macro-economics.

2. Economics is not a course I would classify as simple.

I started this year fiddling with the idea of having a better financial life and my solution was not to choose Economics as a course. My solution was to follow through the tips I had read in Arese Ugwu’s ‘Smart Money Woman’ last year.

Picking Economics to become one of my courses this year was due to the fact that I found the concept interesting. My decision was partly also because the second course option had not augured too well for me last semester, but my interest in Economics weighs more.

Name : Nweke Stephen chidiebere
G.mail address : nwekestephen2706@gmail.com
Reg no: 2020/245875

The Categories Of Economics
a) Micro Economics
b) Macro Economics

a) Micro Economics:micro economics is a branch of economics that studies the behaviour of individual consumers and firms, it talks about how the changes in the prices of market products affect the choice of a consumer.
It is the study of decisions made by people and businesses regarding the allocation of resources, and prices at which they trade goods and service.
Micro Economics deals with the local market structure, it focuses on supply and demand structure, it focuses on the buying selling process and how it affects the local market. Microeconomic study deals with what choices people make, what factors influence their choices and how their decisions affect the goods markets by affecting the price, the supply and demand.

b) Macro Economics:Macroeconomics is a branch of economics that studies how an overall economy—the market or other systems that operate on a large scale—behaves.macro economics on like micro economics, studies the economy of a country and how its policies impact the economy as a whole. Macroeconomics studies economy-wide phenomena such as inflation, price levels, rate of economic growth, national income, gross domestic product (GDP), and changes in unemployment
It analyzes an entire industries and economies, rather than individuals or specific companies. It deals with the structure of the country’s economic status, and tries to moderate the economy of such country.
Macroeconomics deals with the performance, structure, and behavior of the entire economy, in contrast to microeconomics, which is more focused on the choices made by individual actors in the economy (like people, households, industries.

I chosed economics as a course of study in the university because I love economics from my senior secondary school days.
And because I would love to learn the basics of economics to be able to contribute to my country’s economic growth in the little way I can.

Number 1
The two categories of economics are
1. Microeconomics
2. Macroeconomics
The basic difference between micro and macro economics is that while microeconomics studies individual and business decisions, macroeconomics looks at or studies the decisions of countries and governments.

Number 2
Economics helps one to understand people,the world around them, business, market government, and to be able to deal with threats and opportunities that comes out or are faced when things change. So these alone is a motivating factor to study economics in the university.

Eze Jane Ogechi
2020/244414
Pure and industrial chemistry
ogenwaeze@yahoo.com

1] Economics is divided into two categories and they include:
a) microeconomics
b) macroeconomics
The following are the basic difference between microeconomics and macroeconomics 1)Microeconomics is the study of individuals, households, industry and company’s behaviour in making decisions and allocating resources while Macroeconomics is the study of the behaviour and performance of the economy-wide phenomena.
2)Microeconomics studies a particular market segment of the economy while Macroeconomics studies the whole economy
3) Microeconomics is applicable to internal issues while Macroeconomics is applicable to environmental and external issues
4) Microeconomics comprises markets of goods and services and deals with economic issues like demand, supply, factor pricing, product pricing, economic welfare, production, consumption and so on while Macroeconomics involves gross domestic product, national income, employment, unemployment, distribution, general price level, money and more.
5) Microeconomics helps determine how equilibrium can be achieved at a small scale while Macroeconomics helps determine the equilibrium level of employment and income of the nation.
6) Microeconomics is also known as price theory while Macroeconomics is also known as income and employment theory.
7) Microeconomics offers a picture of the goods and services that are required for an efficient economy and also shows the goods and services that might grow in demand in future while Macroeconomics offers optimum utilisation of the resources available to a country.

2) I was motivated to study economics as a course in the university because I wanted to know how the economy operates and how it affects the society. To know people interact and behave to goods and services. How people also manage the resource of the economy.

Name: uliaga miracle ebubechukwu
Reg no:2020/245161
Department: pure and industrial chemistry
Email: uliagam184@gmail.com

And to number 1:
Economics are categorised into microeconomics and macroeconomics.
The difference between microeconomics and macroeconomics are listed below:
1: microeconomics studies individual and business decision while macroeconomics analyses the decision made by country and government

2: microeconomics focus on supply and demand and other forces that determine price level making it a bottom-up approach, while macroeconomics takes a top down approach and looks at the economy as a whole trying to determine it’s course and nature
3:. Investors can use microeconomics in thier investment decision while macroeconomics is an analytical tool mainly used to craft economic and fiscal policy.
Ans to number 2
Well,I must say I do have a passion for economics or to be an economist
An economic degree gives you a high level of mathematical and statistical skill and ability to apply economic principle and model to problems in business finance,and public sector
Looking at our country system today I don’t think you could do without a little knowledge of economics.
what motivated me was to develop the skills like communication, that is presenting ideas in a well defined framework.
Problem solving and analytical skills.

1. The two categories of Economics are:
a. Microeconomics
b. Macroeconomics

The major difference between microeconomics and macroeconomics is that microeconomics focuses on the behavior of the individual consumers and producers while macroeconomics examine the overall economics on a regional, national or international scale.

2. What motivated me to choose Economics as my course of study in the university is that Economics helps you think strategically and make decisions to optimize the output. It also enables us to understand the past, future and current models and apply them to societies, government, businesses and individuals.

Name:Ani chisom promise
Reg no:2020/242569
Email:sommypromise5400@gamil.com
Economics is a social science about how people use and exchange resources like food and minerals and money.The study of scarcity and choice.
FIElDS OF ECONOMICS
The field of economics is typically divided into two broad realms:Microeconomics and Macroeconomics.Microeconomics focuses on the choice made by customers and forms and impact those choices have on individual markets.It is the branch of economics that focuses on he choices made by individual decision making units in the economy.While Macroeconomics is the branch that focuses on the impact of choice on the total aggregate level of economic activity.
MOTIVATIONS
Economics in summation is a study of people behavior to manage and use resources which are limited to meet human needs.Any student pursuing Economics as a career is open to very wide range of other career opportunities because studying economics should not limit one to becoming only an economist that is my first motivation as an economics student.it is a course that information and influences one daily lifestyle.
Studying a degree in economics will give one a range of subject- specific skills that allow you to apply your knowledge of economics to realize world situations.The transferable skill you learn from economics are sought after by a variety of employees

1.) The two categories of economics are;
a.) Microeconomics
b.) Macroeconomics.
The basic difference between them are;
Microeconomics deals with the study of individual and buisness decisions regarding the allocation of resources and prices of goods and services while macroeconomics is the study of decisions of countries and government or the economy as a whole.
2.) What motivated me to choose economics as a course study is the valuable knowledge to make everyday life decisions. To solve problems such as financial investment opportunities

NAME: CHUKWU BRIDGET OLACHINYERE
REG NO: 2020/248249
COURSE: ECO 102
DEPARTMENT: ECONOMICS
1). Economics is divided into two categories, namely;
a). Microeconomics
b). Macroeconomics
A). Microeconomics studies how individuals, firms, companies make decision concerning the allocation of resources and prices at which they trade goods and services. Microeconomics focuses on demand and supply and other forces that determine price level in the economy. It takes a buttom–up approach in analyzing the economy.
Microeconomics has four key principles namely;
i). Demand, Supply and Equilibrium.
ii). Production theory.
iii). Costs of production.
iv). Labour economics.
While
B). Macroeconomics studies how the decision of a country and government and its policies impact the economy as a whole.
Macroeconomics focuses on aggregates and econometric correlations. It takes a top–bottom approach in analyzing the economy.
Macroeconomics has two key principles namely;
i). Economic growth.
ii). Business cycle.

2). What motivated me to choose economics as a course of study in the university?
I don’t really know what motivated me though, but I know that one reason out of other reasons is its “Realistic in Nature”.
Realistic in nature I mean, it studies our daily activities and decisions and how those decisions of ours affects the country or nation as a whole. It also studies how goods are produced and distributed to the consumers and so many other’s.

NAME: OGUANYA CHIDERA FAITH

REG NO: 2020/242638

DEPT: ECONOMICS

ANSWER

1. MAJOR DIFFERENCE BETWEEN MICRO AND MACRO ECONOMICS.

Microeconomics is the study of economics at an individual, group, or company level. Whereas, macroeconomics is the study of a national economy as a whole. Microeconomics focuses on issues that affect individuals and companies. Macroeconomics focuses on issues that affect nations and the world economy.
Microeconomics is the study of how individuals and companies make decisions to allocate scarce resources. Macroeconomics is the study of an economy as a whole.

2. I wanted to study economics because I want to become the Minister of Finance and I wanted to understand every aspect of the economy of my country.

1. Economics is basically divided into 2 categories, these are; Macroeconomics and Microeconomics.
Wherein in Macroeconomics, decisions of whole nations and governments are studied, whereas in microeconomics, the decisions of individuals and private businesses are studied.

2. I picked up interest in when I knew Economics deals with the management of personal and nationwide businesses, and so I’ll be of help to myself and the nation at large.

Reg No: 2020/243496

1) Micro economics
2) Macro economics

1) Micro economics ~ is a branch of conventional economics that studies the behaviour of individuals and firms in making decisions regarding the allocation of scare resources and interactions among these individuals and firms.

2) Macro economics ~ is a branch of economics concerned with large scale or general economic factors such as interest rates and national productivity. For example, using interest rates, taxes and government spending to regulate an economy’ s growth and stability. This includes regional, national and global economics..

The differences between micro economics and macro economics are …

Micro economics
* externalities arising from production and consumption
* individual markets
* effect on price of a goods
* supply of goods
* individual consumer behaviour
* individual labour market
Micro economics has to do with individuals and Small scale persons.

Macro economics
*reasons for difference in living standard and economic growth between countries.
*whole economy
* inflation (general price level)
* employment/ unemployment
* aggregate demand (AD)
*productive capacity of economy
*international trade and globalisation…
Macro economics has to do with large scale economic factors

{2} Question two
I was motivated to study economics because

[1] its a social science which applies economics is a problem solving skills or approach into understanding the way human mind works in relation to how we manage and use our resources

[2] how to study an establishment/country economical problems and use our problem solving skills to grow any establishment, company, business, I find myself in and country economically…

1. Economics is divided into two categories namely:
A. Macroeconomics
B.Microeconomics
Their major differences are:
i. Macroeconomics studies overall price level while Microeconomics studies individual prices.
ii. Macroeconomics studies national income while Microeconomics studies individual income.
2. I choose economics as a course of study to understand my spending habits and to also understand the nuances of the field of economics.

Name- Anolue Ugochi Sylvia
Department- pure and industrial chemistry
Reg No – 2020/244142

1.Economics is divided into micro and macro economics……
The differences are as follows-
Micro economics is a bottom-up approach while macro economics is a top down approach.
Micro economics studies individual decisions while macro economics studies government policies and decisions.
Micro economics focuses on demand and supply while macro economics focuses on total demand and total supply.

2. I choose Economics as a course of study because Economics teaches about scarcity of resources and the differences between want and need and therefore teaches us how to manage and curtail ourselves.
Economics teaches us how to understand people, business, markets and opportunities.
Economics is a broad subject and touches every aspect of science and that enables us to think outside of the box as students

NAME: IFEANYICHUKWU HALLELUYAH CHUKWUEBUKA
REG NO.: 2020/243287
DEPT: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT
EMAIL: ifeanyichukwuhalleluyah@gmail.com

QUESTIONS:
1) The difference between Macro and Micro Economics
2) The reason why I chose Economics as a field of study

ANSWERS:
1) The differences between Macro and Micro Economics are:

MICRO ECONOMICS:
Basically, Micro Economics can be said to be a field of study in Economics that studies the Individual, group or company level of an economy. Micro Economics goes further to studying the decisions made by individuals and businesses concerning the management and allocation of resources that would determine the price of goods and services.
Micro Economics doesn’t determine or decide what changes are in the market but it decides why there are those changes in the market. Micro Economics also focuses on the demand, supply and equilibrium, production theory (which is the theory of how goods are been produced and manufactured), cost of production and labour economics, etc. Micro Economics is said to be applied to internal issues which includes factor pricing, production and consumption, etc. It is also useful in the regulation of product’s price along with other factors of production (Land, Labour, Capital, Entrepreneur) within the Economy.
MACRO ECONOMICS:
Basically, Macro Economics is the study of a nation’s economy as a whole or the Economy generally. Macro Economics can further be explained as a branch of Economics that also studies the association between various countries regarding how the policies of one nation upshot the other. The Macro Economics involves terms like interest, profits, etc, which are used in calculating the association of nation’s total manufacture and degree of employment. Macro Economics also concerns itself with The Global Macro Strategy ( which is said to be the strategies, ways and approaches involved in the promoting of business across the globe.
Macro Economics is applied to environmental and external issues which includes; GDP(Gross Domestic Profit), inflation, and more importantly the growth of a nation’s economy, national income, employment, general price level, etc.

Note: Macro Economics compliments Micro Economics and vice versa.

2) The reason I chose Economics as a field of study is because, apart from liking the course naturally, I would love to be economically inclined and in the nearest future help in the improvement of the Nigerian Economy.

Name: Okonkwo Blessing Chioma
Reg No: 2020/245096
Email Address: bchioma929@gmail.com

No 1a: Microeconomics and Macroeconomics
No1b: Microeconomics studies the decision of people and businesses regarding the allocation of resources and prices of goods and services. It considers taxes,regulations and government legislation. It also focuses on demand and supply and other factors that determine price level. While Macroeconomics studies the behavior of a country and how it policies impact on the economy. It analyzes the entire industries, the increase and decrease in net export’s impact in a nation’s capital and how Gross Domestic Product (GDP) is impacted by unemployment rate.

No 2: I choose Economics as a course of study because of the following reasons;
*It studies human behaviours
*It helps know how to manage our scarce and limited resources in order to meet our unlimited wants.
*It helps us in taking rational decisions by taking our scale of preference.
*It helps us in our national income and how to utilize it.
*It also helps us in agriculture as it is also one of our resources.

NAME: UGWUOKE UKAMAKA CALISTER
REG NUMBER: 2016/237622
Email address: ugwuokecalister1@gmail.com

1. Economics is divided into two categories.
MICROECONOMICS and MACROECONOMICS
Basic difference between Microeconomics and Macroeconomics:
Microeconomics is the study of individuals and business decisions while Macroeconomics looks at the decisions of countries and government.

2. I chose Economics as a course of study because I find Economics fascinating. I have the passion for Economics. I like anything relating to Economics.

Name: okoye ogechim yegra-owo
Dept: combined social science (Eco pol)
Reg no:2020/242986

Economics can be defined into two broad categories namely microeconomics and macroeconomics.
Microeconomics can be defined as the study of individuals and business decision,it deals with the study of individual variables and their interaction with eachother like household. Microeconomics can be used by investors when making decisions in investing because it tries to understand human choices and allocation of resources.
While macroeconomics looks at the decisions of countries and government as it studies the economy as a whole and focuses on issues such as decisions of countries and governments. Macroeconomics is an analytical tool that is used mainly to craft economic and fiscal policy.
They are similarities between the two categories but these are the differences:
1. The objective of microeconomics on the demand-side is to maximize utility whereas on the supply side is to minimize profit at minimum cost while the objective of macroeconomics are full employment,price stability and economic growth.
2. The basis of microeconomics is price mechanism which operate through demand and supply forces while the basis of macroeconomics is national income or output and is determined by aggregate demand and supply.
3. Microeconomics is considered as static analysis while macroeconomics is based on time-lag,rates of change and past and expected values of the variable.
4. Microeconomics is based on partial equilibrium analysis which explains the equilibrium condition of a firm or an individual or industry while macroeconomics is based on general equilibrium analysis which is an extensive study of a number of economic variable to understand the working of the economic system as a whole.

NAME: OGBU PRECILIA ONYINYECHI
REG NUMBER: 2020/241507
EMAIL: precilia.ogbu.241507@unn.edu.ng

ANSWER TO QUESTION 1
Economics is divided into two major parts namely:
1. MICRO ECONOMICS AND
2. MACRO ECONOMICS

Differences between Micro economics and Macro economics are as follows:

(1) Micro economics focuses on the behavior of individual consumers and producers while macro economics examines overall economics on a regional national or international scale.

(2) Micro economics is the study of individuals and business decisions while macro economics looks at the decisions made by countries and government.

(3) Micro economics focuses on demands and supply and other forces that determine price levels, making it a bottom_up approach while macro economics takes a top down approach and looks at the economy as a whole trying to determine it’s cource and nature.

(4) Micro economics can be used by investors in their investment decisions while macro economics is an analytical tool mainly used to craft economic and fiscal policy.

(5) Micro economics analyzes demand and supply of goods while macro economics analyzes aggregate demand and supply.

ANSWER TO QUESTION 2
What motivated me to choose economics as a course of study in the University is because
studying economics provides me with not just an understanding of human behavior but also can open up a variety of carreer options across all sectors of the economy, from agriculture to manufacturing, to banking and consultancy.

Name: Chukwukere Victory Onyinyechi
Reg no: 2020/243110
Email address: Victorychukwu915@gmail.com
Department: Philosophy
Faculty: Social Sciences

(1). Economics can be broadly categorized into two: microeconomics and macroeconomics.
Microeconomics is concerned with the study of specific economic unit or parts that make up the economy and the relationship between those parts.
Macroeconomics on the other hand, is concerned with the explanation of the determinant of the level of aggregate output, the rate of growth of aggregate output, the general price level and the rate of the growth of prices (inflation).
Though this two are closely related, there are also differences between both.
Macroeconomics deals or focus on how the individual household, firms etc, take their decision and how they interact in different market whereas macroeconomics deals with the force or trend that affect the economy as a whole.
Microeconomics studies individual income whereas macroeconomics studies national income and also microeconomics studies individual prices whereas macroeconomics deals with overall price level.

(2). Economics is a science of human behavior. It deals with man and his activities in the society and as such is concerned with natural reasons, observation etc. in their quest for certain knowledge or analysis.
Though it is different from experimental science, it still is a social science and is related to my field of study “Philosophy” hence my decision to choose economics as a course.
Philosophy needs certain findings as instrument for articulating it’s ideas.
It uses the ideas provided as raw materials for it’s interpretation of the world and illustration of it’s conclusion therefore making economic model and strategy, a perfect medium of these analysis.
Therefore this is what motivated me to choose Economics.

Name: PULIFE EMMANUEL ONYEKACHI
Department: Economics
Faculty: social science
Reg no: 2020/242594

(*)Economics is divided into two categories. Name them and state the basic difference between both.
1. Micro Economics Small segment of economy while macro Economics whole aggregate economy.
2.Microeconomics works on the principle that markets soon create equilibrium. In macro economics, the economy may be in a state of disequilibrium (boom or recession) for a longer period.
There is little debate about the basic principles of 3.micro-economics. Macro economics is more contentious. There are different schools of macro economics offering different explanations (e.g. Keynesian, Monetarist, Austrian, Real Business cycle e.t.c).
4.Macro economics places greater emphasis on empirical data and trying to explain it. Micro economics tends to work from theory first – though this is not always the case.

(*) What motivated you to choose Economics as a course of study in the university?

Economics in summation is a study of people behaviour to manage and use resources in order to meet human needs. Every student pursuing economics as a career is open to a very wide range of other career opportunities because studying economics would not limit one to becoming only an economist. It is a course with the choice that informs and influences one daily lifestyle. A strong course to major in economics would be to have a deep comprehension of how economics works from an individual level to a nation at large and likely enjoy difficult thinking. It enables one to understand the ever-changing world, which includes businesses, markets flow, opportunities and threats.

NAME: Umezulike Treasure Mmesoma.
DEPT: Economics.
REG NO: 2020/242631.
FACULTY: Social Science.
EMAIL: umezuliketreasure@gmail.com

1. The two categories of Economics are
I. Macro Economics.
II. Micro Economics.

I. Macro Economics: Macroeconomics is a branch of economics that deals with how an economy functions on a large scale. It differs from microeconomics, which deals with how individual economic players, such as consumers and firms, make decisions.
Macroeconomics is concerned with understanding economy-wide events such as the total amount of goods and services produced, the level of unemployment, and the general behaviour of prices. The objective of macroeconomic study is to investigate principles, problems, and policies related to achievement of full employment and expansion of production capacity. It deals with how different economic sectors such as households, governments and industry make their decisions.
Macro economists employ aggregate measures such as
A. Gross domestic product (GDP)
B. Unemployment rates, and
C. The consumer price index (CPI) to analyse large-scale consequences of individual decisions.
The two main areas of macroeconomic research are
I. Long-term economic growth
II. Short-term business cycles.

II. Micro Economics: Microeconomics studies the decisions of individuals and firms to allocate resources of production, exchange, and consumption.
Microeconomics deals with prices and production in single markets and the interaction between different markets but leaves the study of economy-wide aggregates to macroeconomics.
Microeconomists formulate various types of models based on logic and observed human behavior and test the models against real-world observations.
Understanding Microeconomics
Microeconomics is the study of what is likely to happen (tendencies) when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production. Individual actors are often grouped into microeconomic subgroups, such as buyers, sellers, and business owners. These groups create the supply and demand for resources, using money and interest rates as a pricing mechanism for coordination.
Microeconomics can be applied in a positive or normative sense. Positive microeconomics describes economic behavior and explains what to expect if certain conditions change.

The differences between Micro and Macro Economics includes:
a. Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments.
b. Micro Economics only accounts for individual demand and supply of commodities while Macro Economics account for aggregate demand and supple of national ecomomy .
c. Micro Economics points how to reach equilibrium at a small scale while Macro Economics determine how to reach employment equilibrium.

2. The main source of my motivation to study Economics is that it helps people understand the world around them. It enables people to understand people, businesses, markets and governments, and therefore better respond to the threats and opportunities that emerge when things change.

Name: Ndu-nwaru Hearts Ugochinyerem
Reg no: 2016/232796
Email address: heartsangel08@gmail.com

1. Economics is divided into 2;
a: microeconomics which focuses on the behavior of individual consumers and producers.
b: macroeconomics which examine overall economies on a regional, national, or international scale

2. I chose to study economics so as to learn how to inspire and influence businesses positively and make profits.

1. Economic is divided into macroeconomics and microeconomics.
The basic difference between them are microeconomics is specific and smaller in scale, looking at the behavior of consumers, the supply and demand equation in individual markets, and the hiring and wage-setting practices of individual companies while Macroeconomics has a broader focus, such as the impact of fiscal policy, big picture causes of unemployment or inflation, and how government actions impact nationwide economic growth
2. I choose to study economics because economics degree helps prepare you for careers that require numerical, analytical and problem solving skills – for example in business planning, marketing, research and management. Economics helps you to think strategically and make decisions to optimise the outcome.

NAME : EKE JOSHUA OKWUCHUKWU

DEPARTMENT : ECONOMICS

REGISTRATION NUMBER : 2020/242585

G-MAIL : ekejoshuaokwuchukwu@gmail.com

1. Economics is divided into two categories. Name them and state the basic difference between both.

Economics is mainly divided in to two categories. They are;

a). Micro Economics
b). Macro Economics
Microeconomics studies individuals and business decisions.
It focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach.
Another good thing about micro economics is that investors can use microeconomics in their investments decisions.
Microeconomics is the study of decisions made by people and businesses regarding the allocation of resources, and prices at which they trade goods and services. It considers taxes, regulations, and government legislation.

On the other hand,

Macroeconomics takes a top-down approach and looks at the economy as a whole, trying to determine its course and nature. Macro economics analyzes the decisions made by countries and governments.
It studies the behaviour of a country and how its policies impact the economy as a whole. It analyzes entire industries and economies, rather than individuals or specific companies, which is why it’s a top-down approach. It tries to answer questions such as “What should the rate of inflation be?” or “What stimulates economic growth?”

Just as investors can use microeconomics in their investment decisions, macroeconomics is an analytical tool mainly used to craft economic and fiscal policy.

2. What motivated you to choose Economics as a course of study in the university?

Actually, there are several things that motivated me to choose economics as a course of study in the university.

Firstly, I was very good in economics as a subject back then in secondary school. I was even the best student in economics on several occasions, which made me have that mentality that I would do well in this course if I choose to study it in the university.
Another thing that motivated me is the present condition of the Nigerian economy.
I felt like, and I still feel like I can make a difference and bring better development to the economy.
Looking at popular economists like Dr. Mrs. Ngozi Okonjo Iwuala, Alfred Marshall, and others, I feel like I can actually make great impact like these people since I am a human as well. I even feel that I can do better, looking at the achievements of Dr. Mrs. Ngozi Okonjo Iwuala “a woman”.
Also, I am a kind of person who is so determined. Even when people were saying that the course is a very hard course, I tell them that I can do it.
Lastly, I was told that a graduate of economics is always exposed to lots of job opportunities.

1.a) Economics is divided into two categories: microeconomics and macroeconomics.
b)i)microeconomics focuses on mainly demand and supply while macroeconomics focuses on aggregates and econometric correlations.
ii)Macroeconomics studies the behavior of a country and how its policies impact the economy while Microeconomics is the study of decisions made by people and businesses regarding the allocation of resources, and prices at which they trade goods and services which considers taxes,
regulation and government legislation.
2.
I chose to study it because It helps me to understand people, businesses, markets and governments, and therefore better respond to the threats and opportunities that emerge when things change. It can also help me to make practical economic decisions.

Name: Owuh Favour Chibuonu

Reg no: 2020/241192

Blog Address: http://faveexclusivegist.blogspot.com

ANSWERS

A. The broad categories of Economics are:

1. Micro Economics
2. Macro Economics

The major/basic differences between the two broad categories is that:
While Microeconomics focuses on the behavior of individual consumers and producers,
Macro economics examine overall economies on a regional, national, or international scale.

B. Why I study Economics as a discipline

To be specific, studying Economics will prepare me for careers that require numerical, statistical, analytical and problem solving skills – for example in business planning, marketing, research and in resource management. Studying Economics will help me to think strategically and make decisions to optimise the outcome. It will also enlighten me on the economic dynamics and impacts of the global economic relations.

DEPARTMENT :PHILOSOPHY
FACULTY :SOCIAL SCIENCE
NAME: ADIMACHUKWU OLUCHUKWU EKPEREAMAKA
REG NO:2020/247920
1. Microeconomics and macroeconomics
Microeconomics which focuses on the behaviour of individual consumers and producers
WHILE
Macroeconomics, which examine overall economies on a regional, national, or international scale

Microeconomics and macroeconomics are both vast areas of study in their own rights

2: UNDERSTANDING YOUR OWN SPENDING HABITS
economics will teach you about how your organization and it’s market behaves ,but you will also gain insight into your own spending habits and values. For example willingness to pay (WTP)is the maximum amount someone is willing to pay for a goods or services

NAME: ADONU CHISOM PETER
REG. NO.: 2020/246581
EMAIL: chisompeterpann@gmail.com
DEPARTMENT: COMBINED SOCIAL SCIENCES (ECONOMICS/PHILOSOPHY)

COURSE: ECO 102. (Assignment)

1a. Microeconomics and Macroeconomics
b. The basic difference between them is that ” Microeconomics is a branch of mainstream economics that studies the behaviour of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. While
Macroeconomics concerned with economy as a whole tries to explain the economic changes that affects the entire economy in terms of total goods and services produced, total income earned and level of employment of productive resources and general price level.

2. I chose to study Economics as a course in the university because I desire to become a certified modern businessman who knows how to satisfy his customers in the best way that will favour me and people around me