Economic Structure Overview Unit 1
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Questions and Answers

What does the concept of economic structure primarily focus on?

  • Nature and organization of economic activities (correct)
  • Historical economic trends
  • Distribution of wealth among individuals
  • Role of government in the economy

What best defines the concept of economic structure?

  • The total number of financial institutions operating within a geographic area.
  • The institutional and social framework determining production and consumption of goods. (correct)
  • The collection of governmental policies that regulate economic activities.
  • The analysis of trade balances and currency exchange rates.

Which unit discusses the various economic systems that impact the economic structure?

  • Unit 2 (correct)
  • Unit 1
  • Unit 3
  • Unit 4

Which is considered a key determinant of economic structure?

<p>Economic systems (B)</p> Signup and view all the answers

Which statement accurately reflects the importance of studying economic structure?

<p>It provides insight into the interrelations of marketed and non-marketed activities. (B)</p> Signup and view all the answers

What is a key determinant of economic structure as identified in prominent definitions?

<p>The nature of resource ownership and institutional arrangements. (A)</p> Signup and view all the answers

What aspect is emphasized as a basic unit of economic structural analysis?

<p>Sector (B)</p> Signup and view all the answers

Which example best illustrates a type of sector within the Nigerian economy?

<p>Agricultural production in rural communities. (A)</p> Signup and view all the answers

Which aspect is NOT included in the introduction of Unit 1?

<p>Economic policies of Nigeria (A)</p> Signup and view all the answers

Which objective is a focus of the entire module?

<p>Conceptualize the profile and structure of the Nigerian economy (C)</p> Signup and view all the answers

In defining an economy, what is meant by 'national economy'?

<p>Economic activities of residents conducted abroad as well. (B)</p> Signup and view all the answers

What common feature is found across various definitions of economic structure?

<p>Consideration of production and consumption decision frameworks. (D)</p> Signup and view all the answers

What is noted as a major theme in all the units of this module?

<p>Linkages between successive units (B)</p> Signup and view all the answers

What is the main significance of studying economic structure?

<p>To gain insights into how economies are organized and function (A)</p> Signup and view all the answers

What does the study of the economic structure assist in understanding specifically?

<p>The dynamics of different economic systems. (C)</p> Signup and view all the answers

Which characteristic is often examined when analyzing the economic structure of Nigeria?

<p>The historical influence of colonialism on economic policies. (B)</p> Signup and view all the answers

What is one primary focus of the study of economic structure?

<p>To formulate policies for structural balance (B)</p> Signup and view all the answers

What can be a consequence of changes in economic structure?

<p>Structural unemployment in certain sectors (A)</p> Signup and view all the answers

What do variations in economic structure among countries often stem from?

<p>Diverse sociological features and political settings (C)</p> Signup and view all the answers

Why is it important to prevent the dominance of one sector over others?

<p>To maintain structural balance and growth potential (C)</p> Signup and view all the answers

What aspect of economic structure can guide future predictions about an economy?

<p>Understanding the conduct and performance of the economy (C)</p> Signup and view all the answers

How can the study of economic structure contribute to policy formulation?

<p>By analyzing potential deviations from developmental norms (B)</p> Signup and view all the answers

Which of the following is NOT a characteristic of structural diversity in economies?

<p>Uniform production methodologies (A)</p> Signup and view all the answers

What is a potential risk associated with changes in the economic structure?

<p>Structural unemployment due to sectorial shifts (D)</p> Signup and view all the answers

Which of the following activities is classified under the Primary Sector?

<p>Farming of crops (A)</p> Signup and view all the answers

What is the main focus of the Secondary Sector within an economy?

<p>Production of goods from raw materials (B)</p> Signup and view all the answers

Which of the following is a characteristic of the Tertiary Sector?

<p>Offers banking and finance services (C)</p> Signup and view all the answers

Which of these is NOT included in the 'General Commerce' classification?

<p>Public utility services (C)</p> Signup and view all the answers

What component is part of the Production classification in the Nigerian economy structure?

<p>Mining and Quarrying (D)</p> Signup and view all the answers

The output of the Primary Sector serves primarily as what for the Secondary Sector?

<p>Basic input (D)</p> Signup and view all the answers

Which of the following accurately describes the role of the Services sector?

<p>Providing public and private services (D)</p> Signup and view all the answers

Which of the following is least related to the Secondary Sector's primary activities?

<p>Extraction of natural gas (D)</p> Signup and view all the answers

What concept does Adam Smith refer to that is expected to enhance society's wealth through profit maximization?

<p>Invisible hand (B)</p> Signup and view all the answers

Which of the following systems incorporates some government participation in economic activities while recognizing private sector ownership?

<p>Developed Market Economic System (C)</p> Signup and view all the answers

In a Centrally Planned Economic System, who primarily controls the ownership of resources?

<p>The government (D)</p> Signup and view all the answers

What is a key feature of the Developed Market Economic System compared to Pure Market Capitalism?

<p>Government planning and policy framework (A)</p> Signup and view all the answers

Which of the following countries is an example of a Developed Market Economic System?

<p>United Kingdom (D)</p> Signup and view all the answers

What term is used to describe the extreme form of government control in an economic system?

<p>Communist State (B)</p> Signup and view all the answers

What role does the government play in a Developed Market Economic System?

<p>Regulates and directs economic functioning (D)</p> Signup and view all the answers

What is a common issue addressed by governments in a Developed Market Economic System?

<p>Market failures and inefficiencies (D)</p> Signup and view all the answers

What is the most dominant natural resource in Nigeria?

<p>Oil and gas (A)</p> Signup and view all the answers

Which of the following describes the climatic conditions in Nigeria?

<p>Tropical with wet and dry seasons (B)</p> Signup and view all the answers

Which geographical feature is NOT commonly associated with Nigeria?

<p>Deserts (C)</p> Signup and view all the answers

What major role do human and capital resources play in Nigeria’s economy?

<p>They serve as a foundation for economic progress (B)</p> Signup and view all the answers

Which statement about the political system in Nigeria is true?

<p>It has a history of military rule and is now stabilizing civilian governance (B)</p> Signup and view all the answers

What is a significant implication of Nigeria's resource profile on its economy?

<p>It shapes the economic structure and development pace (C)</p> Signup and view all the answers

Which of the following is NOT one of the distinct vegetations found in Nigeria?

<p>Tundra (C)</p> Signup and view all the answers

Which of the following best describes the status of Nigeria's economic development?

<p>It is a rapidly developing economy with high potential (D)</p> Signup and view all the answers

Signup and view all the answers

Flashcards

Economic Structure

The way an economy is organized, showing the relationships between different parts like industries and sectors.

Why Study Economic Structure?

To understand how an economy functions and to identify potential issues or areas for improvement.

Key Determinant of Economic Structure

The economic system, which determines the ownership and control of resources, and the level of government intervention.

Sector

A group of industries or activities that share similar characteristics, like agriculture, manufacturing, or services.

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Economic System

A set of rules and institutions that determines how resources are allocated and how the economy operates, examples include capitalism, socialism, and mixed economies.

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Structural Dualism

The coexistence of two or more economic systems within a single economy, often leading to uneven development and disparities.

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Economic Profile

A snapshot of an economy's characteristics, including its size, growth rate, and major industries.

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Economic Structure

A detailed analysis of an economy's structure, including its sectors, their relative sizes, and their interrelationships.

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What is Economic Structure?

The way an economy is organized, showing the relationships between different parts like industries and sectors.

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What is an Economy?

The collection of all economic activities within a specific geographical area.

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How is Economic Structure Defined?

The institutional arrangements and rules that govern how goods and services are produced, distributed, and consumed in an economy.

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What is an Economic System?

A set of rules and institutions that dictate how resources are allocated and how the economy operates. Examples include capitalism, socialism, and mixed economies.

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What Determines Economic Structure?

The key determinant of Economic Structure, it shapes ownership and control of resources, and level of government involvement.

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What is a Sector?

Groups of industries or activities that share similar characteristics, examples include agriculture, manufacturing, and services.

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How does Todaro Define Economic Structure?

The organizational, institutional, and social framework of any economic system, including the ownership of resources.

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Primary Sector

Activities directly related to extracting raw materials from the earth, like farming, fishing, and mining.

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Secondary Sector

Industries that process raw materials into finished goods, including manufacturing, construction, and utilities like electricity.

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Tertiary Sector

The sector that provides services to individuals and businesses, including transportation, finance, healthcare, and communication.

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Sectoral Analysis

The process of breaking down an economy into its different parts (sectors) to understand how they contribute and interact.

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Anyanwu's Economic Structure

A classification of the Nigerian economy based on four broad areas: production, general commerce, services, and others.

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Production Sector

The set of activities that involve producing goods, including agriculture, manufacturing, mining, and construction.

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General Commerce Sector

The sector that facilitates buying and selling, including domestic and international trade.

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Services Sector

The sector that provides essential services like utilities, transportation, and communication.

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What are key factors influencing economic structure ?

Variations in geographic patterns, historical development, production methods, and the size of public and private sectors.

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What are challenges of economic restructuring?

Changes in the structure of an economy, such as shifts in industries or technologies, can lead to challenges such as unemployment.

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What is structural dualism?

It refers to a situation where two or more economic systems operate within a single economy, often leading to uneven development and disparities.

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What is structural balance?

It is the process of ensuring that all sectors of the economy are developed in a balanced and consistent manner, to avoid dominance of one sector and ensure sustainable growth.

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How does studying economic structure aid policy-making?

The study of economic structure helps governments design policies to prevent or minimize deviations from desired economic goals.

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What are the benefits of studying economic structure?

The study of economic structure provides valuable information on how an economy performs, which helps in making predictions and planning future policy decisions.

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Pure Market Capitalist Economy

An economic system where individuals and businesses own and control resources, with minimal government intervention. Businesses are driven by profit maximization, and the market allocates resources through supply and demand. The "invisible hand" guides efficient allocation of resources.

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Developed Market Economic System

An economic system where government plays a greater role in planning, regulating, and providing public goods and services. While private sector businesses remain dominant, government intervenes to address market failures and ensure social welfare.

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Centrally Planned/Socialist Economic System

A system where the government owns and controls all resources, planning production and distribution. Prices are set by the state, often aimed at equity. Consumers and businesses have less freedom of choice.

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Invisible Hand

A hypothetical force that guides individuals in a capitalist economy to maximize their self-interest, leading to efficient allocation of resources for the benefit of society.

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Guiding Hand

A system that emphasizes government involvement in the economy, aiming to redirect the "invisible hand" towards social goals. This involves regulation, public services, and redistributive policies.

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Market Failure

A failure of the market to allocate resources efficiently, leading to negative consequences for society. Examples include pollution, monopolies, and lack of public goods.

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Government Intervention

A system where the government provides essential services like healthcare, education, and infrastructure. It uses taxation to finance these services, aiming for equitable distribution.

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Communist State

The extreme form of a socialist economy where the government has absolute control over all aspects of production, distribution, and social life. It aims for complete economic and social equality.

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Natural Resource

A naturally occurring substance that can be used for economic gain.

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Resource Extraction

The extraction and processing of raw materials from the earth.

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Oil

Crude oil, a primary energy source in Nigeria.

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Natural Gas

Natural gas, another energy source found in Nigeria.

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Solid Minerals

Metallic minerals like tin, iron ore, and columbite.

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Agricultural Land

Land suitable for agriculture, important for food production.

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River System

A large network of rivers in Nigeria, used for transportation and irrigation.

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Human Resources

The ability of the population to work and contribute to the economy.

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Study Notes

Course Information

  • Course Code: ECO 146
  • Course Title: Nigerian Economy in Perspective

Introduction

  • ECO 146 is a three-credit, one-semester undergraduate course.
  • The course covers 20 units in 5 modules.
  • The course guide provides information on course organisation and requirements.

Course Aims

  • Provide a background on economic structure.
  • Equip students with understanding of overall Nigerian economy profile.
  • Familiarize students with agricultural and industrial sectors' activity.
  • Appraise government plans, policies and programs affecting the economy.

Course Objectives

  • Explain the basic concepts of economic structure.
  • Outline the features and profile the Nigerian economy.
  • Discuss the agricultural and industrial sectors' contribution prior and after independence.
  • Appraise the challenges and prospects of the agricultural and industrial sectors.
  • Evaluate effectiveness of government plans, policies and programs.
  • Studying the structure will provide information to formulate adequate policies.
  • Encompasses an economic evaluation for economic development process.

Course Materials

  • Course guide
  • Study units
  • Assignment file
  • Textbook references
  • Presentation schedule

Study Units

  • 20 units in 5 modules
  • Module 1: Understanding Nigerian Economic Structure and System
    • Unit 1: Concept of Economic Structure
    • Unit 2: Concept of Economic System and Structural Dualism
    • Unit 3: Profile of the Nigerian Economy
    • Unit 4: Overview of the Nigerian Economy
  • Module 2: The Nigerian Agricultural Sector
    • Unit 1: Characteristics and Importance of the Nigerian Agricultural Sector
    • Unit 2: Agricultural Sector during Pre-independence and Post-Independence Period
    • Unit 3: The Challenges and Prospects of the Nigerian Agricultural Sector
    • Unit 4: Policy Intervention in the Nigerian Agricultural Sector
  • Module 3: The Nigerian Industrial Sector 1- General Overview; Manufacturing Subsector
    • Unit 1: General Overview; Manufacturing Subsector
    • Unit 2: Concepts and Importance of the Industrial Sector
    • Unit 3: The Challenges and Prospects the Industrial Sector in Nigeria
  • Module 4: The Nigerian Industrial Sector 2- Mining and Quarrying Subsector
    • Unit 1: Characteristics and Importance of Mining
    • Unit 2: The Crude Oil Industry
    • Unit 3: The Solid Minerals and Associated Natural Gas Industry
    • Unit 4: The Challenges and Prospects of the Mining Subsector-
  • Module 5: Economic Plans, Policies and Programmes 1
    • Unit 1: Development Planning in Nigeria (1st-4th plans)
    • Unit 2: Indigenisation Policy
    • Unit 3: Structural Adjustment Programme (SAP)
    • Unit 4: National Economic Empowerment and Development Strategy (NEEDS)
    • Unit 5: National Poverty eradication Programme (NAPEP)

Assignments

  • Assignment file with details of work to be submitted for marking.
  • Marks contribute to course grade.

Tutor-Marked Assignments (TMAs)

  • Required submissions for each unit
  • Four TMAs will be assessed, with the best three determining the score.

Final Examination

  • 3-hour duration
  • Covers all the units, self-assessment questions and TMAs.

Course Marking Scheme

  • Assignments (Top 3 out of 4): 30%
  • Final Examination: 70%

Presentation Schedule

  • Dates communicated online

How to Get the Most from the Course

  • Study units as a substitute for classroom lectures.
  • Study at your own pace and time.
  • Refer to textbooks and other resources.
  • Contact tutors if assistance is needed.

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Related Documents

ECO 146 Nigerian Economy in Perspective Course Guide PDF

Description

This quiz explores the fundamental concepts of economic structure, including its definitions, determinants, and the various economic systems that affect it. Students will also examine the importance of economic structure and key themes throughout the module. Perfect for reviewing Unit 1 of the economic structure course.

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