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

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

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  1. Two categories of economics are: Microeconomics and Macroeconomics. The basic difference between these two is that Microeconomics is entered on how individual consumers and firms make decisions while Macroeconomics is centered on an overall economy on both a national and international level, using highly aggregated economic data and variables to model the economy. It focuses could include a distinct geographical region, a country, a continent, or even the whole world.

    2. The reason is that an economic degree would help prepare me for careers that involves numerical, analytical and problem-solving skills — for example in business planning, marketing, research and management. Studying economics aids strategic thinking and decision-makings that would help optimize the outcome.

  2. Avatar Okeze Ezinne Pretty says:

    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.

  3. Avatar ONUKARIGBO OGECHUKWU IAN-COLLINS says:

    ONUKARIGBO OGECHUKWU IAN-COLLINS
    2020/247554
    therealiancollins007@gmail.com

    MICROECONOMICS AND MACROECONOMICS

    TABLE OF CONTENTS
    Microeconomics vs. Macroeconomics: An Overview
    Economics is divided into two categories: microeconomics and macroeconomics. Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments.

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

    KEY TAKEAWAYS
    Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments.
    Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach.
    Macroeconomics takes a top-down approach and looks at the economy as a whole, trying to determine its course and nature.
    Investors can use microeconomics in their investment decisions, while macroeconomics is an analytical tool mainly used to craft economic and fiscal policy.
    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.

    Q2.
    Economics plays a role in our everyday life. Studying economics enables me to understand past, future and current models, and apply them to societies, governments, businesses and individuals.

  4. Avatar AMAEFULE RAPHEAL IZUCHUKWU says:

    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.

  5. Avatar Anike chinemerem Patricia RegNo: 2019/249725 says:

    (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.

  6. Avatar Anike chinemerem Patricia RegNo: 2019/249725 says:

    (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.

  7. Avatar Ugwuja Jacintha Onyinyechukwu. 2020/243532 says:

    There are three Important Methods for Measuring National Income
    The national income of a country can be measured by three alternative methods:
    (i) Product Method.
    (ii) Income Method.
    (iii) Expenditure Method.

    1. Product Method:

    In this method, national income is measured as a flow of goods and services. We calculate money value of all final goods and services produced in an economy during a year. Final goods here refer to those goods which are directly consumed and not used in further production process.
    Goods which are further used in production process are called intermediate goods. In the value of final goods, value of intermediate goods is already included therefore we do not count value of intermediate goods in national income otherwise there will be double counting of value of goods.

    2. Income Method:

    Under this method, national income is measured as a flow of factor incomes. There are generally four factors of production labour, capital, land and entrepreneurship. Labour gets wages and salaries, capital gets interest, land gets rent and entrepreneurship gets profit as their remuneration.

    Besides, there are some self-employed persons who employ their own Company.

    3. Expenditure Method:

    In this method, national income is measured as a flow of expenditure. GDP is sum-total of private consumption expenditure. Government consumption expenditure, gross capital formation (Government and private) and net exports (Export-Import).

  8. Avatar Kalu Favour Enyindiya says:

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

  9. 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.

    Why do tickets to the best concerts cost so much? How does the threat of global warming affect real estate prices in coastal areas? Why do women end up doing most of the housework? Why do senior citizens get discounts on public transit systems? These questions are generally regarded as microeconomic because they focus on individual units or markets in the economy.

    Is the total level of economic activity rising or falling? Is the rate of inflation increasing or decreasing? What is happening to the unemployment rate? These are the questions that deal with aggregates, or totals, in the economy; they are problems of macroeconomics. The question about the level of economic activity, for example, refers to the total value of all goods and services produced in the economy. Inflation is a measure of the rate of change in the average price level for the entire economy; it is a macroeconomic problem. The total levels of employment and unemployment in the economy represent the aggregate of all labor markets; unemployment is also a topic of macroeconomics.

    Both microeconomics and macroeconomics give attention to individual markets. But in microeconomics that attention is an end in itself; in macroeconomics it is aimed at explaining the movement of major economic aggregates—the level of total output, the level of employment, and the price level.

    We have now examined the characteristics that define the economic way of thinking and the two branches of this way of thinking: microeconomics and macroeconomics. In the next section, we will have a look at what one can do with training in economics.

  10. Avatar IGBOKWE GLORIA SOMTOOCHUKWU says:

    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.

  11. Avatar Ogbozor Chimakaobimdi Gladys 202/243150 says:

    Microeconomics Macroeconomics
    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.
    6.
    Microeconomics helps point how equilibrium can be achieved at a small scale. Macroeconomics help determine the equilibrium levels of employment and income of the nation.
    7.
    Microeconomics also focuses on issues arising due to price variation and income levels. The primary component of macroeconomic problems is income.
    2 To expand my vocabulary,and using them to develop a viable business startegy

  12. 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

  13. Avatar Ifeakandu Sylvia Ukaamaka says:

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

  14. Avatar Name: Ogbodo Dikanna Francis Reg no 2020/245751 CSS Eco/Geo says:

    Economics is 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 More than Numbers

    Economics is a social science with stakes in many other fields, including political science, geography, mathematics, sociology, psychology, engineering, law, medicine and business. The central quest of economics is to determine the most logical and effective use of resources to meet private and social goals. Production and employment, investment and savings, health, money and the banking system, government policies on taxation and spending, international trade, industrial organization and regulation, urbanization, environmental issues and legal matters (such as the design and enforcement of property rights), are just a sampling of the concerns at the heart of the science of economics. Economics is Personal (Microeconomics)

    Microeconomics studies the implications of individual human action, and is key to a person’s financial health. Personal resources are scarce, too! One can always use another dollar, hour of time, or new skill. Achieving the most satisfactory allocation of one’s resources is crucial, and studying allocation problems improves one’s ability to make both daily and life-long decisions. Some examples of common day-to-day economics questions include: Should I pay cash, borrow or sign a lease to get that new car? Should I take out a home-equity loan or invest in the stock market? Should I open a 401K plan now or wait until next year? Economists understand how to make these decisions in their own lives, and can advise others on a personal or professional level. Economics is Universal (Macroeconomics)

    Macroeconomics studies how the economy behaves as a whole, including inflation, price levels, rate of growth, national income, gross domestic product and changes in employment rates. Some of the important questions American economists try to answer include: “In a nation as rich as the U.S., why are so many people under-employed?” and “Who determines how much money is circulating in the U.S.?” From politicians to educators to journalists to urban planners, a thorough understanding of macroeconomics has a strong impact on leadership skills, decision-making and the ability to plan for a flourishing social future. To meet this need, the Department of Economics has designed a multidisciplinary curriculum that prepares students to maneuver seamlessly from one area of focus to another. Microeconomists study the supply and demand decision of individuals and firms, such as how profits can be maximized and how much of a good or service consumers will demand at a certain price.
    Industrial/Organizational Economists study the market structure of particular industries in terms of the number of competitors, and the market decisions of competitive firms and monopolies. These economists may also be concerned with antitrust policy and its impact on market structure.
    Macroeconomists study historical trends in the whole economy and forecast future trends in areas such as unemployment, inflation, economic growth, productivity, and investment.
    Financial Economists study the money and banking system and the effects of rising interest rates.
    Public Finance Economists primarily are involved in studying the role of the government in the economy and the effects of tax cuts, budget deficits, and welfare policies.
    International Economists study international financial markets, exchange rates, and the effects of various trade policies such as tariffs.
    Labor Economists study the supply and demand for labor and the determination of wages. These economists also try to explain the reasons for unemployment, and the effects on labor markets of changing demographic trends such as an aging population and increasing immigration.
    Econometricians are involved in all areas of economics and use mathematical techniques such as calculus, game theory, and regression analysis to formulate economic models. These models help to explain economic relationships and are used to develop forecasts related to the nature and length of business cycles, the effects of a specific rate of inflation on the economy, the effects of tax legislation on unemployment levels, and other economic phenomena. Many economists have applied these fundamental areas of economics to more narrow areas with specific applications such as health, education, agriculture, urban and regional economics, law, history, energy, and the environment. Economics is for You

    If you want to understand wealth, poverty, growth, trade, money, jobs, income, depression, recession, prices and monopolies, and study what makes the world work from day to day, you will be fascinated by the complex field of economics!

    • Avatar Name: Ogbodo Dikanna Francis Reg no 2020/245751 CSS Eco/Geo says:

      WHAT IS ECONOMICS?

      At its core, economics is the study of how individuals, groups, and nations manage and use resources.

      Economics can be broken down into microeconomics, which looks at individual decisions, and macroeconomics, which is concerned with the economy as a whole. Both types of economics utilize historical trends and current conditions to inform business decision-making and make predictions about how markets might behave in the future.

      WHY STUDY ECONOMICS?

      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 ADVANTAGES OF STUDYING ECONOMICS

      Here’s a look at seven of the top advantages of studying economics and how it can benefit both your organization and career:

      1. You’ll Expand Your Vocabulary
      Whether it’s scarcity (limited resources), opportunity cost (what must be given up to obtain something else), or equilibrium (the price at which demand equals supply), an economics course will give you fluency in fundamental terms needed to understand how markets work. Even if you don’t use these words often in your current role, studying these economic terms will give you a better understanding of market dynamics as a whole and how they apply to your organization.

      2. You’ll 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. When you understand these terms, you can use theories and frameworks like Porter’s Five Forces and SWOT analyses to assess situations and make a variety of economic decisions for your organization, like whether to pursue a bundled or unbundled pricing model or the best ways to maximize revenues.

      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. For example, Willingness to Pay (WTP) is the maximum amount someone is willing to pay for a good or service. There’s frequently a gap between hypothetical and actual WTP, and learning about it will help you decode your own behavior and enable you to make economically sound decisions.

      Demand curve; width: 50px; align: right;
      For Shamari Benton, the concepts he learned in Economics for Managers opened his eyes to how everyday decisions are infused with economic calculations and principles.

      “A simple grocery store visit becomes filled with economic references and analytical ponders,” Benton says.

      4. You’ll Understand the Nuances of the Field
      Many people think of economics as just curves, models, and relationships, but in reality, economics is much more nuanced. Much of economic theory is based on assumptions of how people behave rationally, but it’s important to know what to do when those assumptions fail. Learning about cognitive biases that affect our economic decision-making processes arms you with the tools to predict human behavior in the real world, whether people act rationally or irrationally.

      5. You’ll Learn How to Leverage Economic Tools
      Learning economic theory is one thing, but developing the tools to make business decisions is another. Economics will teach you the basics and also give you concrete tools for analysis. For example, conjoint analysis is a statistical approach to measuring consumer demand for specific product features. This tool will allow you to get at the surprisingly complicated feature versus price tradeoffs that consumers make every day.

      For example, imagine you work for Apple Inc. and you want to know what part of the iPhone you should improve: Battery life, screen size, or camera. A conjoint analysis will let you know which improvements customers care about and which are worth the company’s time and money.

      6. You’ll Be Better-Prepared for Graduate School
      In 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. Studying economics can equip you with the problem-solving skills and technical knowledge needed to prepare for an MBA.

      An MBA typically includes courses in finance, accounting, management, marketing, and economics, so if you do decide that an MBA is right for you, you’ll be one step ahead. Furthermore, with a foundational knowledge of economics, you’ll be able to use economic theories and frameworks to decide if graduate school is worth the investment.

      7. You’ll Improve Your Career Prospects
      An education in economics can improve your employability in a variety of industries. According to the World Economic Forum’s Future of Jobs Report, analytical thinking and complex problem-solving skills top the list of skills that employers will find increasingly important by 2025, both of which can be gained by studying economics.

      In addition, many careers require knowledge of economic concepts, models, and relationships. Some possible career paths for economics students include finance, banking, insurance, politics, and healthcare administration. You’ll also be able to further your career in your current industry, as an understanding of the economics that power your industry can help you to be more effective in your role.

  15. Avatar Onyeukwu Maclaw Okechi says:

    Answer to question one
    Economics is divided into two categories. Which are:
    A. Micro-economics
    B. Macro-economics
    The difference between micro-economics and macro-economics are:
    A. Microeconomics is the study of how individuals and companies make decisions to allocate scarce resources while Macroeconomics is the study of an economy as a whole.

    B. For most macroeconomists, the purpose of this discipline is to maximize national income and provide national economic growth while One of the major goals of microeconomics is to analyze the market and determine the price for goods and services that best allocates limited resources among the different alternative uses.

    C. 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 while Microeconomics assumes businesses are rational and produce goods that maximize their profit.

    Answer to question two
    What motivate me to choose Economics as a course of study in the university is because of:
    A. To understand what it really means by the word economics and how it affect me as a youth

    B. To truly understand how to effectively utilise the scarce resources around me in my business in other to make profit

    C. To understand how I can help improve the economic situation of Nigeria

  16. Avatar Ugwoke Nmesoma Favour says:

    NAME: UGWOKE NMESOMA FAVOUR
    REG NO:2020/243271
    DEPARTMENT: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT
    E-MAIL ADDRESS: ugwokefavour22@gmail.com
    ASSIGNMENT
    THE FIELD OF ECONOMIC AND MOTIVATION
    1)THE FIELD OF ECONOMIC:
    The field of economic is typically divided into two board : microeconomics and macroeconomics.it is important to see the distinction between these board areas of study.
    i) MICROECONOMICS is the branch of economic
    that examines the behaviour of basic elements in
    the economy such as individual agents and markets.
    WHILE
    ii) MACROECONOMICS is the branch of economic that analyses the entire economy and issues affecting it such as unemployment, inflation etc.

    2) MOTIVATION:
    what motivates me to study economic is that it helps me to think reasonably before making any decisions. Having known that every activity involves a cost ,with the help of economic I can solve
    any practical problems by applying economic principle and avoid mistakes

  17. Avatar Mamah Kenneth ifeanyi, Reg. no 2020/241379 says:

    FIELD OF ECONOMICS AND MOTIVATION
    ECONOMIC FIELD:From production to consumption, economics looks at how the world’s resources are used by and distributed among individuals and organizations. This involves studying areas of politics, sociology, law, psychology, geography and history, at local and global levels.
    Economic motivations/incentive: it can be strictly defined as “cash or near-cash assistance provided on a discretionary basis to attract or retain business operations.In practice, however, it is a broadly used term denoting an array of benefits designed to promote new business activity or to encourage business or job retention. 
    Examples include:
    Tax incentive, subsidy incentive, industrial development bond financing and federal or state fund training grant fund.
    1.Tax Incentives. Tax incentives—also called “tax benefits”are reductions in tax that the government makes in order to encourage spending on certain items or activities. Tax incentives are often cited as a great way to encourage economic development
    2.Subsidies incentive. Subsidies are government incentive programs that provide set amounts of money to businesses in order to help them grow.
    Examples include agricultural subsidy,oil subsidy,and environmental subsidy.
    3.Industrial development bond financing, exempting interest from federal or state income taxes, for designated capital expenditures.
    4.Federal or state job training grants funded to local governments or private enterprises for the training of new employees or the re-training of existing employees.

  18. Avatar Ezeme malachy chinemerem ..2020/2424549 says:

    1.)Economics is categorized into Micro and macro economics
    Where Micro is the strategic flow of commodity between house hold ,firm and individual,Macro is the interelationship in the flow of money between firms and households put together
    2.) My aim of studying economics in the university is to understand the business system of my country and also learn more on how to grow wealth

    2020/242549

  19. Avatar Udensi Martha Chioma .......2020/248965 says:

    1a) The two categories of Economics are :
    1) Microeconomics
    2) Macroeconomics

    1b) Microeconomics is specific and smaller in scale, studying individuals and business decisions while Macroeconomics has a broader focus that studies decisions of countries and governments.

    2) What motivated me to choose economics as a course of study in the university was, when I got to know that economists are in a better position to make the economy of the country better since we study how scarce resources can be allocated in the country and the fact that as an economist I can work in so many places.

  20. Avatar Udensi Martha Chioma says:

    The two categories of Economics are:
    1) Microeconomics
    2) Macroeconomics

    1b) Microeconomics is specific and smaller in scale studying individuals and business decisions while Macroeconomics has a broader focus that studies decisions of countries and government.

    2) What motivated me to choose Economics as a course of study in the university was when I got to know that Economists are in a better position to make the economy of the country better since we study how scarce resources can be allocated in the country and also the fact that Economists can work in so many places.

  21. Avatar Ikwu chidera shadrach. reg no 2020/249699 says:

    Question no 1
    Economics is divided into two categories:
    1.microeconomics and
    2.macroeconomics.
    Difference between macro economics and macro economics:
    Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of
    countries and governments
    2. What motivated me to choose economics is that the course is understandable and since my secondary school I have passion for it. I like the course very much and the lecturer is a very good man that can make you to understand economics even if you don’t want to.

  22. Avatar Ikwu chidera shadrach says:

    Question no 1
    Economics is divided into two categories:
    1.microeconomics and
    2.macroeconomics.
    Difference between macro economics and macro economics:
    Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of
    countries and governments
    2. What motivated me to choose economics is that the course is understandable and since my secondary school I have passion for it. I like the course very much and the lecturer is a very good man that can make you to understand economics even if you don’t want to.

  23. Avatar Onyelonu Chidire Victory says:

    Onyelonu Chidire
    2020/246205
    Combined social sciences
    Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money.
    The study of individual decisions is called microeconomics. The study of the economy as a whole is called macroeconomics. A microeconomist might focus on families’ medical debt, whereas a macroeconomist might focus on sovereign debt.
    Fields of Economics:
    1. Labour Economics: Research in Labour Economics may address macro-level concepts such as labour supply and unemployment, or micro-level concepts such as the determinants of human capital. Our labour economists are micro-oriented with an emphasis on credible empirical methods.
    2. Financial economics is a multifaceted area; in addition to core subjects like asset pricing, risk management, and corporate governance, it encompasses the legal, regulatory, tax, and governance frameworks surrounding the financial system.
    3. Econometrics: The research group in econometrics consists of time series econometricians, who overlap to a large extent with macroeconomists and a number of financial economists at the department, and of some microeconometricians, mainly within labour and health economics. There are also a few theoretical econometricians
    4. Health Economics:is the application of economic theories and methods in the area of health. The Health Economics group conducts a wide range of applied and methodological research on the multifaceted relationship between health and economic factors/behaviours.
    Motivation: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.
    1. Achievement Motivation:It is the drive to pursue and attain goals. An individual with achievement motivation wishes to achieve objectives and advance up on the ladder of success.
    2. Affiliation Motivation:It is a drive to relate to people on a social basis. Persons with affiliation motivation perform work better when they are complimented for their favorable attitudes and co-operation
    3. Competence Motivation:It is the drive to be good at something, allowing the individual to perform high quality work. Competence motivated people seek job mastery, take pride in developing and using their problem-solving skill’s and strive to be creative when confronted with obstacles.

  24. Avatar Ezeh Clara Somtochukwu says:

    2020/246206
    1. The categories of Economics are Macroeconomics and Microeconomics.
    The differences between Macroeconomics and Microeconomics are listed below;
    a. Microeconomics deals with individual income, output, price of goods etc. While macroeconomics deals with aggregates such as a country’s output, income as well as general price levels.

    b. Microeconomics accounts for the demand and supply of a commodity, while macroeconomics accounts for a nation’s aggregate demand and supply.

    c. Microeconomics helps point how equilibrium can be achieved at a small scale meanwhile, macroeconomics helps determine the equilibrium levels of employment and income of a nation.

    d. Microeconomics analyses choose individual components of the economy, while macroeconomics analyses the economy as a whole.

    e. Microeconomics focuses on issues that affect individuals and companies. Macroeconomics focuses on issues that affect nations and the world economy.

    2. I chose economics as a course of study because there are lots of privileges studying economics, such as the ability to develop problem solving skills and also understand how complex market works and be able to work in any organisation. Economist are not only needed in business but in other areas of human living where the need arises for managing resources.
    As an economist, there are lots of job opportunities in the world,waiting for me.

  25. Avatar Onyenweife Ifeanyi James says:

    Onyenweife ifeanyi James
    Economics dept
    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.

    Part 2 what motivated me to choose Economics is because The study of economics helps people understand the world around them (relationship with people and they Environment). It enables people to understand people, businesses, markets and governments, and therefore better respond to the threats and opportunities that emerge when things change.

  26. Avatar Ugwunze Emmanuel Chukwuebuka.2019/245483 says:

    No 1
    ICT’s impact on education
    The ICT sector has already dramatically changed the way people study.A wide range of information is available free on the Internet—something that was unthinkable just 20 years ago.The use of email, websites, and virtual classrooms and libraries has proliferated, facilitating the sharing of information on a large scale. Some countries have set specific initiatives to improve education through ICT. For instance, the deployment of the Jordan Education Initiative (JEI), a public-private partnership that aims to improve education in Jordan through the effective use of ICT, was launched in 2003 with the support of the World Economic Forum. Partnerships with multinational companies such as Microsoft and Cisco have enabled the equipment, with computer labs and broadband Internet, of 100 “Discovery Schools” around the country, along with the creation of e-learning curricula for 50,000 pupils and information technology (IT) training schemes for 3,200 teachers. The performance of Jordan’s students is higher in Discovery Schools than in other schools, and higher levels of education are key to reducing unemployment and poverty. Another interesting example of an e-education program is in South Africa, a country with a 30 percent adult illiteracy rate. In partnerships with local communities, IBM has implemented labs in schools and associations that use a free Web-based program called Reading Companion.
    ICT’s impact on healthcare
    The use of ICT for health (e-health) has the potential to transform healthcare by efficiently connecting people and improving information sharing. Currently, e-health is predominantly seen in developed countries. But as the availability of ICT spreads rapidly in th developing world, there is an opportunity to expand healthcare access to areas where distance, poverty, and scarce resources are currently barriers to even basic care. Thanks to ICT, doctors can access patients’ medical records more easily, have immediate access to test results from a laboratory, and deliver prescriptions directly to pharmacists. Patients with heart problems can carry monitors, which alert their doctors if their conditions change yet allow them to continue with their daily lives as usual. Denmark is a leading country in national healthcare information exchange, with the successful development of its national e-health plan.The healthcare portal was created in 2003 to enable patients to view their medical profiles and histories, renew their prescriptions, book appointments with doctors, and so on. Healthcare professionals also have access t the same information and additional clinical knowledge.
    ICT’s impact on government services
    Early breakthroughs in e-government—such as the use of ICT to provide and improve public-sector services, transactions, and interactions—have enabled government organizations to deliver better services more efficiently. In many countries, more than 70 percent of taxpayers now file taxes electronically, for example, and many other transactions—ranging from renewing drivers’ licenses and paying parking tickets to managing government benefits—can be conducted online. Citizens have a much easier and faster access to government services. In Singapore, for example, citizens can buy replacement identity cards online by submitting digital passport-sized color photographs and scanned copies of existing identity cards.Also, when citizens are changing their residential address, they need to submit just one single report and all government agencies, educational institutions, and selected private companies will automatically be notified.A customer perception survey conducted by the Ministry of Finance and Infocomm in Singapore showed that, in 2008, 85 percent of respondents made transactions with government electronically, and 88 percent were satisfied, for four main reasons: it is easy to find information, it is userfriendly, the transaction is fast, and it is easy to complete.
    Improving information access and communications
    ICT is changing the way people access information (with Google and Wikipedia, for example) and interact with each other (through blogs, social networking sites, virtual reality sites, and so forth). Social networking websites have changed the job recruitment rules.Today these sites are the places to find a job and recruit talent.A recent survey, conducted in May 2009, revealed that 72 percent of US companies plan to increase their use of social network recruiting. Ninety-five percent of companies used LinkedIn; Facebook use by companies grew from 36 percent in 2008 to 59 percent in 2009. Interestingly, it also seems that employers are more satisfied with the quality of candidates from employee referrals and social networks than of those from job boards. From the candidate’s point of view, a recent survey showed that today 6 per￾cent of respondents found their last job via a social networking site—which is fairly high when one takes into account that these websites started to acquire a critical mass only a few years ago.It seems likely that such sources for job hunting and recruiting will only grow in importance given their overall growth in use.

    No 2
    Disadvantages of Microsoft excel
    Disadvantage is user bias
    However, the downside is that only the information that the user chooses for analysis is included in these presentations, and therefore, other pertinent information that may influence decision making might be excluded, unintentionally. To make reporting of data more user friendly and comprehensive, companies are choosing to use reporting tools such as Tableau and Qlik, instead of relying solely on the spreadsheet.

  27. Avatar Mpama Onyinyechi adaugo says:

    Name: mpama Onyinyechi ada
    Reg no: 2020/245072
    Department:Economics

    Ans to question 1:
    Two major types of economics are microeconomics, which focuses on the behavior of individual consumers and producers, and macroeconomics, which examine overall economies on a regional, national, or international scale.
    Difference between macroeconomics and microeconomics…
    1) Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments.
    2) Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach.
    3) Macroeconomics takes a top-down approach and looks at the economy as a whole, trying to determine its course and nature.
    4) Investors can use microeconomics in their investment decisions, while macroeconomics is an analytical tool mainly used to craft economic and fiscal policy.

    Ans to question 2:
    The study of economics helps me to understand the world around me. It enables me to understand people, businesses, markets and governments and therefore helps me to respond to the threats and opportunities that emerge when things change. As an Economics majors i am well-positioned in an ever-changing world because they have problem solving analytical skills that allow them to succeed in variety of career paths for example—law, risk management, actuary, finance, foreign affairs, public administration, politics, policy analysis, health administration, entrepreneurship, market analysis, journalism, and unknown careers of the future.

  28. Avatar Iweriebor Grant Ekika. 2020/247940 says:

    1. Economics is generally divided into Micro Economics and Macro Economics
    Microeconomics focuses on the behavior of individual consumers and producers, or on a retail level.
    Macroeconomics focuses on the economies on a regional, national, or international scale, or on a large scale.

    2. To understand the intricate patterns that goes with choosing wants with respect to scarce resources and helping people, governments and organizations make better choices

  29. Avatar Mba Chinasa God'stime says:

    1: Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments.
    Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach.
    Macroeconomics takes a top-down approach and looks at the economy as a whole, trying to determine its course and nature.
    Investors can use microeconomics in their investment decisions, while macroeconomics is an analytical tool mainly used to craft economic and fiscal policy.

    2: Economics plays a role in our everyday life. Studying economics enables us to understand past, future and current models, and apply them to societies, governments, businesses and individuals

  30. Avatar Nwokolo Chinedu Emmanuel says:

    Answer 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.

    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.

    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 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 aggregate and econometric correlation 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.

    Answer 2: The Economic position of Nigeria

  31. Avatar Okeke Onyinyechi Daniella says:

    Name: Okeke Onyinyechi Daniella

    Reg no : 2020/249367

    Department: Combined social Science ECO/POL

    as a student
    i have undertaken a business like Afiliate marketing ,
    i can develop my advertising skill to improve on my personal economy

  32. Avatar Dickson Edith Ezinne says:

    Name: Dickson Ezinne Edith
    Department: Economics
    Reg no: 2020/242619
    100lv

    1. Economics was classified into two; Microeconomics and Macroeconomics (Norwegian economics, Ragnar Frisch in 1933). The differences are;

    Microeconomics:
    -It is the study of how individuals and companies make decisions to allocate scarce resources. It is the field of economics that looks at the economic behaviors of individuals, households, and companies.

    – Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach.

    -Investors can use microeconomics in their investment decisions.

    Macroeconomics:
    -It is the study of an economy as a whole. It takes a wider view and looks at the economies on a much larger scale—regional, national, continental, or even global. 

    -Macroeconomics takes a top-down approach and looks at the economy as a whole, trying to determine its course and nature.

    -Macroeconomics is an analytical tool mainly used to craft economic and fiscal policy.

    They are both vast areas of study in their own rights.

    2. What motivated me to study Economics was the fact that being an Economist, I can work anywhere and run a business effectively. I also made my research then on the payments of Economists and I saw they are well paid.

  33. Avatar Onyelonu Chidire Victory says:

    Onyelonu Chidire victory
    2020/ 246205
    Combined social sciences (Eco/Psy)
    Definition of Fields of Economics Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money.Economics ranges from the very small to the very large.
    The differences of economic categories:
    The study of individual decisions is called microeconomics. The study of the economy as a whole is called macroeconomics. A microeconomist might focus on families’ medical debt, whereas a macroeconomist might focus on sovereign debt.
    Fields of Economics
    1. Labour economics:Research in Labour Economics may address macro-level concepts such as labour supply and unemployment, or micro-level concepts such as the determinants of human capital. Our labour economists are micro-oriented with an emphasis on credible empirical methods.
    2. Financial economics: is a multifaceted area; in addition to core subjects like asset pricing, risk management, and corporate governance, it encompasses the legal, regulatory, tax, and governance frameworks surrounding the financial system.
    3. Econometrics:The research group in econometrics consists of time series econometricians, who overlap to a large extent with macroeconomists and a number of financial economists at the department, and of some microeconometricians, mainly within labour and health economics. There are also a few theoretical econometricians.
    4. International Economics and Development Economics:Development Economics and International Economics are two closely linked fields of Economics, aimed at answering questions that are related in various ways to this overarching issue. Courses at the undergraduate and graduate level and research in these two fields play an important role at the Department of Economics.
    5. Health Economics is the application of economic theories and methods in the area of health. The Health Economics group conducts a wide range of applied and methodological research on the multifaceted relationship between health and economic factors/behaviours.
    Motivation to study Economics: it has varied in accordance with the status of economic life within different social environments and during different historical periods.
    1. Achievement motivation: It is the drive to pursue and attain goals. An individual with achievement motivation wishes to achieve objectives and advance up on the ladder of success.
    2. Affiliation motivation: It is a drive to relate to people on a social basis. Persons with affiliation motivation perform work better when they are complimented for their favorable attitudes and co-operation
    3. Competence motivation:It is the drive to be good at something, allowing the individual to perform high quality work. Competence motivated people seek job mastery, take pride in developing and using their problem-solving skills.
    4. Attitude motivation: is how people think and feel. It is their self- confidence, their belief in themselves, and their attitude to life. It is how they feel about the future and how they react to the past.
    5. Incentive motivation: It is where a person or a team reaps a reward from an activity. It is “you do this and you get that”, attitude. It is the type of rewards and prizes that drive people to work a little harder.

  34. Avatar Okeke Onyinyechi Daniella says:

    no 2 question

    Economics shines a light on the,welbeing of the country, and by studing it i can provide solutions to problems relating to a country .

  35. Avatar Okeke Onyinyechi Daniella says:

    Economics is divided into two categories: microeconomics and macroeconomics. Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments.

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

    Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach.
    Macroeconomics takes a top-down approach and looks at the economy as a whole, trying to determine its course and nature.
    Investors can use microeconomics in their investment decisions

  36. Avatar Okwudili Esther Mmesoma says:

    OKWUDILI ESTHER MMESOMA
    2020/242613
    ECONOMICS DEPARTMENT
    estherokwudili20@gmail.com

    1. (a)Microeconomics
    (b)Macroeconomics

    MICROECONOMICS
    Microeconomics is a branch of economics that studies the economic behaviour of small, individual decision-making units in an economy. Such decision-making units include firms, industries, households (consumers), government etc. Micro is a Greek word which means small or little. It is concerned with the behaviour of individual consumers and firms and how individual markets are organized.
    As a branch of economics, it examines how relative prices are determined and how resources are allocated to production of particular goods and services, how the goods and services are distributed among people and how intensively and effectively resources are used. Microeconomics is, in fact, a microscopic study of the economy, according to Maurice Dobb. It is like looking at the economy through a microscope to find out the working of market for individual commodities and the behaviour of individual consumers and producers.
    The objective of Microeconomics on the demand side is to maximize utility whereas on the supply side is to maximize profits at the minimum cost. The basis of Microeconomics is the price mechanism which operates with the help of demand and supply forces

    MACROECONOMICS
    Macroeconomics is concerned with the behaviour of economic aggregates such as total national product, total investment and exports for the entire economy. It is also concerned with the average price of all goods and services rather than the prices of specific products. These aggregate result from activities in many and from the behaviour of different decision-making units such as consumers, governments and firms. In contrast, macroeconomics deals with the behaviour of individual markets such as those for wheats, soft drinks, computer chips etc, and with the detailed behaviour of individual agent s such as firms and consumers. The term macro was first used in economics by Ragner Frisch in 1933.
    Furthermore, macroeconomics can also be viewed as the study of aggregates or averages covering the entire economy such as total employment, national income, national output, total investment, total consumptipn, total saving, aggregate demand, general price level etc.
    In other words , it is aggregative economics which examines the interrelations among the various aggregates, their determination and causes of fluctuations in them a d proffers measures for curbing such fluctuations.

    2. WHAT MOTIVATED ME TO STUDY ECONOMICS AS A COURSE IN THE UNIVERSITY.
    As a child, I came to find out that things at the market were no longer as it was sometimes back. Mum would come back from market then complaining of fluctuation in prices of goods and services, the prices of things skyrocketed to the point that some families can no longer afford three square meals.l became interested in knowing the cause of it.
    As that time goes on, I was taught that economics will give me a broader knowledge on why all those happened and also I could be able to proffer solution to it as an economist. I also came to understand that it will help me foresee the economic status of a country and with the analytical thinking that comes with it will be able to make better decision that will that will boost the economy of my country and help the world at large.
    These are what triggered my interest in economics.

  37. Avatar Okwudili Esther Mmesoma says:

    OKWUDILI ESTHER MMESOMA
    2020/242613
    ECONOMICS DEPARTMENT
    estherokwudili20@gmail.com

    1. (a)Microeconomics
    (b)Macroeconomics

    MICROECONOMICS
    Microeconomics is a branch of economics that studies the economic behaviour of small, individual decision-making units in an economy. Such decision-making units include firms, industries, households (consumers), government etc. Micro is a Greek word which means small or little. It is concerned with the behaviour of individual consumers and firms and how individual markets are organized.
    As a branch of economics, it examines how relative prices are determined and how resources are allocated to production of particular goods and services, how the goods and services are distributed among people and how intensively and effectively resources are used. Microeconomics is, in fact, a microscopic study of the economy, according to Maurice Dobb. It is like looking at the economy through a microscope to find out the working of market for individual commodities and the behaviour of individual consumers and producers.
    The objective of Microeconomics on the demand side is to maximize utility whereas on the supply side is to maximize profits at the minimum cost. The basis of Microeconomics is the price mechanism which operates with the help of demand and supply forces

    MACROECONOMICS
    Macroeconomics is concerned with the behaviour of economic aggregates such as total national product, total investment and exports for the entire economy. It is also concerned with the average price of all goods and services rather than the prices of specific products. These aggregate result from activities in many and from the behaviour of different decision-making units such as consumers, governments and firms. In contrast, macroeconomics deals with the behaviour of individual markets such as those for wheats, soft drinks, computer chips etc, and with the detailed behaviour of individual agent s such as firms and consumers. The term macro was first used in economics by Ragner Frisch in 1933.
    Furthermore, macroeconomics can also be viewed as the study of aggregates or averages covering the entire economy such as total employment, national income, national output, total investment, total consumptipn, total saving, aggregate demand, general price level etc.
    In other words , it is aggregative economics which examines the interrelations among the various aggregates, their determination and causes of fluctuations in them a d proffers measures for curbing such fluctuations.

    2. WHAT MOTIVATED ME TO STUDY ECONOMICS AS A COURSE IN THE UNIVERSITY.
    As a child, I came to find out that things at the market were no longer as it was sometimes back. Mum would come back from market then complaining of fluctuation in prices of goods and services, the prices of things skyrocketed to the point that some families can no longer afford three square meals.l became interested in knowing the cause of it.
    As that time goes on, I was taught that economics will give me a broader knowledge on why all those happened and also I could be able to proffer solution to it as an economist. I also came to understand that it will help me foresee the economic status of a country and with the analytical thinking that comes with it will be able to make better decision that will that will boost the economy of my country and help the world at large.
    These are what triggered my interest in economics.

  38. Avatar ALOKA ANITA NNEKA says:

    Name;ALOKA ANITA NNEKA
    Department; COMBINED SOCIAL SCIENCE (Economics/Psychology)
    Email Address; alokaanita@gmail.com
    Reg Number; 2020/242953
    The fields of Economics is typically divided into major types. They are Macro economics and Microeconomics.
    Micro economics; it focuses on the behavior of individual, consumer and producer.
    While Macro economics;examine overall economics on a regional, national or international scale.
    Micro is the branch that focuses on the choice made by individual decision making.
    Macro is the branch that focuses on the impact of choice on the total or aggregate.
    Microeconomics helps to study individual income in an economy.
    While Macro economics helps to study national income in an economy.

  39. Avatar Iruefo Chibike Alexander says:

    IRUEFO CHIBIKE ALEXANDER
    2020/249749
    iruefoa@gmail.com

    Economic is divided into two categories, namely;
    Microeconomic
    Macroeconomic

    The difference between both
    Microeconomic refers to the branch of economic which deals with smaller units or components of the economy. It is concerned with the analysis of the basic decision making components of households, individuals, firms and government
    WHILE
    Macroeconomic refers to the branch of economics which deals with largers units or aggregates of the economic. It relates to large aggregates such as national income, inflation, unemployment and balance of payment.

    I was motivated to choose economics as a course of study because it will influence me individually and wide range of career opportunities.
    Economics enable traders and businessmen to maximize their profits using economic principles in their business
    Economics enable individuals, firms and governments to solve their problems using various principles of subject.
    Economics enable individuals to choose certain wants among the numerous needs using their scare resources.

  40. Avatar Nneji Favour chinenye says:

    (1) The two major type of economics are microeconomics and macroeconomics.
    Microeconomics focuse on the behaviour of human consumption and production it is also the study of economics at an individual, group or company levels
    Microeconomics also focuses on the issues that affects individuals and companies…….

    Macroeconomics which examine overall economic on a regional, national or International scale.
    Macroeconomics also focuses on issues that affects nations and the world economy.
    (2) what motivates you to choose economics as a course of study in the university…
    (A) To understand my own spending
    (B) to understand the nuances of the fleid
    (C) to learn how to leverage economic tools
    (D) to improve my career prospects

  41. Avatar OBIAKOR VINCENT CHIKA says:

    Obiakor Chika Vincent
    Economics
    2020/256576
    Microeconomics focuses on the choices made by individual consumers as well as businesses concerning the fluctuating cost of goods and services in an economy while macroeconomics studies the economic progress and steps taken by a nation. It also includes the study of policies and other influencing factors that affect the economy as a whole. Microeconomics is used by investors in making investment decisions while macroeconomics is a tool used to craft economic and fiscal policy.
    Microeconomics focuses on issues arising due to price variation and income levels while the primary component of macroeconomics is income

    2. I chose economics as an area of study because I really loved knowing about the economy and how changes in prices affect market and individual behavior.

  42. Avatar ONUIGBO ADAEZE JENNIFER says:

    I’M DEEPLY SORRY FOR THE LATE SUBMISSION DUE TO AN EXTREMELY POOR NETWORK AND UNAVAILABILITY OF THE DEVICE FOR QUITE AWHILE.
    NAME: ONUIGBO ADAEZE JENNIFER
    REG NO: 2020/ 242608
    EMAIL ADDRESS: ADAEZEONUIGBO15@GMAIL.COM
    Economics is divided into two broad categories:
    1. Microeconomics: This deals in the study of individual variables and their relation with each other.
    2. Macroeconomics : This deals in the study of collective or aggregate variables and how they influence the whole economy.

    Basic Differences Between Microeconomics and Macroeconomics:
    1. Microeconomics: it is the part of economics which deals with the individual units of the economy WHILE
    Macroeconomics: It is that part of economics which deals with economic issues that take place on large scale.
    2. Microeconomics: It takes into account the demand and supply of individual units WHILE
    Macroeconomics: It takes into account aggregate demand and supply.
    3. Microeconomics: It aims to determine the price of a product using the factors of production WHILE
    Macroeconomics: It aims to determine income and employment level of the economy.
    4. Microeconomics: Aims at own interest or welfare WHILE
    Macroeconomics: Aims at economic welfare of the nation.
    5. Microeconomics: Studies partial equilibrium analysis WHILE
    Macroeconomics: Studies general equilibrium analysis.
    6. Microeconomics: Examples include; Individual Income and Individual Output WHILE
    Macroeconomics: Examples include; National Income and National Output.

    2. What motivated me to choose Economics as a course are;
    1. It will equip me with valuable knowledge to make everyday life decisions. It will also give me the ability to solve problems such as financial investment opportunities, the likely impact of public policies including universal healthcare and career progression.
    2. It is a broad subject that will equip me with skills that are needed in a variety of sectors and professions. It helps me to understand the world around me and how it really works. It will also help me to understand people, governments, businesses and markets and why they make choices they do and help them in relating to economy issues and giving best possible economic advice ( Economic adviser to the government)
    3. Excellent Graduate Prospects: Most students easily find a job after graduation, as economists are needed in most businesses.
    4. It brings a lot of advantages and can be said to be a satisfying profession. It has a prefect relationship between humanities and pure sciences.
    5. It will help to be able to make good decision on personal spending and how to effectively manage the resources around me, learning how to optimize my quick cognitive response as well
    6. The core motivation been that; I’m very passionate and quite interested in the course,
    And also the zeal to aid in great way in the improvement, growth and development of my nation and worldwide motivated me to study economics.
    ONCE AGAIN, I’M DEEPLY SORRY FOR THE LATE SUBMISSION DUE TO AN EXTREMELY POOR NETWORK AND UNAVAILABILITY OF THE DEVICE FOR QUITE AWHILE.

  43. Avatar john okechukwu james says:

    NAME; John okechukwu james
    Department; Social science Education
    Course; Principles of Economics II
    Title; Field of economics and motivations
    Reg No ; 2020/243850
    Email ; sponkybrown3@gmail.com

    The field of economics is a typically divided into two broad realms ; namely Microeconomics and macroeconomics it his important to see the distinction between these broad areas of study.
    *MICROECONOMICS : It is the study of decision made by people and business the allocation of resources, and prices at which they trade goods snd services.It consists of taxes,regulations and government legislation.also microeconomics tries to understand human choice, decision and allocation of resources.
    MACROECONOMICS; study the behavior of a country and how it policies impact the economy as a whole. it also analyzes the entire industries and economics rather than individual or special companies which is why it top- down approach.
    Both microeconomics and macroeconomics gives attention to individual market but in microeconomics that gives attention to the end in itself, in macroeconomics it aimed at explaining the movement of the major economics aggregates.
    DIFFERENCE BETWEEN MICROECONOMICS AND MACROECONOMICS
    *Microeconomics focuses on supply and demand while macroeconomics forces that determine price levels. making it a bottom up approach.
    *Microeconomics studies individuals and business decision while macroeconomics analyses the decision made by countries and Government.
    *Investors can use Microeconomics in their investment decision while macroeconomics analytical tool mainly used to craft economics and fiscal policy.
    *Macroeconomics is responsible for the implications of government borrowing and economics growth on nation wide scale.
    MOTIVATIONS
    *Economics motivate us to understand the market dynamics. market dynamics are simply those factors that impact the market.The economics make use of sn economist perspective such as mean , demand and supply , opportunity cost and scarcity.
    *it motivate to be able to make good decisions on personal spending.
    * because Economics his applied to everyday living.
    * it also motivate the young economics because Economics forcasting an effort Economy situation .

  44. Avatar OKECHI FRANCIS UCHE says:

    Name: Okechi Francis Uche
    Reg no: 2020/242648
    Department: Economics

    The field of economics is typically divided into two broad realms: they are
    ;
    1. Microeconomics
    2. 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.

    Why do tickets to the best concerts cost so much? How does the threat of global warming affect real estate prices in coastal areas? Why do women end up doing most of the housework? Why do senior citizens get discounts on public transit systems? These questions are generally regarded as microeconomic because they focus on individual units or markets in the economy.

    Is the total level of economic activity rising or falling? Is the rate of inflation increasing or decreasing? What is happening to the unemployment rate? These are the questions that deal with aggregates, or totals, in the economy; they are problems of macroeconomics. The question about the level of economic activity, for example, refers to the total value of all goods and services produced in the economy. Inflation is a measure of the rate of change in the average price level for the entire economy; it is a macroeconomic problem. The total levels of employment and unemployment in the economy represent the aggregate of all labor markets; unemployment is also a topic of macroeconomics.

    Both microeconomics and macroeconomics give attention to individual markets. But in microeconomics that attention is an end in itself; in macroeconomics it is aimed at explaining the movement of major economic aggregates—the level of total output, the level of employment, and the price level.

    We have now examined the characteristics that define the economic way of thinking and the two branches of this way of thinking: microeconomics and macroeconomics. In the next section, we will have a look at what one can do with training in economics.

    From production to consumption, economics looks at how the world’s resources are used by and distributed among individuals and organizations. This involves studying areas of politics, sociology, law, psychology, geography and history, at local and global levels.

  45. 1. Micro and macro economics
    #micro economics studies individual economic units while macro studies a nation’s economy as well as various aggregates
    # micro primarily deals with individual income, output, price of goods e.t.c while macro is the study of aggregate such as national output, income as well as general price levels
    # micro focuses on overcoming issues concerning the allocation of resources and price of goods e.t.c while macro focuses on upholding issues like employment and national household income
    # micro account for factor like demand and supply of a particular commodity while macro account for the aggregate demand and supply of nation’s economy

    2 while I was growing up as a child I experienced hardship and poverty due to limited resources that was going to satisfy the unlimited wants so I said to myself that I am going to study the course that will help and fix the problem and also my political ambition

  46. Avatar Odumegwu Happiness Oluchi2020/242942 says:

    The two divisions and categories of economics are:macro and micro economics.
    The difference between macro and micro economics are stated below:
    Micro economics talks about the actions of an individual unit,is an individual ,firm,household,market,industry, etc.on the other hand,the macro economics studies the economy as a wholeb, that is it assesses not a single unit but the combination of all that is firms, household,nation,industries,market etc
    Micro economics is the study of economics at an individual ,group or company level.where as ,macroeconomics is the study of a national economy as a whole.
    Microeconomics focuses on issues that affect nations and the world economy.

    What motivated me to study economics is that the study of economics equips students with valuable knowledge to make everyday life decisions the emphasis on case-based learning gives students the ability to solve problems such as financial investment opportunities ,the likely impact of public policies including universal healthcare and career progression.
    DEPARTMENT:Combined social science
    Economic/philosophy
    Reg Num:2020/242942.

  47. Avatar Chukwujindu Oluebube Miracle says:

    1. Micro Economics

    ii. Macro Economics

    Microeconomics is the study of particular markets, and segments of the economy. It looks at issues such as consumer behaviour, individual labour markets, and the theory of firms.

    Macro economics is the study of the whole economy. It looks at ‘aggregate’ variables, such as aggregate demand, national output and inflation.

    2. I found out that I apply economics in my daily life, starting from making choices on how and what to spend money on, how to save money, pay bills, allocate assets and so much more. In solving the financial needs of my daily life

    Chukwujindu Oluebube Miracle
    2020/242904
    Combined social sciences ( Eco/Soc)

  48. Avatar Uzo-onwukwe Esther Chinasa says:

    Name: Uzo-onwukwe Esther Chinasa
    Department: Economics
    Reg No:2020/246419
    Both 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. Macroeconomics takes a wider view and looks at the economies on a much larger scale—regional, national, continental, or even global. Microeconomics and macroeconomics are both vast areas of study in their own rights.

    Microeconomics and macroeconomics are two fields of study involving looking at behavior in certain areas of the economy over a period of time.
    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.
    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.

    Because 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.

    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.
    The Evolution of Macroeconomics
    Macroeconomics developed as a discipline in its own right in the 1930s when it became apparent that classic economic theory (derived from microeconomics) was not always directly applicable to nationwide economic behavior. Classic economic theory assumes that economies always return to a state of equilibrium. In essence, this means that if demand for a product increases, the prices for that product get higher and individual companies rise to meet the demand. However, during the Great Depression, there was low output and wide-scale unemployment. Clearly, this did not indicate equilibrium on a macroeconomic scale.

    While there are differential lines between microeconomics and macroeconomics, they are interdependent to a large extent. A prime example of this interdependency is inflation. Inflation and its implications for the cost of living are a common focus of investigation in the study of macroeconomics. However, since inflation raises the prices of services and commodities, it can also have acute implications for individual households and companies.

    2. I chose Economics because I want to learn how to manage resources and for future job prospect.

  49. 1a The two categories of Economics are:
    1. Micro- economics
    2 .Macro- economics

    Micro- economics refers to the branch of economics which deals with smaller units or components of the economy. it is concerned with the analysis of the basic decision making components of household, individuals,did and governments. It is concerned with output, production,cost, pricing and marketing activities of households,firms and government.

    Macroeconomics is the branch of economics that deals with larger units or aggregate of the economy.
    Macro economics relates to large aggregates such as national income, inflation, unemployment, balance of payment.it is the broader aggregates in the economy.

    1b The basic difference between microeconomics and macroeconomics are:
    i) Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments.
    ii) Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approachwhile Macroeconomics takes a top-down approach and looks at the economy as a whole, trying to determine its course and nature.
    III) Investors can use microeconomics in their investment decisions, while macroeconomics is an analytical tool mainly used to craft economic and fiscal policy.
    Microeconomics
    iv) 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.
    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?”

    2 what motivated me is the past heroin of this great department like the person;
    Ngozi okonjo iweala who is the 7th person to assume the office of the world trade organization and the first female to assume the office and Vera Songwe is an economist and banking executive from Cameroon who has worked for the World Bank since 1998, and in 2015 became Western and Central Africa’s regional director for the International Finance Corporation. She is the first woman to head the U.N.s Economic Commission for Africa (ECA) at the level of Under Secretary-General.
    So,am so proud and have more confident in my field of study.

  50. Avatar Abonyi John chibueze says:

    1. Name the two categories of economics and state there difference.
    i. Microeconomics
    ii. Macroeconomics
    The basic Different between microeconomics and macroeconomics is :

    is that microeconomics focuses on the behavior of individual customers and producers while macroeconomics focuses on examination of economics on regional, national or international scale.

    2. Why I choosed economics as a course of study:
    i. As a chemist student economics offers us help on how to interact and relate in the labor market.
    ii. Economics teaches us how we can economize chemicals in the laboratory
    III. It also teaches us how will make our input and the amount of output that will be yield .

  51. Avatar IZUCHUKWU CHIDIMMA MARYJANE. says:

    DEPARTMENT:EDUCATION ECONOMICS.
    COURSE TITLE:PRINCIPLES OF ECONOMICS II
    TOPIC:FIELDS OF ECONOMCS AND MOTIVATION.
    NAME:IZUCHUKWU CHIDIMMA MARYJANE.
    REG NO:2020/242685.
    EMAIL:maryjanechidio@gmail.com.

    FIELDS OF ECONOMICS.
    Economics is a social science that studies about human behaviour in relationship to scare means which have alternative uses.Also it is concerned with the production, distribution and consumption of goods and services.The basic foundation of economics lies on labour and trade.
    Economic is classification into two major branches;
    I) Microeconomics: Science which studies behaviour and interactions of smaller units or agent such as household, firms and government.It is the branch of economics that studies a unit of a country’s economy.It takes the buttom up approach to analyzing the economy of a country.
    2)Macroeconomics: Science which studied the economy at large or aggregate demand and supply and the interaction between aggregate expenditure and various economic unit at large.Macroeconomics focuses on aggregate and econometric correlations which is why gevernment and their agencies rely on macroeconomics to formulate economics and fiscal policy.
    * What motivated me to choose economics as a course to study in the university.
    a) It will give me the the opportunity to parttake in finding solution to the present economic problem in my country.
    b)Also,that l can offer positive and helpfull advise to the goverment and the general public on how to manage the scare resources in meeting up our human wants and desire.

  52. Avatar Itohowo Emmanson Akai says:

    Itohowo Emmanson Akai. Faculty of Education. Dept. Social science education (Eco&Edu). Reg No. 2020/247029. Assignment. Eco 102 principle of Economics Topic: Difference between micro and macro Economics. (1) First and foremost what is microeconomics?
    It is the study of the economic actions of individuals and small groups of individuals. It entails the study of particular firms, particular households, individual prices, wages, incomes, individual industries and particular commodities. It also talks about the analysis of price determination and the allocation of resources to alternative uses. Furthermore, it is like looking at the economy through a microscope to find out the working of markets for individual commodities and the behaviour of individual consumers and producers.
    THE DIFFERENCE ARE: 1. The main goals of microeconomics is to evaluate market and decide the price for goods and services that can effectively channels the limited resources to different alternative uses. 2. It assumes that business is rational and manufacture goods can maximise its gain. 3. It studies the behaviour of individual household and firm in making choices on the allocation of limited resources. 4. It is also based on the partial equilibrium analysis which helps to explain equilibrium condition of an individual, a firm, an industry and a factor. 5. The study of equilibrium conditions are analysed at a particular period, so it is regarded as a static analysis.
    Macroeconomics: It is the study of aggregates or averages covering the whole economy, such as: total employment, unemployment, national income, national output, total investment, total consumption, total savings, aggregate supply, aggregate demand, general price level, wage level, interest rate and cost structure. It also talks about the aggregate economy which examines the interrelations among the various aggregate, their determination and causes of fluctuations in them.
    THE DIFFERENCE ARE: 1. It helps ensure optimum utilisation of the resources available to a country. 2. It accounts for the aggregate demand and supply of a nation’s economy. 3. It places greater emphasis on empirical data and trying to explain it. 4. It may lead to a state of disequilibrium either boom or recession for a longer period.
    (2) Motivation Naturally, Economics as a course or subject seems to be likened by everyone either with condition or otherwise, due to the embedded likeness it has and contains and the all round solutions it can proffer to man and the general public. If its principles and laws propounded by economists are properly applied and followed by people. However, it interests everyone if not all, both those that are in the field and outside to have knowledge about it.
    In the university level of education, there are many courses which we were not told at the secondary or high school, in which, if someone didn’t lay a concrete foundation based on the field he or she wanted to specialise on, a person might not cope well. If there is a change of mind (course) on the long run of attending university. Besides how and what every other person regards “ECONOMICS”, is quite different from the notion I have about Economics as a course. THE MOTIVATION AND NOTION CAN BE SUMMARISED BELOW:. 1. Dream: Biblically, dream(s) is as a result of inward thought or revelation of what had happened in the past or would happen in the nearest future. Initially, I wanted to read law at the university level, but one fateful night God spoke to me clearly and openly not to read law, but economics. Then I saw economics as a mere course and unprofessional and disliked it. But after my human evaluation thinking, God re-formed me that the reason He wants me to study economics is because am going to be a teacher, that is, teaching is my profession. Therefore, I finally accepted the Divine will of God with love and joy, and am proud now to be a student of Economics.
    2. Passion and interest: After accepting the course with joy unquenchable interest and passion arose within me which are they driving force for a man to succeed in life.
    3. Problems: Here both my eyes and mind began to open to the problems am going to solve in the world which held people and nations for many years.
    4. Opportunities: Here I saw opportunities in economics more than any other course, because we cannot talk about anything in this world without talking economy into consideration. Furthermore, I also saw opportunities to leading people to Jesus Christ when I become a global financial solution. Why because everyone on the planet Earth needs money. 5. Finally, I saw economics as the course that would make me self-employed. Even job vacancies abound because it is needed in every field of human endeavour.

  53. Avatar ONUORA TEMPLE NDUBUISI, REG NO. 2019/250957, DEPARTMENT: SCIENCE LABORATORY TECHNOLOGY, FACULTY: PHYSICAL SCIENCES says:

    MY UNN EMAIL ADDRESS IS
    temple.onuora.250957@unn.edu

  54. Avatar ONUORA TEMPLE NDUBUISI, REG NO. 2019/250957, DEPARTMENT: SCIENCE LABORATORY TECHNOLOGY, FACULTY: PHYSICAL SCIENCES says:

    ANSWERS
    1. ECONOMICS IS DIVIDED INTO TWO CATEGORIES NAMELY
    – MICROECONOMICS
    – MACROECONOMIS

    2. DIFFERENCES BETWEEN MICROECONOMICS AND MACROECONOMICS

    MICROECONOMICS deals with the economic interactions of a specific person, a single entity, or a company. These interactions, which mainly are buying and selling goods, occur in markets. Therefore, microeconomics is the study of markets. The two key elements of this economic science are the interaction between supply and demand and scarcity of goods.

    WHEREAS

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

    3. WHY I CHOOSE ECONOMICS AS A COURSE OF STUDY IN THE UNIVERSITY
    An economics course gives me 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 i 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 and analytical skills.

  55. Avatar Emeka Nmesomachi Wisdom says:

    Name:Emeka Nmesomachi Wisdom
    Reg no:2020/242588
    Email :wizzyella0@gmail.com
    Dept: Economics

    1.macro and micro economics
    .Microeconomics studies individual economic units while Macroeconomics studies a nation’s economy, as well as its various aggregates.
    2.Microeconomics primarily deals with individual income, output, price of goods, etc 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 discrimination while Macroeconomics focuses on upholding issues like employment and national household income.
    4.Microeconomics accounts for factors like demand and supply of a particular commodity while 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 while Macroeconomics helps ensure optimum utilisation of the resources available to a country
    6. Microeconomics helps point how equilibrium can be achieved at a small scale while Macroeconomics help determine the equilibrium levels of employment and income of the nation
    7. Microeconomics also focuses on issues arising due to price variation and income levels while  The primary component of macroeconomic problems is income.

    2. Studying economics provides one with not just an understanding of human behaviour, but also cultivates in students the problem-solving, analytical, communication and persuasion skills that are critical for success in today’s economy . The study of economics equips students with valuable knowledge to make everyday life decisions.

  56. Avatar Onyema Janet says:

    Name: Onyema Janet Nneoma
    Department: Economics
    Registration number: 2020/242640
    Email: onyemajanet@gmail.com
    1. Micro Economics and Macro Economics.
    Micro economics is a category of economics that deals with individuals, businesses and organizations centering on consumption, availability of scarce resources and other basic concepts while macro economics like the name implies deals with the major part of an economy ranging from national income to economic growth etc.

    2. As a student what motivated me to study Economics is basically because I’m good in accounting and I generally love business and I chose the course because I believe it will help me broaden my knowledge about business and also how to go about it when actualizing a business plan.

  57. Avatar Judith+Chinaza+Kamanu says:

    Name: Kamanu Judith Chinaza
    Matric number: 2020/242505
    Department : Business Education
    Faculty: Vocational and Technical Education

    1. The two categories of economics :
    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.

    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.
    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.

    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.

    2.. I chose economics because as an Economists I can look at risks and benefits on people, the job market and society as a whole when advising how to allocate resources.

  58. Avatar Agbo Ugochukwu Lilian says:

    Reg number2020/244243
    Name Agbo Ugochukwu Lilian
    E Mail liliangbo31@gmail.com
    Dep. Business Education

    1 Categories of Economics and it’s differences

    Economics is a social science that deals with human behavior and difference between scarce and means which have alternative uses.
    With d aid of Economics national expenditures can not be mis funded or mismanaged with this fact, national and economic day to day transactions are taken into consideration with the aim of achieving equal balance with the available resources. This is achieved through Macro Economics. Trading far and wide and the calculation of the the National Net profit and GDP sees to micro Economics .
    Macro Economics deals with the science study of national expenditures with the aim of managing it’s expertise .

    Micro Economics is based in institution and individual dealing and how they influence the economic resources.Meanwhile, individual influence to the economy is either calculated once. Micro Economics gets to talk more on individual economic influence

    2 My reasons for the study of Economics is to enquire more knowledge about the study of individual differences in trading since business is all about human, they is more to it than just the ordinary knowledge about it

  59. Name: Okpani Blessing
    Reg Number: 2020/242623
    Dept: Economics
    Email: lilianokpani54@gmail.com
    Question 1
    The two major categories in economics are the micro and macro economics. Now this two are quite different from each other firstly with the names micro signifying small and macro large. But right below this are/is the major difference between them
    Micro economics: this branch focuses on the individual persons and businesses
    Macro economics: this branch is more interested in the business as a whole. It takes delight in taking care and talking about all that concerns the business rather than separating the business from the individuals.

    Question 2
    Well at first, I never had any high dreams nor ambitions as to why I needed to study economics. For me it was a way to get into school. But then when I started attending lectures and browsing more about the discipline I developed love for it because it is tasking and challenging. It wasn’t as easy as I expected and also I found out that there were so many opportunities open to those who studied economics. But what made me love it even better was that it is not just theoritical it is very well practical. We tend see what we hear and also try out new things when it comes to business.

  60. Avatar Ugwu Miriam Ebere says:

    Ugwu Miriam Ebere
    Business Education
    2020/242136
    Two categories or types of economics are Microeconomics, which exercises or focuses on the behavior of individual consumers and producers.

    And secondary, macroeconomics on a regional, national, or international scale.
    _ Microeconomics, According to my understanding is the study of individual behavior, when individual makes choices according to the available product and market price resources.
    Microeconomics refers to the branch of economics which deals with smaller units or components of the economy.it is concerned with the analysis of the he basic decision making components of household, individual, firms, and governments. It relates to cost output, production, pricing and governments.
    Example of microeconomics include supply,demand,competition, and prices of goods.

    Macroeconomics refers to the branch of economics which deals with larger unite or aggregates of the economy.it can also be defined as the study of a national or regional economy as a whole.
    Macroeconomics relates to large aggregates such as national income, inflation, unemployment and balance of payment. In summary, macroeconomics deals with the broad aggregates in the economy.
    The main difference between macroeconomics and microeconomics is that , macroeconomics seeks to find a general perspective at a national level, while microeconomics focuses on the individual perspective at a consumer level.

    2. What motivated me to study economics as a course includes
    _ the theories; how the theories in economics ate being propounded and are confirmed and applied and tested. These theories helps to understand for example , that of demand and supply. The propounded theories , helps a lot in understanding economics better.
    _ income management: economics helps to manage the national income and also individual economy.
    Apart from all these stated above, economics is an interesting course.

  61. Avatar Agbo Gift Obianuju says:

    NAME:Agbo Gift Obianuju
    REG.NO :2020/243000
    Fa: social sciences
    Department: combined social sciences (Eco/Phil)
    Email: agbogift2003@gmail.com

    1) Both microeconomics and Macroeconomics involves examining economic behaviour, but they differ in terms of scale of the subject studied . Microeconomics is the field of economics that looks at the economic behaviour of individuals, house holds, and companies, while
    Macroeconomics takes a wider view and at the economic on a much larger scale

    2) I chose to study economics in the university because Economics is a widely respected field of study and provides an alternative to an Accounting and Finance degree as it offers similar career opportunities for graduates. You could work in job roles within a range of industries, such as:

    Banking
    Finance
    Accountancy
    Business
    Government
    Consultancy

  62. Avatar Nwobodo-David Emmanuella Uchechukwu says:

    Name:Nwobodo-David Emmanuella Uchechukwu
    Department: Public Administration and local government.
    Reg no:2020/249820
    1.Macro Economics
    2.Micro Economics.
    1.Macro Economics is a branch of economics that deals with the act, structure, attitude and decision-making of an economy as a whole.for instance using interest rates, taxes and government expenditure to enforce an economic growth and stability. Macroeconomics is usually ensured through by two sets of equipments, fiscal and monetary policy.
    2. Microeconomics. It is a branch of major stream economy that deals with the behavior of individuals and firms in taking actions towards the allocation of scarce resources and the dealings among these individuals and firms.it is the research of what is likely to happen when individuals decision in response to changes DIFFERENCES BETWEEN THE TWO CATEGORIES
    1.Microeconomics: Deals with how individuals and companies make choices to allocate scarce resources while Macroeconomics they deal with every aspect of the economy. They emphasize on the decisions made by countries and governments.
    2. Microeconomics they concentrate on demand and supply whereas Macroeconomics take necessary approach and looks at everything about the economy.
    Question 2
    1. Economics helps me to know more about the economy management of a country.
    2. It helps me to know about budgeting and planning management.

  63. Avatar Omeh Gloria Chinenye 2020/248326 says:

    1. We have two types of economics. They are microeconomics and macroeconomics.
    Microeconomics can be defined as the study of an individuals decisions together with business decision while macroeconomics is the study of decision made by governments or countries.
    2.What motivated me to study economics is that economics helps someone to take a good measure in ones country enonomy

  64. Avatar UBADIGHA STANLEY CHIDERA 2020/245100 says:

    1.microeconomics analyses demand and supply of labor while macroeconomics analyzes total employment in the economy.
    2. What prompted me to chose Economics as a course of studies here in the university because it helps one to understand the market dynamics which are those simple factors that impact the market.

  65. Avatar Chigozie chidera Jennifer says:

    Chigozie chidera Jennifer
    Department: Economics
    Course: Eco 102
    Reg no. 2020/242579

    1. Macroeconomics is the study of economics involving phenomena that affects an entire economy, including inflation, unemployment, price levels, economic growth, economic decline and the relationship between all of these. Macroeconomics deals with the performance, structure, and behavior of the entire economy

    Microeconomics looks at how households and businesses make decisions and behave in the marketplace. Microeconomics is more focused on the choices made by individual actors in the economy like people, households, industries, etc.

    One major differences between Microeconomics and macroeconomics is in its application. Macroeconomics helps in strengthening policies and uniform resource distribution at the economy level such as unemployment, inflation level etc. While Microeconomics helps in developing policies to facilitate appropriate resource distribution at the firm level.

    Also, macroeconomics Preserves stability in the broad price level and solves the major issues of the economy like deflation, inflation, rising prices (reflation), unemployment and poverty, etc. While Microeconomics Plays a significant role in regulating the prices of a product alongside the prices of various factors of production (labour, land, entrepreneur, capital, etc) within the economy.

    2. The study of economics provides an individual the knowledge to be able to work in 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, and the study of economics covers all these aspects.

    Also, 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.

    A degree in economics provides an individual with many opportunities, it enables one to be able to explore and work in different field of studies, such as politics, law, health, education, management, and many others because it is broad and covers every aspect of life.

  66. Avatar Chigozie chidera Jennifer says:

    Chigozie chidera Jennifer
    Department: Economics
    Course: Eco 102

    1. Macroeconomics is the study of economics involving phenomena that affects an entire economy, including inflation, unemployment, price levels, economic growth, economic decline and the relationship between all of these. Macroeconomics deals with the performance, structure, and behavior of the entire economy

    Microeconomics looks at how households and businesses make decisions and behave in the marketplace. Microeconomics is more focused on the choices made by individual actors in the economy like people, households, industries, etc.

    One major differences between Microeconomics and macroeconomics is in its application. Macroeconomics helps in strengthening policies and uniform resource distribution at the economy level such as unemployment, inflation level etc. While Microeconomics helps in developing policies to facilitate appropriate resource distribution at the firm level.

    Also, macroeconomics Preserves stability in the broad price level and solves the major issues of the economy like deflation, inflation, rising prices (reflation), unemployment and poverty, etc. While Microeconomics Plays a significant role in regulating the prices of a product alongside the prices of various factors of production (labour, land, entrepreneur, capital, etc) within the economy.

    2. The study of economics provides an individual the knowledge to be able to work in 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, and the study of economics covers all these aspects.

    Also, 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.

    A degree in economics provides an individual with many opportunities, it enables one to be able to explore and work in different field of studies, such as politics, law, health, education, management, and many others because it is broad and covers every aspect of life.

  67. Name: okechukwu prosper onyedikachukwu
    Reg no: 2020/242139
    Department: Business education
    1. Economics is classified into two categories namely:
    Microeconomics
    Macroeconomics
    Microeconomics is the study of individual and business decisions, while Macroeconomics looks at the decisions of countries and governments.
    Microeconomics study individual prices while Macroeconomics study an overall prices of goods and services.
    2. My motivation to study economics was when I saw the economy challenges Nigeria is passing through because of lack of a good economy advise, I made a decision to study economics so as to get a knowledge on how to curb the situation and if opportuned to give advise to the government on steps to take for a better economy situation in other to improve the standard of living of it citizens and a better place for business owners.

  68. Avatar NNAJI MIRACLE OGECHUKWU says:

    NNAJI MIRACLE OGECHUKWU
    2020/242602
    ECONOMICS DEPARTMENT
    1. MICROECONOMICS: Is the branch of economics concerned with study of how individuals, groups and companies make decisions to allocate scarce resources.
    MACROECONOMICS: Is the branch of economics that deals with the relationship of the major factors in an economy.
    DIFFERENCE BETWEEN THE TWO BRANCHS OF ECONOMICS
    * Microeconomics studies economics at an individual, group or company level while macroeconomics is the study of national economy as a whole.

    2. I chose this course because it is the most practical course to me and I love reading it
    It is a course about things around me and things happening in the world.

  69. Avatar Obi Francisca Nwamaka says:

    Obi Francisca Nwamaka
    2020/248211
    Edu/Economics
    Eco102
    Question 1: Economics is 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.
    Answers 1:
    Economics is concerned with the well-being of all people, including those with jobs and those without jobs, as well as those with high incomes and those with low incomes. Economics acknowledges that the production of useful goods and services can create problems of environmental pollution.
    It explores the question of how investing in education helps to develop workers’ skills.
    It probes questions like how to tell when big businesses or big labor unions are operating in a way that benefits society as a whole and when they are operating in a way that benefits their owners or members at the expense of others.
    It looks at how government spending, taxes, and regulations affect decisions about production and consumption.
    It should be clear by now that economics covers a lot of ground. That ground can be divided into two parts:
    Microeconomics
    Macroeconomics
    Microeconomics focuses on the actions of individual agents within the economy, like households, workers, and businesses. Macroeconomics looks at the economy as a whole. It focuses on broad issues such as the growth of production, the number of unemployed people, the inflationary increase in prices, government deficits, and levels of exports and imports.
    Microeconomics and macroeconomics are not separate subjects, but rather complementary perspectives on the overall subject of the economy.

    The difference between microeconomics and
    Macroeconomics

    Microeconomics is the branch of economics that is related to the study of individual, household, and firm behavior in decision making and allocation of resources. It comprises markets of goods and services and deals with economic issues.
    Macroeconomics is the branch of economics that deals with the study of the behavior and performance of the economy in total. The most important factors studied in macroeconomics involve gross domestic product (GDP), unemployment, inflation and growth rate, etc.

    Microeconomics studies the particular market segment of the economy.
    Macroeconomics studies the whole economy, which covers several market segments.

    Microeconomics deals with various issues like demand, supply, factor pricing, product pricing, economic welfare, production, consumption, and more.
    Macroeconomics deals with various issues like national income, distribution, employment, general price level, money, and more.

    It is applied to internal issues.
    It is applied to environmental and external issues.

    It covers several issues like demand, supply, factor pricing, product pricing, economic welfare, production, consumption, and more.
    It covers several issues like distribution, national income, employment, money, general price level, and more.

    It is useful in regulating the prices of a product alongside the prices of factors of production (labor, land, entrepreneur, capital, and more) within the economy.
    It perpetuates firmness in the broad price level and solves the major issues of the economy like deflation, inflation, rising prices (reflation), unemployment, and poverty as a whole.

    It is based on impractical presuppositions, i.e., in microeconomics, it is presumed that there is full employment in the community, which is not at all feasible.
    It has been scrutinized that the misconception of composition’ incorporates, which sometimes fails to prove accurate because it is feasible that what is true for aggregate (comprehensive) may not be true for individuals as well.

    What motivated you to choose Economics as a course of study in the university?
    Economics is one of the most popular fields of study at universities around the globe. A social science concerned with the production, distribution, and consumption of goods and services, economics studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Here’s a closer look at six reasons to pursue studies in economics, along with one program that can help you prepare for a successful career as an economist.
    1. You can inspire business success and impact industries.
    Economics has a profound impact on businesses and industries. Because the economy is dynamic, with many ups and downs, understanding it can help businesses and industries weather the changes, survive, and thrive.
    Economics can help business leaders maintain a focus on profitability and be aware of opportunities to proactively capitalize on them. In short, while the economy fluctuates, business leaders with acuity are best positioned to help their companies endure.
    2. You’ll be positioned to be part of shaping and recovery of resources.
    Even as the world moves in the direction of recovery, the extent of the impact of COVID remains to be seen. And while the world appears to be bouncing back faster than expected, many questions linger, according to Harvard Business Review. Economists will play a vital role in making sense of where we are and what we need to do to continue on the path to recovery.
    “While monitoring the overall macro landscape remains important, leaders should not underestimate the importance of measuring, interpreting, and exploiting the dynamics of their sectors and markets to be able to invest and flourish during the recovery and the post-crisis period,” asserts Harvard Business Review. Economic forecasting will help assess what’s next to prepare for it.
    3. You’ll gain a sought-after international perspective.
    Economies don’t exist in a vacuum; they’re inextricably linked with the surrounding world. The study of economics offers both domestic and international perspectives and reveals insights into the interactions between cultures, people, and societies.
    From a practical perspective, if you’re looking for an international business career, an understanding of the world economy is critical for driving success. This also makes economics a sought-after degree by employers.
    4. Your skills will be transferable.
    While studying economics will prepare you for a career as an economist, it also cultivates the development of invaluable hard and soft skills, including critical thinking, communication, numeracy, research skills, data analysis, time management, teamwork, problem-solving, computing, and commercial and cultural awareness. As such, your skills will also be sought-after by a variety of employers in diverse fields.
    5. It’s part of everyday life.
    If you are looking for a career where your work will have real meaning in the world, the good news is economics is an inherent part of nearly all aspects of everyday life. So while you may be studying theory, there’s always a practical context to consider.
    Not to mention that in studying economics, you can make the world a better place. “The ultimate goal of economic science is to improve the living conditions of people in their everyday lives. Increasing the gross domestic product is not just a numbers game. Higher incomes mean good food, warm houses, and hot water. They mean safe drinking water and inoculations against the perennial plagues of humanity,” insists the Federal Research Bank of San Francisco.
    6. You’ll have excellent job prospects.
    Because economists will always be needed across all industries, economics graduates are in great demand by employers around the world. According to The Balance Careers, potential job options for economics graduates include market research analyst, economic consultant, compensation and benefits manager, actuary, credit analyst, financial analyst, policy analyst, lawyer, management consultant, and business reporter.

  70. Avatar Obi Francisca Nwamaka says:

    Obi Francisca Nwamaka
    2020/248211
    Edu/Economics
    Eco102
    Question 1: Economics is 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.
    Answers 1:
    Economics is concerned with the well-being of all people, including those with jobs and those without jobs, as well as those with high incomes and those with low incomes. Economics acknowledges that the production of useful goods and services can create problems of environmental pollution.
    It explores the question of how investing in education helps to develop workers’ skills.
    It probes questions like how to tell when big businesses or big labor unions are operating in a way that benefits society as a whole and when they are operating in a way that benefits their owners or members at the expense of others.
    It looks at how government spending, taxes, and regulations affect decisions about production and consumption.
    It should be clear by now that economics covers a lot of ground. That ground can be divided into two parts:
    Microeconomics
    Macroeconomics
    Microeconomics focuses on the actions of individual agents within the economy, like households, workers, and businesses. Macroeconomics looks at the economy as a whole. It focuses on broad issues such as the growth of production, the number of unemployed people, the inflationary increase in prices, government deficits, and levels of exports and imports.
    Microeconomics and macroeconomics are not separate subjects, but rather complementary perspectives on the overall subject of the economy.

    microeconomics
    Macroeconomics

    Microeconomics is the branch of economics that is related to the study of individual, household, and firm behavior in decision making and allocation of resources. It comprises markets of goods and services and deals with economic issues.
    Macroeconomics is the branch of economics that deals with the study of the behavior and performance of the economy in total. The most important factors studied in macroeconomics involve gross domestic product (GDP), unemployment, inflation and growth rate, etc.

    Microeconomics studies the particular market segment of the economy.
    Macroeconomics studies the whole economy, which covers several market segments.

    Microeconomics deals with various issues like demand, supply, factor pricing, product pricing, economic welfare, production, consumption, and more.
    Macroeconomics deals with various issues like national income, distribution, employment, general price level, money, and more.

    It is applied to internal issues.
    It is applied to environmental and external issues.

    It covers several issues like demand, supply, factor pricing, product pricing, economic welfare, production, consumption, and more.
    It covers several issues like distribution, national income, employment, money, general price level, and more.

    It is useful in regulating the prices of a product alongside the prices of factors of production (labor, land, entrepreneur, capital, and more) within the economy.
    It perpetuates firmness in the broad price level and solves the major issues of the economy like deflation, inflation, rising prices (reflation), unemployment, and poverty as a whole.

    It is based on impractical presuppositions, i.e., in microeconomics, it is presumed that there is full employment in the community, which is not at all feasible.
    It has been scrutinized that the misconception of composition’ incorporates, which sometimes fails to prove accurate because it is feasible that what is true for aggregate (comprehensive) may not be true for individuals as well.

    What motivated you to choose Economics as a course of study in the university?
    Economics is one of the most popular fields of study at universities around the globe. A social science concerned with the production, distribution, and consumption of goods and services, economics studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Here’s a closer look at six reasons to pursue studies in economics, along with one program that can help you prepare for a successful career as an economist.
    1. You can inspire business success and impact industries.
    Economics has a profound impact on businesses and industries. Because the economy is dynamic, with many ups and downs, understanding it can help businesses and industries weather the changes, survive, and thrive.
    Economics can help business leaders maintain a focus on profitability and be aware of opportunities to proactively capitalize on them. In short, while the economy fluctuates, business leaders with acuity are best positioned to help their companies endure.
    2. You’ll be positioned to be part of shaping and recovery of resources.
    Even as the world moves in the direction of recovery, the extent of the impact of COVID remains to be seen. And while the world appears to be bouncing back faster than expected, many questions linger, according to Harvard Business Review. Economists will play a vital role in making sense of where we are and what we need to do to continue on the path to recovery.
    “While monitoring the overall macro landscape remains important, leaders should not underestimate the importance of measuring, interpreting, and exploiting the dynamics of their sectors and markets to be able to invest and flourish during the recovery and the post-crisis period,” asserts Harvard Business Review. Economic forecasting will help assess what’s next to prepare for it.
    3. You’ll gain a sought-after international perspective.
    Economies don’t exist in a vacuum; they’re inextricably linked with the surrounding world. The study of economics offers both domestic and international perspectives and reveals insights into the interactions between cultures, people, and societies.
    From a practical perspective, if you’re looking for an international business career, an understanding of the world economy is critical for driving success. This also makes economics a sought-after degree by employers.
    4. Your skills will be transferable.
    While studying economics will prepare you for a career as an economist, it also cultivates the development of invaluable hard and soft skills, including critical thinking, communication, numeracy, research skills, data analysis, time management, teamwork, problem-solving, computing, and commercial and cultural awareness. As such, your skills will also be sought-after by a variety of employers in diverse fields.
    5. It’s part of everyday life.
    If you are looking for a career where your work will have real meaning in the world, the good news is economics is an inherent part of nearly all aspects of everyday life. So while you may be studying theory, there’s always a practical context to consider.
    Not to mention that in studying economics, you can make the world a better place. “The ultimate goal of economic science is to improve the living conditions of people in their everyday lives. Increasing the gross domestic product is not just a numbers game. Higher incomes mean good food, warm houses, and hot water. They mean safe drinking water and inoculations against the perennial plagues of humanity,” insists the Federal Research Bank of San Francisco.
    6. You’ll have excellent job prospects.
    Because economists will always be needed across all industries, economics graduates are in great demand by employers around the world. According to The Balance Careers, potential job options for economics graduates include market research analyst, economic consultant, compensation and benefits manager, actuary, credit analyst, financial analyst, policy analyst, lawyer, management consultant, and business reporter.

  71. Avatar Eze Emmanuel Ifeanyi 2020/243120 Philosophy says:

    Micro- studies individual income
    Macro- studies national income

    Micro- Analyze demand and supply of labour
    Macro- Analyzes total employment in economy

    Micro- deals with household and firm decision
    Macro-deals with aggregate decision

    Micro- Studies individual price
    Macro- studies overall price

    Micro- Analyze demand and supply of goods
    Macro- Analyze aggregate demand and aggregate supply

    It educates on making the tight choice of demand

  72. Avatar Sunny Precious Ogochukwu says:

    Name: Sunny Precious Ogochukwu
    Department: Combined social science
    (Economic and philosophy)
    Faculty: Social science
    Reg number:2020/245604
    Level:100
    Course code: Eco 102
    Answer
    1) different between microeconomic and macroeconomics
    * Microeconomic studies individual economic units. While macroeconomics studies a nation economy as we as its various aggregates.
    *Microeconomic primarily deals with individual income, output, price of good etc . While macroeconomic is the study of aggregates such as national output, income as well as general price levels.
    *Microeconomic focuses on overcoming issues concerning the allocation of resources and price discrimination. While macroeconomic account for the aggregated demand and supply of a nation economy.
    2.) what motivated me to study economic is that me understand the world around me and how it works. It also helps use to understand people, government, business and market’s and why they make the choice they do

  73. Avatar Oha Ujunwa Emmanuella. 2020/242643 says:

    NAME: OHA UJUNWA EMMANUELLA
    REGISTRATION NUMBER: 2020/242643

    1). Economics is divided into Micro and Macro Economics

    Microeconomics deals with the economic interactions of a specific person, a single entity, or a company. These interactions, which mainly are buying and selling goods, occur in markets. Therefore, microeconomics is the study of markets. The two key elements of this economic science are the interaction between supply and demand and scarcity of goods.
    One of the major goals of microeconomics 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. Microeconomics assumes businesses are rational and produce goods that maximizes their profit. If each firm takes the most profitable path, the principles of microeconomics state that the market’s limited resources will be allocated efficiently

    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.

    Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments. Though these two branches of economics appear different, they are actually interdependent and complement one another.

    • Avatar Oha Ujunwa Emmanuella. 2020/242643 says:

      2). Through out my secondary school days, I have always loved the subject Economics.
      I would also like to study the economy

  74. 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.

  75. Avatar Ozongwu favour adanna says:

    1. DIFFERENCE BETWEEN MICRO ECONOMICS AND MACRO ECONOMICS Macro Economics studies the behavior of a country and how it’s policies impact the economy as a whole . WHILE Micro Economics study is stream lined to the study of the behavior of individuals and forms in making decisions regarding the allocation of scare resources. Therefore macro Economics focuses on the sum total of Economic activity , dealing with the issues of growth , inflation and unemployment WHILE MICRO ECONOMICS focuses on market machanism that enables buyers and sellers to establish relative prices among good and services . 2. I choose to study Economics so I can be able to understand how the economy work ,the stock exchange market ,the price machanism ,and many other things so I will have the knowledge when managing a company of my own. And also to be able to help in solving the economic problem in the country.

  76. 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.

  77. Avatar OZOR PAMELLA CHISOM says:

    1: Micro and macro economics
    Basic difference
    Micro economics is the study of how individuals and companies make decisions to allocate scarce resources,macro economics is the study of an economy as a whole

    2: Economics

  78. 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.

  79. Avatar Ayogu Anita chinenye says:

    1) The two categories of economics are microeconomics and macroeconomics. The major difference between both is that microeconomics studies and deals with individual income while macroeconomics studies and deals with national income.

    2) Economics is a course that studies the relationship between human beings and their economy, so I feel studying economics will help me in managing my resources .

  80. Avatar ODOH MMESOMA JESSICA says:

    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.

  81. Avatar Onoh Oluebube Grace says:

    1. The two categories of economics are:
    a. Macro economics
    b. Micro economics

    The basic difference between the two is, Micro economics is the study of individuals and business decisions, while macro economics looks at the decisions of countries and government.

    2. My motivation for choosing economics in the university is to have the knowledge on how to make some certain economical decisions, especially in a world where lots of people are making mistakes as regards to how to start up a business and manage it, and also how to manage money.

  82. Avatar CHUKWUMA FLOURISH EBUBECHUKWU. 2020/248968. Pure and industrial chemistry says:

    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

  83. Avatar Umeh Success Precious says:

    Name: Umeh Success Precious
    Reg no: 2020/243839
    Course: Education Economics
    Email: successprecious41@gmail.com
    1. Economics is divided into two categories, name them and state the basic differences.
    2. What motivated you to choose economics as a course to study in the university.

    No 1. Economics is a social science directed to the satisfaction of needs and wants through the allocation of scarce resources which have alternative uses.
    Economics is divided into two categories, and they are:
    1. Microeconomics: it is the study of decisions made by people and businesses regarding the allocations of resources and prices at which they trade goods and services.
    2. Macroeconomics: it studies the behavior of a country and how its policies impact the economy as a whole.
    BASIC DIFFERENCES BETWEEN MICROECONOMICS AND MACROECONOMICS
    1. Microeconomics has to do with a smaller unit of the economy, while macroeconomics has to do with the economy as a whole.
    2. Microeconomics deals with individual choices while macroeconomics analyzes the entire industries and economics.
    3. Macroeconomics studies the economic progress and steps taken by a nation while microeconomics has to do with supply and demand of goods, consumer behavior e.t.c

    No 2. what motivated me to choose economics as a course to study in the university is my country’s economy.
    What motivates a person can be either negative or positive, i want to know more about the economy so as to know the reason for my country’s depreciating economy and a way forward, so that one day i will not only beneficial to my family but also to my nation.

  84. 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

  85. Avatar Eze Salvation Ikechukwu says:

    1. Name the two categories of economics and state there difference.
    i. Microeconomics
    ii. Macroeconomics
    The basic Different between microeconomics and macroeconomics is :

    is that microeconomics focuses on the behavior of individual customers and producers while macroeconomics focuses on examination of economics on regional, national or international scale.

    2. Why I choosed economics as a course of study:
    i. As a chemist student economics offers us help on how to interact and relate in the labor market.
    ii. Economics teaches us how we can economize chemicals in the laboratory for proper usage.

  86. Avatar Nnadi Jenevine Ifebuche says:

    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.

  87. Avatar Ugwuanyi Nnaemeka Jude REG NO. 2020/247921 says:

    1: Two categories of Economics;
    a, Macro Economics
    b, Micro Economics
    Basic differences b/w them.
    i, Microeconomics is the study of particular markets, and segments of the economy WHILE Macro economics is the study of the whole economy.
    ii, Microeconomics works on the principle that markets soon create equilibrium WHILE In macro economics, the economy may be in a state of disequilibrium (boom or recession) for a longer period.
    iii, There is little debate about the basic principles of micro-economics BUT Macro economics is more contentious. There are different schools of macro economics offering different explanations.
    iv, Macro economics places greater emphasis on empirical data and trying to explain it WHILE Micro economics tends to work from theory first – though this is not always the case.

    2: I choose Economics because It is 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.

  88. Avatar Name: Onebunne Ebube Raphael. [ Dept: Pure and Industrial chemistry ]. ( Reg. No 2020/244896 ) says:

    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.

  89. Avatar Aitonje Ehikioya Jude Valentine says:

    NAME:AITONJE EHIKIOYA JUDE VALENTINE
    FACULTY:SOCIAL SCIENCE FACULTY
    DEPARTMENT:PHILOSOPHY DEPARTMENT
    SUBJECT:ECONOMICS 102
    YEAR:FIRST YEAR
    1.)Economics is divided into two main categories
    A)Microeconomics and
    B)Macroeconomics
    A.)Microeconomics is the study of individuals and business .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.
    B.)While Macroeconomics looks at the decisions of countries and government. 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. Microeconomics 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.

    2.)What motivated me to study Economics as one of my courses in University is the fact that I had already studied Economics in my secondary school, so I already had a broad view of the subject before hand.
    Another reason is because of the advantages of studying Economics as a subject. Economics is what happens in the everyday life of an individual or group of individuals,and the society at large. This is a way of studying to understand life better and have a grasp of human economies and human behaviour and how that affects the economy of organisation, states and countries at large

  90. Avatar ACHOR OLUOMACHI FAVOUR says:

    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.

  91. Avatar Nnadi Samuel 2020/245184 pure and industrial chemistry says:

    1. Economics is divided into two categories: microeconomics and macroeconomics. Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments. Micro means small while macro deals with macro. 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 am motivated to study economics based on the principles of demand and supply which regulates the entire world.

  92. Avatar Ayogu madeliene ukamaka says:

    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.

  93. Avatar Ozioko wisdom chibuzo. 2020/243130 says:

    1)Macro-economics and micro-economics
    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.
    2)
    What motivated me to study economics in the university is to widen up my intelegency on how to manage and control my assets and finances

  94. Avatar Obiekwe Chikamso Benita says:

    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

  95. Avatar Eze Jane Ogechi says:

    Number 1

    The two categories of economics are

    1. Microeconomics
    2. Macroeconomics

    The difference between micro and macro economics is that while microeconomics is the study of individual and business decisions, macroeconomics looks at the decisions of countries and governments.

    Number 2

    Economics helps one to understand people, the world around one, 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
    jane.eze.244414@unn.edu.ng

  96. Avatar Chimdindu Emmanuel says:

    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.

  97. Avatar Ezeani chinazaekpere Jennifer 2020/243526 says:

    Economics is divided into micro economics and macro economics
    Micro economics is the branch of economics that deals with single factors and effects of individual decisions. Macro economics deals with decisions of countries and government (large scale economic factors.) (2).I chose economics to aid in business success and to make me a good decision maker.

  98. Avatar Samuel Evelyn chinecherem says:

    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.

  99. Avatar Onuoha Chijindu says:

    Name: Onuoha Chijindu
    Reg No: 2020/249380
    Email: chijindub747@gmail.com

    (1) The two categories of Economics are:
    Micro Economics and Macro Economics.
    Their difference are below:

    Micro Economics is a category of Economics that looks at individual Economic behaviours, households and companies. It covers a small scale or unit of the economy such as the supply and demand equation in individual markets.
    WHILE
    Macro Economics covers a wider view and looks at the Economies on a larger scale, covering regional, national, continental or even global. It addresses large Economic problems such as the impact of fiscal policy, big picture causes of unemployment or inflation and how government actions impact nationwide Economic growth.

    (2) what motivated me to choose Economics as a Field of study is that if I graduate as an Economist I will have a wide range of career opportunities because following the vast areas Economics covers, studying Economics would not limit me to becoming only an economist. It covers everything about proper management of institutions and organization.
    More so, Dr. Ngozi Okonjo Iweala’s height in Economics geared my motivation.

  100. Avatar Abia Chidiebere says:

    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.

  101. Avatar Ndukwo Peter Eleanya says:

    Name: Ndukwo Peter Eleanya
    Reg number: 2020/244925
    Department: Pure and industrial chemistry.
    .
    1. 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 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.
    2. I chose Economics because I love the course and also it teaches me how to make wise business decisions, how a market works and how to successfully sell products or services.

  102. Avatar OGBU PERPETUA CHINAEMEREM says:

    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.

  103. Avatar Odinfe Godwin Onyekachi 2020/245874 says:

    Question 1
    Microeconomic
    Macroeconomic
    Microeconomics is the study of particular markets, and segments of the economy. It looks at issues such as consumer behaviour, individual labour markets, and the theory of firms.
    Macro economics is the best study of the whole economy. It looks at ‘aggregate’ variables, such as aggregate demand, national output and inflation.

    Question 2
    What motivated me to study Ecomomics in the university was to learn and be exposed more on how to manage my finance and resources

  104. Avatar IKECHUKWU FEARGOD CHINEDU says:

    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.

  105. Avatar Ugwuada blessing chigozie says:

    Name:Ugwuada blessing chigozie
    Reg. No: 2020/245116
    Email: blessing.ugwuada.245116@unn.edu.ng

    The two types of economics are :
    Microeconomics and macroeconomics

    Difference between them:
    1. Microeconomics is the study of how individuals and companies make decisions to allocate scarce resources While Macroeconomics is the study of an economy as a whole.
    2. Microeconomics analyzes demand and supply of goods while Macroeconomics analyzes aggregate demand and supply.
    3. Microeconomics deals with households and firms decisions while Macroeconomics deals with aggregate decisions.

    No 2. I chose economics as a course of study in University because it will expose me to different forms of job opportunities after schooling , it improves standard of living , it makes the society a better place and it can also helps us to manage our economy.

  106. Avatar Ezeh Ginika Noeline says:

    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

  107. Avatar Nwankwo Jasper Uchechukwu says:

    Two main category of Economics
    Economics as we all know is the study of how people use resources especially limited resources. Economics as a field of study is divided into two category:
    1) Micro Economics
    This is the branch of economics thay deals with how individuals including people and companies respond to economic conditions. Micro Economics focuses o production meaning the transition pf resources from one fo to another as in a factory or office. Labor economics also generally falls under micro economics.
    2) Macro Economics
    Macro economics on the other hand looks at the economy as a whole. That includes trying to understand what drives the business cycle from boom to dust, or from growth to recession, and what comtrols overarching economic indicators such as gross domestic product, unemployment and inflation. It can therefore be used by we students to understand ehy certain countries prosper an why some dont.
    In conclusion the most significant difference between micro economics and macro economics is the scope in which they cover.

    2) Reasons why we study Economics
    The study of economics helps people to understand people, businesses, market and government and therefore better respond to the threats and opportunities that emerge when things change. These reasons include:
    1) The study of economics provides us with the knowledge and skills that employers want in the labor market
    2) As students we are, economics ensure a successful future ahead of us
    3) It enables households firms and government to make rational decisions in their daily affairs.

  108. 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.

  109. Avatar Mba Gift Agu says:

    NAME: MBA GIFT AGU
    REGISTRATION NUMBER: 2020/246360
    DEPARTMENT: ECONOMICS 100 LEVEL
    NUMBER ONE
    TOPIC: FIELDS OF ECONOMICS AND MY MOTIVATION
    Economics, a field of social science that studies the production, distribution, and consumption of goods and services.” Economics focuses on the behaviour and interactions of economic agents and how economies work.
    Economics studies human activities and constructions in environments with scarce resources, and uses the scientific method and empirical evidence to build its base of knowledge.
    Economics is a building block on which trade and labour takes place.
    Economics has fields that it’s categorized with and these fields are predominantly macroeconomics and microeconomics
    MACROECONOMICS
    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.
    It allows for proper study of the economy of a country and checkmates the effect of set prices on its citizens and might allow for possible adjustment which fosters a healthier economy.
    Macroeconomics studies economy-wide phenomena such as inflation, price levels, rate of economic growth, national income, gross domestic product (GDP), and changes in unemployment.
    The element of Macroeconomics could be attributed to the earlier works of John Stuart Mills and Adams smith.
    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.
    Basic Concepts of Microeconomics
    The study of microeconomics involves several key concepts, including (but not limited to):

    1. Incentives and behaviors: How people, as individuals or in firms, react to the situations with which they are confronted.
    2. Utility theory: Consumers will choose to purchase and consume a combination of goods that will maximize their happiness or “utility,” subject to the constraint of how much income they have available to spend.
    Production theory: This is the study of production—or the process of converting inputs into outputs. Producers seek to choose the combination of inputs and methods of combining them that will minimize cost in order to maximize their profits.
    3. Price theory: Utility and production theory interact to produce the theory of supply and demand, which determine prices in a competitive market. In a perfectly competitive market, it concludes that the price demanded by consumers is the same supplied by producers. That results in economic equilibrium
    Microeconomic study historically has been performed according to general equilibrium theory, developed by Léon Walras in Elements of Pure Economics (1874) and partial equilibrium theory, introduced by Alfred Marshall in Principles of Economics (1890).
    THE DIFFERENCE BETWEEN MICROECONOMICS AND MACROECONOMICS
    Macroeconomics and microeconomics are the two broad fields of Economics and have their ways of contribution to the economy which are:

    1: For most macroeconomists, the purpose of this discipline is to maximize national income and provide national economic growth while One of the major goals of microeconomics is to analyze the market and determine the price for goods and services that best allocates limited resources among the different alternative uses.

    2: 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 while
    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.

    The study of Macroeconomics is complex because it involves the assessment of a large group while Microeconomics analysis is simple

    Macroeconomics focuses on income on income analysis
    While Microeconomics focuses on price analysis.

    NUMBER TWO
    The following is my reason for beckoning on economics as my field of studies;
    I choose Economics as my course of study because I love being analytical and economics posed an aid to shapen me to be more grounded in what I love.
    It posed an opportunity for me to acquire business skills and make me a better decision maker.
    I laid itself as a platform through which I can understand the ongoings in my world and thereby help me make policy if afforded the opportunity in any trading firm.
    I love to proffer solutions to problems and economics is known as one of the field of studies someone can acquire knowledge in that can aid the proper dissemination of solutions.

    Thank you.

  110. Avatar NNADI FAVOUR KENECHUKWU. 2020/241140 says:

    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

  111. Avatar Nwizu chidera pelumi (2020/247046) says:

    *Question 1*
    Microeconomics
    Macroeconomics
    Microeconomics is the study of particular markets, and segments of the economy. It looks at issues such as consumer behaviour, individual labour markets, and the theory of firms.
    Macro economics is the best study of the whole economy. It looks at ‘aggregate’ variables, such as aggregate demand, national output and inflation.

    *Question 2*
    My reason for choosing economics is to make the economy a better and affordable place for everyone,both the poor and rich.

  112. 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

  113. 1)Economics is divided into two categories:
    Answer: microeconomics and macroeconomics.
    The basic difference between micro and macro economics:
    Answer: microeconomics is the study of a particular market and segments of the economy while macroeconomics is the study of the whole economy.
    microeconomics looks at issues such as consumers behavior, individual labour markets and theory of firms while macroeconomics looks at aggregate variables such as aggregate demand, national output and inflation.
    microeconomics helps point how equilibrium can be achieved at a small scale while macroeconomics helps determine the equilibrium levels of employment and income of the nation
    microeconomics also focuses on issues arising due to price variation and income levels while the primary component of macroeconomics problem is income
    2) what motivated you to choose economics as a course of study in the university:
    Answer:it is because economics deals with aspect of human behavior such as how men deals with problem of scarcity.it also uses scientific method to build theories that can help to explain the behavior of individuals, groups and organisation.more broadly an economics degree helps to prepare a person for a career that requires numerical, analytical and problem solving skills such as business planning, marketing, researching and management.

  114. Avatar Ugwoke Emmanuel Chidera says:

    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

  115. Avatar Ani emmanuella ngozi says:

    Name: Ani Emmanuella Ngozi
    Department: Business education
    Reg number:2020/249748
    2) Economics is a very nice course that deals with the study of people behavior and resources in order to meet human needs
    I choose economics as a course because it is a course with the choice that informs and influences one daily lifestyle
    It will help me understand the ever changing world , which includes business market flow opportunities Nd threat
    1) we have two types of economics
    Micro Nd Marco
    MICRO ECONOMICS:is the study of a decision made by people in business regarding the allocation of resources.it focuses on supply and demand And other forces that determine price level in the economy
    In conclusion microeconomist tries to understand human choice decisionIn conclusion microeconomics tries to understand human choice decision and the allocation of resources and the allocation of resources
    MACROECONOMIC;Macroeconomics studies the behavior of the country and how each policy impacts the economy its deals with analysis How an increase or decrease in Nets exports impart a nation’s capital accounts ,it’s focus on econometrics correlation which made governments rely on it

  116. Avatar Ugwuanyi Kate Oluchukwu says:

    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.

  117. Avatar OBUO GRACE OHIUMA Reg number: 2020/241933 says:

    The two categories of economics are
    (a) microeconomics
    (b) macroeconomics

    (a) mircoeconomics points on the behavior of individual consumers and producers while macroeconomics points out the overall economies on a regional, national or international scale.

    2. The reason why I chose Economics as my course of study is because it helps me think strategically and make decisions to optimize the output.

  118. Avatar Okorie Miracle Chidinma says:

    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.

  119. Avatar Umeh Success Precious says:

    name: Umeh Success Precious
    reg no: 2020/243839
    course: Education Economics
    email: successprecious41@gmail.com
    1. economics is divided into two categories, name them and state the basic difference
    2. what motivated you to choose economics as a course to study in the university.

    no 1. Economics is a social science directed to the satisfaction of needs and wants through the allocation of scarce resources which have alternative uses.
    Economics is divided into two categories and they are:
    1. microeconomics: it is the study of decisions made by individuals and business regarding the allocations of resources and prices at which they trade goods and services.
    2. m

  120. Avatar Okeke+Juliet says:

    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.

  121. Avatar Nwizu chidera pelumi says:

    *Question 1*
    Microeconomics
    Macroeconomics
    Microeconomics focuses on the choices made by individual consumers as well as businesses concerning the fluctuating cost of goods and services in and economy while macroeconomics studies the economy progress and steps taken by a nation.it also includes the study of politics and other influencing factors that affects the company as a whole.

    *Question 2*
    My reason for choosing economics is to make the economy better and affordable for everyone,both the rich and the poor.

  122. Avatar Abugu Joy Chioma says:

    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.

  123. Avatar Ezemma Honest Chinaza says:

    NAME: EZEMMA HONEST CHINAZA
    DEPARTMENT: COMBINED SOCIAL SCIENCE( ECONOMICS/ PSYCHOLOGY)
    REG. NO: 2020/243001
    1. Economics is divided into two categories namely:

    1.Microeconomics
    2. Macroeconomics

    1. 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.

    2. 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.

    2
    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 me with analytical and problem-solving skills, which will allow me to succeed in a wide variety of careers such as law, actuary, finance and foreign affairs.

  124. Avatar Onyenaobiya Chigozie Henry says:

    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

  125. Avatar Onah Lotanna says:

    1}There are two types of economics. They are;

    Micro-Economics and Macro-Economics

    Differences between micro and macro economics:

    i) Micro-Economics studies individual economic unit while Macroeconomics studies a nation’s economy as well as its various aggregate.

    ii) Micro economics primarily deals with individual income, output, price, of goods etc. while Macroeconomics is the study of aggregate such as national output,income, as well as general price levels.

    iii) Micro-Economics focuses on overcoming issues concerning the allocation of resources and price discrimination while Macroeconomics focuses on upholding issues like employment and national household income.

    2} I chose economics as a course because 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

  126. Avatar Peter Emmanuel Chiagoziem says:

    (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

  127. Avatar Ejiofor chiamaka says:

    2020/248204
    Ejiofor chiamaka Jane
    Department of business education
    ejioforchiamka20@gmail.com
    a: Microeconomics
    b: Macroeconomics
    Microeconomics focuses on supply and demand and other determine price level in the economy and also studies decision made by people and businesses regarding the allocation of resources.
    Macroeconomics is a branch of economics that studies how an overall economy the market or other systems that operate on a large scale behaves
    2. I chose economics as my course of study in order to gain a toolkit and skills, approaches and ways of thinking that I can apply to a wide range of problem and it’s also one of the central deciplines underpinning the study of management and public policy, it also impact in student valuable knowledge to make everyday life decision and ability to solve problem such as financial investment opportunities, the likely impact of public policies including universal healthcare and career progression.

  128. Avatar Oluchukwu+Favour+Onyedikachi says:

    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.

  129. Avatar Attamah+juliet+chinaza+.reg+no+2020/249926,social+science says:

    Economic is divided into two categories
    MICROECONOMIC
    MACROECONOMIC
    Microeconomic is the study of individuals and business decision.
    Macroeconomic looks at the decisions of countries and government. Through these two branches of economic appears different, they are actually interdependent and complement one another.
    Difference Between Microeconomic and Macroeconomic
    -microeconomic studies individuals and business decision while macroeconomic analyzes the decision made by countries and government
    -Microeconomic focuses on supply and demand and other forces that determines price levels, making it a bottom up approach while Macroeconomic take a top down approach and look at the economy as a whole trying to determine it course and nature.
    -Investors can use microeconomic in their investment decision while macroeconomic analytical tool mainly used to Craft economic and fiscal policy.
    -Microeconomic also focuses on issues arising due to price variation and income levels while macroeconomic problems is income.
    -Microeconomic help point how equilibrium can be achieved at a small scale while Macroeconomic help determine the equilibrium level of employment and income of the nation.
    -Microeconomic focuses on overcoming issues concerning the allocation of resources and Price discrimination while Macroeconomic focuses on upholding issues like employment and national household income.
    -Microeconomic accounts for factor like demand and supply of a particular commodity while Macroeconomic accounts for the aggregated demand and supply for a nations economy.
    What motivated me to choose Economic as a course of study in the university is that seeing the Nigerian economy being messed up,a lot of ideas came to mind on how I can add to better the national economy. With all these ideas I still need to acquire more knowledge so that I can go on with my idea’s,Economic has being my favorite course even when am still primary school, that why I choose it as my courses even when circumstances rely it.

  130. Avatar Okoye Mmesomachukwu Blessing says:

    *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

  131. Avatar Odu Gideon Odu says:

    Name:Odu Gideon Odu
    Reg no. 2020/242639
    Department: Economics
    1.Economics is divided into two categories namely .
    1. Microeconomics
    2. Macroeconomics
    What is Microeconomics
    Microeconomics focuses on the choices made by individual consumers as well as business concerning the fluctuating cost of goods and services in an economy.
    What is macroeconomics
    Macroeconomics studies the economic progress and steps taken by a nation. It also includes the study of policies and other influencing factors that affect the economy as a whole.
    Difference between Microeconomics and macroeconomics
    1. Microeconomics studies individual economic unit while macroeconomics studies a nation’s economy as well as it’s various aggregate.
    2. Microeconomics primarily deals with individual income, output, price of goods etc while macroeconomics deals with aggregates such as national output income as well as general price levels.
    3. Microeconomics accounts for factors like demand and supply of a particular commodity while macroeconomics focuses on upholding issues like unemployment and national household income
    4. Microeconomics offers a picture of the goods and services that are required for an efficient economy. It shows the goods and services that might grow in demand in future while macroeconomics helps ensure optimum utilisation of the resources available to a country.

    2. What motivated me to choose economics as a course to study are namely.
    1. To be able to checkmate my spending habits.
    2. To be able to understand the market dynamics.
    3. Behavioural economics and bias. In making good decisions in any areas of life.
    4. Because economics can be applied in everyday living.
    5. To inspire business success.

  132. Avatar Chukwuma ogochkwu Susan says:

    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.

  133. Avatar EZEDIOKPU Abigail Onyebuchi says:

    Name:EZEDIOKPU Abigail Onyebuchi
    Reg number :2020/243251
    Email address :EZEDIOKPUAbigail@Gmail .com

    1: Two major types of economics are microeconomics, which focuses on the behavior of individual consumers and producers, and macroeconomics, which examine overall economies on a regional, national, or international scale.

    2:it is because Economics plays a role in our everyday life. Studying economics enables us to understand past, future and current models, and apply them to societies, governments, businesses and individuals.

  134. Avatar ABOSI PETER OSITA says:

    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.

  135. Avatar Chukwu Emmanuel Chimezie says:

    Asogwa Chimezie Henry
    2020/242572
    Economics department
    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 as a course in the University is that Economics actually teaches you what the real world is all about: why people do the things they do, what affects the decisions they make and most importantly the management of scarce resources.

  136. Avatar AJAEGBUEZE+BONAVENTURE+CHINEMELUM says:

    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.

  137. Avatar Muomegha Maryann Tochi says:

    Name: Muomegha Maryann Tochi
    Reg no: 2020/246802
    Email address: maryannmuomegha@gmail.com
    Department: Philosophy

    1. Economics is divided into two categories namely: Microeconomics and macroeconomics
    The basic difference between microeconomics and macroeconomics is that microeconomics is the study of how individuals and companies make decisions to allocate scarce resources while macroeconomics is the study of an economy as a whole.
    2. Economics can be applied in our everyday living in the sense that we are found to apply economics in our daily lives, starting from making choices on how and what to spend money on, how to save money, pay bills, allocate assests and so much more. In solving the financial needs of our daily lives we are all economists.

  138. 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.

  139. Avatar Mamah Faith Okwukwe says:

    NAME: MAMAH FAITH OKWUKWE
    REG NO: 2020/245317
    DEPARTMENT: ECONOMICS
    EMAIL ADDRESS: http://www.mamahokwukwe24@gmail.com
    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.

  140. Avatar Mamah Faith Okwukwe says:

    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.

  141. Avatar Ndubueze Chigoziri Franklin says:

    Ndubueze Chigoziri Franklin
    2020/242606
    Department: Economics
    Question: Name and state the basic differences between the two categories of Economics.
    Economics is especially concerned with efficiency in production and exchange and uses models and assumptions to understand how to create incentives and policies that will maximize efficiency.
    Economics is divided into two broad fields which are microeconomics and macroeconomics
    Microeconomics studies individual and business decisions on economic phenomena.
    It focuses on supply,demand and other factors that determine price levels that is,it takes a bottom-top approach, also it is based on some of these key principles which include: production theory,costs theory and labour theory.
    Their differences are
    1. Macroeconomics studies the performance of national or global economies while the major goal of microeconomics is to analyze the market and determine the price for goods and services that best allocates limited resources among the different alternative uses.
    2. Microeconomics deals with the economic interactions of a specific person, a single entity, or a company, while Macroeconomics deals with the economy at large.
    Answer to second question:
    What actually motivated me to study economics was my fascination with the world economy, how the forces of demand and supply determine prices of goods, the consumption of various households, and how the government and the individuals in a society or country plan on how they go about their day to day expenditure.

  142. Avatar Okparaaluu Dominion Chukwumaife says:

    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.

  143. Avatar Kalu Favour Enyindiya says:

    Question 1.
    Economics is divided into two categories: microeconomics and macroeconomics.
    Microeconomics is simply the study of individuals and business decisions. It is the study of decisions made by people and businesses regarding the allocation of resources, and prices at which goods and services are traded. It considers regulations, taxes, and government legislation. It also tries to understand human’ decisions, choices, and the allocation of resources.

    While Macroeconomics looks at the decisions of countries and governments.It analyzes entire industries and economies, rather than individuals or specific companies, it also focuses on aggregates and econometric correlations, and how gross domestic product (GDP) is impacted by the unemployment rate.

    Question 2.
    Economics as a course can equip me with valuable knowledge to make everyday life decisions, gives me the ability to solve problems such as financial investment opportunities, It is a broad subject area that can help me with skills that are needed in a variety of sectors and professions. Economics give a perfect understanding of the world around us and how it really works. It also helps in the understanding of people, governments, businesses and markets and why they make the economic choices they do.
    Studying economics certainly will equip me with analytical and problem-solving skills, which will allow me succeed in a wide variety of careers as employment in the economics profession is already high and is projected to grow over the next decade.
    Economics is the best.

  144. Avatar LIVINUS MURNA says:

    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

  145. Avatar Nwachineke Hillary chibuike says:

    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.

  146. Avatar RAMSEY EBRUBIO EMMANUELLA. says:

    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.

  147. Avatar Egwim chinonso Theresa says:

    NAME: EGWIM CHINONSO THERESA
    REG NO:2020/242593
    DEPARTMENT:ECO ECONOMICS
    LEVEL:100 LEVEL

    1.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.

    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.
    BASIC DIFFERENCE BETWEEN MICROECONOMICS AND MACROECONOMICS
    a.Micro economics studies the behavior of individual market, a single entity or a company.
    WHILE
    Macroeconomics studies the behavior of an economy as a whole.
    b. Microeconomics focuses on analyzing the market and determining the price for goods and services that best allocates limited resources among the different alternative uses.
    WHILE
    Macroeconomics focuses on the national,regional and global scales.
    c. Microeconomics assumes businesses are rational and produce goods that maximizes their profit.
    WHILE
    Macroeconomics is used to maximize national income and provide national economic growth.

    2. Firstly,the present situation of Nigeria’s economy has made me grow a passion for economics and to make a change in the economical condition of the country and an economist.
    I love to learn about the vast economy of the country and the world as a whole. I hope to make a change in the current economic condition of our country in the nearest future as a great economist.

  148. Avatar Obodo Ejike Joel says:

    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

  149. Avatar Ukwuoma+Justice+Tobechukwu says:

    Name : Ukwuoma Justice Tobechukwu
    Reg No : 2020/242967
    Department: Combined Social Science (Eco/Soc)

    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.

    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.

    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.

    2. I choose to study economics because it studies the art and science of production and distribution of goods and services. From the study of economics I know how to manage scares resources to derive utility. Economics studies the wealth of a nation. With the knowledge of economics budgets are made national income is maximized.

  150. Avatar RAMSEY EBRUBIO EMMANUELLA says:

    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.

  151. Avatar Ukachunwa Ransomed Okechukwu. Reg no.- 2020/246422 says:

    1). The fields of economics
    a).Micro-economics
    b).Macro-economics
    a).Micro-economics refers to the branch of economics which deals with smaller units or components of the economy. It is concerned with the analysis of the basic decision making components of households, individuals, firms and governments. It relates to cost, output, production, pricing and marketing activities of households, firms and governments.
    b).Macro-economics refers to the branch of economics which deals with larger units or aggregate of the economy. Macro-economics relates to large aggregates such as national income, inflation, unemployment and balance of payment. In summary, macro-economics deals with the broad aggregates in the economy.

    2). Motivations
    a).What inspires me to learn economics is that it helps me to utilise the principles of choice, opportunity cost, scale of preference, etc. in order to satisfy human wants.
    b).It enables the individual to choose certain wants among the numerous needs using their scarce resources.

  152. Avatar Peter Emmanuel Chiagoziem. Reg no - 2020/248942. says:

    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.

  153. Avatar Charles Thank God Ekenedilichukwu says:

    Eco 102 ( on-line quiz)
    Reg number : 2020/242137.
    Name : Charles Thank God Ekenedilichukwu
    Dept :. Business Education
    Email : charlesthankgod71@gmail.com

    Economics is divided into two categories :-

    Namely , Microeconomics And Macroeconomics

    The basic difference between both are as follows ;.- Microeconomics : this is the study of decisions made by people and business regarding the allocation of resources , and prices at which they trade goods and services . It’s also consider taxes, regulations, and government legislation.
    Moreso, Microeconomics focuses on supply and demand and other forces that determine price level in the economy . It tries to , analyse individual choices, decisions and the allocation of resources .

    While Macroeconomics : – this studies the behavior of a country and how it’s policies impact the economy as a whole . It analyses 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 the rate of inflation or what stimulates economic growth . Macroeconomics focuses on aggregate, which is why government and their agencies rely on Macroeconomics to formulate economic and fiscal policy.

    I was motivated to choose economics as a course of study in university because , Economics can be applied in every day living : we are found to apply economics in our daily lives , starting from making choices on how and what to spend money on , how to save money, pay bills , allocate assets and so much more . In solving the financial needs of our daily lives, we are all economist.

  154. Avatar Eriugo marycynthia mmesoma says:

    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

  155. Avatar OKorafor+Chinonyerem+Mgbo says:

    NAME: OKORAFOR CHINONYEREM MGBO
    MATRIC NUMBER:2020/242636
    DEPARTMENT: ECONOMICS
    COURSE CODE: ECO 102
    COURSE TITLE: PRINCIPLES OF ECONOMICS

    1. a. Microeconomics
    b. Macroeconomics

    * 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.

    –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.

    2. What motivated me to choose economics cause in the university is form and know more about the cooperative production economy. It is a system of production where there is limited or hybrid private ownership of the means of production (or other types of productive property) and a system of prices, profits, and losses is not the sole determinant used to establish who engages in production, what to produce and how to produce it. Segments of society band together to share these functions. Production decisions are made through a collective decision making process, and within the economy some but not all economic functions are shared by all.

  156. Avatar ONYEJE CHIDUMEBI ONYINYECHI says:

    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

  157. Avatar Nwankwo Jude Chidera says:

    Name: Nwankwo Jude Chidera
    Reg no:2020/242600
    Email: chideranwankwojude2020@gmail.com
    Department: Economics
    ASSIGNMENT.
    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.
    Economics is divided into two categories: microeconomics and macroeconomics. Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments.
    -Differences between micro and macro Economics
    *Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments.
    *Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach.
    *Macroeconomics takes a top-down approach and looks at the economy as a whole, trying to determine its course and nature.
    Investors can use microeconomics in their investment decisions, while 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?
    *What motivated me was that 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.

  158. Avatar OKOAZE+DANIEL+CHINOSO says:

    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

  159. Avatar FALETI SEGUN TOBI says:

    NAME: FALETI SEGUN TOBI
    REG NO: 2020/242563
    DEPARTMENT: ECONOMICS MAJOR
    1. Macroeconomics
    Macroeconomics is the study of the performance, structure, behavior and decision-making of an economy as a whole. Macroeconomics is concern with government economic policy, economy development of the country , inflation, deflation, national, regional, and global scales. For most macroeconomists, the purpose of this discipline is to maximize national income and provide national economic growth.

    Microeconomics
    Microeconomics is the study of decisions made by people and businesses regarding the allocation of resources and prices of goods and services. The government decides the regulation for taxes. Microeconomics focuses on the supply that determines the price level of the economy.
    It uses the bottom-up strategy to analyse the economy. In other words, microeconomics tries to understand human’s choices and allocation of resources. It does not decide what are the changes taking place in the market, instead, it explains why there are changes happening in the market.

    The key role of microeconomics is to examine how a company could maximise its production and capacity, so that it could lower the prices and compete in its industry. A lot of microeconomics information can be obtained from the financial statements.

    Difference between microeconomics and macroeconomics

    A. Microeconomics studies a particular market segment of the economy while Macroeconomics studies the whole economy, that covers several market segments
    B. 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.
    C. 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).
    D. 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.
    E. Microeconomics It covers several issues like demand, supply, factor pricing, product pricing, economic welfare, production, consumption, and more. On the other hand macroeconomics covers several issues like distribution, national income, inflation, money, general price level, and more.

    2. The present state of the economy of Nigeria is heartbreaking, business wind up Everytime, recession, inflation among others. The maturity of business must protected , organizations need to enjoy perpetual existence, their must be sufficed employment on the macroeconomics level.
    These problems listed above are my motivations to study economics, I wish to be part of solution to the economic crisis of the nation, to acquire adequate knowledge to propose an ideal economy policy , to render consultancy services to business owners as well as household on how allocate their scarce resources to attain optimum output.
    Economists are more a less the heartbeat of the nation, therefore their importance cannot be overemphasized. The quality of economists we have in a nation determines wellbeing of the people. Of course I wish to be in the clique, to be a blessing to people and to the nation at large.
    Moreover, I wish to help business leaders maintain a focus on profitability and be aware of opportunities in order to proactively capitalize on them.
    The global pandemic COVID-19 has been a woe to the global economy at large, even as the world moves in the direction of recovery, the extent of the impact of COVID remains to be seen. And while the world appears to be bouncing back faster than expected, many questions linger, according to Harvard Business Review. Economists will play a vital role in making sense of where we are and what we need to do to continue on the path to recovery.
    In conclusion, I have dream to inspire business success and impact industries, and am ready to give it all it takes, my attention, my time and resources to make sure I achieve my goals.

  160. 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. …

  161. Avatar UBAH VIVIAN CHIOMA says:

    Name: UBAH VIVIAN CHIOMA
    Dept: EDUCATION ECONOMICS
    Course: PRINCIPLE OF ECONOMICS 11
    Reg. Number: 2020/243849

    THE FIELDS OF ECONOMICS AND MOTIVATIONS

    In most respects, economics is a social sciences, alongside psychology and sociology than it is a “natural” sciences such as chemistry and biology. Economics is ultimately concerned with why, when and how human beings trade with each other. Different schools of thought have taken the field toward increasing levels of mathematical sophistication and model-based regression forecasting, but the building blocks continue to be human actors and their behaviors.

    The field of economics attempts to understand the patterns of individual decisions within the context of a world that has scarce resources. The field of economics is typically divided into two broad realms:
    (1). The microeconomics and
    (2). The macroeconomics.

    THE MACROECONOMICS

    Macroeconomics focuses on the economy as a whole (or on whole economies as they interact). It describes what causes recessions, and what makes unemployment stay high when recessions are supposed to be over. Macroeconomics addresses why some countries grow faster than others, and have higher standards of living than others. Macroeconomics involves adding up the economic activity of all households and all businesses in all markets to get the overall demand and supply in the economy. However, when we do that, something curious happens. It is not unusual that what results at the macro level is different from the sum of the microeconomic parts. Indeed, what seems sensible from a microeconomic point of view can have unexpected or counterproductive results at the macroeconomic level. If this were not the case, we wouldn’t need macroeconomics as a separate discipline and we could simply use microeconomics to study macroeconomic issues. We use the term macroeconomic externality to describe when what happens at the macro level is different from and inferior to what happens at the micro level.

    There is no one economic indicator that tells the whole story of the economy, so economists look at a variety of indicators some of which include:
    (1) measures of aggregate production, like GDP
    (2) measures of employment and unemployment, and measures of inflation, like the percent change in the Consumer Price Index
    (3) the “Misery Index”—the sum of the inflation and unemployment rates as a measure of how bad (i.e., miserable) the economy is

    GOALS
    In thinking about the overall health of the macroeconomy, it is useful to consider three primary goals: economic growth, full employment (or low unemployment), and stable prices (or low inflation).

    THE MICROECONOMICS

    Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as whole, which is studied in macroeconomics.

    GOALS
    One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results.

    Thanks

  162. Avatar Dike Promise Akuoma says:

    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..

  163. Avatar Okelekwe Chiamaka Mediatrix says:

    Okelekwe Chiamaka Mediatrix
    2020/242609
    Economics
    1. Economics is divided into two major categories
    A. Micro economics
    B. Macro economics
    Differences
    The difference lies where micro economics analyzes small firms and individuals, it also deals with demand and supply whereas macro economics deals with the productive capacity of the economy.
    Micro economics studies the income of an individual whereas macro economics studies about the national income

    2. I felt the need to impact my own knowledge or intelligence in my country and the world at large.

  164. Avatar Mozie Chiamaka Marycynthia. says:

    (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.

  165. Avatar Mordi chidera Reginald says:

    Mordi Chidera Reginald
    2020/242598
    Chideramordi43 @gmail.com
    Economics department(major)
    Field of a economics and my motivations
    Economics is divided into two broad fields which are microeconomics and macroeconomics
    Microeconomics studies individual and business decisions on economic phenomena.
    It focuses on supply,demand and other factors that determine price levels that is,it takes a bottom-top approach, also it is based on some of these key principles which include: production theory,costs theory and labour theory.
    Individual investors focus more on micro economic indices than on macroeconomic indices.
    On the other hand,
    Macroeconomics studies economic decisions of countries and there governments. That is it takes a top-down approach and looks at the economy as a whole trying to determine its course and nature.
    Macroeconomics seeks to answer the questions such as “what should the inflation rate be?,what is the unemployment rate ?,or what stimulates economic growth?”. It focuses on the aggregates and on economic correlations, which is why government rely on macroeconomics to formulate monetary and fiscal policies.

    2.My major motivation that made me chose Economics as my course of study is that through it I will be able to contribute positively to the growth and development of Nigeria,by studying the current economic trends and patterns and making research,critical analysis and policy frameworks geared towards putting Nigeria in the Frontline of countries with robust economic opportunities.

  166. Avatar Ezeakonobi chidimma Rosemary says:

    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.

  167. Avatar Anigbo Esther Chisom says:

    Name :Anigbo Esther Chisom
    Reg no:2020/243974
    Dept:Pure and industrial chemistry
    Economics is divided onto two, which are:
    Macroeconomics and
    Microeconomics
    Difference:
    Macroeconomics is the part of economics that deals with the Decision of countries and government while microeconomics is the part of economics that deals with the study of individuals and business decisions

    2).I choose to study economics because it helps me in daily life,to make choices on how to spend and what to spend money on,how to save money,how to pay bills, and also allocate assets

  168. Avatar Njoku+Chisom+Precious says:

    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

  169. Avatar Ani Chinenye Christianah says:

    Name:Ani Chinenye Christianah
    Department: philosophy
    Falcuty: social science
    Reg number:2020/247806

    1). Economics is the study of scarcity and how the economy put the available resources into significant use to satisfy wants.There are two categories of economics, namely; Microeconomics and Macro-Economics.
    Microeconomics focuses on the actions of individual agents within the economy,like household,workers and businesses..
    Macro-Economics looks at the economy as a whole.Macroeconomics focuses on broad issues,such as growth, inflation, unemployment and trade balance.
    Macro-Economics focuses on these broad issues using two policies, namely; Monetary policy and Fiscal policy.
    Monetary policy involves the policies that affects bank lending,interest rates and financial capital markets.
    Fiscal policy that involves government spending and taxes determined by a nation’s legislative body.
    Both micro economics and Macro-Economics study the same economy but each has a different starting point, perspective and focus.

    2). Economics being one of the major courses studied in institutions is very broad and Lucrative,I choose to study economics because it is important to know how the economy’s resources are utilised in other to satisfy the ever growing population’s wants,how the country’s taxes and revenues are been raised and allocated,and the economy’s trade system..It also offers good job opportunities.

  170. Avatar Anike Peter Madueke says:

    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

  171. Avatar Obieze David Meniru says:

    1.Economics is divided mainly into micro-economics and macro-economics
    Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach.
    Macroeconomics takes a top-down approach and looks at the economy as a whole, trying to determine its course and nature.

    2.Economics plays a role in our everyday life. Studying economics enables us to understand past, future and current models, and apply them to societies, governments, businesses and individuals and to truly succeed in the aspect of finance, Economics is involved

    Name:Obieze David Meniru
    Reg No:2020/242100
    Email: josephobieze05@gmail.com

  172. Avatar Uba Chibuike Victor says:

    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.

  173. Avatar Onovo Daniel Chukwuebuka Reg no:2020/243930 says:

    1) Economics is divided into two parts namely Microeconomics and Macroeconomics,The basic difference between them is, Microeconomics is the study of how individuals and companies make decisions to allocate scarce resources while Macroeconomics is the study of an economy as a whole.

    2)My country’s economy situation motivated me to do so,in order for me to be able to learn more and help to create or contribute to the making of a better and stable economy which makes things better for the society and masses.

  174. 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 .

  175. Avatar Nechi Andrea Chiamaka 2020/243129 says:

    1. Macroeconomics is the study of the performance, structure , behavior and decision making of an economy. Macroeconomics 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.

    Microeconomics deals with the economic interactions of a specific person , a single entity or a company. These interactions which mainly are buying and selling goods occur in markets . Therefore, Microeconomics is the study of markets.

    2. What motivated me to choose economics as a study in the university is simply because I want to understand the world around me. Economics enables me to understand people, business ,markets and therefore better respond to the threats and opportunities that emerge when things change.

  176. Avatar Ossai mmesoma divine says:

    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.

  177. Avatar Nechi Andrea Chiamaka says:

    1. Macroeconomics is the study of the performance, structure, behavior and decision making of an economy . Macroeconomics 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.

    Microeconomics deals with the economic interactions of a specific person ,a single entity or a company. These interactions which mainly are buying and selling goods occur in markets . Therefore, microeconomics is the study of markets .
    2. What motivated me to choose economics is simply to understand people , business , markets and government and therefore better respond to the threats and opportunities that emerge when things change.

  178. Avatar Ibeh Gift Onyinyechi says:

    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

  179. Avatar Ekwegbara Everestar Chibugo says:

    Name: Ekwegbara Everestar Chibugo
    Reg no: 2020/243840
    Dept: Education Economics
    Email: ekwegbaraeverestar@gmail.com

    Economics is broadly classified into Micro and Macro Economics.
    The difference between the two are;

    MICRO ECONOMICS: This has to do with the study of decisions made by people and business regarding the allocation of resources and prices at which they trade goods and services. Micro economics focuses on supply and demand and other forces that determine price levels in the economy.

    Micro economics tries to understand human choices and decisions. The rules in micro economics flow from a set of compatible laws and theorems, rather than beginning with empirical study. Micro economics analyzes aggregate demand and supply. Micro economics help point at how equilibrium can be achieved at a small scale.

    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.

    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

    Macro Economics helps determine the equilibrium levels of employment and income of the nation.

  180. Avatar Mbah Nnamdi Kelvin says:

    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.

  181. Avatar Adeleye+Samuel+tolani,+reg no: 2020/247714+(philosophy+department) says:

    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

  182. Avatar Adeleye+Samuel+tolani,+reg+no:2173951EA+(philosophy+department) says:

    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

  183. Avatar Anelechukwu precious kelechi says:

    1. Economics is basically divided into two categories
    i. Macroeconomics
    ii. Microeconomics

    Macroeconomics: is the study of aggregates or averages covering the entire economy,such as total employment,national income, national output,total investment,total consumption,total savings,aggregate demand ,and general price level ,wage level, and cost structure.in other words ,it is aggregative economics which examines the interrelation among the various aggregates,their determination and causes of fluctuations in them. Thus in the words of Professor Ackley,” Macroeconomics deals with economic affairs in the large, it’s functioning of the “elephant” of economic experience,rather than working of articulation or dimensions of the individual parts. It studies the character of the forest, independently of the tree which composes it” .
    Microeconomics is the study of the economic actions of individuals and small groups of individuals. The “study of particular firms, particular households, individual prices,wages ,income, individual industries,particular commodities”. According to Ackley, ” Microeconomics deals with the division of total output among industries,products,and firms ,and the allocation of resources among competing uses. It considers problems of income distribution.its interest is in relative prices of particular goods and services.” In microeconomics the interrelationships of individual households, individual firms and individual industries to each other deal with aggregation

    Similarities: Both microeconomics and macroeconomics involve the study of aggregates.
    Meanwhile, Microeconomics uses aggregates relating to individual households, firms and industries, Macroeconomics uses aggregates which relates them to the “economy wide total”.

    The Differences
    1. 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.

    2. 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

    3. Macroeconomics discusses the problems of determination of the total income of a country and causes of it’s fluctuations.

    4. 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.

    5. Macroeconomics deals with aggregates of these quantities; not with individual incomes but with national income,not with individual prices but the prices levels,not with individual output but with the national output

    6. Microeconomics focuses on issues that affects individuals and companies

    7. Macroeconomics focuses on issues that affects Nations and world economy

    2. What motivated me to choose economics is because of the economic situation of my country hoping to make a change as an Economist and I love what they do,base on what I have gathered on economics they basically solve economic problems so I really want to do that for my country and I just love economics as a whole it’s really a very good field of study.

  184. Avatar Uzoetoh Chinaecherem Clara says:

    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.

  185. Avatar Amoke Maureen Chinecherem says:

    1) Economics is devided into two main categories, Namely: Microeconomics and Macroeconomics
    Microeconomics is said to be the study of decision made by people and businesses base on the allocation of resources and prices at which they trade goods and services.Meanwhile is the study of choice of people While
    Macroeconomics is the study of how the behavior of a country impact the economy as a whole.
    2) the ability of an economist to develop a viable business strategy made me choose economics as a course of study in the University

  186. Avatar ONAH JUDITH UGOCHI says:

    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.

  187. Avatar Ekwe Okwuchukwu Cletus says:

    Name:Ekwe Okwuchukwu Cletus
    Department:Economics
    Level:100

    1. Economics is divided into two categories:
    a. Microeconomics
    b. Macroeconomics
    The differences between macroeconomics and microeconomics are;
    i. Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments.
    ii. Investors can use microeconomics in their investment decisions,while macroeconomics is an analytical tool mainly used to craft economic and fiscal policy.
    iii. Microeconomics accounts for factors like demand and supply of a particular commodity while macroeconomics account for the aggregated demand and supply of a nation’s economy.
    iv. Microeconomics focuses on individual markets while macroeconomics focuses on whole economies.
    v. Microeconomics helps point how equilibrium can be achieved at a small scale while macroeconomics help to determine the equilibrium levels of employment and income of the nation.

    2. Economics as a course drives human behavior, decisions and reactions when faced with difficulties.Looking at what motivated me to choose Economics as a course of study in the University;our society are faced with numerous challenges ranging from scarcity down to unlimited wants.
    Economics as a course helps to enlighten individuals about the challenges and it also gives solutions to these problems.I am studying this course to know the numerous challenges faced by the government,firms and households and to also add my own solution to these challenges,suggest economic policies that can help to reduce these challenges faced by the individuals in a society.

  188. Avatar Uzo-Obidiegwu Gabriella Ifunanya 2020/249978 says:

    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 .

  189. Avatar Kingsley Bright Ajogu . Reg. No: 2020/249219. Dept .: PIC says:

    Q1: a .The categories Economics is divided into are : 1. Macroeconomics . 2. Microeconomics.
    b. Differences .
    i.Microeconomics deals with household and firm decision while Macroeconomics deals with aggregate decision.
    ii. Microeconomics studies individual price while Macroeconomics studies the overall price level.
    iii.Microeconomics studies persona income while Macroeconomics studies national income.
    iv. Microeconomics oversees the demands and supply’s of goods while Macroeconomics oversee the aggregate demand and supply’s.
    v. Microeconomics analyzes demand and supply’s of labor while Macroeconomics analyzes total employment in the economy.
    Q2. Economics is a course that’s so wide as it’s fits-in into countless disciples as long as finances are involved. And without doubt , its feeds one with unique knowledge of financial management to curb mismanagement. I’m glad the course was included to my list of courses this semester and I would love to benefit from every lessons taught in this class .

  190. Avatar MBA IBE, philosophy department, 2020/247526. says:

    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.

  191. Avatar Osuchukwu Vivian Chiamaka says:

    NAME: OSUCHUKWU VIVIAN CHIAMAKA
    REG NO: 2020/245659
    DEPT: ECONOMICS
    EMAIL: vivianosuchukwu@gmail.com

    QUESTION 1.
    The two main categories of economics are:
    1. Microeconomics and
    2. Macroeconomics

    There are differences between microeconomics and macroeconomics, although, at times, it may be hard to separate the functions of the two. First and foremost, both of these terms mentioned are sub-categories of economics itself. As the names of ‘micro’ and ‘macro’ imply, microeconomics facilitates decisions of smaller business sectors, and macroeconomics focuses on entire economies and industries. These two economies are mutually dependent, and together, they develop the strategy for the overall growth of an organization. They are the two most important fields in economics, and are necessary for the rise in the economy.

    Microeconomics focuses on the market’s supply and demand factors, that determine the economy’s price levels. In other words, microeconomics concentrates on the ‘ups’ and ‘downs’ of the markets for services and goods, and how the price affects the growth of these markets. An important aspect of this economy, is also to examine market failure, i.e. when the markets do not provide effectual results. In our present time, microeconomics has become one of the most important strategies in business and economics. Its main importance is to analyze the economy forces, consumer behavior, and methods of determining the supply and demand of the market.

    On the other hand, macroeconomics studies similar concepts, but with a much broader approach. The focus of macroeconomics is basically on a country’s income, and the position of foreign trades, with the study of unemployment rates, GDP and price indices. Macroeconomists are often found to make different types of models, and relationships, between factors such as output, national income, unemployment, consumption, savings, inflation, international trade, investment, and international finances. Overall, macroeconomics is a vast field that concentrates on two areas, economic growth and changes in the national income.

    QUESTION 2.

    I chose Economics as a course of study in the University to not only gain the skills needed to understand complex markets but also to come away with strong analytical and problem-solving skills, as well as the business acumen necessary to succeed in the professional world.
    I also wanted to gain the financial knowledge to understand my saving and spending orientation.

  192. Avatar Ugwuja Jacintha Onyinyechukwu. 2020/243532 says:

    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.

  193. Q1. Economics is divided into two categories viz:
    A. Macroeconomics
    B. Microeconomics
    Below are there basic differences.
    1. Macroeconomics is the study of a national economy as a whole while Microeconomics is the study of economics as an individual, group or company level.
    2. Macroeconomics, the purpose of this discipline is to maximize national income and provide national economic growth while Microeconomics assumes business are rational and produce goods that maximize their profit.
    3. Macroeconomics, the economy may be in state of disequilibrium (boom or recession) for a longer period while Microeconomics works on the principle that markets soon create equilibrium.
    4. Macroeconomics focuses on issues that affect nations and the World economy while Microeconomics focuses on issues concerning individuals and private firms.

    Q2. Economics encompasses all fields of life and it is a great importance for me to avail myself this opportunity to be groomed in the fields of economics, which will shape my life on how to spend, gain etc on this highly inclined economic country.

  194. 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.

  195. Avatar UGWOKE LOVETH OZIOMA says:

    UGWOKE LOVETH OZIOMA
    2019/242981

  196. Avatar Attah Blessing Oluomachi says:

    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.

  197. Avatar Chukwu kelvin chimobi 2020/242217 pure and industrial chemistry says:

    1) economics is divided into two groups namely
    Micro economics and macro economics
    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. whereas macro economics deals with 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

    2) The reason for study economics as a course is that it enables one to manage a business or a country economy but when the economy is bumming and when inflation hit the country. It enables one to know the current prices of the market and help balance the demand and supply of goods.

  198. Avatar Edet Hezekiah says:

    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

  199. Avatar Nweke Stephen chidiebere says:

    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) MacroEconomics: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.

  200. Avatar Ugwu Ezinne Favour says:

    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.

  201. Avatar Nnam Charles Chiemerie says:

    Economics is divided into Microeconomics and Macroeconomics.Microeconomics is a branch of economics that studies how individuals,households and firms make decisions to allocate limited resources, typically in markets where goods or services are being bought and sold.Microeconomics primarily focused on the determination of prices and qualities in the interaction of individuals,firms and consumers,and the role of prices in allocating scare resources.Microeconomics examines how these decisions and behaviours affect the supply and demand for goods and services,which determines prices,and how prices inturn determine the supply and demand of goods and services.
    Macroeconomics is a branch of economics that deals with the performance, structure and behaviour of national economy as a whole.Macroeconomics seeks to understand the determinants of aggregate trends in an economy with particular focus on national income, unemployment, inflation, investment, international trade and international finance.Macroeconomics involves the sum total of economic activity, dealing with the issues of growth, inflation,and unemployment and with national economic policies relating to these issues and the effects of government actions (example, changing taxation levels)on them.Macroeconomics examines the economy as a whole to explain broad aggregates and their interaction.Such aggregates include national income and output ,the unemployment rate and inflation.
    2)There is a variety of reasons a student would choose to major in any discipline. These choices are inspired by different reasons, from family background to the environment or peer group association or it could even be for a choice of career or passion, whichever it is, it is important for you to understand some basic insight about economics.
    Economists earn a high paying Job: It gives you the power to examine the labour markets, prospective private companies, industry tendencies or forces which direct the economy as it is. Definitely a major in economics could land you different jobs, one of such is a market research analyst, where they are required to apply skills like graphical representation, statistical skills and a critical mind for thinking, another is an economic consultant is needed across various sectors like government, finance, education, healthcare and business, they are required also to analyze and research economic strategies in order to help enhance performance. Any student that enjoys analytical thinking could major in economics which in turn will help to understand deeper how to coordinate and interpret data using mathematical formulas and statistics to make calculations. There are models also in place to learn, which helps to predict the effect of policy decisions, industry tendencies, climate change, investment, just to mention a few. The ability for problem-solving and great communication skills should be a strong suit for such an interested student, they are required to evaluate problems and recommend solutions.
    To understand the Market dynamics: learning, as they say, is all-round progress, which touches every part of one’s life. Choosing to study economics will help you to understand the dynamics of the market. Market dynamics are simply those factors that impact the market. An economist perspective would mean demand and supply, opportunity cost, scarcity, equilibrium just to mention a few. The course will expand your vocabulary and knowledge to understand how the market works even if you would not be working primarily as an economist, but always at the back of your mind to help understand your organization market and can also help to influence the strategic decision in improving your organization’s performance.

  202. Avatar Nweke Stephen chidiebere says:

    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.

  203. Avatar Ayogu Timothy Peace says:

    NAME: Ayogu Timothy Peace
    REG NO:2020/243117
    EMAIL ADDRESS: peaceayogutimothy@gmail.com
    Difference between Macro and mirco economics
    1,micro economics Is the study of individual decisions,plans on business or economy matter while macro economics looks the decision of government and company as a whole.

    2, micro focuses on supply, demand and factors the effect price level while macro takes at a top down approach and look as a whole e.g inflation.

    3,micro look at personal need and want while macro examine economy Wide phenomenal Such as gross domestic product (GDP)

    2,what motived me to study economics
    Answer:
    It is a alternative course,so between the three, I am to choose two,two is language while one is economics,I don’t to want study two language at once so I went economics and German and left French.

  204. Avatar Eze Jane Ogechi says:

    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

  205. Avatar Esonwanne Echezonachukwu Edmund says:

    The two categories of economics are
    1:microeconomics and 2:macroeconomics
    Difference btw them are
    a:- microeconomics is specific and smaller in scale WHILE macroeconomics has a broader focus
    b:-microeconomics study how individuals and companies make decision to allocate scarce resources WHILE macroeconomics economys as a whole such as national output.
    c:-microeconomics work from theory first WHILE macroeconomics places greater emphasis on empirical data and try to explain it .
    d:-In microeconomics, markets tend to be equilibrium WHILE in macroeconomics, market maybe in state of disequilibrium
    e:-microeconomics accounts for factors like demand and supply of a particular commodity WHILE macroeconomics account for aggregate of
    a nation’s economy

    2:- what motivated me to study economics as a course are
    a:-to quest of having a proper knowledge on good decision making /personal spending
    b:-to understand and know how to use limited and available resources
    c: to have a good knowledge of market dynamics
    d:-it is part of everyday’s life and a social science
    e:-to have a well built business interest

    Name: Esonwanne Echezonachukwu Edmund
    Reg/no:2019/242630
    Email:echezonachukwu.esonwanne.242630@unn.edu.ng

  206. Avatar Nwachukwu Eunice Ifechukwude 2022/246372 says:

    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.

  207. Avatar Nwachukwu Eunice Ifechukwude says:

    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.

  208. Avatar Uliaga miracle ebubechukwu says:

    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.

  209. Avatar Umeike ikenna Emmanuel says:

    Department of pure and industrial chemistry
    2020/241132

    1. The two categories of economics are the microeconomics and the macroeconomics
    The basic difference between them is that for the microeconomics is concerned with the behavior of individual, consumers and producers it deals primarily with individual income, output and prices of goods, for the macroeconomics which examines overall economics in a regional, national or international scale and upholding issues like employment
    2. The desire to always be in management has been a dream for me to own a business and be my own Boss so looking for an institution that will help me posses great qualities and stuffs it takes to be a great economist has brought me here to university of Nigeria nsukka so as to learn to improve live anywhere I find myself

  210. Avatar Michael Chinenye Joy. Reg number: 2020/244369 says:

    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.

  211. Avatar Oluka Confidence Ebubechukwu. Reg no. 2020/243919 says:

    1) Economics is divided into two categories namely: microeconomics and macroeconomics. The basic difference between both is that microeconomics focuses on the behavior of individuals (the consumers) and the producers While macroeconomics focuses on the overall economies on a regional, national or international scale.
    2) What motivated me to choose economics as a course to study in the university is because the economy of my country is worth studying economics as a course in order to be able to contribute to the upliftment of the country’s economy in the nearest future and as well be of help to the masses.

  212. 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

  213. Avatar Ene blessing says:

    1. Micro and macro Economics
    Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments.
    2. Economics deals with our daily life so I picked an interest in the course

  214. Avatar Mamah paschaline oluchukwu. Reg no. ; 2020/242023 says:

    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

  215. Avatar Okeke vera mmesoma says:

    1. The two major categories of economics are micro economics and macro economics. In micro economics, it focuses on behavior of individual consumer and production while in macro economics it examines overall economics on a regional, national or international scale.
    2. I chose economics as a course to study because as a student it will help me gain the skills needed to understand complex market and also come away with strong analytical and problem solving skill.
    Okeke vera mmesoma
    2020/247816
    Pure and industrial chemistry

  216. Avatar CHUKWU BRIDGET OLACHINYERE says:

    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.

  217. Avatar MUOKEBE CHIAMAKA FAITH says:

    Name: MUOKEBE CHIAMAKA FAITH
    Reg no: 2020/244660
    Dept:EDUCATION AND ECONOMICS
    E-mail: faithc643@gmail. Com

    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. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility. The building blocks of economics are the studies of labor and trade. Since there are many possible applications of human labor and many different ways to acquire resources, it is the task of economics to determine which methods yield the best results.

    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.
    Economics is divided into two categories:
    microeconomics
    macroeconomics.
    Microeconomics is the study of individuals and business decisions,
    while macroeconomics looks at the decisions of countries and governments.
    Though these two branches of economics appear different, they are 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.

    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
    .
    Microeconomics focuses on individual markets, while macroeconomics focuses on whole economies.

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

    Economics is one of the most popular fields of study at universities around the globe. A social science concerned with the production, distribution, and consumption of goods and services, economics studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Here’s a four reasons that motivated me to choose Economics as a course of study in the university

    1. It’s part of everyday life

    I was looking for a career where my work will have real meaning in the world,and the good news is economics is an inherent part of nearly all aspects of everyday life. So while i may be studying theory, there’s always a practical context to consider.

    Not to mention that in studying economics, i can make the world a better place. “The ultimate goal of economic science is to improve the living conditions of people in their everyday lives. Increasing the gross domestic product is not just a numbers game. Higher incomes mean good food, building beautiful houses, and water.
    2. I will have excellent job prospects

    Because economists will always be needed across all industries, economics graduates are in great demand by employers around the world. According to The Balance Careers, potential job options for economics graduates include market research analyst, economic consultant, compensation and benefits manager, actuary, credit analyst, financial analyst, policy analyst, lawyer, management consultant, and business reporter.

    3. I can always give advice.

    When the economy enters a recession, you will be able to tell everybody why the economy is in a recession. Also, i will be able to suggest several conflicting reasons as to how we can get out of a recession.

    4. I can inspire business success and impact industries

    Economics has a profound impact on businesses and industries. Because the economy is dynamic, with many ups and downs, understanding it can help businesses and industries weather the changes, survive, and thrive.

    Economics can help business leaders maintain a focus on profitability and be aware of opportunities in order to proactively capitalize on them. In short, while the economy fluctuates, business leaders with economics acumen are best positioned to help their companies endure.

  218. Avatar OGUANYA CHIDERA FAITH says:

    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.

  219. Avatar Ogbonna Perpetual Ebube /2020/247721 says:

    No 1.
    Micro economics is the study of decisions made by people and businesses regarding the allocation of resources, and prices at which they trade goods and services But on the other hand Macroeconomics studies the behavior of a country and how its policies impact the economy as a whole.
    2.Micro economics focuses on supply and demand and other forces that determine price levels in the economy but on the other hand Macroeconomics focuses on aggregates and econometric correlations, which is why governments and their agencies rely on macroeconomics to formulate economic and fiscal policy.
    3. micro economics 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 but 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.

    No 2.
    I choosed to study economics because it helps people understand the world around them. It enables us to understand people, businesses, markets and governments, and therefore better respond to the threats and opportunities that emerge when things change. 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.
    No matter what the future holds, an economics major helps people succeed. Understanding how decisions are made, how markets work, how rules affect outcomes, and how economic forces drive social systems will equip people to make better decisions and solve more problems. This translates to success in work and in life.

  220. Avatar Ekesi Martins Okpebru says:

    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

  221. Name: Enyi Favour Onyiyechi
    Reg no. 2020/242586
    Department. Economics
    Email address.favourenyi9@gmail.com

    A. Economics is is a social science which studies how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.

    Economics is divided into two namely:
    1. Microeconomics; this focuses on the behaviour of individuals, consumers with producers, and
    2. Macroeconomics; focuses on the economy at large.

    1. MICROECONOMICS
    This focuses on how individuals, consumers, firms and producers make decisions. Microeconomics tries to explain how they respond to changes in price and why they demand what they do at particular price levels, how and why goods are valued differently by analysing certain aspects of human behaviour. It also explains how individuals make financial decisions, and how individuals best trade, coordinate, and cooperate with one another also how people approach uncertainty, risk, and strategic game theory.

    2. MACROECONOMICS: by using highly aggregated economic data and variables to model the economy, studies an overall economy on both national and international level. 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.

    B. What motivated you to choose economics as a course of study in the university?

    There are varieties of reasons why I choose to major in the discipline ECONOMICS. My choice was inspired by different reasons, from Family, to the environment, it’s my choice of career an passion.
    As we all know Economics in summation is a study of people behaviour to manage and use resources in order to meet human needs. As a student pursuing economics as a career I’m open to a very wide range of other career opportunities because studying economics would not limit me to becoming only an economist, I would be able to develop problem-solving skills and also understand how complex market works and be able to work in any organisation. It is a course with the choice that informs and influences one daily lifestyle.studying economics is an elegant profession, not only does it deal with the problem-solving analytical skills but it also brings the human behaviour in relation to how it uses its resources.

  222. Avatar OGBODO EUNICE IFEBUCHE... 2020/244990 says:

    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…

  223. 1 it is divided into macro and micro
    a Micro deals with the study of individual
    income while macro deals with national
    income
    b micro analyzes demand and supply of labour while macro analyzes total employment in economy
    2 To expand my knowledge about everything concerning economic well

  224. 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.

  225. Avatar Okonkwo kosiso oluchukwu says:

    Economics is divided into consumption and production of goods and services.

    Consumption is the process or means of satisfying human want
    While
    Production is the creation of wealth.ie activities undertaken to produce goods which satisfy human wants

    I choose Economics because it will help me in calculation and analysation of goods and services.

  226. Avatar Anolue Ugochi Sylvia says:

    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

  227. Avatar ONUORAH MMESOMA JENNIFER says:

    NAME: ONUORAH MMESOMA JENNIFER
    REG NUMBER: 2020/242104
    EMAIL: onuorah.242104@unn.edu.ng

    (A) The two main types of economics are Micro economics and macro economics.

    Differences between Micro and Macro economics are:
    1. Micro economics is the study of decisions made by people and business regarding the allocation of resources while macro economics studies the behavior of a country and how it’s policies impact the economy as a whole.

    2. Micro economics talks about the study of individuals and business decisions while macro economics talks about the decisions made by countries and government.

    3. Micro economics analyzes demand and supply labour while macro economics analyzes total employment in the economy.

    (B) I choose economics as a course of study in the University because Economics cultivates in me the problem_solving, analytical, communication and persuasion skills that are critical for success in today’s job market and again economics helps improve living standard and make society a better place.

  228. Avatar IFEANYICHUKWU HALLELUYAH CHUKWUEBUKA says:

    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.

  229. Avatar IFEANYICHUKWU HALLELUYAH CHUKWUEBUKA says:

    NAME: IFEANYICHUKWU HALLELUYAH CHUKWUEBUKA
    REG NO.: 2020/243287
    DEPT: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT

    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.

  230. Avatar Okonkwo Blessing Chioma says:

    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.

  231. Avatar Onwuzurike Oluchi Loveline says:

    1. The two categories of economics are:
    a) Microeconomics: this 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.
    b) Macroeconomics: this studies the behavior of a country and how it’s 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.
    The basic differences between them are:
    📌 Microeconomics focuses on how individual consumers and firms make decisions while macroeconomics studies an overall economy on both national and international level, using highly aggregated economic data and variables to model the economy.
    📌 Microeconomics topics ranges from the dynamics of supply and demand to the efficiency and costs associated with producing goods and services. They also include how labour is divided and allocated; how business firms are organized and function; and how people approach uncertainty, risk and strategic game theory while macroeconomics topics include foreign trade, government fiscal and monetary policy, unemployment 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, and recessions.
    📌 Microeconomics tries to explain how and why different goods are valued differently, how individuals best trade, coordinate, and cooperate with one another while 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.
    2. What motivated me to choose economics as a course of study in the university.
    a) Better preparation for graduate school: the study of economics will equip me with the problem-solving skills that will prepare me for my post graduate programs as it helps one to develop a clear reasoning and logical thinking skill.
    b) Inspires business success: understanding how consumers behave which economics deals with is vital for a business to succeed. A good knowledge of economics will help me to use theories and models to predict behavior and inform business strategies.
    c) It helps me to be a better decision-maker in both my personal and professional life: economics provides me with a strong background to rely on to make decisions, like attending graduate school or investing my money somewhere, by weighing their benefits and costs.
    d) Economics also helps me to know how individuals and organisations make decisions and predict potential changes in the world. It also helps me to understand the world I live in such as opportunities and threats from markets and governmental policies
    e) Access to a unique pool of knowledge: it opens me up to a variety of knowledge as it is a degree that covers areas of Sociology, Psychology, Mathematics, etc.

    • Avatar Onwuzurike Oluchi Loveline Department: Pure and industrial chemistry. Reg number: 2020/245302 says:

      Department: Pure and industrial chemistry
      Reg. Number:2020/245302

  232. Avatar Opogu victory says:

    Opogu victory
    2020/241863
    Pure and industrial chemistry

    1.Economics is divided into micro and macro economics
    Micro economics is the study of individual business decision while macro economics is deals with government and countries business decision.
    2.I choose economics cause it teaches how to manage ,control and strategize your business, grow and expand..cause it deals with the full scope of a business.

  233. Avatar Ezugwu Kelechi Esther says:

    1.a. Microeconomics
    b. Macroeconomics
    Microeconomics; microeconomics deals with the economic interaction of a specific person, a single entity or a company in making decisions to allocate scarce resources. This focuses on individual market.
    Macroeconomics; macroeconomics is the study of the performance, structure, behavior and decision making of an economy as a whole. It focus generally on countrywide or global economics, study of the sum total of economic activities, dealing with the issues such as growth and employment.

    Difference between microeconomics and macroeconomics.
    Microeconomics is concerned mainly of individual behavior in making decisions on the allocated resources, while macroeconomics is focused on decision making of an economy as a whole.
    2. a. Economics provide the knowledge and skills that employers want, like a critical thinking, problem solving skills to make good decisions.
    b. Economics provide analytic skills.
    c. Enabling one to contribute to the greater good of the country’s economy by understanding the foundamental policy issues that shape market and social outcomes.
    d. Ensuring a successful future; Economics helps to understand how the market works, how rules affect outcomes, how decisions are made, how economics forces drive social systems will equip people to make better decisions and solve more problems.
    e. It provides communication skills, presenting ideas in well defined framework and supported by evidence that uses complex data.

    Name: Ezugwu Kelechi Esther
    Reg No: 2020/242047
    Department: pure and industrial chemistry
    Level: 100L
    Email: ezugwukelechi20@gmail.com

  234. Avatar Okondugba-Solomon Emmanuella T says:

    NAME: OKONDUGBA-SOLOMON EMMANUELLA T
    DEPARTMENT: ECONOMICS
    REG NO: 2018/245786
    EMAIL: ellabeautiful67@gmail.com

    Question 1
    Before I proceed, I’ll like to define Economics.

    What Is Economics?
    Economics is a social science,which is majorly concerned with the production, distribution, and consumption of goods and services.
    In Economics, we also study how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility.

    Economics is generally broken down into two major categories.
    These categories include:
    *Microeconomics
    *Macroeconomics

    MICROECONOMICS:
    This aspect of economics focuses on individual people and businesses.

    MACROECONOMICS:
    This concentrates mainly on the behavior of the economy as a whole i.e Countries and Government.

    As different as these two branches of economics appear, they are actually interdependent and complement one another.
    Some of these differences include;
    *Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments.
    *Investors can use microeconomics in their investment decisions, while macroeconomics is an analytical tool mainly used to craft economic and fiscal policy.
    *Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach.
    *Macroeconomics takes a top-down approach and looks at the economy as a whole, trying to determine its course and nature.

    Question 2
    My biggest motivation in choosing economics as my field/choice of study is because I believe the economy as a whole, is a very important aspect of our lives as human beings, living in a geographical area.
    With that in mind, I also believe that a good and quality knowledge of economics would go a long way for me in my life, and would also enable me to make alot of reasonable decisions or choices in every aspect of my life as time goes on.

  235. Avatar Ezeuduji Bright ifechukwu says:

    NAME: EZEUDUJI BRIGHT IFECHUKWU
    Reg no: 2020/242590
    Department: Economics
    Course : ECO 102
    The field of economics is divided into two categories
    Micro economics
    Macro economics
    Micro economics we say that is the study of decision made by people and businesses inspire of the allocation of resources and price. Micro economics focus on the maximization of profit of an individual or company by the lower cost of production .It also focus on the supply and demand and other forces that determine price level in the economy. Micro economics also understand human choice decisions and allocation of resources
    In summary micro economics deals with the following
    – productions theory
    – Demand, supply and equilibrium
    – cost of production
    – Labour economics
    Macro economics is the study of decision of the country and government. Infact is study of the economy in our country.
    Marco economics tries to determine the optimal rate of inflation and the factor that may stimulate economic growth. It describe relationship among national income savings and overall price level in the economy
    Advantages of micro economics.
    – It helps in predicting the potential rise in the price
    – Observing and analysing the behaviour of small economy unit
    – It allows business association to chalk out the course of action
    Disadvantage of micro economics
    – It assumes that the impact of one production variable is equal overall other production variable
    – It strive for laissez faire policy or pure capitalism
    Advantages of macro economics
    – It helps in the study of inflation and deflation
    – It helps in the functioning of an economy
    – It helps in the study of national income
    Disadvantage of macro economics
    – It decisions sometimes prove to be determined to the interest of the individual economic units
    – It assumes the aggregate to be homogenous which is not always in the case
    In conclusion the different between micro economics and macro economics is that micro economics deals with the individuals while macro economics deals with the country or nation

  236. Avatar CHUKWUDI GABRIEL CHIBUZOR says:

    CHUKWUDI GABRIEL CHIBUZOR
    2020/245231
    chukwugabriel2020@gmail.com

    ANSWER 1
    1. Micro economics
    2. Macro economics

    Basic differences
    1. Micro economics focuses on the behavior of individual and producers. It focuses on the individual perspective at a consumer level.

    2. Macro economics examine overall economies on a regional, national and international scale. It seeks to find a general perspective at a national level.
    ANSWER 2
    It is because economics is a versatile course and it is being used in our daily routine irrespective of one’s profession or job. Anyone who study’s economics has the ability to make a good and suitable planning for him or her self or even family and also the nation as a whole because it educates you on how to make appropriate and proper management of the available resources in order not to make unnecessary expenditures.
    Economics also teaches one on how to make a good decision on the needs and wants of an individual in the sense that he or she will be able to calculate his needs and wants according to their importance.it also educates one on how to calculate the opportunity and alternative cost of a product in order for him or her to make use of his purchasing power effectively.
    There are millions of reasons but a few which I mentioned above motivated me in choosing economics as my case of study in University as it will help me most importantly in my life. Thank you.

  237. Microeconomics and macroeconomics
    Microeconomics focuses on behavior of individual, consumers and producers while
    Macroeconomics examine overall economics on a national scale
    2: It’s because I could easily give advice:E.g : when the economy enters recession,l could suggest reasons to get out of it

  238. Avatar IKPO NGOZIKA GLORIA says:

    IKPO NGOZIKA GLORIA
    2020/245311
    ECONOMICS DEPARTMENT
    ikpogloria40@gmail.com

    The field of economics is typically divided into two microeconomics and macroeconomics.
    Microeconomics is the study of decision made by people and business regarding the allocation of resources,price at which they trade goods and services
    Macroeconomics focuses on supply and demand and other forces that determine price level in the economy.It is a top-down approach because it specialize mostly on industries and economic rather than individuals or specific companies
    I choose economics as a course of study in school because economics is a complex field with many fixed factors and variable affecting the financial health of individuals, household, companies and government
    It helps professional make wise decision concerning nearly all areas of business

  239. Avatar Ogechim Okoye yegra-owo says:

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

    Economics broadly studies the behaviour of human,their decisions and reactions when faced with good or bad economy.it is a social science that enables us learn skills that helps solve a lot of problems.
    I was motivated to study economics by the broad concept of it, economics is a broad course that encompasses public policy , business, management and even accounting. I also want to affect the economy of a nation as an economist or an economist consultant and develop myself further.

  240. Avatar Nome chisom says:

    Name:Nome chisom dorathy
    Reg no :2020/245247
    Department: public administration and local government
    Email address : chisomnome16@gmail.com
    1. Branches of Economics
    Economics can be grouped into two major divisions. These are micro-economics and macro-economics.

    MICRO-ECONOMICS
    micro-economics refers to the branch of economics which deals with smaller units or components of the economy .it is concerned with the analysis of the basic decision making components of house holds , individual firms and governments.it relates to cost ,output,production, pricing and marketing activities of house holds, firms and government

    MACRO-ECONOMICS
    Macro-economics refers to the branch of economics which deals with larger units or aggregate of the economy. Macro-economics relates to large aggregate such as national income ,inflates, unemployment, balance of payment.

    Difference between macro and micro economics
    1: Micro-economics studies individual economic units while Macroeconomics studies a nation’s economy, as well as it’s various aggregates.
    2. Micro-economics primarily deals with individual income, output, price of goods, e.t.c while Macroeconomics is the study of the 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 while Macroeconomics focuses on upholding issues like employment and national household income.
    4: Micro-economics accounts for factors like demand and supply of a particular commodity while Macroeconomics account for the aggregated demand and supply of a nation’s economy.
    5: Micro-economics 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 While Macro-economics helps ensure optimum utilisation of the resources available to a country

    2. Studying gives me 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. I am interested in the world around me from history, to politics, to international affairs and consumer behaviour in my country and worldwide, as these all impact on how individuals, companies and governments behave and make decisions, therefore I chose economics as a field of study it provides me with sufficient ground to explore in these my areas of interest.

  241. Avatar Chinedu Miracle Ifechukwu 2020/243701 says:

    1. There are two categories of Economics, which are:
    a . Microeconomics
    b. Macroeconomics
    Microeconomics is the study of how individuals and business make decisions regarding the allocation of resources (scarce resources) While
    Macroeconomics is the study of the economy as a whole.

    2. What motivates me to choose economics as a course is that: Economics if studied as a course will enable me have a sense of representing good values (being economical).

    • Avatar Chinedu Miracle Ifechukwu 2020/243701 says:

      1. There are two categories of Economics, which are:
      a . Microeconomics
      b. Macroeconomics
      Microeconomics is the study of how individuals and business make decisions regarding the allocation of resources (scarce resources) While
      Macroeconomics is the study of the economy as a whole.

      2. What motivates me to choose economics as a course is that: Economics if studied as a course will enable me have a sense of representing good values (being economical).

  242. Avatar UGWUOKE UKAMAKA CALISTER says:

    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.

  243. Avatar Agu Angela sopuruchukwu says:

    Reg no: 2020/243923
    Name: Agu Angela sopuruchukwu
    Email address: aguangela42@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.

  244. Avatar Ogechim Okoye yegra-owo says:

    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.

  245. Avatar Ugwuoke mmesoma Joy says:

    Dept :Business education
    Reg num:2020/242343
    100l
    1. There are two categories of economics namely microeconomics and macroeconomics.
    Microeconomics is the study of individuals and business decision while macroeconomics looks at the decision of countries and government.
    Microeconomics focuses on supply and demand and other Forces that determine price levels while macroeconomics looks at the economy as a whole this includes trying to understand what drives the business cycle from boom to bust.

    2.Reasons why l choose to study economics in university are as follows :
    It’s part of everyday life.
    I will have excellent job prospects.
    I will be a better decisions maker both in my personal and professional life.
    I will be able to inspire business success and impact industries.
    To learn how the world functions.

  246. Avatar OGBU PRECILIA ONYINYECHI says:

    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.

  247. Avatar Nome Chisom Dorathy says:

    Name: Nome Chisom Dorathy
    Registration Number: 2020/245247
    Email address: chisomnome16@gmail.com
    Department: Public Administration and Local Government

    1. Branches of Economics
    Economics can be grouped into two major divisions. These are micro-economics and macro-economics.

    MICRO-ECONOMICS
    micro-economics refers to the branch of economics which deals with smaller units or components of the economy .it is concerned with the analysis of the basic decision making components of house holds , individual firms and governments.it relates to cost ,output,production, pricing and marketing activities of house holds, firms and government

    MACRO-ECONOMICS
    Macro-economics refers to the branch of economics which deals with larger units or aggregate of the economy. Macro-economics relates to large aggregate such as national income ,inflates, unemployment, balance of payment.

    Difference between macro and micro economics
    1: Micro-economics studies individual economic units while Macroeconomics studies a nation’s economy, as well as it’s various aggregates.
    2. Micro-economics primarily deals with individual income, output, price of goods, e.t.c while Macroeconomics is the study of the 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 while Macroeconomics focuses on upholding issues like employment and national household income.
    4: Micro-economics accounts for factors like demand and supply of a particular commodity while Macroeconomics account for the aggregated demand and supply of a nation’s economy.
    5: Micro-economics 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 While Macro-economics helps ensure optimum utilisation of the resources available to a country

    2. Studying gives me 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. I am interested in the world around me from history, to politics, to international affairs and consumer behaviour in my country and worldwide, as these all impact on how individuals, companies and governments behave and make decisions, therefore I chose economics as a field of study it provides me with sufficient ground to explore in these my areas of interest.

  248. Avatar Chukwukere+Victory+Onyinyechi says:

    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.

  249. Q1. Economics is divided into two categories viz:
    A. Macroeconomics
    B. Microeconomics
    Below are there basic differences.
    1. Macroeconomics is the study of a national economy as a whole while Microeconomics is the study of economics as an individual, group or company level.
    2. Macroeconomics, the purpose of this discipline is to maximize national income and provide national economic growth while Microeconomics assumes business are rational and produce goods that maximize their profit.
    3. Macroeconomics, the economy may be in state of disequilibrium (boom or recession) for a longer period while Microeconomics works on the principle that markets soon create equilibrium.
    4. Macroeconomics focuses on issues that affect nations and the World economy while Microeconomics focuses on issues concerning individuals and private firms.

    Q2. Economics encompasses all fields of life and it is a great importance for me to avail myself this opportunity to be groomed in the fields of economics, which will shape my life on how to spend, gain etc on this highly inclined economic country.

  250. 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.

  251. Avatar Sebastine Daniel Chukwuemeka says:

    1. The categories of economics are as follow: (a) microeconomics and (b) macroeconomics
    (a) Microeconomics: this category of economics defines how consumers and producers behave to a particular service.
    (b) Macroeconomics: This category is a broad aspect of economics which does a general study on the economy of a specific region or nation.
    2. Firstly, as stated 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. I chose to study economics in the university to help tackle the problems of scarcity and the lack of saving, also to help make the availability of resources know to satisfy human needs.

  252. Avatar Umezulike Treasure Mmesoma says:

    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.

  253. Avatar Chidiebere+Favour+Chiwemmeri says:

    CHIDIEBERE FAVOUR CHIWEMMERI.
    2020/242578
    DEPARTMENT OF ECONOMICS.
    100LEVEL.
    ECO102 ASSIGNMENT.
    QUESTION: FIELDS OF ECONOMICS AND MOTIVATIONS.
    ANSWER: There are many fields of economics but among the many there are two main fields that forms the basics for other fields. They are:
    1. Microeconomics.
    2. Macroeconomics.
    MICROECONOMICS
    It studies the behaviour of economic agents, such as households and firms, and their interaction with various forms of economic institutions. The microeconomics research group is made up of a large and active group of researchers working on a wide range of topics. One subgroup specialises in market/mechanism design and social choice theory. The research focuses primarily on the design of strategy-proof mechanisms, auction design, voting rules, and provision of public goods. Another active group of researchers uses empirical and experimental methods to understand individual decision-making and behaviour in games. The topics of research include cooperation and communication in games and decision-making under risk and uncertainty. Other research areas include cooperative and non-cooperative game theory, public economics and industrial organisation.
    MACROECONOMICS
    It is the branch of economics that studies the behavior and performance of an economy as a whole. It focuses on the aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation. Macroeconomics analyzes all aggregate indicators and the microeconomic factors that influence the economy. Government and corporations use macroeconomic models to help in formulating of economic policies and strategies. 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.

    OTHER FIELDS OF ECONOMICS INCLUDE:
    1. Agricultural and natural resource/environmental economics: is a discipline of economics that studies the economic effects of environmental policies around the world. Its main focus is on the efficient allocation of environmental and natural resources and how alternative environmental policies deal with environmental damage, such as air pollution, water quality, toxic substances, solid waste, and global warming. Environmental economics was premised on the neoclassical approach dealing with a number of issues, such as inefficient natural resource allocation, market failure, negative externalities, and management of public goods.
    2. Health Economics: is the application of economic theories and methods in the area of health. The Health Economics group conducts a wide range of applied and methodological research on the multifaceted relationship between health and economic factors/behaviours. Studies produced by the group shed light on the demand for health, investigating among other things the consequences of chronic diseases and unhealthy behaviours such as alcohol and tobacco consumption, and obesity. The group also studies the impact of economic determinants in early life and adulthood, both at the individual level and at the macro-level, taking into account the potential health effects of recessions and booms. In addition, the Health Economics group investigates the incentives and organisation within public and private health care, together with health systems organisation in terms of efficiency of health care production and distribution of resources between groups in society. The Health Economics group also conducts successful research on methods and applications of economic evaluations of medical technologies and prevention.
    3. Econometrics: is the quantitative application of statistical inferences, economic theory and models using data to develop theories or test existing hypotheses in economics and to forecast future trends from the huge amount of data acquired over time. Its function is to convert real-world data to statistical trials and then compares the findings against the theory or theories being tested for similar patterns. It is otherwise known as mathematical economics.
    4. Industrial/business economics: Business economics is a field of applied economics that studies the financial, organizational, market-related, and environmental issues faced by corporations. Business economics assesses certain factors impacting corporations—business organization, management, expansion, and strategy—using economic theory and quantitative methods.
    5. Labour/industrial economics: Generally speaking, the industrial economy concerns those activities combining factors of production (facilities, supplies, work, knowledge) to produce material goods intended for the market. A distinction is generally made between manufacturing industry and extraction industries, but the precise perimeter of industry in each statistical operation is given by the list of the items taken into account in the economic classification to which the operation refers. (NAF, NES, etc.).
    ECONOMIC MOTIVATIONS.
    I chose to study economics because it is part of everyday life. With it,I can inspire business success and impact industries. Economics has a profound impact on businesses and industries. Because the economy is dynamic, with many ups and downs, understanding it can help businesses and industries weather the changes, survive, and thrive.
    Also because, economics affects nearly all aspects of our lives. It’s a broad subject area that equips me 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. Economics plays a role in our everyday life. Studying economics will enable me to understand past, future and current models, and apply them to societies, governments, businesses and individuals.

  254. Avatar Ndu-nwaru Hearts Ugochinyerem says:

    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.

  255. Avatar Okeke Ebere Florence says:

    Name:Okeke Ebere Florence
    Reg No: 2020/243487
    Department: Pure and Industrial Chemistry

    1. Micro Economics and Macro Economics
    Difference between the two; Micro economics is the study of particular markets and segments of the economy which looks at issues such as consumer behavior, individual labor market and the theory of firms while Macro economics is the study of the whole economic which looks at aggregrate variables such as aggregrate demands, national output and inflation.

    2. I chose Economics as a course of study in the university because of;
    i. A Focus on Real Life:Economics is focused on learning from case studies, this makes it easy to understand how theory can tell you something about real life. Moreover many universities make Internship part of their degree program me
    ii. Variety of Programmes: Economics are part of most aspect of everyday life, that is why universities offer a large variety of modules reflecting this. From economics public policy to environmental economics, everything is part of economics degree.

  256. 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.

  257. Avatar Ezea perpetua says:

    Ezea perpetua Ebubechukwu
    2020/243915
    perpetuaezea9@gmail.com

    The two categories of economics are microeconomics and macroeconomics

    Microeconomics deals with the economic interactions of a specific person, a single entity or a company (study of market). while
    Macroeconomics deals with performance, structure, behavior and decision making of an economy as a whole.

    Microeconomics is applied to internal issues while.
    macroeconomics is applied to environmental and external issues.

    Microeconomics is useful in regulating the prices of a product alongside the prices of factors of product. While
    Macroeconomics perpetuates firmness in the broad price level and solve major issues of the economy like inflation, deflation etc.

    What motivated me to choose economics as a course of study in the university.
    For any career related to finance an economic degree is a good foundation to build on roles on data analysis such as an actuary, or an investment analyst are typically careers for an economics graduates. For those who want a job directly related to economics further study is recommended.

  258. Avatar Eke Joshua Okwuchukwu says:

    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.

  259. Avatar Jonathan Tracy Amarachi says:

    Name: Jonathan Tracy Amarachi
    Dept: philosophy
    Faculty: social science
    Reg no. 2020/243131

    1. The two categories of economic are microeconomics and macroeconomics. These two very important aspect of economics plays a vital part in the growth of a country. They are both very useful for an economy to thrive, but they share some differences which are as followed:
    1. Microeconomics is the study of individuals and business decisions while Macroeconomics looks at the decision of countries and government.
    2. Microeconomics concern itself with household income while Macroeconomics concern itself with national income.
    3. Microeconomics focus 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 it’s course and nature.
    4. Investors can use Microeconomics in their investment decision, while Macroeconomics is an analytical tool mainly used to craft economics and fiscal policy.

    2. Economics as a course is a very peculiar field of study, it has to do with management of a countries scarce resources in other for it to be enough for the masses and also for the development of a country. It is necessary for every field of life, be it in a household or an industry. A person will need to have a bit understanding of economics to get through life.
    What motivated me to choose economics as a course in the university, is to be able to meet the needs of every day Life problem ( like the smaller needs of citizens that government ignores, that are in aboundant but somehow scarce eg water). Like here in Nigeria we are in a negative zone, we are falling backwards because of lack of good economic knowledge to advance the economy. But I believe with more people with the same mindset like me, the economy of Nigeria will thrive and so will the country. So the main reason for my choice of economics is to meet household needs before the whole country.

  260. Avatar Elemuo Blessing 2020/243962 says:

    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.

  261. 1) Microeconomics and Macroeconomics
    1b) i. Microeconomics focuses on supply of goods while Macroeconomics deals with Productive capacity of economy.
    ii. Microeconomics deals with household income while Macroeconomics deals with National income
    iii. Microeconomics study decisions made by individuals and businesses and how they interact with one another while Macroeconomics looks at the economy as a whole.
    iv. In Microeconomics, there’s an effect on price of a good while Macroeconomics there’s Inflation.
    v. Microeconomics tries to understand what determines the output of a single firm or industry, or the consumption pattern of a single household while Macroeconomics tries to explain the economic changes that affect many households, firms and markets at once.
    vi. Microeconomics looks at the single units of the economy while Macroeconomics looks at all companies, firms, and government.
    vii. Microeconomics is concerned with the study of specific economy units or parts that make up the economy and the relationship between those parts. While Macroeconomics is concerned with the explanation of the determinants of the level of aggregate output, the general price level and the rate of growth of prices (inflation).

    2) Economics as a field of study has always intrigued me right from my senior secondary school days, when I started studying it.
    I remembered the first Economics class we had and we were thought that Economics is a branch of knowledge concerned with the production, consumption and transfer of wealth.
    The definition spurred my curiosity. I wanted to fully understand how wealth was produced, consumed…. Basically the science behind it all.
    Studying Economics in secondary school was so interesting. Every class we took arouse my curiosity even further, so much that I found myself reading late into the night and researching more about economics, an economist and the economy at large. The dynamics of it all.
    Economics soon became my best subject and I aced my exams. When the time came to choose a course of study in the university, it was so easy to take the decisions. I wanted to be an economist, I want to study Economics, I really want to understand the dynamics of the world economy. I want to be able to forecast an economic trend based on data for organization and the world at large.
    I also loved that Economics is a broad field of study and the chances of getting a job are unlimited. An economist can work for organizations and as well be an entrepreneur,
    Every sector (be it in Agriculture, health, commerce, Entertainment) needs an economist for proper management and allocation of resources. Without an economist, an organization will be running at a loss as there will be no data to show for the profit and loss an organization made.
    Studying Economics has been a dream come true. Someday with prayer and hard work, I will work in the world bank as a senior public sector economist or in the International Monetary Fund (IMF).

    • 1. The two categories of Economics are:
      -MICROECONOMICS: This is the branch of economics that deals with the study of specific units or parts of the economy and their relationship.
      -MACROECONOMICS: This branch of economics studies economic wide phenomena.

      The difference s between Microeconomics and Macroeconomics are:
      a. Microeconomics studies how individuals, households and firms make decisions and how they interact; While Macroeconomics looks at the economy as a whole.
      b. Microeconomics tries to understand what determines the output of a single firm or industry, or consumption pattern of a single household; While Macroeconomics tries to explain economic change that affect households,firms and markets at once.
      c. Microeconomics is concerned with household income; While Macroeconomics deals with national income.
      d. Microeconomics is concerned with the study of specific economy units or parts that make up the economy and the relationship between those parts; While Macroeconomics is concerned with the explanation of the determinants of the level of aggregate output, the general price level and the rate of growth of prices (inflation).

      2. Economics as a field of study helps make one to be rational which is a much needed trait in our country Nigeria today. With the knowledge of economics, I can help to eradicate poverty and improve the people’s standard of living. Hopefully in the future when I am in a high position (hopefully the minister of finance), I want to help eradicate poverty in our country and increase our national wealth.

  262. Avatar Obieze David Meniru says:

    1.Economics is divided mainly into micro-economics and macro-economics
    Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach.
    Macroeconomics takes a top-down approach and looks at the economy as a whole, trying to determine its course and nature.

    2.Economics plays a role in our everyday life. Studying economics enables us to understand past, future and current models, and apply them to societies, governments, businesses and individuals and to truly succeed in the aspect of finance, Economics is involved

  263. Avatar Orji ugochukwu says:

    1)Microeconomics and Macroeconomics
    Basic difference between them are
    Microeconomics: the study of how individuals and companies make decisions to allocate scarce resources. While
    Macroeconomics: the study of an economy as a whole.
    2) we are in a country that has to deal with economy in every day of our life and one needs to get a knowledge of economic to get along in this degitalized world

  264. Avatar Mordi chidera Reginald says:

    Mordi Chidera Reginald
    2020/242598
    Chideramordi43 @gmail.com
    Economics department(major)
    Field of a economics and motivations
    Economics is divided into two broad fields which are microeconomics and macroeconomics
    Microeconomics studies individual and business decisions on economic phenomena.
    It focuses on supply,demand and other factors that determine price levels that is,it takes a bottom-top approach, also it is based on some of these key principles which include: production theory,costs theory and labour theory.
    Individual investors focus more on micro economic indices than on macroeconomic indices.
    On the other hand,
    Macroeconomics studies economic decisions of countries and there governments. That is it takes a top-down approach and looks at the economy as a whole trying to determine its course and nature.
    Macroeconomics seeks to answer the questions such as “what should the inflation rate be?,what is the unemployment rate ?,or what stimulates economic growth?”. It focuses on the aggregates and on economic correlations, which is why government rely on macroeconomics to formulate monetary and fiscal policies.
    My major motivation that made me chose economics as my course of study is that through it I will be able to contribute positively to the economic growth and development of Nigeria through critical analysis of current economic trends and indices and meting out sound economic advice and policy framework to the government for better economic welfare of Nigerians.

  265. Avatar IROHA JANE KALU. 2020/246973 says:

    The two types of ECONOMICS are MICROECONOMICS and MACROECONOMICS
    THEIR BASIC DIFFERENCE INCLUDE:
    1. MICROECONOMICS studies individuals and business decisions while
    MACROECONOMICS analyses decisio7ns made by countries and government.
    2. MICROECONOMICS focuses on supply and other forces that determine prize levels, making it a bottom-up approach To analysing the economy. WHILE
    MACROECONOMICS takes a top-down approach and looks at the economy as a whole, trying to determine its courses and nature.
    3. MICROECONOMICS is easily used by investors in their investment decisions while
    MACROECONOMICS is on analytical tool mainly used to craft economic and fiscal policy.
    I WAS MOTIVATED TO CHOOSE ECONOMICS AS A COURSE OF STUDY IN THE UNIVERSITY SO THAT:
    1. I will improve my career prospects.
    2. And also understand my spending habits.
    3. Also to know how to make ends meet.
    4. To know how to develop a viable business strategy and decision for my organisation and also maximize revenue.

  266. Avatar Okenwa Eunice Chiyere says:

    NAME: Okenwa Eunice Chiyere
    DEPARTMENT: Business Education
    REG NUMBER: 2020/242140

    1. CATEGORIES OF ECONOMICS AND THEIR BASIC DIFFERENCES.

    CATEGORIES OF ECONOMICS .
    We have two categories of economics they are: Microeconomics and Macroeconomics.

    *MICRO ECONOMICS: Microeconomics is a social science that studies the implications of incentive and decisions specifically about how those decisions affect the utilization and distribution of resources. It focuses on the behavior of individual , consumer, and producer.
    MACROECONOMICS : Macroeconomics is a branch of economics that studies an overall economy, the market or other systems that operate on a large scale. It deals with the performance, structure and behavior of the entire economy.
    Macroeconomics also study wide phenomena such as; inflation, price levels, rate of economics growth, national income, gross domestic product (GDP) and changes in unemployment.

    DIFFERENCES BETWEEN MACROECONOMICS AND MICROECONOMICS.
    * Microeconomics is the study of individual and business decisions, while macroeconomics looks at the decisions of countries and government.
    * 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.
    * Investors can use microeconomics in their investment decisions, while macroeconomics is an analytical tool mainly used to craft economics and fiscal policy.
    * Microeconomics is the study of how Individual and companies make decisions to allocate scares resources, while macroeconomics is the study of an economy as a whole.

    REASONS I CHOOSE ECONOMICS AS A COURSE IN THE UNIVERSITY.
    * Economics plays a role in our everyday life. Studying economics enables us to understand past, future, and current models and apply them to the society, government and business.

    * I choose economics as a course because it inspires business success by understanding how consumer behave. As an economic student or an economist I would be able to use theories and models to predict the behavior and inform business strategies.

    * Economics as a course will give an individual an in-depth understanding of core economics theory and how to apply them to the real business world.

    * Economics also help in developing a range of transferable skills, like communication, problem-solving, research, numeracy,and time management.

  267. Avatar Omeje Deborah Mmesoma says:

    Omeje Deborah Mmesom
    2020/242625
    Economics Department
    omejedeborahmmesoma@gmail.com

    Microeconomics
    Macroeconomics
    Differences are
    Microeconomics is the study of economic actions of individual and group of individuals while Macroeconomics studies the economy as a whole and not a single unit but combination of all.
    Microeconomics studies economic behavior of individual units on market for particular goods and services while Macroeconomics studies aggregate economic behavior ie the behavior of aggregate economic agents on aggregate economic markets.
    Microeconomics deals with decision making of a certain firm or a certain household while Macroeconomics deals with the economic issues that affect the entire economy and the society.
    Microeconomics studies such variables as the amount of a firms output or a consumers income, quantities demanded and supplied of particular goods and services while Macroeconomics studies aggregate variables such as gross domestic product, national income, aggregate demand, aggregate supply, general price level, rate of unemployment, public deficit etc.

    My motivation for studying economics in the university is at first loving it , then wanting to know more about the economy and it’s way of satisfying human resources. It was because of this I wanted to study it.

  268. Avatar Nnadiukwu Faustina Eberechukwu Reg no:2020/242773 Dept:Pure and industrial chemistry says:

    1-Macroeconomics and Microeconomics
    Macroeconomics is the study that deals with overall price level in the economy, studies national income and analyzes aggregate decisions in the economy
    Microeconomics is the study that deals with individual prices, studies individual income and analyzes household and firm decisions
    2- I chose economics so as to learn more on how to manage the limited resources to meet up with my needs and to know the economy runs in the country

  269. Avatar Onovo Daniel Chukwuebuka says:

    1) Economics is divided into two parts namely Microeconomics and Macroeconomics.The basic difference between them is, Microeconomics is the study of how individuals and companies make decisions to allocate scarce resources while Macroeconomics is the study of an economy as a whole.

    2)My country’s economy situation motivated me to do so,in order for me to be able to learn more and create or contribute to the making of a better and stable economy which makes things better for the society and masses..

  270. Avatar Abugu Emmanuel Chinonso 2020/243684 says:

    Two major categories of economics are microeconomics and macroeconomics.

    Microeconomics,focuses on the behavior of individual consumers and producers, and macroeconomics, which can be also examine as overall economies on a regional, national, or international scale.

    (2). I chose to study economics to acquire knowledge on how to manage my income and to learn about marketing strategies and social interactions.

  271. Avatar Onovo Daniel Chukwuebuka says:

    1) Economics is divided into microeconomics and macroeconomics,the basic difference between them is,Microeconomics is the study of how individuals and companies make decisions to allocate scarce resources while Macroeconomics is the study of an economy as a whole.
    2)The economy situation of my country motivated me to do so,in order for me to learn more and be able to create or contribute to betterment of the country’s economy and make things better for the masses.

  272. Avatar Chianumba precious chioma says:

    Name:-Chianumba precious Chioma
    Reg No:-2020/242581
    Email:- chianumbap@gmail.com
    The field of economics is typically divided into two broad realms: microeconomics and 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.
     Macroeconomics is the branch of economics that focuses on the impact of choices on the total, or aggregate, level of economic activity.
    Why do tickets to the best concerts cost so much? How does the threat of global warming affect real estate prices in coastal areas? Why do women end up doing most of the housework? Why do senior citizens get discounts on public transit systems? These questions are generally regarded as microeconomic because they focus on individual units or markets in the economy.
    Is the total level of economic activity rising or falling? Is the rate of inflation increasing or decreasing? What is happening to the unemployment rate? These are the questions that deal with aggregates, or totals, in the economy; they are problems of macroeconomics.
    Both microeconomics and macroeconomics give attention to individual markets. But in microeconomics that attention is an end in itself; in macroeconomics it is aimed at explaining the movement of major economic aggregates—the level of total output, the level of employment, and the price level.
    We can group motivations into personal reasons that can cause individuals to take action, and social reasons that can cause larger groups to do things, even if some members don’t have enough cause on their own .

    – Personal Motivations


     People have basic biological needs which motivate them. For example, when you are hungry, you are motivated to prepare a meal or go to a restaurant. Most people have the foresight to take action before these needs become urgent. So we do things like work at a job, earn money, and use the money to stock the pantry or go out to eat. If biological needs can be met with less work using self-improving systems like seed factories, it would be a reason to take action and build them. Necessity is also a strong driver. Jobs may be eliminated by smart tools which need few people to run them. So people may be driven to meet their needs directly rather than through jobs. This includes using some smart tools for themselves. To take such action, they need to know the possibility exists. So informing people would be an element of future projects.

    – Social Motivations


     Humans are Social Animals, and so they form groups and interact regularly with each other. They do so beyond the basic biological functions of mating and parenting necessary to continue the species. We create a vast array of social groups, from extended families, to neighbors who exchange favors, and to complex formal and legal organizations like governments and large corporations. Nearly everyone belongs to multiple groups, either willingly or by necessity. Groups can have rationales and motivations different from their members. For example, most people don’t want to die, but an army by its nature exposes it’s members to a higher risk of death.
     Individuals can produce certain things for themselves, such as furniture by woodworking. A self-expanding production system is likely complicated enough to need a wide variety of skills and equipment, beyond what one person can typically supply. To accomplish such projects they can form informal or formal groups of various kinds. This lets them gather the resources and skills for all the needed tasks.

  273. Avatar Desmond Chibuike Kenneth. Department : pure and industrial chemistry. Registration number : 2020/243916 says:

    1. i. The two categories of economics are Microeconomics and Macroeconomics.
    ii. The difference between them is that Microeconomics is concerned with the behavior of individual consumers and producers while Macroeconomics is concerned with the total economies of a country or region.

    2. I got motivated to study economics because I want to find different ways to manage my income and be able to create a better future for myself.

  274. NAME: Uwaezuoke favour Ifunanya
    DEPARTMENT :Economic
    REG N0:2020/242628
    FIELDs OF ECONOMICS AND MOTIVATION
    The field of economics is typically divided into two broad realms: microeconomics and 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.
     Macroeconomics is the branch of economics that focuses on the impact of choices on the total, or aggregate, level of economic activity.
    Why do tickets to the best concerts cost so much? How does the threat of global warming affect real estate prices in coastal areas? Why do women end up doing most of the housework? Why do senior citizens get discounts on public transit systems? These questions are generally regarded as microeconomic because they focus on individual units or markets in the economy.
    Is the total level of economic activity rising or falling? Is the rate of inflation increasing or decreasing? What is happening to the unemployment rate? These are the questions that deal with aggregates, or totals, in the economy; they are problems of macroeconomics.
    Both microeconomics and macroeconomics give attention to individual markets. But in microeconomics that attention is an end in itself; in macroeconomics it is aimed at explaining the movement of major economic aggregates—the level of total output, the level of employment, and the price level.
    Fields of motivation
    We can group motivations into personal reasons that can cause individuals to take action, and social reasons that can cause larger groups to do things, even if some members don’t have enough cause on their own .

    – Personal Motivations
     People have basic biological needs which motivate them. For example, when you are hungry, you are motivated to prepare a meal or go to a restaurant. Most people have the foresight to take action before these needs become urgent. So we do things like work at a job, earn money, and use the money to stock the pantry or go out to eat. If biological needs can be met with less work using self-improving systems like seed factories, it would be a reason to take action and build them. Necessity is also a strong driver. Jobs may be eliminated by smart tools which need few people to run them. So people may be driven to meet their needs directly rather than through jobs. This includes using some smart tools for themselves. To take such action, they need to know the possibility exists. So informing people would be an element of future projects.

    – Social Motivations
     Humans are Social Animals, and so they form groups and interact regularly with each other. They do so beyond the basic biological functions of mating and parenting necessary to continue the species. We create a vast array of social groups, from extended families, to neighbors who exchange favors, and to complex formal and legal organizations like governments and large corporations. Nearly everyone belongs to multiple groups, either willingly or by necessity. Groups can have rationales and motivations different from their members. For example, most people don’t want to die, but an army by its nature exposes it’s members to a higher risk of death.
     Individuals can produce certain things for themselves, such as furniture by woodworking. A self-expanding production system is likely complicated enough to need a wide variety of skills and equipment, beyond what one person can typically supply. To accomplish such projects they can form informal or formal groups of various kinds. This lets them gather the resources and skills for all the needed tasks.

  275. Avatar Esonwanne Echezonachukwu Edmund says:

    Esonwanne Echezonachukwu Edmund
    2019/242630
    esonwanneechezonachukwu@gmail.com

  276. Avatar CHUKWU PRECIOUS MUNACHI, Reg no. 2020/242984 says:

    Question 2:
    What motivated me in choosing to study economics in school was, after doing my research on the course, I found out that it helps humans in understanding the world around us, issues influence in our daily lives and also inspires business success.
    Also I aspire to become a great economist

  277. Avatar CHUKWU PRECIOUS MUNACHI, Reg no. 2020/242984 says:

    Economics is divided into two different categories which are:
    1. Microeconomics and
    2: Macroeconomics
    BASIC DIFFERENCE BETWEEN MICRO AND MACRO ECONOMICS
    1:microeconomics studies individual economic units while Macroeconomics studies a Nation’s economy as well as its 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 discrimination.
    4: 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. While Macroeconomics helps ensure optimum utilisation of the resources available in a country.
    5: Microeconomics also focuses on issues arising due to price variation and income levels while the primary component of Macroeconomic problem is income.
    6:Microeconomics helps point how equilibrium can be achieved at a small scale while Macroeconomics help determine the equilibrium levels of employment and income of the nation.
    7:Microeconomics accounts for factors like demand and supply of a particular commodity while Macroeconomics account for the aggregated demand and supply of a nation’s economy.

  278. Avatar