Programmes offered within the department
Bachelor Of Commerce Economics Honours Degree
Master Of Commerce In Economics Degree
Chairman’s Welcome Remarks
The Department of Economics at Midlands State University welcomes you. The Department is housed in the Faculty of Commerce and has a staff compliment of 10 lecturers. We aim to achieve excellence in teaching and research and in pursuit of this objective; we offer a number of disciplines in Economics.
To become a premier provider of intellectual and analytical skills, in order to develop students who grow into critical think-tanks and independent analysts as accomplished innovative professionals. The Economics department thus dwells on the achievement and sustenance of excellence in teaching and research and the development of solemn commitment with strategic partners to become actively involved in service to the university, public and private stakeholders within the local and global communities.
Department of Economics
Midlands State University
Tel +263 54 260409 / +263 54 260450/ +263 54 260667 ext
1.1 These regulations shall be read in conjunction with the Faculty Regulations and the General Regulations.
1.2 The degree will be awarded to candidates who have successfully completed the programme and passed examinations in accordance with regulations set in the Faculty Regulations.
1.3 The duration of the degree programme shall normally be a minimum of four levels including a period of Work Related Learning in a relevant industrial/commercial setting during the third level.
2. CAREER PROSPECTS–
Bachelor of Commerce Economics Honours Degree graduates can be absorbed in some of the following organizations and areas; Financial Institutions, Government Departments, Parastatals, Central Bank, private sector firms, non- governmental organizations, regional and international organizations, institutions of higher learning, consultancy firms and high schools among others.
3. ENTRY REQUIREMENTS
3.1 Normal Entry
3.1.1 To qualify for normal entry into the Bachelor of Commerce Economics Honours Degree programme, a candidates, in addition to satisfying the minimum requirements as prescribed under the General Regulations and the Faculty Regulations for English and Mathematics at `O’ Level, must have obtained at least two passes at `A’ level in the following subjects: Economics, Accounting, Mathematics and Management of Business.
3.2 Mature Entry
3.2.1 Over and above the requirements stipulated in the General Regulations, students who get into the Economics Department through mature entry should at least have a `B’ in Ordinary Level Mathematics.
4. GENERAL PROVISIONS
4.1. A candidate is required to undertake a minimum of five (5) modules per semester unless one is carrying over or retaking certain modules from the previous academic level or semester, respectively.
4.2. Each module is worth four (4) credits, except for the Work Related Learning level which is worth forty (40) credits and the dissertation which is worth 8 credits.
4.3 The department may accept students who have been discontinued from other programmes on condition that they meet the entry requirements of the department and subject to availability of places.
Refer to Section 6 of the General Regulations and Section 5 of the Faculty Regulations.
6. FAILURE TO SATISFY THE EXAMINERS
Refer to Section 9 of the General Regulations.
7. PROVISION FOR PROGRESSION
Refer to Section 6 of the Faculty Regulations.
8. WORK RELATED LEARNING GENERAL GUIDELINES
Refer to Section 8 of the Faculty Regulations.
9. GRADING AND DEGREE CLASSIFICATION
Refer to Section 10 of the Faculty Regulations.
10. DEGREE WEIGHTING
Refer to Section 11 of the Faculty Regulations.
11. PROGRAMME STRUCTURE
|Level 1 Semester 1|
|EC102||Economic Statistics A||4|
|ACC105||Financial Accounting for Business 1A||4|
|EC 103||Mathematics for Economists||4|
|BM101||Principles of Management||4|
|HCS115||Introduction to Information Technology||4|
|CS 101||Communication Skills||4|
|Level 1 Semester 2|
|EC105||Economic Statistics B||4|
|BM 105||Business Law 1||4|
|ACC106||Financial Accounting for Business 1B||4|
|MM101||Principles of Marketing||4|
|Level 2 Semester 1|
|EC201||Macroeconomics II (EC101)||4|
|EC203||Quantitative Methods (EC103)||4|
|EC209||Investment Analysis A (EC103)||4|
|EC 206||Statistical Analysis and Applications||4|
|GS201||Introduction to Gender Studies||4|
|EC 205||International Trade Theory and Policy||4|
|Level 2 Semester 2|
|EC204||Macroeconomics II (EC104)||4|
|EC210||Investment Analysis B||4|
|EC 402||Econometrics A||4|
|EC 202||Monetary Economics||4|
|EC 208||Environmental Economics||4|
|Level 3 Semester 1 and 2 : Work Related Learning|
|EC301||Work Related Learning Report||15|
|EC302||Academic Supervisor’s Report||15|
|EC303||Employer’s Assessment Report||10|
|Level 4 Semester 1|
|EC401||Microeconomics 111 (EC201)||4|
|EC408||Public Sector Economics||4|
|Level 4 Semester 2|
|EC404||Macroeconomics 111 (EC204)||4|
|EC 207||Agricultural Economics||4|
12. MODULE SYNOPSES
EC101 MICROECONOMICS I
This module covers the basic economic questions, scarcity and opportunity cost, partial equilibrium analysis of markets, introduction to consumer behavior, productions costs long run and short run, and price and output determination under different market structure; perfect competition, monopoly, monopolistic competition, and oligopoly, and the theory of distribution and pricing of factors of production
EC102 ECONOMIC STATISTICS A
This module introduces the student to the operations of statistics in business. The basic introductory framework includes: nature and scope of statistical enquiry, representation of statistical data, frequency distribution, measure of central tendency and dispersion, data spread and probability theory. The module also helps in decision-making and information presentation.
EC105 ECONOMIC STATISTICS B
The module provides a theoretical and practical approach to decision-making and business forecasting. The topics covered include: hypothesis testing, goodness of fit, linear regression, indexation and time series analysis. The half module forms a strong foundation for the fourth year qualifying course for the programme EC402.
EC103 MATHEMATICS FOR ECONOMISTS
A firm understanding and appreciation of mathematics is now of paramount importance for any serious student living in a dynamic world of economics and business. The module seeks to show the relevance of mathematical tools/concepts such as linear algebra, differentiation, integration, and optimization theory in the field of economics.
EC104 MACROECONOMICS I
The module covers fundamental macroeconomic ideas: definition of macroeconomics, major macroeconomic issues, national accounts, simple theory of national income distribution, national income in an open economy, changes in the demand side, the multiplier process, supply side equilibrium, role of money in macroeconomics, monetary policy, bank rate, open market operations, variable reserve rations, moral suasion, international trade and balance of payment theories, foreign exchange markets.
GS201 INTRODUCTION TO GENDER STUDIES
Refer to the Department of Gender Studies
EC201 MICROECONOMICS II
The module will cover the following major topics: the budget constraint, utility choice, demand, revealed preference, technology, profit maximization, market structures; perfect competition, monopolistic competition, monopsony and oligopoly.
EC 203 QUANTITATIVE METHODS
It is a pre-requisite for students taking this module to have done basic mathematics for economists. Quantitative methods seek to strengthen the use of mathematics in analyzing and interpreting economic phenomena. The module covers areas like, comparative statistics, optimization theory, difference and differential equations, matrix algebra etc.
EC 202 MONETARY ECONOMICS
The module explains the nature, definitions and value of money, role of money in economic activity, the nature of financial intermediation, role of financial intermediation, the demand and supply for money; theoretical and empirical issues, monetary policy and money supply control; Zimbabwe monetary policy since 1980, money and inflation, international monetary relations.
EC 204 MACRO ECONOMICS II
The module reviews national income accounts, consumption theories, investment theory, equilibrium in the goods and money market (IS-LM model) and macro-dynamics, balance of payment constraint.
EC 205 INTERNATIONAL TRADE THEORY AND POLICY
The module covers an understanding of trade theories that form the basis for trade policy analysis. These theories include: classical theories, neoclassical theories and `new’ trade theories. The theory of trade protection, exchange rates and the Balance of Payments are also covered in this module. The policy section covers such topics as terms of trade and economic development, the role of industrial policy in the creation of comparative advantage, trade liberalization in Zimbabwe, the global trading environment, regional co-operation and integration and the role of the WTO in the 21st century.
EC 206 STATISTICAL ANALYSIS AND APPLICATIONS
The module forms an enhanced strong prelude to EC402. It includes the following topics: descriptive statistics, probability theory and probability models, univariate probability distribution, multivariate probability distribution, testing and estimation, sampling distribution, asymptotic distributions, statistic estimation and ANOVA and regressions.
EC 207 AGRICULTURAL ECONOMICS
The module looks at definitions of agriculture economics and related ideas, subject matter of agricultural economics, production theory and agriculture, agricultural economics models: household models-decision theory and risk analysis in agriculture, issues of technological change-innovation transfer and diffusion; food policy food security, self-sufficiency; agricultural trade issues drought mitigation and disaster management policies; agricultural policies and incentives with special reference to Zimbabwe.
EC 208 ENVIRONMENTAL ECONOMICS
This module seeks to equip students with skills to utilize the techniques covered in core courses such as microeconomics, macroeconomics and quantitative methods to analyze environmental problems. The module explains the role of environmental economics in the development process in general and in the integrated management of ecological economic systems in particular. It covers topics such as history of environmental economics, sustainable development, environmental accounting and valuation of natural resources.
EC 209 INVESTMENT ANALYSIS A
The module is designed to cover an understanding of the financial markets, sources and uses of funds in investment, risk-return relationships, the efficiency of capital markets, introduction to securities valuation as well as investment appraisal.
EC 210 INVESTMENT ANALYSIS B
This module builds from the principles laid down in Investment Analysis A. It covers the taxonomy of debt and equity markets in Zimbabwe, the basic portfolio theory, asset pricing models and an introduction to derivatives markets and securities.
EC 401 ADVANCED MICROECONOMICS
Topics covered in this module include Game theory: payoff matrix of game, types of games, equilibrium, enforcing cartel and entry deterrence. General equilibrium and exchange: the Edgeworth box, Pareto efficiency, the algebra of efficiency and implications of welfare theorems. Welfare: social welfare functions, welfare maximization, fair allocations, envy and equity, Externalities: smokers and non-smokers, production externalities, tragedy of commons, automobile pollution. Public goods: when to provide a public good; private provision of public goods, property rights and coarse theorem, the free rider problem.
EC 402 AND EC409 ECONOMETRICS A AND B
The modules cover univariate and bi-variate analysis and related topics. These include the two variable model, the three variable regression model, specification testing, weaknesses of regression models, general linear model, problems of single equation models and simultaneous equation models. The module content focuses on econometric techniques that provide students with the understanding they need in modern economics. Students will be given an opportunity to use modern statistical packages like STATA, PC Give, E-Views, SPSS and these form part of their methodological toolkit for economic and development research.
EC 404 ADVANCED MACROECONOMICS AND POLICY
The module considers Zimbabwe macroeconomic history since 1980s, review of national income accounts, closed economy macroeconomics, determination of aggregate demand and aggregate supply, inflation unemployment and the Phillips curve. Components of consumer behaviour models, investment models, money demand and supply, open economy macroeconomics, BOP and the Keynesian analysis, Mundell-Flemming model, monetary approach to BOP (The POLAK Model), Government, money supply and signorage, theory of macroeconomic policy.
EC 407 MANAGERIAL ECONOMICS
The module considers Business Objectives: optimization, The Principle of Margin, Decision Analysis, Demand Measurement and Forecasting, Cost Measurement, Economies of Scale, The Learning Curve, Pricing Policies: Joint Product Pricing, Transfer Pricing, Loss Leaders, Price Discrimination, Public Utility Pricing, Advertising and Promotion Decisions: Dorfman Steiner Theorem, The Advertising Sales Relationship, Corporate Strategies: Vertical Integration, Diversification, Growth and Market Share, The Location Decision, Profit Planning and Control. Game Theory for Managers.
EC 405 DEVELOPMENT ECONOMICS
Concepts covered include Industrial, Development and Growth in the 19th Century. The following topics are studied: Economic Growth and Development; Industrialization and Modernization: Agrarian Change and Agricultural Revolutions, Technological Change and Innovation; Infrastructural Developments; Demographic Change, Commercial and Financial Changes. These topics will be examined with reference to Zimbabwe and other developing countries.
EC 406 INDUSTRIAL ECONOMICS
Competition, Oligopoly and Monopoly: Collusion sealed bid Pricing Cartels. Market concentration. Barriers to Entry. Predatory Pricing. Concentration and Profits. Concentration and Inflation. Monopoly Welfare Loss and Rent Seeking. Price Discrimination. Public Policy Towards Business. Privatization. Competition Policy. Property Rights and Transaction Costs. The Coarse Theorem. The Principal Agent Problem. Ownership and Control. Vertical Integration. Franchising. Exclusive Territories. Exclusive Dealing. Insider Trading. Social Responsibility of Business.
EC 408 PUBLIC SECTOR ECONOMICS
The economic basis for government activity Efficiency markets and Governments, Externalities and Government Policy, Public goods Government expenditure and policy, Budget deficits and the government taxation theory and structure. Taxes on consumption and sales, State and Local Government Finance. State and Local Government Fiscal issues and Intergovernmental Fiscal Relations.
ACC105 AND ACC106 FINANCIAL ACCOUNTING I A AND B
-Refer to the Department of Accounting
MM101 PRINCIPLES OF MARKETING
-Refer to the Department of Marketing Management
MM403 INTERNATIONAL FINANCE
-Refer to the Depatment of Marketing Management
BM101 PRINCIPLES OF MANAGEMENT, BM105 BUSINESS LAW 1,
BM202 SMALL BUSINESS MANAGEMENT
-Refer to the Department of Business Management
REGULATIONS FOR THE MASTERS OF COMMERCE IN ECONOMICS DEGREE (MECON)
1.1 These regulations shall be read in conjunction with the Faculty of Commerce Regulations and General Academic Regulations for Postgraduate degrees offered by the Midlands State University.
1.2 The degree shall be awarded to candidates who have successfully completed the programme and passed the examinations in accordance with regulations set in the Faculty regulations.
2.1 The programme provides an opportunity to obtain a more comprehensive foundation in Economics and added knowledge in specific economic or business related areas.
2.2 The programme aims to develop the sound conceptual, technical, and analytical and communication skills that are required to succeed in the Economics profession. Students will be expected to exercise their analytical abilities and develop effective verbal and written communication skills.
3. ENTRY REQUIREMENTS
To qualify for entry into the Master of Commerce Economics degree programme a student should have an honours degree in Economics, Banking & Finance or related field.
4. CAREER PROSPECTS
Graduates can be absorbed in some of the following organizations and areas; Financial Institutions, Government Departments, Parastatals, Central Bank, private sector firms, non-governmental organizations, regional and international organizations, institutions of higher learning, consultancy firms and high schools among others.
The programme shall be completed over a minimum of four semesters on a full time block release basis
6. GENERAL PROVISIONS
6.1 Formal examinations will be held at the end of each semester.
6.2 For a student to be admitted to the examinations they must have:
6.3 Satisfactorily attempted approved modules of study including submission of required written assignments.
6.3.1 Attended compulsory classes
6.3.2 Participated in prescribed seminars, tutorials and practical classes.
6.3.3 Paid the prescribed fees in accordance with the General Regulations.
6.3.4 Formal examinations will normally be written papers, but in some cases the examiner may test the candidate orally.
6.3.5 Continuous assessment shall account for 30% of the overall assessment, while the final examination will account for 70% of the overall assessment.
6.4 The aggregate pass mark shall be 50%.
7. SUPPLEMENTARY EXAMINATIONS
7.1 A student who fails to satisfy examiners and obtains a mark less than 50% but not less than 40% may on the recommendation of the Board of Examiners and subject to the approval of the Senate, be permitted to sit for a supplementary examination(s) in the respective module(s) failed in the final semester of the programme.
7.2 Overall assessment of the Supplementary examination will not incorporate continuous assessment. Supplementary examinations shall be marked as “Pass” or “Fail” and the overall maximum mark awarded in a supplementary examination shall be 50%.
A student retains credit for modules passed.
9. DEGREE CLASSIFICATION
For the purposes of degree classification the parts of the degree programme will be classified as follows:
Level 1 -50%
Level 2 -50% (with dissertation carrying weight equivalent to four taught modules)
10. MARKING SCHEME
The following marking scheme shall be used for all the modules and grading of the degree:
|40- 49%||Fail Supplementable|
|39% and less||Fail|
11. NOTIFICATION OF RESULTS
Results lists shall be published in accordance with the provisions of the General Regulations.
12. DEGREE STRUCTURE AND CREDITS
|Level 1 Semester 1|
|MECO701||Advanced Microeconomics A||4|
|MECO702||Advanced Macroeconomics A||4|
|MECO703||Advanced Mathematics For Economists||4|
|MECO704||Advanced Corporate Finance and Investment A||4|
|MECO706||Health Economics A||4|
|MECO707||Environmental and Ecological Economics A||4|
|Level 1 Semester 2|
|MECO708||Advanced Microeconomics B||4|
|MECO705||Advanced Macroeconomics B||4|
|MECO710||Advanced Corporate Finance and Investment B||4|
|MECO711||Health Economics B||4|
|MECO712||Environmental and Ecological Economics B||4|
|Level 2 Semester 1|
|ELECTIVES (At least two electives from the following list)|
|MECO801||Advanced Public Finance A||4|
|MECO802||Advanced Agricultural Economics A||4|
|MECO803||Advanced Monetary Economics A||4|
|Level 2 Semester 2|
|ELECTIVES (At least two electives from the following list)|
|MECO804||Advanced Public Finance B (MECO801)||4|
|MECO805||Advanced Agricultural Economics B (MECO802)||4|
|MECO806||Advanced Monetary Economics B (MECO803)||4|
12. MODULE SYNOPSES
MECO 701 & MECO 708: ADVANCED MICROECONOMICS A & B
-Recent developments in & links between microeconomic theory and economic policy at micro level.
MECO 702 & 705: ADVANCED MACROECONOMICS A & B
-Recent developments in macroeconomic theory & relationships to economic policy. Modern interpretations of Keynes.
MECO 703 ADVANCED MATHEMATICS FOR ECONOMISTS
The module has the Mathematics component and the econometricscomponent. It enriches the students with some economic insights, intuitions and rudimentary understanding of Economics. It allows the students to master beforehand the relevant mathematical tools. This requires the student to command elementary algebra. The course extensively reviews elementary algebra and also treats a number of other rather elementary topics. It also covers calculus for functions, multivariable optimization problems, linear programming, difference and differential equations and optimal control theory.
MECO709 ADVANCED ECONOMETRICS
Introduces some important tools in modern econometrics and economic statistics including topics in applied econometric time series & topics concerning discrete & limited dependent variable analysis. Strong focus on applied statistical analysis & should be of significant use to advanced level students in their research. Hypothesis testing, linear regression, general linear model, serial correlation, multicollinearity, heteroscedasticity, dummy variables, limited dependent variables & simple dynamic models. Practical problems are solved using Econometric programs like Microfit, PC Give, Stata, Sharzarm, E-views, Rats or equivalent econometrics packages.
MECO704 & MECO 710 ADVANCED CORPORATE FINANCE A & B
Advanced theoretical and empirical aspects of corporate financial management and capital market behaviour. It provides students with techniques for evaluating investments on an individual basis and in the context of portfolio. Techniques for analysis investments focus on maximising expected returns while minimising risk.
MECO706 & MECO 711 HEALTH ECONOMICS A & B
Descriptive and theoretical aspects of health and medical services; demand and supply for health insurance, hospitals, etc; quality v. quantity in services; cost analysis; multiple outputs; evaluation techniques.
MECO707 & MECO 712 ECOLOGICAL & ENVIRONMENTAL ECONOMICS A & B
Selected issues such as market failures, externalities, pollution control, species preservation, natural areas, sustainable development, common property resources, global environmental & natural resources, conservation of renewable & non-renewable resources; evaluation techniques.
MECO 801 & MECO 804 ADVANCED PUBLIC FINANCE
-Analysing theories of government growth, optimal taxation, public goods models, externalities.
MECO802 & MECO805 ADVANCED AGRICULTURAL ECONOMICS
-Discussion of the agricultural household model, agricultural and drought mitigation policies, food security.
MECO 803& MECO 806 ADVANCED MONETARY ECONOMICS
Theoretical topics on exchange rate behaviour & management, current account determination, international capital mobility, effectiveness of fiscal & monetary policies in open economies & select international macro-economic policy issues.
The University views with the gravest concern the phenomenon of plagiarism and will continue to impose heavy penalties. Plagiarism is the action or practice of taking and using as one’s own the thoughts or writings of another (without acknowledgement). The following practices constitute acts of plagiarism and are a major infringement of the University’s academic values: Where paragraphs, sentences, a single or significant parts of a sentence which are copied directly, are not enclosed in quotation marks and appropriately footnoted; Where direct quotations are not used, but are paraphrased or summarised and the source of the material is not acknowledged either by footnoting or other simple reference within the text of the paper; Where an idea, which appears elsewhere in printed material or film, is used or developed without reference being made to the author or the source of that idea; When a deliberate act of plagiarism is proven, the results of the assignment, exercise or procedure concerned may be annulled and the case referred to the authorities for further action as appropriate.