Current JAMB Syllabus For Economics (+PDF)


Would you like to know the exact topics in the syllabus where all your JAMB Economics questions will come from?

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You will see the current JAMB syllabus for Economics this year as well as the PDF version available for your free download.

ALSO SEE: Complete JAMB Syllabus For All Your Subjects

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The free PDF version of this syllabus is available at the bottom of this Library.

See JAMB Economics syllabus

This JAMB syllabus for Economics is to prepare you for the JAMB exam that will test you on the topics below.

1. Economics as a science

  • Basic Concepts:
    • wants,
    • scarcity,
    • choice,
    • scale of preference,
    • opportunity cost,
    • rationality,
    • production,
    • distribution,
    • consumption.
  • Economic problems of: what, how and for whom to produce and efficiency of resource use.
  • Application of PPF to solution of economic problems.

2. Economic Systems

  • Types and characteristics of free enterprise, centrally planned and mixed economies. 
  • Solutions to economic problems under different systems.
  • Contemporary issues in economic systems (economic reforms e.g deregulation, banking sector consolidation, cash policy reform).

3. Methods and Tools of Economic Analysis

  • Scientific Approach:
    • inductive and deductive methods.
    • positive and normative reasoning.
  • Basic Tools
    • tables, charts and graphs 
    • measures of central tendency: mean, median and mode, and their applications.
    • measures of dispersion; variance, standard deviation, range and their applications;
    • merits and demerits of the tools.

4. The Theory of Demand

    • meaning and determinants of demand
    • demand schedules and curves
    • the distinction between change in quantity demanded and change in demand.
  • Types of demand:
    • Composite,
    • derived,
    • competitive,
    • joint demand:
  • Types, nature and determinants of elasticity and their measurement –
    • price,
    • income,
    • cross elasticity of demand:
  • Importance of elasticity of demand to consumers, producers and government.

5. The Theory of Consumer Behaviour

  • Basic Concepts:
    • utility (cardinal, ordinal, total average and marginal utilities)
    • indifference curve and budget line.
  • Diminishing marginal utility and the law of demand.
  • Consumer equilibrium using the indifference curve and marginal analyses.
  • Effects of shift in the budget line and the indifference curve. 
  • Consumer surplus and its applications.

6. The Theory of Supply

    • Meaning and determinants of supply.
    • Supply schedules and supply curves.
    • the distinction between change in quantity supplied and change in supply.
  • Types of Supply:
    • Joint
    • complementary,
    • competitive,
    • composite.
  • Elasticity of Supply:
    • determinants,
    • measurements,
    • nature and applications.

7. The Theory of Price Determination

  • The concepts of market and price.
  • Functions of the price system.
    • Equilibrium price and quantity in product and factor markets.
    • Price legislation and its effects.
  • The effects of changes in supply and demand on equilibrium price and quantity.

8. The Theory of Production

  • Meaning and types of production.
  • Concepts of production and their interrelationships (TP, AP, MP and the law of variable proportion).
  • Division of labour and specialization.
  • Scale of Production:
    • Internal and,
    • external economies of scale and their implications.
  • Production functions and returns to scale.
  • Producers’ equilibrium isoquant-isocost and marginal analyses.
  • Factors affecting productivity.

9. Theory of Costs and Revenue

  • The concepts of cost:
    • Fixed,
    • Variable,
    • Total Average,
    • Marginal.
  • The concepts of revenue:
    • Total,
    • Average,
    • Marginal revenue;
  • Accountants’ and Economists’ notions of cost.
  • Short-run and long-run costs.
  • The marginal cost and the supply curve of firm.

10. Market Structures

  • Perfectly competitive market:
    • Assumptions and characteristics;
    • Short-run and long-run equilibrium of a perfect competitor;
  • Imperfect Market:
    • Pure monopoly, discriminatory monopoly and monopolistic competition.
    • Short-run and long-run equilibrium positions.
  • Break-even / shut-down analysis in the various markets.

11. National Income

  • The Concepts of GNP, GDP, NI, NNP.
  • National Income measurements and their problems.
  • Uses and limitations of national income estimates.
  • The circular flow of income (two and three-sector models).
  • The concepts of consumption, investment and savings.
  • The multiplier and it effects.
  • Elementary theory of income determination and equilibrium national income.

12. Money and Inflation

  • Types, characteristics and functions of money.
  • Demand for money and the supply of money.
  • Quantity Theory of money (Fisher equation).
  • The value of money and the price level.
  • Inflation:
    • Types,
    • measurements,
    • effects,
    • and control.
  • Deflation:
    • Measurements,
    • effects and control.

13. Financial Institutions

  • Types and functions of financial institutions:
    • traditional,
    • central bank,
    • mortgage banks,
    • merchant banks,
    • insurance companies,
    • building societies.
  • The role of financial institutions in economic development;
  • Money and capital markets.
  • Financial sector regulations.
  • Deposit money banks and the creation of money.
  • Monetary policy and its instruments.
  • Challenges facing financial institutions in Nigeria.

14. Public Finance

  • Meaning and objectives.
  • Fiscal policy and its instruments.
  • Sources of government revenue (taxes royalties, rents, grants and aids).
  • Principles of taxation.
  • Tax incidence and its effects.
  • The effects of public expenditure.
  • Government budget and public debts.
  • Revenue allocation and resource control in Nigeria.

15. Economic Growth and Development

  • Meaning and scope.
  • Indicators of growth and development.
  • Factors affecting growth and development.
  • Problems of development in Nigeria.
  • Development planning in Nigeria.

16. Agriculture in Nigeria

  • Types and features;
  • The role of agriculture in economic development;
  • Problems of agriculture;
  • Agricultural policies and their effects;
  • Instability in agricultural incomes (causes, effects and solutions).

17. Industry and Industrialization 

  • Concepts and effects of location and localization of industry in Nigeria;
  • Strategies and Industrialization in Nigeria;
  • Industrialization and economic development in Nigeria;
  • Funding and management of business organization;
  • Factors determining the size of firms.

18. Natural Resources and the Nigerian Economy

  • Development of major natural resources;
    • petroleum,
    • gold,
    • diamond,
    • timber, etc.
  • Contributions of the oil and the non-oil sectors to the Nigerian economy;
  • Linkage effects;
  • Upstream / downstream of the oil sector;
  • The role of NNPC and OPEC in the oil sector;
  • Challenges facing natural resources exploitation.

19. Business Organizations 

  • Private enterprises (e.g.)
    • sole – proprietorship,
    • partnership,
    • limited liability companies,
    • cooperative societies.
  • Problems of private enterprises;
  • Public enterprises and their problems;
  • Funding and management of business organizations;
  • Factors determining the size of firms;
  • Privatization and Commercialization as solutions to the problems of public enterprises.

20. Population 

  • Meaning and theories;
  • Census:
    • importance,
    • problems.
  • Size and growth:
    • over-population,
    • under – population,
    • optimum population.
  • Structure and distribution; 
  • Population policy and economic development.

21. International Trade

  • Meaning and basis for international trade;
    • absolute and comparative costs etc.
  • Balance of trade and balance of payments:
    • problems,
    • corrective measures;
  • Composition and direction of Nigeria’s foreign trade;
  • Exchange rate:
    • meaning,
    • types,
    • determination.

22. International Economic Organizations

  • Roles and relevance of international organizations e.g.
    • ECOWAS,
    • AU,
    • EU,
    • ECA,
    • IMF,
    • EEC,
    • OECD,
    • World Bank,
    • IBRD,
    • WTO,
    • ADB,
    • UNCTAD etc. to Nigeria.

23. Factors of Production and their Theories

  • Types, features and rewards;
  • Determination of wages, interest and profits;
  • Theories:
    • marginal productivity theory of wages,
    • liquidity preference theory;
  • Factor mobility and efficiency;
  • Unemployment and its solutions.

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