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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:
- scale of preference,
- opportunity cost,
- 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:
- joint demand:
- Types, nature and determinants of elasticity and their measurement –
- 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:
- Elasticity of Supply:
- 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:
- Total Average,
- The concepts of revenue:
- 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.
- and control.
- effects and control.
13. Financial Institutions
- Types and functions of financial institutions:
- 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;
- 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,
- 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.
- Meaning and theories;
- Size and growth:
- 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:
- corrective measures;
- Composition and direction of Nigeria’s foreign trade;
- Exchange rate:
22. International Economic Organizations
- Roles and relevance of international organizations e.g.
- World Bank,
- UNCTAD etc. to Nigeria.
23. Factors of Production and their Theories
- Types, features and rewards;
- Determination of wages, interest and profits;
- marginal productivity theory of wages,
- liquidity preference theory;
- Factor mobility and efficiency;
- Unemployment and its solutions.
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