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JAMB Economics Syllabus

Ace your JAMB economics exams. Don’t waste your time by reading without direction! Download this UTME Syllabus for economics to study smart and excel.

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Writing JAMB Chemistry Exam

This JAMB syllabus is valuable for you who will write Economics in the JAMB exam. It provides you with an overview of all topics that will be covered in the exam and by the end of the syllabus, you should have a solid understanding of economics and be able to apply this knowledge to current events in your surroundings.

Studying the syllabus and solving past questions will increase your chance of success in your upcoming exam and also give you an edge over other candidates who are just reading their notes and textbooks.

Objective

The aim of the Unified Tertiary Matriculation Examination (UTME) syllabus in Economics is to prepare the candidates for the Board’s examination. It is designed to test their achievement of the course objectives, which are to:

  1. Demonstrate sufficient knowledge and understanding of the basic concepts, tools and their general applications to economic analysis;
  2. Identify and explain the basic structures, operations and roles of the various economic units and institutions (national and international);
  3. Describe major economic activities – production, distribution and consumption;
  4. Identify and appraise the basic and current economic problems of society;
  5. Develop the competence to proffer solutions to economic problems identified

Detailed JAMB Economics Syllabus

JAMB ECONOMICS SYLLABUS
SNTOPICSOBJECTIVES
1ECONOMICS AS A SCIENCE
Basic Concepts: Wants, Scarcity, choice, scale of preference, opportunity cost, Rationality, production, distribution, consumption.


(i). Economic problems of; What, how, and for whom to produce and efficiency of resource use.

(ii). Application of PPF to solution of economic problems.
Candidates should be able to:
i. Compare various concepts in economics and their applications;
ii. interpret graphs/schedules in relation to the concepts;
iii. identify economic problems;
iv. proffer solutions to economic problems
2ECONOMIC SYSTEMS
Types; 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).
Candidates should be able to:
i. compare the various economic systems;
ii. apply the knowledge of economic systems to contemporary issues in Nigeria
iii. proffer solutions to economic problems in different economic systems.
3METHODS AND TOOLS OF ECONOMIC ANALYSIS
Scientific Approach:

i. inductive and deductive methods
ii. positive and normative reasoning
Basic Tools

i. tables, charts and graphs
ii. measures of central tendency: mean, median and mode, and their applications.
iii. measures of dispersion; variance, standard deviation, range and their applications;
iv. merits and demerits of the tools.
Candidates should be able to:
i. distinguish between the various forms of reasoning;
ii. apply these forms of reasoning to real life situations;
iii. use the tools to interpret economic data;
iv. analyse economic data using the tools;
v. assess the merits and demerits of the tools
4THE THEORY OF DEMAND
i. meaning and determinants of demand

ii. demand schedules and curves
iii. the distinction between change in quantity demanded and change in demand.
Types of demand: Composite, derived, competitive and joint demand:

Types, nature and determinants of elasticity and their measurement – price, income and cross elasticity of demand:

Importance of elasticity of demand to consumers, producers and government.
Candidates should be able to:
i. identify the factors determining demand;

ii. interpret demand curves from demand schedules;

iii. differentiate between change in quantity demanded and change in demand;

iv. compare the various types of demand and their interrelationships;

v. relate the determinants to the nature of elasticity;

vi. compute elasticities;
vii. interpret elasticity coefficients in relation to real life situations.
5THE THEORY OF CONSUMER BEHAVIOR
Basic Concepts:

i. utility (cardinal, ordinal, total average and marginal utilities)
ii. 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.
Candidates should be able to:
i. appraise the various utility concepts
ii. apply the law of demand using the marginal utility analysis
iii. use indifference curve and marginal analyses to determine consumer equilibrium
iv. associate the income and substitution effects
v. apply consumer surplus to real-life situations.
6THE THEORY OF SUPPLY
i. Meaning and determinants of supply

ii. Supply schedules and supply curves
iii. the distinction between change in quantity supplied and change in supply
Types of Supply: Joint/complementary, competitive and composite

Elasticity of Supply: determinants, measurements, nature and applications
Candidates should be able to:
i. identify the factors determining supply;
ii. interpret supply curves from supply schedules;
iii. differentiate between change in quantity supplied and change in supply;
iv. compare the various types of supply and their interrelationships;
v. relate the determinants to the nature of elasticity;
vi. compute elasticity coefficients;
vii. interpret the coefficients in relation to real life situations.
7THE THEORY OF PRICE DETERMINATION
The concepts of market and price

Functions of the price system



i. Equilibrium price and quantity in product and factor markets
ii. Price legislation and its effects
The effects of changes in supply and demand on equilibrium price and quantity.
Candidates should be able to:
i. explain the concepts of market and price;
ii. examine the functions of the price system;
iii. evaluate the effects of government interference with the price system;
iv. differentiate between minimum and maximum price legislation;
v. interpret the effects of changes in supply and demand on equilibrium price and quantity.
8THE 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.
Candidates should be able to:
i. relate TP, AP and MP with the law of variable proportion;
ii. compare internal and external economies of scale in production and their effects;
iii. identify the types of production functions
iv. compare the different types of returns to the scale and their implications;
v. determine the firm’s equilibrium position using the isoquant-isocost and marginal analyses.
vi. identify the factors affecting productivity.
9THEORY OF COSTS AND REVENUE
The concepts of cost: Fixed, Variable, Total Average and Marginal

The concepts of revenue: Total, average and marginal revenue;

ccountants’ and Economists’ notions of cost

Short-run and long-run costs

The marginal cost and the supply curve of a firm.
Candidates should be able to:
i. explain the various cost concepts
ii. differentiate between accountants’ and economists’ notions of costs
iii. interpret the short-run and long-run costs curves
iv. establish the relationship between marginal cost and supply curve.
v. explain the various revenue concepts.
10MARKET STRUCTURES
Perfectly competitive market:

i. Assumptions and characteristics;
ii. Short-run and long-run equilibrium of a perfect competitor;
Imperfect Market:

i. Pure monopoly, discriminatory monopoly and monopolistic competition.
ii. Short-run and long-run equilibrium positions.
Break-even/shut-down analysis in the various markets.
Candidates should be able to:
i. analyse the assumptions and characteristics of a perfectly competitive market;
ii. differentiate between short-run and long-run equilibrium of a perfectly competitive firm;
iii. analyse the assumptions and characteristics of imperfect markets;
iv. differentiate between the short-run and long-run equilibrium of imperfectly competitive firms;
v. establish the conditions for the break-even/shut down of firms.
11NATIONAL 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 its effects

Elementary theory of income determination and equilibrium national income.
Candidates should be able to:
i. identify the major concepts in national income;
ii. compare the different ways of measuring national income;
iii. examine their problems;
iv. assess the uses and limitations of national income estimates;
v. interpret the circular flow of income using the two and three-sector models;
vi. calculate the various multipliers;
vii. evaluate their effects on equilibrium national income;
viii. explain the concepts of consumption, investment and savings.
12MONEY 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.
Candidates should be able to:
i. explain between the types, characteristics and functions of money;
ii. identify the factors affecting the demand for and the supply of money;
iii. examine the relationship between the value of money and the price level;
iv. identify the components in the quantity theory of money;
v. examine the causes and effects of inflation;
vi. calculate the consumer price index;
vii. interpret the consumer price index;
viii. examine ways of controlling inflation.
ix. Examine the causes, measurement, effects and control of deflation.
13FINANCIAL 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.
Candidates should be able to:
i. Identify the types and functions of financial institutions;
ii. Explain the roles of financial institutions in economic development;
iii. Distinguish between the money and capital markets;
iv. Identify the various financial sector regulators and their functions;
v. Explain the money creation process and its challenges;
vi. Examine the various monetary policy instruments and their effects;
vii. Appraise the challenges facing the financial institutions in Nigeria.
14PUBLIC 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.
Candidates should be able to:
i. identify the objectives of public finance;
ii. explain fiscal policy and its instruments;
iii. compare the various sources of government revenue
iv. analyse the principles of taxation;
v. analyse the incidence of taxation and its effects;
vi. examine the effects of public expenditure on the economy;
vii. examine the types and effects of budgets;
viii. highlight the criteria for revenue allocation in Nigeria and their impact.
15ECONOMIC 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.
Candidates should be able to:
i. distinguish between economic growth and development;
ii. highlight the indicators of growth and development;
iii. identify the factors affecting growth and development;
iv. assess the problems of development in Nigeria;
v. examine the role of planning in development
16AGRICULTURE IN NIGERIA
Types and features;

The role of agriculture in economic development;

Problems of agriculture;

Effects of agricultural policies and their effects;

Instability in agricultural incomes (causes, effects and solutions).
Candidates should be able to:
i. identify the types and features of agriculture;
ii. examine the characteristics and problems of agriculture;
iii. assess the role of agriculture in economic development;
iv. appraise agricultural policies in Nigeria;
v. evaluate the causes and effects of instability in agricultural incomes.
17INDUSTRY 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.
Candidates should be able to:
i. differentiate between location and localization of industry;
ii. identify the factors influencing the location and localization of industry;
iii. examine the problems of industrialization;
iv. appraise some industrialization strategies;
v. examine the role of industry in economic development.
18NATURAL 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.
Candidates should be able to:
i. trace the development of the major natural resources in Nigeria;
ii. assess the contribution of the oil and the non-oil sectors to the Nigerian economy;
iii. establish the linkages between the natural resources and other sectors;
iv. analyse the environmental effects of exploitation activities in Nigeria;
v. distinguish between the upstream and downstream activities in the oil sector ;
vi. examine the roles of NNPC and OPEC in the oil sector;
vii. suggest ways of controlling the effects of natural resource exploitation.
19BUSINESS ORGANIZATIONS
Private enterprises (e.g. sole-proprietorship, partnership, limited liability companies and 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
Candidates should be able to:
i. compare the types and basic features of private business organization;
ii. assess the financing and management problems of business organizations;
iii. identify the features of public enterprises;
iv. identify the factors determining the size of firms;
v. differentiate between privatization and commercialization;
vi. compare the advantages and disadvantages of privatization and commercialization;
20POPULATION
Meaning and theories;

Census: importance and problems.

Size and growth: over-population, under- population and optimum population.

Structure and distribution;

Population policy and economic development.
Candidates should be able to:
i. analyse some population theories:
ii. examine the relevance of the theories to Nigeria;
iii. examine the uses and limitations of census data;
iv. identify determinants of the size, composition and growth of population;
v. analyse the structure and distribution of population;
vi. appraise government population policy in Nigeria.
21INTERNATIONAL TRADE
Meaning and basis for international trade (absolute and comparative costs etc)

Balance of trade and balance of payments: problems and corrective measures;

Composition and direction of Nigeria’s foreign trade;

Exchange rate: meaning, types, and determination.
Candidates should be able to:
i. examine the basis for international trade.
ii. differentiate between absolute and comparative advantages;
iii. distinguish between balance of trade and balance of payments and their corrective measures;
iv. highlight the problems of balance of payments and their corrective measures;
v. examine the composition and direction of Nigeria’s foreign trade;
vi. identify the types of exchange rates;
vii. examine how exchange rates are determined.
22INTERNATIONAL ECONOMIC ORGANIZATIONS
Roles and relevance of international organization e.g. ECOWAS, AU, EU, ECA, IMF, EEC, OECD, World Bank, IBRD, WTO, ADB and UNCTAD, etc to Nigeria.Candidates should be able to:
i. identify the various economic organizations and their functions;
ii. evaluate their relevance to the Nigerian economy
23FACTORS OF PRODUCTION AND THEIR THEORIES
Types, features, and rewards;

Determination of wages, interest, and profits;

Theories: marginal productivity theory of wages and liquidity preference theory;

Factor mobility and efficiency;

Unemployment and its solutions
Candidates should be able to:
i. identify the types; features and rewards of factors;
ii. analyse the determination of wages, interest, and profits;
iii. interpret the marginal productivity of liquidity preference theories
iv. examine factors mobility and efficiency;
v. examine the types and causes of unemployment in Nigeria;
vi. suggest solutions to unemployment in Nigeria.

Recommended Economics Textbook for JAMB

  1. Aderinto, A.A et al (1996) Economics: Exam Focus, Ibadan: University Press Plc.
  2. Black, J. (1997) Oxford Dictionary of Economics. Oxford: Oxford University Press
  3. Eyiyere, D.O. (1980) Economics Made Easy, Benin City, Quality Publishers Ltd.
  4. Fajana, F et al (1999) Countdown to SSCE/JME Economics Ibadan: Evans
  5. Falodun, A.B. et al (1997) Round-up Economics, Lagos: Longman
  6. Kountsoyiannis, A. (1979) Modern Microeconomics, London: Macmillan
  7. Lipsey, R.G. (1997) An Introduction to Positive Economics, Oxford: Oxford University Press.
  8. Samuelson, P and Nordhaus, W. (1989) Economics, Singapore: McGraw-Hill
  9. Udu E and Agu G.A. (2005) New System Economics: a Senior Secondary Course, Ibadan: Africana FIRST Publishers Ltd.
  10. Wannacott and Wannacott (1979) Economics, New York: McGraw-Hill.
  11. Brownson-oton Richard (2010) What is Microeconomics? Niky Printing and Publishing coy.
  12. Brownson-oton Richard (2010) What is Macro-Economics? Niky Printing and Publishing coy.

Frequently Asked Questions About JAMB Economics Exam

How is the JAMB Economics Score Calculated?

Asides The Use of English, each question in the remaining 3 subjects is graded 2.5 marks. Hence, the three subjects carry 300 marks.For example: If you get 28 questions right in your Chemistry exam, the calculation will be 28 x 2.5 = 70% (in percentage).

What is the allocated time for Jamb?

The Joint Admissions and Matriculation Board (JAMB) exam is a two-hour exam. You are expected to complete all 4 subjects within the stipulated time

How to study for Economics in JAMB exam?

Practice! Practice and more practice!!!. Study past questions daily. Go through the syllabus and read every single topic under it.

Should I do Economics in my JAMB?

Candidates interested in pursuing careers in Accounting, Political Science, Business, Administration, Economics, and more will have to write Economics. You must check the official JAMB brochure and read up on the subject combination for your preferred course to avoid mistakes.

What's the pass mark for JAMB Economics?

There is no official pass mark, but scores above 50 are considered good. However, ensure to score as high as you can. The higher you score, the better your chances of admission for your choice course and institution.

What are the main topics for Economics in JAMB?

The main topics are: Money and Inflation, National Income,The Theory of Supply, Theory of Consumer Behaviour, etc.

A full list of all topics to read are listed above.

 

How many questions are in Jamb Economics?

You will be tasked to answer 40 questions.

Do I need to attend a JAMB tutorial to pass?

Not at all. You can read and ace your exams yourself. All you need to do is to have a consistent reading habit.

However, tutorials can also help you prepare better, connect with your peers, and gauge your confidence levels. 

Is a calculator allowed in the JAMB exam?

You are not allowed to use calculators. However, there will be a calculator on your computer screen for all calculations. If you’re found with a calculator, your exam will be canceled immediately and you will be sanctioned.

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