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NECO Economics Syllabus

Are you writing Economics in your NECO O’level exams? Download the recommended Economics syllabus to excel in your exams.

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About NECO Economics Syllabus

Are you looking for a practical guide on what you need to do to ensure that you ace your NECO Economics Examination? Then this guide is for you, the NECO Economics Syllabus is designed to guide you on the necessary information you will need to ace your upcoming examination.

In this guide, the syllabus will be drafted into broken pieces for easy understanding, and the marking scheme and sections will be properly explained. The information that will be provided will help you plan for your exam.

You are expected to outline topics and learning objectives to read and prepare for your exams, as the questions will be set from the topics. The topics should be properly studied and understood.

Marking Guide & Sections

The NECO Economics exam is divided into two parts; Paper 1 and Paper 2. 

Paper 1

In Paper 1, you will encounter fifty multiple-choice questions designed to test your understanding of key economic concepts. You will have 1 hour to answer these questions, each carrying one mark, totalling 50 marks in all. Remember to pace yourself and read each question carefully before selecting your answer.

Paper 2

In Paper 2, you will face eight essay-type questions split into two sections: Sections A and B.

Section A

This section consists of two data response questions. You’ll need to analyse the provided data and answer accordingly. You will choose one question from Section A.

Section B: In Section B, you will find a variety of essay questions covering different aspects of economics. You will need to answer three questions from this section. You will have a total of 2 hours to complete Paper 2, with each question carrying different marks, totalling 80 marks overall. Make sure to manage your time effectively and give each question the attention it deserves. With this breakdown, you will know what to expect on exam day and how to approach each section with confidence. So, study hard, stay focused, and you’ll ace that NECO Economics exam!

Download NECO Economics Syllabus


Best candidates study smart and hard. Know what’s expected of you. 

Download the NECO recommended Economics Syllabus  

The NECO Economics Syllabus

1DEFINITION AND SCOPE OF ECONOMICSScarcity and Choice, Scale of Preference, Opportunity Cost, Production Possibility
Curve. Economic activities
– Production, Distribution and Consumption. Classification of economic activities
– Primary, Secondary and Tertiary and their relative contributions in terms of output/income, employment, savings, investment and foreign exchange.
2FACTORS OF PRODUCTIONLand, labour, capital and entrepreneurship
– meaning, characteristics and importance.
3TYPES AND BASIC FEATURES OF ECONOMIC SYSTEMS(a) Types – capitalism, socialism and mixed economy.
(b) Basic features of each
(c) Advantages and disadvantages of each
(d) Economic problems of society and the approaches for solving them under each of the systems.
4BASIC TOOLS OF ECONOMIC ANALYSISTables, graphs and charts. Some basic statistical measures and representations
– arithmetic mean, median, mode and their simple applications.
5DEMANDConcept of demand and law of demand, the demand schedules and curve, reasons for exceptional demand curves, types of demand (derived, composite, joint and competitive); factors determining demand for goods and services
– price of the commodity, prices of other commodities, income, tastes, price expectation, etc. Distinction between a shift of and movement along a demand curve; concept of elasticity of demand. Types of elasticity of demand and their measurement
– price, income and cross elasticities of demand: importance of the concept of elasticity of demand to consumers, producers and government.
6SUPPLYConcept of supply and law of supply, supply schedules and curve, types of Supply
– composite, complementary and competitive. Factors determining supply
– input prices, technology, prices of other commodities, climatic factors, etc. Distinction between the shift of and movement along the supply curve. Concept and measurement of elasticity of supply and its importance to producers and government
7THEORY OF CONSUMER BEHAVIOURThe utility concepts- total utility, average utility, marginal utility and the calculation of utility schedules. The law of diminishing marginal utility, relationship between total utility, average utility and marginal utility. The concept of equilibrium of a consumer. Determination of consumer equilibrium. The effects of changes in price on consumer equilibrium. The relationship between marginal utility and the demand curve.
8THEORY OF PRICE DETERMINATIONThe Concept of the market; interaction between demand and supply. Price
determination under free and regulated markets. Equilibrium price and quantity in
product and factor markets. The effects of changes in supply and demand on
equilibrium prices and quantities. Introduction to algebraic determination of
equilibrium price and quantity. Price controls: maximum and minimum price
regulations- meaning and their effects; rationing, black market (parallel market)
9THEORY OF PRODUCTIONProduction: division of labour and specialization: Scale of production (Internal and
External economies), concept of total, average and marginal productivity and law of
variable proportions.
10THEORY OF COST AND REVENUE(i) Cost concepts: total cost, average cost, marginal cost, variable cost, fixed cost; short run and long run costs.
(ii) Distinction between economist’s and accountant’s view of cost (opportunity cost and money cost).
(iii) Revenue concepts: total, average and marginal revenue; Marginal revenue
11MARKET STRUCTURESConcept of a market, characteristics of various market structures, determination of
price and output under different structures – perfect competition and imperfect
competition (monopoly and monopolistic competition). Review of cost and revenue
concepts. Price discrimination.
12BUSINESS ORGANIZATIONSTypes and basic features of business enterprises
– Sole Proprietorship; Partnership, Joint- Stock companies (Private and Public), Co-operatives; Statutory Corporation,
Joint ventures. Sources of funds. General and basic problems of business enterprises. Privatization and Commercialization as solutions to problems of public enterprises. Indigenization and nationalization policies.
13DISTRIBUTIVE TRADEProcess of distribution, role of producers, role of wholesalers, retailers and
co-operatives: the role of government agencies in product distribution and the
problems of distribution and their solutions.
14POPULATION AND LABOUR MARKET(a) Population – determination and implication of size and growth of
population, Rural – urban migration, Malthusian theory of population
Geographical, age, sex and occupational distribution. Importance and
problems of census. Population and economic development (under –
population, optimum population and overpopulation).
(b) Labour Market
(i) Concept of labour force and human capital, efficiency and mobility of labour, factors affecting the size of the labour force, particularly the population characteristics (age, sex, occupation, education, etc.)
(ii) supply of and demand for labour: wage determination. Concept of unemployment and underemployment, Trade Unions, Employers’ association and Government policies on labour and wages.
15AGRICULTUREStructure (e.g. food crops, export crops, livestock, fisheries): systems of
agriculture (peasant, commercial, co-operative and state farming); importance of agriculture
to the national economy: marketing of agricultural products (commodity boards). Agricultural policies (minimum agricultural prices) problems of agriculture and remedies.
16INDUSTRIALIZATIONMeaning and types of industry. Definition of industrial concepts: plant, firm,
industry and industrial estates. Location of industry, localization, role of
industrialization in economic development. Strategies of industrialization.
Problems of industrialization.The link between agricultural and industrial
17NATIONAL INCOMEMeaning of major national income concepts e.g. Gross Domestic Product, Gross
National Product. Net National Product, etc. Different ways of measuring
national income and their problems. Uses and limitations of national income
data; trends and structure of national income
18MONEY AND INFLATION(a) Money – definition and historical development-barter and its problems, types,
characteristics functions. Supply of and demand for money, value of money
and the price level.
(b) Inflation: meaning types, causes, effects and control.
19FINANCIAL INSTITUTIONSTypes (traditional, Central Bank, Commercial Bank, Development Bank, Merchant Bank, and Insurance Companies, Building Societies) : development and functions of financial institutions. Money and capital markets; meaning, types and functions
20PUBLIC FINANCEFiscal policy and objectives of public finance: Sources of government revenue. Taxation -types(direct and indirect),objectives, merits, demerits and incidence; Principles/canons of taxation; Rates of taxation(proportional, progressive and regressive) direct and indirect taxation: incidence and effects of taxes, composition/structure of public expenditure (recurrent and capital expenditure): effects of public expenditure. Government budget and the national debt.
21ECONOMIC DEVELOPMENT AND PLANNINGMeaning of economic development, distinction between economic growth and development, characteristics and problems of developing countries, elements of development planning (objectives of planning, and problems of planning). Types of plans (short term, medium term, perspective or long term, rolling plan etc.).
22INTERNATIONAL TRADE AND BALANCE OF PAYMENTS(a) International Trade: differences between domestic and international trade, the
basis of international trade, absolute and comparative cost advantage, terms of trade (definition and measurement) commercial policy (objectives) and instruments
– tariffs (types) and direct control. Trend and structure of West African countries’ external trade.
(b) Balance of Payments: role of money in international transactions, meaning and components of balance of payments, balance of payments disequilibrium, balance of payments adjustments (exchange rate policy exchange control, monetary and fiscal policies) and financing (the use of reserves and international borrowing).
23ECONOMIC INTEGRATIONconomic Integration (objectives, levels of and features). Development and
problems of economic integration in West Africa- ECOWAS
– Organization of Petroleum Exporting Countries (OPEC)
– Economic Commission for Africa (ECA)
– International Monetary Fund (IMF)
– International Bank for Reconstruction and Development (IBRD)
– African Development Bank (AfDB)
– United Nations Conference on Trade and Development (UNCTAD)
etc. relevance of such organizations to West African Countries.
25MAJOR NATURAL RESOURCESDevelopment of major natural resources (petroleum, gold, diamond, timber, groundnut etc) effects on West African economies (positive and negative).

Recommended NECO Economics Textbooks

  1. Cole, E. A. (2020) Essential Economics for Senior Secondary Schools, Tonad Publishing Limited.
  2.  Eyiyere, D.O. (1980) Economics Made Easy, Benin City, Quality Publisher Ltd. 
  3. Fajana, F et al (1999) Countdown to SSCE/JME Economics Ibadan: Evans.
  4. Falodun, A., B. et al (1997) Modern Microeconomics, London; Macmillan
  5. Udu E and Agu G.A (2005) New System Economics: a Senior Secondary Course, Ibadan: Africana FIRST Publisher.
  6. Lipsy, R.G. (1997) An Introduction to Positive Economics, Oxford: Oxford Press.
  7. Black, J. (1997) Oxford Dictionary of Economics. Oxford:Oxford University Press.
  8. Aderinto, A.A et al (1996) Economics: Exam Focus, Ibadan: University Press Plc.

Frequently Asked Questions About the NECO Economics Exams

What topics does the NECO Economics syllabus cover?

The syllabus covers a range of topics including microeconomics, macroeconomics, economic systems, economic policies, and international trade.


What is the most important thing to remember when taking the Economics exam?

The most important thing is for you to read and understand each question before you start writing your answer. Watch out for the instructions as well.


Yes, a full list of recommended textbooks you can use to prepare for your NECO exams is listed above.


Is there any particular section of the exam that I should focus on more than others?

 The theory section usually carries more marks than the other section, so make sure you give yourself enough time to answer all the questions in this section.

Do I need to memorize a lot of information for the exam?

Instead of reading to memorize, reading to understand. That way you can be able to explain things in your own words and the official marking your scripts will know that you truly understand the subject.


What if I run out of time during the exam?

If you’re running out of time, don’t panic! Try to finish as many questions as possible and make sure your answers are as complete as possible


What happens if I don't understand a question?

If you’re unsure about a question, skip it and move on to other questions you understand and can answer. Then come back to those you don’t understand and think about it some more. Don’t spend too much time on a question that is confusing you. It’s better to focus on questions that you are more confident about.


Download NECO Economics Syllabus


Best candidates study smart and hard. Know what’s expected of you. 

Download the NECO recommended Economics Syllabus  

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