JAMB Syllabus For Economics 2023/2024 pdf download is made available online for interested candidates. Download free Economics syllabus for JAMB online today to facilitate your studies for JAMB CBT Economics Exams.
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We equally have hot topics and area of concentration for JAMB UTME economics and how to answer questions during the exams.
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JAMB Economics Syllabus 2023 PDF
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How to Download Economics Syllabus for JAMB UTME 2023
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Concise JAMB Syllabus for Economics
- Economics as a science
Topics:
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.
- Economics as a science
Topics:
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.
- Economic Systems
Topics:
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).
- Methods and Tools of Economic Analysis
Topics:
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.
iii. measures of dispersion; variance, standard deviation, range and their applications;
- merits and demerits of the tools.
- The Theory of Demand
Topics:
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 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.
- The Theory of Consumer Behaviour
Topics:
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.
- The Theory of Supply
Topics:
- Meaning and determinants of supply
- 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
- The Theory of Price Determination
Topics:
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.
- The Theory of Production
Topics:
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.
- Theory of Costs and Revenue
Topics:
The concepts of cost: Fixed, Variable, Total Average and Marginal
The concepts of revenue: Total, average and marginal revenue;
Accountants’ and Economists’ notions of cost
Short-run and long-run costs
The marginal cost and the supply curve of firm.
- Market Structures
Topics:
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.
- National Income
Topics:
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.
- Money and Inflation
Topics:
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.
- Financial Institutions
Topics:
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.
- 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.
- Economic Growth and Development
Topics:
Meaning and scope
Indicators of growth and development
Factors affecting growth and development
Problems of development in Nigeria
Development planning in Nigeria.
- Agriculture in Nigeria
Topics:
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).
- Industry and Industrialization
Topics:
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.
- Natural Resources and the Nigerian Economy
Topics:
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.
- Business Organizations
Topics:
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.
- Population
Topics:
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.
- International Trade
Topics:
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.
- International Economic Organizations
Topics:
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.
- Factors of Production and their Theories
Topics:
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
Economics Recommended Textbooks for JAMB 2021
Aderinto, A.A et al (1996) Economics: Exam Focus, Ibadan: University Press Plc.
Black, J. (1997) Oxford Dictionary of Economics. Oxford: Oxford University Press
Eyiyere, D.O. (1980) Economics Made Easy, Benin City, Quality Publishers Ltd.
Fajana, F et al (1999) Countdown to SSCE/JME Economics Ibadan: Evans
Falodun, A.B. et al (1997) Round-up Economics, Lagos: Longman
Kountsoyiannis, A. (1979) Modern Microeconomics, London: Macmillan
Lipsey, R.G. (1997) An Introduction to Positive Economics, Oxford: Oxford University Press.
Samuelson, P and Nordhaus, W. (1989) Economics, Singapore: McGraw-Hill
Udu E and Agu G.A. (2005) New System Economics: a Senior Secondary Course, Ibadan: Africana FIRST Publishers Ltd.
Wannacott and Wannacott (1979) Economics, New York: McGraw-Hill.
Brownson-oton Richard (2010) What is Micro-Economics? Niky Printing and Publishing coy.
Brownson-oton Richard (2010) What is Macro-Economics? Niky Printing and Publishing coy
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