UTME syllabus
JAMB Economics syllabus
Every topic JAMB can set Economics questions on, with what you should be able to do for each. Open a topic to see its contents and objectives.
What the syllabus aims to do
It prepares candidates to:
- Demonstrate sufficient knowledge and understanding of the basic concepts, tools and their general applications to economic analysis
- Identify and explain the basic structures, operations and roles of the various economic units and institutions (national and international)
- Describe major economic activities – production, distribution and consumption
- Identify and appraise the basic and current economic problems of society
- Develop the competence to proffer solutions to economic problems identified
Economics as a science
Contents
- 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
Objectives: candidates should be able to
- compare various concepts in economics and their applications
- interpret graphs/schedules in relation to the concepts
- identify economic problems
- proffer solutions to economic problems
Economic Systems
Contents
- 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)
Objectives: candidates should be able to
- compare the various economic systems
- apply the knowledge of economic systems to contemporary issues in Nigeria
- proffer solutions to economic problems in different economic systems
Methods and Tools of Economic Analysis
Contents
- 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
Objectives: candidates should be able to
- distinguish between the various forms of reasoning
- apply these forms of reasoning to real life situations
- use the tools to interpret economic data
- analyse economic data using the tools
- understand the merits and demerits of the tools
The Theory of Demand
Contents
- 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
Objectives: candidates should be able to
- identify the factors determining demand
- interpret demand curves from demand schedules
- differentiate between change in quantity demanded and change in demand
- compare the various types of demand and their interrelationships
- relate the determinants to the nature of elasticity
- compute elasticities
- interpret elasticity coefficients in relation to real life situations
The Theory of Consumer Behaviour
Contents
- 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
Objectives: candidates should be able to
- explain the various utility concepts
- apply the law of demand using the marginal utility analysis
- use indifference curve and marginal analyses to determine consumer equilibrium
- relate the income and substitution effects
- apply consumer surplus to real life situations
The Theory of Supply
Contents
- 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 and composite
- Elasticity of Supply: determinants, measurements, nature and applications
Objectives: candidates should be able to
- identify the factors determining supply
- interpret supply curves from supply schedules
- differentiate between change in quantity supplied and change in supply
- compare the various types of supply and their interrelationships
- relate the determinants to the nature of elasticity
- compute elasticity coefficients
- interpret the coefficients in relation to real life situations
The Theory of Price Determination
Contents
- 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
- Simple linear equation of demand and supply
Objectives: candidates should be able to
- explain the concepts of market and price
- examine the functions of the price system
- evaluate the effects of government interference with the price system
- differentiate between minimum and maximum price legislation
- interpret the effects of changes in supply and demand on equilibrium price and quantity
- determine the equilibrium value of price and quantity
The Theory of Production
Contents
- 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
Objectives: candidates should be able to
- relate TP, AP and MP with the law of variable proportion
- compare internal and external economies of scale in production and their effects
- identify the types of production functions
- compare the different types of returns to the scale and their implications
- determine the firm’s equilibrium position using the isoquant-isocost and marginal analyses
- identify the factors affecting productivity
Theory of Costs and Revenue
Contents
- 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
Objectives: candidates should be able to
- explain the various cost concepts
- differentiate between accountants’ and economists’ notions of costs
- interpret the short-run and long-run costs curves
- establish the relationship between marginal cost and supply curve
- explain the various revenue concepts
Market Structures
Contents
- 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
Objectives: candidates should be able to
- analyse the assumptions and characteristics of a perfectly competitive market
- differentiate between short-run and long-run equilibrium of a perfectly competitive firm
- analyse the assumptions and characteristics of imperfect markets
- differentiate between the short-run and long-run equilibria of imperfectly competitive firms
- establish the conditions for the break-even/shut down of firms
National Income
Contents
- 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
Objectives: candidates should be able to
- identify the major concepts in national income
- compare the different ways of measuring national income
- examine their problems
- determine the uses and limitations of national income estimates
- interpret the circular flow of income using the two and three-sector models
- calculate the various multipliers
- evaluate their effects on equilibrium national income
- explain the concepts of consumption, investment and savings
Money and Inflation
Contents
- 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
Objectives: candidates should be able to
- explain between the types, characteristics and functions of money
- identify the factors affecting the demand for and the supply of money
- examine the relationship between the value of money and the price level
- identify the components in the quantity theory of money
- examine the causes and effects of inflation
- calculate the consumer price index
- interpret the consumer price index
- examine ways of controlling inflation
- examine the causes, measurement, effects and control of deflation
Financial Institutions
Contents
- 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
Objectives: candidates should be able to
- identify the types and functions of financial institutions
- explain the roles of financial institutions in economic development
- distinguish between the money and capital markets
- identify the various financial sector regulators and their functions
- explain the money creation process and its challenges
- examine the various monetary policy instruments and their effects
- appraise the challenges facing the financial institutions in Nigeria
Public Finance
Contents
- 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
Objectives: candidates should be able to
- identify the objectives of public finance
- explain fiscal policy and its instruments
- compare the various sources of government revenue
- analyse the principles of taxation
- analyse the incidence of taxation and its effects
- examine the effects of public expenditure on the economy
- examine the types and effects of budgets
- highlight the criteria for revenue allocation in Nigeria and their impact
Economic Growth and Development
Contents
- Meaning and scope
- Indicators of growth and development
- Factors affecting growth and development
- Problems of development in Nigeria
- Development planning in Nigeria
Objectives: candidates should be able to
- distinguish between economic growth and development
- highlight the indicators of growth and development
- identify the factors affecting growth and development
- examine the problems of development in Nigeria
- examine the role of planning in development
Agriculture in Nigeria
Contents
- 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)
Objectives: candidates should be able to
- identify the types and features of agriculture
- examine the characteristics and problems of agriculture
- assess the role of agriculture in economic development
- appraise agricultural policies in Nigeria
- evaluate the causes and effects of instability in agricultural incomes
Industry and Industrialization
Contents
- 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
Objectives: candidates should be able to
- differentiate between location and localization of industry
- identify the factors influencing the location and localization of industry
- examine the problems of industrialization
- appraise some industrialization strategies
- examine the role of industry in economic development
Natural Resources and the Nigerian Economy
Contents
- 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
Objectives: candidates should be able to
- trace the development of the major natural resources in Nigeria
- understand the contribution of the oil and the non-oil sectors to the Nigerian economy
- establish the linkages between the natural resources and other sectors
- analyse the environmental effects of exploitation activities in Nigeria
- distinguish between the upstream and downstream activities in the oil sector
- examine the roles of NNPC and OPEC in the oil sector
- suggest ways of controlling the effects of natural resources exploitation
Business Organizations
Contents
- 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
Objectives: candidates should be able to
- compare the types and basic features of private business organization
- appreciate the financing and management problems of business organizations
- identify the features of public enterprises
- identify the factors determining the size of firms
- differentiate between privatization and commercialization
- compare the advantages and disadvantages of privatization and commercialization
Population
Contents
- 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
Objectives: candidates should be able to
- analyse some population theories
- examine the relevance of the theories to Nigeria
- examine the uses and limitations of census data
- identify determinants of the size, composition and growth of population
- analyse the structure and distribution of population
- appraise government population policy in Nigeria
International Trade
Contents
- 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
Objectives: candidates should be able to
- examine the basis for international trade
- differentiate between absolute and comparative advantages
- distinguish between balance of trade and balance of payments and their corrective measures
- highlight the problems of balance of payments and their corrective measures
- examine the composition and direction of Nigeria’s foreign trade
- identify the types of exchange rates
- examine how exchange rates are determined
International Economic Organizations
Contents
- Roles and relevance of international organizations e.g. ECOWAS, AU, EU, ECA, IMF, EEC, OECD, World Bank, IBRD, WTO, ADB and UNCTAD etc. to Nigeria
Objectives: candidates should be able to
- identify the various economic organizations and their functions
- evaluate their relevance to the Nigerian economy
Factors of Production and their Theories
Contents
- 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
Objectives: candidates should be able to
- identify the types, features and rewards of factors of production
- analyse the determination of wages, interest and profits
- interpret the marginal productivity and liquidity preference theories
- examine factors mobility and efficiency
- examine the types and causes of unemployment in Nigeria
- suggest solutions to unemployment in Nigeria
Practise every Economics topic
JambCBT sorts its Economics past questions by these syllabus topics, so you can practise one topic at a time and see which ones need more work.
2 free practice quizzes. No card needed.