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jamb economics syllabus

Economics Syllabus from JAMB The aim of this 2019 JAMB Economics
Syllabus for Unified Tertiary Matriculation
Examination (UTME), 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. 1. Economics as a science Topics: a. Basic Concepts: Wants, Scarcity, choice,
scale of preference, opportunity cost,
Rationality, production, distribution,
consumption.
bi. Economic problems of: What, how and
for whom to produce and efficiency of resource use.
bii. Application of PPF to solution of
economic problems. Objectives: 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 2. Economic Systems Topics: a. Types and characteristics of free
enterprise, centrally planned and mixed
economies
b. Solutions to economic problems under
different systems
c. Contemporary issues in economic systems (economic reforms e.g
deregulation, banking sector
consolidation, cash policy reform). Objectives: 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. 3. Methods and Tools of
Economic Analysis Topics: a. Scientific Approach:
i. inductive and deductive methods
ii. positive and normative reasoning b. 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. Objectives: 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. 4. The Theory of Demand Topics: a. i. meaning and determinants of
demand
ii. demand schedules and curves
iii. the distinction between change in
quantity demanded and change in
demand. b. Types of demand: Composite, derived,
competitive and joint demand: c. Types, nature and determinants of
elasticity and their measurement – price,
income and cross elasticity of demand: d. Importance of elasticity of demand to
consumers, producers and government. Objectives: 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. 5. The Theory of Consumer
Behaviour Topics: a. Basic Concepts:
i. utility (cardinal, ordinal, total average
and marginal utilities)
ii. indifference curve and budget line.
b. Diminishing marginal utility and the
law of demand. c. Consumer equilibrium using the
indifference curve and marginal analyses.
d. Effects of shift in the budget line and
the indifference curve.
e. Consumer surplus and its applications. Objectives: Candidates should be able to: (i) explain 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) relate the income and substitution
effects;
(v) apply consumer surplus to real life
situations. 6. The Theory of Supply Topics: a. i. Meaning and determinants of supply
ii. Supply schedules and supply curves
iii. the distinction between change in
quantity supplied and change in supply b. Types of Supply: Joint/complementary,
competitive and composite c. Elasticity of Supply: determinants,
measurements, nature and applications Objectives: 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 live situations. 7. The Theory of Price
Determination Topics: a. The concepts of market and price
b. Functions of the price system
c. i. Equilibrium price and quantity in
product and factor markets
ii. Price legislation and its effects
d. The effects of changes in supply and demand on equilibrium price and
quantity. Objectives: 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. 8. The Theory of Production Topics: a. Meaning and types of production
b. Concepts of production and their
interrelationships (TP, AP, MP and the
law of variable proportion).
c. Division of labour and specialization
d. Scale of Production: Internal and external economies of scale
and their implications.
e. Production functions and returns to
scale
f. Producers’ equilibrium isoquant-isocost
and marginal analyses. g. Factors affecting productivity. Objectives: 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. 9. Theory of Costs and Revenue Topics: a. The concepts of cost: Fixed, Variable,
Total Average and Marginal
b. The concepts of revenue: Total,
average and marginal revenue;
c. Accountants’ and Economists’ notions
of cost d. Short-run and long-run costs
e. The marginal cost and the supply curve
of firm. Objectives: 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. 10. Market Structures Topics: a. Perfectly competitive market:
i. Assumptions and characteristics;
ii. Short-run and long-run equilibrium of
a perfect competitor;
b. Imperfect Market:
i. Pure monopoly, discriminatory monopoly and monopolistic competition.
ii. Short-run and long-run equilibrium
positions.
c. Break-even/shut-down analysis in the
various markets. Objectives: 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 equilibria of imperfectly
competitive firms;
(v) establish the conditions for the break- even/shut down of firms. 11. National Income Topics: a. The Concepts of GNP, GDP, NI, NNP
b. National Income measurements and
their problems
c. Uses and limitations of national
income estimates
d. The circular flow of income (two and three-sector models)
e. The concepts of consumption,
investment and savings
f. The multiplier and it effects
g. Elementary theory of income
determination and equilibrium national income. objectives: 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. 12. Money and Inflation Topics: a. Types, characteristics and functions of
money
b. Demand for money and the supply of
money
c. Quantity Theory of money (Fisher
equation) d. The value of money and the price level
e. Inflation: Types, measurements,
effects and control
f. Deflation: Measurements, effects and
control. Objectives: 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. 13. Financial Institutions Topics: a. Types and functions of financial
institutions (traditional, central bank,
mortgage banks, merchant banks,
insurance companies, building societies);
b. The role of financial institutions in
economic development; c. Money and capital markets
d. Financial sector regulations
e. Deposit money banks and the creation
of money
f. Monetary policy and its instruments
g. Challenges facing financial institutions in Nigeria. Objectives: 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. 14. Public Finance a. Meaning and objectives
b. Fiscal policy and its instruments
c. Sources of government revenue (taxes
royalties, rents, grants and aids)
d. Principles of taxation
e. Tax incidence and its effects f. The effects of public expenditure
g. Government budget and public debts
h. Revenue allocation and resource
control in Nigeria. Objectives 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. 15. Economic Growth and
Development Topics: a. Meaning and scope
b. Indicators of growth and development
c. Factors affecting growth and
development
d. Problems of development in Nigeria
e. Development planning in Nigeria. Objectives: 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) examine the problems of
development in Nigeria;
(v) examine the role of planning in
development; 16. Agriculture in Nigeria Topics: a. Types and features;
b. The role of agriculture in economic
development;
c. Problems of agriculture;
d. Effects of agricultural policies and
their effects; e. Instability in agricultural incomes
(causes, effects and solutions). Objectives: 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. 17. Industry and
Industrialization Topics: a. Concepts and effects of location and
localization of industry in Nigeria;
b. Strategies and Industrialization in
Nigeria;
c. Industrialization and economic
development in Nigeria; d. Funding and management of business
organization;
e. Factors determining the size of firms. Objectives: 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. 18. Natural Resources and the
Nigerian Economy Topics: a. Development of major natural
resources (petroleum, gold, diamond,
timber etc);
b. Contributions of the oil and the non-oil
sectors to the Nigerian economy;
c. Linkage effects; d. Upstream/downstream of the oil
sector;
e. The role of NNPC and OPEC in the oil
sector;
f. Challenges facing natural resources
exploitation. Objectives: 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 resources exploitation. 19. Business Organizations Topics: a. Private enterprises (e.g. sole-
proprietorship, partnership, limited
liability companies and cooperative
societies)
b. Problems of private enterprises;
c. Public enterprises and their problems; d. Funding and management of business
organizations;
e. Factors determining the size of firms;
f. Privatization and Commercialization as
solutions to the problems of public
enterprises. Objectives: 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; 20. Population Topics: a. Meaning and theories;
b. Census: importance and problems.
c. Size and growth: over-population,
under- population and optimum
population.
d. Structure and distribution; e. Population policy and economic
development. Objectives: 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. 21. International Trade Topics: a. Meaning and basis for international
trade (absolute and comparative costs
etc)
b. Balance of trade and balance of
payments: problems and corrective
measures; c. Composition and direction of Nigeria’s
foreign trade;
d. Exchange rate: meaning, types and
determination. Objectives: 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. 22. 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. Objectives: Candidates should be able to: (i) identify the various economic
organizations and their functions;
(vii) evaluate their relevance to the
Nigerian economy 23. Factors of Production and
their Theories Topics: a. Types, features and rewards;
b. Determination of wages, interest and
profits;
c. Theories: marginal productivity theory
of wages and liquidity preference theory;
d. Factor mobility and efficiency; e. Unemployment and its solutions Objectives: 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 TEXTS 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. Check Other Subjects’ Syllabus Check JAMB Brochure Practice Free CBT Questions Ask a Economics Question Download App SPONSORED SEARCHES Check Printing Utility Cost SPONSORED SEARCHES 3 Printing Analyze Data Answer Jamb Past Question Math Solution Development Economic SPONSORED SEARCHES 2018 Jamb Syllabus for Economics Agricultural Development Agricultural Products Agriculture And Agriculture Farming

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