ECONOMICS

JAMB SYLLABUS ON ECONOMICS



GENERAL OBJECTIVES:

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

1. demonstrate sufficient knowledge and understanding of the basic concepts, tools and theirgeneral applications to economic analysis;
2. identify and explain the basic structures, operations and roles of the various economic unitsand 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 SYLLABUS

DETAILED SYLLABUS
TOPICS/CONTENTS/NOTES
OBJECTIVES, Candidates should be able to:

1. Economics as a science

a. Basic Concepts:

wants, scarcity, choice, scale ofpreference, opportunity cost, rationality,production, distribution, consumption.

b.(i) Economic problems of:

what, how and for whom to produce andefficiency of resource use.

b.(ii)Application of PPF to solution of economicproblems.
Candidates should be able to:

(i) compare various concepts in economicsand their applications;

(ii) interpret graphs/schedules in relation tothe concepts;

(iii) identify economic problems;

(iv) proffer solutions to economic problems

2. Economic Systems

a. Types and characteristics of freeenterprise, centrally plannedand mixed economies

b. Solutions to economic problems underdifferent systems

c. Contemporary issues in economic systems (economic reforms e.g deregulation,banking sector consolidation, cash policyreform).
Candidates should be able to:

(i) compare the various economic systems;

(ii) apply the knowledge of economicsystems to contemporary issues inNigeria

(iii) proffer solutions to economic problemsin different economic systems.

3. Methods and Tools of Economic Analysis

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 theirapplications.

iii. measures of dispersion; variance,standard deviation, range and theirapplications;

iv. merits and demerits of the tools.
Candidates should be able to:

(i) distinguish between the various forms ofreasoning;

(ii) apply these forms of reasoning to real lifesituations;

(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

a. i. meaning and determinants of demand

ii. demand schedules and curves

iii. the distinction between change inquantity demanded and change indemand.

b. Types of demand:

Composite, derived, competitive andjoint demand:

c. Types, nature and determinants ofelasticity and their measurement -price, income and cross elasticity ofdemand:

d. Importance of elasticity of demand toconsumers, producers and government.
Candidates should be able to:

(i) identify the factors determining demand;

(ii) interpret demand curves from demandschedules;

(iii) differentiate between change in quantitydemanded and change in demand;

(iv) compare the various types of demand andtheir interrelationships;

(v) relate the determinants to the nature ofelasticity;

(vi) compute elasticities;

(vii) interpret elasticity coefficients in relationto real life situations.

5. The Theory of Consumer Behaviour

a. Basic Concepts:

i. utility (cardinal, ordinal, totalaverage and marginal utilities)

ii. indifference curve and budgetline.

b. Diminishing marginal utility and the lawof demand.

c. Consumer equilibrium using theindifference curve and marginalanalyses.

d. Effects of shift in the budget line and theindifference curve.

e. Consumer surplus and its applications.
Candidates should be able to:

(i) explain the various utility concepts;

(ii) apply the law of demand using themarginal utility analysis;

(iii) use indifference curve and marginalanalyses to determine consumerequilibrium;

(iv) relate the income and substitution effects;

(v) apply consumer surplus to real lifesituations.

6. The Theory of Supply

a. i. Meaning and determinants ofsupply

ii. Supply schedules and supply curves

iii. the distinction between change inquantity supplied and change insupply

b. Types of Supply:

Joint/complementary, competitive andcomposite

c. Elasticity of Supply:

determinants, measurements, nature andapplications
Candidates should be able to:

(i) identify the factors determiningsupply;

(ii) interpret supply curves from supplyschedules;

(iii) differentiate between change in quantitysupplied and change in supply;

(iv) compare the various types of supply andtheir interrelationships;

(v) relate the determinants to the nature ofelasticity;

(vi) compute elasticity coefficients;

(vii) interpret the coefficients in relation to reallife situations.

7. The Theory of Price Determination

a. The concepts of market and price

b. Functions of the price system

c. i. Equilibrium price and quantity inproduct and factor markets

ii. Price legislation and its effects

d. The effects of changes in supply anddemand on equilibrium price andquantity.
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 governmentinterference with the price system;

(iv) differentiate between minimum and maximum price legislation;

(v) interpret the effects of changes in supplyand demand on equilibrium price andquantity.

8. The Theory of Production

a. Meaning and types of production

b. Concepts of production and theirinterrelationships (TP, AP, MP and thelaw of variable proportion).

c. Division of labour and specialization

d. Scale of Production:

Internal and external economies of scaleand their implications.

e. Production functions and returns toscale

f. Producers’ equilibrium isoquant-isocostand marginal analyses.

g. Factors affecting productivity.
Candidates should be able to:(i) relate TP, AP and MP with the law ofvariable proportion;

(ii) compare internal and external economiesof scale in production and their effects;

(iii) identify the types of production functions(iv) compare the different types of returns tothe scale and their implications;

(v) determine the firm’s equilibrium positionusing the isoquant-isocost and marginalanalyses.

(vi) identify the factors affecting productivity.

9. Theory of Costs and Revenue

a. The concepts of cost:Fixed, Variable, Total Average andMarginal

b. The concepts of revenue: Total, Averageand Marginal revenue;

c. Accountants’ and Economists’ notionsof cost

d. Short-run and long-run costs

e. The marginal cost and the supply curveof firm.
Candidates should be able to:

(i) explain the various cost concepts

(ii) differentiate between accountants’ andeconomists’ notions of costs

(iii) interpret the short-run and long-run costscurves

(iv) establish the relationship between marginalcost and supply curve.

(v) explain the various revenue concepts.

10. Market Structures

a. Perfectly competitive market:

i. Assumptions and characteristics;

ii. Short-run and long-run equilibriumof a perfect competitor;

b. Imperfect Market:

i. Pure monopoly, discriminatorymonopoly and monopolisticcompetition.

ii. Short-run and long-run equilibriumpositions.

c. Break-even/shut-down analysis in thevarious markets.
Candidates should be able to:

(i) analyse the assumptions andcharacteristics of a perfectly competitivemarket;

(ii) differentiate between short-run and longrunequilibrium of a perfectly competitivefirm;

(iii) analyse the assumptions andcharacteristics of imperfect markets;

(iv) differentiate between the short-run andlong-run equilibria of imperfectlycompetitive firms;

(v) establish the conditions for the breakeven/shut down of firms.

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11. National Income

a. The Concepts of GNP, GDP, NI, NNP

b. National Income measurements andtheir problems

c. Uses and limitations of national incomeestimates

d. The circular flow of income (two andthree-sector models)

e. The concepts of consumption,investment and savings

f. The multiplier and it effects

g. Elementary theory of income

determination and equilibrium nationalincome.
Candidates should be able to:

(i) identify the major concepts in nationalincome;

(ii) compare the different ways of measuringnational income;

(iii) examine their problems;

(iv) assess the uses and limitations ofnational income estimates;

(v) interpret the circular flow of incomeusing the two and three-sector models;

(vi) calculate the various multipliers;

(vii) evaluate their effects on equilibriumnational income;

(viii) explain the concepts of consumption,investment and savings.

12. Money and Inflation

a. Types, characteristics and functions ofmoney

b. Demand for money and the supply ofmoney

c. Quantity Theory of money (Fisherequation)

d. The value of money and the price level

e. Inflation: Types, measurements, effectsand control

f. Deflation: Measurements, effects andcontrol.
Candidates should be able to:

(i) explain between the types,characteristics and functions of money;

(ii) identify the factors affecting thedemand for and the supply of money;

(iii) examine the relationship between thevalue of money and the price level;

(iv) identify the components in the quantitytheory of money;

(v) examine the causes and effects ofinflation;

(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

a. Types and functions of financialinstitutions (traditional, central bank, mortgage banks, merchant banks,insurance companies, buildingsocieties);

b. The role of financial institutions ineconomic development;

c. Money and capital markets

d. Financial sector regulations

e. Deposit money banks and the creationof money

f. Monetary policy and its instruments

g. Challenges facing financial institutionsin Nigeria.
Candidates should be able to:

(i) identify the types and functions offinancial institutions;

(ii) explain the roles of financial institutions in economic development;

(iii) distinguish between the money andcapital markets;

(iv) identify the various financial sectorregulators and their functions;

(v) explain the money creation process andits challenges;

(vi) examine the various monetary policyinstruments and their effects;

(vii) appraise the challenges facing thefinancial institutions in Nigeria.

14. Public Finance

a. Meaning and objectives

b. Fiscal policy and its instruments

c. Sources of government revenue (taxesroyalties, 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 controlin 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 ofgovernment revenue;

(iv) analyse the principles of taxation;

(v) analyse the incidence of taxation and itseffects;

(vi) examine the effects of publicexpenditure on the economy;

(vii) examine the types and effects ofbudgets;

(viii) highlight the criteria for revenueallocation in Nigeria and their impact.

15. Economic Growth and Development

a. Meaning and scope

b. Indicators of growth and development

c. Factors affecting growth anddevelopment

d. Problems of development in Nigeria

e. Development planning in Nigeria.
Candidates should be able to:

(i) distinguish between economic growthand development;

(ii) highlight the indicators of growth anddevelopment;

(iii) identify the factors affecting growth anddevelopment;

(iv) examine the problems of development inNigeria;

(v) examine the role of planning indevelopment;

16. Agriculture in Nigeria

a. Types and features;

b. The role of agriculture in economicdevelopment;

c. Problems of agriculture;

d. Agricultural policies and their effects;

e. Instability in agricultural incomes(causes, effects and solutions).
Candidates should be able to:(i) identify the types and features ofagriculture;

(ii) examine the characteristics and problemsof agriculture;

(iii) assess the role of agriculture in economicdevelopment;

(iv) appraise agricultural policies in Nigeria;

(v) evaluate the causes and effects ofinstability in agricultural incomes.

17. Industry and Industrialization

a. Concepts and effects of location andlocalization of industry in Nigeria;

b. Strategies and Industrialization inNigeria;

c. Industrialization and economicdevelopment in Nigeria;

d. Funding and management of businessorganization;

e. Factors determining the size of firms.
Candidates should be able to:

(i) differentiate between location andlocalization of industry;

(ii) identify the factors influencing thelocation and localization of industry;

(iii) examine the problems ofindustrialization;

(iv) appraise some industrializationstrategies;

(v) examine the role of industry in economicdevelopment.

18. Natural Resources and the NigerianEconomy

a. Development of major natural resources(petroleum, gold, diamond, timber etc);

b. Contributions of the oil and the non-oilsectors to the Nigerian economy;

c. Linkage effects;

d. Upstream/downstream of the oil sector;

e. The role of NNPC and OPEC in the oilsector;

f. Challenges facing natural resourcesexploitation.
Candidates should be able to:

(i) trace the development of the majornatural resources in Nigeria;

(ii) assess the contribution of the oil and thenon-oil sectors to the Nigerian economy;

(iii) establish the linkages between the naturalresources and other sectors;

(iv) analyse the environmental effects ofexploitation activities in Nigeria;

(v) distinguish between the upstream anddownstream activities in the oil sector;

(vi) examine the roles of NNPC and OPEC inthe oil sector;

(vii) suggest ways of controlling the effects ofnatural resources exploitation.

19. Business Organizations

a. Private enterprises (e.g. soleproprietorship,partnership, limited liability companiesand cooperative societies)

b. Problems of private enterprises;

c. Public enterprises and their problems;

d. Funding and management of businessorganizations;

e. Factors determining the size of firms;

f. Privatization and Commercialization assolutions to the problems of publicenterprises.
Candidates should be able to:

(i) compare the types and basic features ofprivate business organization;

(ii) assess the financing and managementproblems of business organizations;

(iii) identify the features of public enterprises;

(iv) identify the factors determining the sizeof firms;

(v) differentiate between privatization andcommercialization;

(vi) compare the advantages anddisadvantages of privatization andcommercialization;

20. Population

a. Meaning and theories;

b. Census: importance and problems.

c. Size and growth: over-population, underpopulationand optimum population.

d. Structure and distribution;

e. Population policy and economicdevelopment.
Candidates should be able to:

(i) analyse some population theories:

(ii) examine the relevance of the theories toNigeria;

(iii) examine the uses and limitations of censusdata;

(iv) identify determinants of the size, compositionand growth of population;

(v) analyse the structure and distribution ofpopulation;

(vi) appraise government population policy inNigeria.

21. International Trade

a. Meaning and basis for international trade(absolute and comparative costs etc.)

b. Balance of trade and balance ofpayments:

problems and correctivemeasures;

c. Composition and direction of Nigeria’sforeign trade;

d. Exchange rate: meaning, types anddetermination.
Candidates should be able to:

(i) examine the basis for international trade.

(ii) differentiate between absolute andcomparative advantages;

(iii) distinguish between balance of trade andbalance of payments and their correctivemeasures;

(iv) highlight the problems of balance of paymentsand their corrective measures;

(v) examine the composition and direction ofNigeria’s foreign trade;

(vi) identify the types of exchange rates;

(vii) examine how exchange rates are determined.

22. International Economic Organizations

Roles and relevance of internationalorganizations 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 organizationsand their functions;

(vii) evaluate their relevance to the Nigerianeconomy.

23. Factors of Production and their Theories

a. Types, features and rewards;

b. Determination of wages, interest andprofits;

c. Theories:

marginal productivity theoryof wages and liquidity preferencetheory;

d. Factor mobility and efficiency;

e. Unemployment and its solutions
Candidates should be able to:

(i) identify the types; features and rewards offactors of productions;

(ii) analyse the determination of wages, interestand profits;

(iii) interpret the marginal productivity of liquiditypreference theories;

(iv) examine factors mobility and efficiency;

(v) examine the types and causes ofunemployment in Nigeria;

(vi) suggest solutions to unemployment in Nigeria.

We provide educational resources/materials, curriculum guide, syllabus, scheme of work, lesson note & plan, waec, jamb, O-level & advance level GCE lessons/tutorial classes, on various topics, subjects, career, disciplines & department etc. for all the Class of Learners

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 FIRSTPublishers 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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