JAMB Economics Syllabus
Every section, topic and candidate objective in the official JAMB Economics outline — 9 sections, 23 topics and 122 objectives.
- Sections
- 9sections
- Topics
- 23topics
- Objectives
- 122objectives
- Category
- Social Sciencescategory
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Syllabus sections
9 sectionsTap a section to open it, then tap a topic to see its content and objectives.
1Section A: Basic Economic Concepts and Analysis
3 topics · 11 objectives
1Economics as a Science
3 content items · 3 objectives
Content
Basic concepts of economics: wants, scarcity, choice, scale of preference, opportunity cost, rationality, production, distribution, and consumption.
Objective
Compare various economic concepts and their applications; interpret graphs and schedules relating to these concepts; identify economic problems; and propose solutions to economic problems.
Content
Economic problems: what to produce, how to produce, for whom to produce, and the efficiency of resource use.
Objective
Identify economic problems, interpret graphs and schedules relating to economic concepts, and propose solutions to economic problems.
Content
Application of the Production Possibility Frontier (PPF) to the solution of economic problems.
Objective
Interpret graphs and schedules in relation to economic concepts, identify economic problems, and propose solutions to economic problems.
Opens the CBT engine with Economics past questions and answers.
2Economic Systems
3 content items · 3 objectives
Content
Types and characteristics of free enterprise, centrally planned, and mixed economies.
Objective
Compare the various economic systems, apply knowledge of economic systems to contemporary issues in Nigeria, and propose solutions to economic problems in different economic systems.
Content
Solutions to economic problems under different economic systems.
Objective
Compare the various economic systems and propose solutions to economic problems under different systems.
Content
Contemporary issues in economic systems, including economic reforms such as deregulation, banking sector consolidation, and cash policy reform.
Objective
Apply knowledge of economic systems to contemporary issues in Nigeria and propose solutions to economic problems.
Opens the CBT engine with Economics past questions and answers.
3Methods and Tools of Economic Analysis
5 content items · 5 objectives
Content
Scientific approach to economic analysis: inductive and deductive methods; positive and normative reasoning.
Objective
Distinguish between the various forms of reasoning and apply these forms of reasoning to real-life situations.
Content
Basic tools of economic analysis: tables, charts, and graphs.
Objective
Use tables, charts, and graphs to interpret and analyse economic data and understand the merits and demerits of these tools.
Content
Measures of central tendency: mean, median, and mode, including their applications.
Objective
Use measures of central tendency to interpret and analyse economic data and understand their merits and demerits.
Content
Measures of dispersion: variance, standard deviation, and range, including their applications.
Objective
Use measures of dispersion to interpret and analyse economic data and understand their merits and demerits.
Content
Merits and demerits of the tools of economic analysis.
Objective
Understand and evaluate the merits and demerits of the various tools used in economic analysis.
Opens the CBT engine with Economics past questions and answers.
2Section B: Demand, Supply, Consumer Behaviour, and Price Determination
4 topics · 23 objectives
1The Theory of Demand
6 content items · 6 objectives
Content
Meaning and determinants of demand.
Objective
Identify the factors determining demand.
Content
Demand schedules and demand curves.
Objective
Interpret demand curves from demand schedules.
Content
Distinction between a change in quantity demanded and a change in demand.
Objective
Differentiate between a change in quantity demanded and a change in demand.
Content
Types of demand: composite, derived, competitive, and joint demand.
Objective
Compare the various types of demand and their interrelationships.
Content
Types, nature, and determinants of elasticity of demand, including price elasticity, income elasticity, and cross elasticity, and their measurement.
Objective
Relate the determinants of demand to the nature of elasticity, calculate elasticities, and interpret elasticity coefficients in relation to real-life situations.
Content
Importance of elasticity of demand to consumers, producers, and government.
Objective
Interpret elasticity coefficients in relation to real-life situations and understand the importance of elasticity to consumers, producers, and government.
Opens the CBT engine with Economics past questions and answers.
2The Theory of Consumer Behaviour
6 content items · 6 objectives
Content
Basic utility concepts: cardinal utility, ordinal utility, total utility, average utility, and marginal utility.
Objective
Explain the various utility concepts and apply the law of demand using marginal utility analysis.
Content
Indifference curves and budget lines.
Objective
Use indifference curve and marginal analyses to determine consumer equilibrium.
Content
Diminishing marginal utility and the law of demand.
Objective
Apply the law of demand using marginal utility analysis.
Content
Consumer equilibrium using indifference curve and marginal utility analyses.
Objective
Use indifference curve and marginal analyses to determine consumer equilibrium.
Content
Effects of shifts in the budget line and the indifference curve.
Objective
Relate income and substitution effects to changes in consumer behaviour.
Content
Consumer surplus and its applications.
Objective
Apply the concept of consumer surplus to real-life situations.
Opens the CBT engine with Economics past questions and answers.
3The Theory of Supply
5 content items · 5 objectives
Content
Meaning and determinants of supply.
Objective
Identify the factors determining supply.
Content
Supply schedules and supply curves.
Objective
Interpret supply curves from supply schedules.
Content
Distinction between a change in quantity supplied and a change in supply.
Objective
Differentiate between a change in quantity supplied and a change in supply.
Content
Types of supply: joint or complementary supply, competitive supply, and composite supply.
Objective
Compare the various types of supply and their interrelationships.
Content
Elasticity of supply: determinants, measurement, nature, and applications.
Objective
Relate the determinants of supply to the nature of elasticity, calculate elasticity coefficients, and interpret the coefficients in relation to real-life situations.
Opens the CBT engine with Economics past questions and answers.
4The Theory of Price Determination
6 content items · 6 objectives
Content
Concepts of market and price.
Objective
Explain the concepts of market and price.
Content
Functions of the price system.
Objective
Examine the functions of the price system.
Content
Equilibrium price and quantity in product and factor markets.
Objective
Determine the equilibrium values of price and quantity.
Content
Price legislation and its effects, including minimum and maximum price legislation.
Objective
Evaluate the effects of government interference with the price system and differentiate between minimum and maximum price legislation.
Content
Effects of changes in supply and demand on equilibrium price and quantity.
Objective
Interpret the effects of changes in supply and demand on equilibrium price and quantity and determine equilibrium values.
Content
Simple linear equations of demand and supply.
Objective
Determine equilibrium price and quantity using simple linear equations of demand and supply.
Opens the CBT engine with Economics past questions and answers.
3Section C: Production, Costs, Revenue, and Market Structures
3 topics · 17 objectives
1The Theory of Production
7 content items · 7 objectives
Content
Meaning and types of production.
Objective
Identify the types of production and understand their characteristics.
Content
Concepts of production and their interrelationships: total product (TP), average product (AP), marginal product (MP), and the law of variable proportions.
Objective
Relate TP, AP, and MP to the law of variable proportions.
Content
Division of labour and specialisation.
Objective
Understand the role of division of labour and specialisation in production.
Content
Economies of scale: internal and external economies of scale and their implications.
Objective
Compare internal and external economies of scale in production and explain their effects.
Content
Production functions and returns to scale.
Objective
Identify types of production functions, compare different types of returns to scale, and explain their implications.
Content
Producer equilibrium using isoquant-isocost and marginal analyses.
Objective
Determine a firm's equilibrium position using isoquant-isocost and marginal analyses.
Content
Factors affecting productivity.
Objective
Identify the factors affecting productivity.
Opens the CBT engine with Economics past questions and answers.
2Theory of Costs and Revenue
5 content items · 5 objectives
Content
Cost concepts: fixed cost, variable cost, total cost, average cost, and marginal cost.
Objective
Explain the various cost concepts.
Content
Revenue concepts: total revenue, average revenue, and marginal revenue.
Objective
Explain the various revenue concepts.
Content
Accountants' and economists' notions of cost.
Objective
Differentiate between accountants' and economists' notions of costs.
Content
Short-run and long-run costs.
Objective
Interpret short-run and long-run cost curves.
Content
Marginal cost and the supply curve of a firm.
Objective
Establish the relationship between marginal cost and the supply curve.
Opens the CBT engine with Economics past questions and answers.
3Market Structures
5 content items · 5 objectives
Content
Perfectly competitive market: assumptions and characteristics.
Objective
Analyse the assumptions and characteristics of a perfectly competitive market.
Content
Short-run and long-run equilibrium of a perfectly competitive firm.
Objective
Differentiate between the short-run and long-run equilibrium of a perfectly competitive firm.
Content
Imperfect markets: pure monopoly, discriminatory monopoly, and monopolistic competition, including their assumptions and characteristics.
Objective
Analyse the assumptions and characteristics of imperfect markets.
Content
Short-run and long-run equilibrium positions in imperfectly competitive markets.
Objective
Differentiate between the short-run and long-run equilibrium positions of imperfectly competitive firms.
Content
Break-even and shut-down analysis in the various market structures.
Objective
Establish the conditions for the break-even and shut-down of firms.
Opens the CBT engine with Economics past questions and answers.
4Section D: National Income, Money, and Financial Institutions
3 topics · 21 objectives
1National Income
7 content items · 7 objectives
Content
Concepts of gross national product (GNP), gross domestic product (GDP), national income (NI), and net national product (NNP).
Objective
Identify the major concepts in national income.
Content
Methods of measuring national income and the problems associated with measurement.
Objective
Compare the different methods of measuring national income and examine the problems associated with them.
Content
Uses and limitations of national income estimates.
Objective
Determine the uses and limitations of national income estimates.
Content
Circular flow of income using two-sector and three-sector models.
Objective
Interpret the circular flow of income using two-sector and three-sector models.
Content
Concepts of consumption, investment, and savings.
Objective
Explain the concepts of consumption, investment, and savings.
Content
The multiplier and its effects.
Objective
Calculate the various multipliers and evaluate their effects on equilibrium national income.
Content
Elementary theory of income determination and equilibrium national income.
Objective
Evaluate the effects of multipliers on equilibrium national income and understand the elementary theory of income determination.
Opens the CBT engine with Economics past questions and answers.
2Money and Inflation
7 content items · 7 objectives
Content
Types, characteristics, and functions of money.
Objective
Explain the types, characteristics, and functions of money.
Content
Demand for money and supply of money.
Objective
Identify the factors affecting the demand for and supply of money.
Content
Quantity theory of money, including the Fisher equation.
Objective
Identify the components of the quantity theory of money.
Content
Value of money and the price level.
Objective
Examine the relationship between the value of money and the price level.
Content
Inflation: types, measurement, effects, and control.
Objective
Examine the causes and effects of inflation, calculate the consumer price index, interpret the consumer price index, and examine ways of controlling inflation.
Content
Consumer Price Index (CPI) and its use in measuring changes in prices.
Objective
Calculate and interpret the consumer price index.
Content
Deflation: measurement, effects, and control.
Objective
Examine the causes, measurement, effects, and control of deflation.
Opens the CBT engine with Economics past questions and answers.
3Financial Institutions
7 content items · 7 objectives
Content
Types and functions of financial institutions, including traditional financial institutions, the central bank, mortgage banks, merchant banks, insurance companies, and building societies.
Objective
Identify the types and functions of financial institutions.
Content
Role of financial institutions in economic development.
Objective
Explain the roles of financial institutions in economic development.
Content
Money markets and capital markets.
Objective
Distinguish between the money market and the capital market.
Content
Financial sector regulation.
Objective
Identify the various financial sector regulators and their functions.
Content
Deposit money banks and the creation of money.
Objective
Explain the money creation process and the challenges associated with it.
Content
Monetary policy and its instruments.
Objective
Examine the various monetary policy instruments and their effects.
Content
Challenges facing financial institutions in Nigeria.
Objective
Appraise the challenges facing financial institutions in Nigeria.
Opens the CBT engine with Economics past questions and answers.
5Section E: Public Finance and Economic Development
2 topics · 13 objectives
1Public Finance
8 content items · 8 objectives
Content
Meaning and objectives of public finance.
Objective
Identify the objectives of public finance.
Content
Fiscal policy and its instruments.
Objective
Explain fiscal policy and its instruments.
Content
Sources of government revenue, including taxes, royalties, rents, grants, and aid.
Objective
Compare the various sources of government revenue.
Content
Principles of taxation.
Objective
Analyse the principles of taxation.
Content
Tax incidence and its effects.
Objective
Analyse the incidence of taxation and its effects.
Content
Effects of public expenditure on the economy.
Objective
Examine the effects of public expenditure on the economy.
Content
Government budgets and public debts.
Objective
Examine the types of budgets and their effects.
Content
Revenue allocation and resource control in Nigeria.
Objective
Highlight the criteria for revenue allocation in Nigeria and assess their impact.
Opens the CBT engine with Economics past questions and answers.
2Economic Growth and Development
5 content items · 5 objectives
Content
Meaning and scope of economic growth and development.
Objective
Distinguish between economic growth and economic development.
Content
Indicators of economic growth and development.
Objective
Highlight the indicators of economic growth and development.
Content
Factors affecting economic growth and development.
Objective
Identify the factors affecting economic growth and development.
Content
Problems of economic development in Nigeria.
Objective
Examine the problems of economic development in Nigeria.
Content
Development planning in Nigeria.
Objective
Examine the role of planning in economic development.
Opens the CBT engine with Economics past questions and answers.
6Section F: Agriculture, Industry, and Natural Resources in Nigeria
3 topics · 16 objectives
1Agriculture in Nigeria
5 content items · 5 objectives
Content
Types and features of agriculture.
Objective
Identify the types and features of agriculture.
Content
Role of agriculture in economic development.
Objective
Assess the role of agriculture in economic development.
Content
Problems of agriculture.
Objective
Examine the characteristics and problems of agriculture.
Content
Agricultural policies in Nigeria and their effects.
Objective
Appraise agricultural policies in Nigeria.
Content
Instability in agricultural incomes: causes, effects, and solutions.
Objective
Evaluate the causes and effects of instability in agricultural incomes.
Opens the CBT engine with Economics past questions and answers.
2Industry and Industrialization
5 content items · 5 objectives
Content
Concepts and effects of the location and localisation of industry in Nigeria.
Objective
Differentiate between the location and localisation of industry and identify the factors influencing them.
Content
Industrialisation strategies in Nigeria.
Objective
Appraise industrialisation strategies.
Content
Industrialisation and economic development in Nigeria.
Objective
Examine the role of industry in economic development and the problems of industrialisation.
Content
Funding and management of business organisations.
Objective
Understand issues relating to the funding and management of business organisations.
Content
Factors determining the size of firms.
Objective
Identify the factors determining the size of firms.
Opens the CBT engine with Economics past questions and answers.
3Natural Resources and the Nigerian Economy
6 content items · 6 objectives
Content
Development of major natural resources in Nigeria, including petroleum, gold, diamond, and timber.
Objective
Trace the development of major natural resources in Nigeria.
Content
Contributions of the oil and non-oil sectors to the Nigerian economy.
Objective
Understand the contributions of the oil and non-oil sectors to the Nigerian economy.
Content
Linkage effects between natural resources and other sectors of the economy.
Objective
Establish the linkages between natural resources and other sectors.
Content
Upstream and downstream activities in the oil sector.
Objective
Distinguish between upstream and downstream activities in the oil sector.
Content
Roles of the Nigerian National Petroleum Company (NNPC) and the Organization of the Petroleum Exporting Countries (OPEC) in the oil sector.
Objective
Examine the roles of NNPC and OPEC in the oil sector.
Content
Challenges facing natural resource exploitation and its environmental effects in Nigeria.
Objective
Analyse the environmental effects of exploitation activities and suggest ways of controlling the effects of natural resource exploitation.
Opens the CBT engine with Economics past questions and answers.
7Section G: Business Organisations
1 topic · 6 objectives
1Business Organisations
6 content items · 6 objectives
Content
Private enterprises, including sole proprietorships, partnerships, limited liability companies, and cooperative societies.
Objective
Compare the types and basic features of private business organisations.
Content
Problems of private enterprises.
Objective
Appreciate the financing and management problems of business organisations.
Content
Public enterprises and their problems.
Objective
Identify the features of public enterprises and understand their problems.
Content
Funding and management of business organisations.
Objective
Appreciate the financing and management problems of business organisations.
Content
Factors determining the size of firms.
Objective
Identify the factors determining the size of firms.
Content
Privatisation and commercialisation as solutions to the problems of public enterprises.
Objective
Differentiate between privatisation and commercialisation and compare their advantages and disadvantages.
Opens the CBT engine with Economics past questions and answers.
8Section H: Population and International Trade
2 topics · 9 objectives
1Population
5 content items · 5 objectives
Content
Meaning of population and theories of population.
Objective
Analyse population theories and examine their relevance to Nigeria.
Content
Population census: importance and problems.
Objective
Examine the uses and limitations of census data.
Content
Population size and growth: overpopulation, underpopulation, and optimum population.
Objective
Identify the determinants of population size and growth.
Content
Population structure and distribution.
Objective
Identify the determinants of population composition and analyse population structure and distribution.
Content
Population policy and economic development in Nigeria.
Objective
Appraise government population policy in Nigeria and examine its relationship with economic development.
Opens the CBT engine with Economics past questions and answers.
2International Trade
4 content items · 4 objectives
Content
Meaning and basis of international trade, including absolute and comparative costs.
Objective
Examine the basis for international trade and differentiate between absolute and comparative advantages.
Content
Balance of trade and balance of payments: problems and corrective measures.
Objective
Distinguish between balance of trade and balance of payments, identify their problems, and explain corrective measures.
Content
Composition and direction of Nigeria's foreign trade.
Objective
Examine the composition and direction of Nigeria's foreign trade.
Content
Exchange rates: meaning, types, and determination.
Objective
Identify the types of exchange rates and examine how exchange rates are determined.
Opens the CBT engine with Economics past questions and answers.
9Section I: International Economic Organisations and Factors of Production
2 topics · 6 objectives
1International Economic Organisations
1 content item · 1 objective
Content
Roles and relevance of international economic organisations to Nigeria, including ECOWAS, AU, EU, ECA, IMF, EEC, OECD, World Bank, IBRD, WTO, ADB, and UNCTAD.
Objective
Identify the various international economic organisations and their functions and evaluate their relevance to the Nigerian economy.
Opens the CBT engine with Economics past questions and answers.
2Factors of Production and Their Theories
5 content items · 5 objectives
Content
Types, features, and rewards of factors of production.
Objective
Identify the types, features, and rewards of factors of production.
Content
Determination of wages, interest, and profits.
Objective
Analyse the determination of wages, interest, and profits.
Content
Theories of factor rewards: marginal productivity theory of wages and liquidity preference theory.
Objective
Interpret the marginal productivity theory and liquidity preference theory.
Content
Factor mobility and efficiency.
Objective
Examine factor mobility and efficiency.
Content
Unemployment and its solutions, with particular reference to Nigeria.
Objective
Examine the types and causes of unemployment in Nigeria and suggest solutions to unemployment in Nigeria.
Opens the CBT engine with Economics past questions and answers.