WAEC Economics Syllabus
Every section, topic and candidate objective in the official WAEC Economics outline — 1 sections, 4 topics and 4 objectives.
- Sections
- 1sections
- Topics
- 4topics
- Objectives
- 4objectives
- Category
- Social Sciencescategory
Syllabus sections
1 sectionTap a section to open it, then tap a topic to see its content and objectives.
1Detailed Syllabus
4 topics · 4 objectives
1Scope, Systems, Analysis Tools, Demand and Supply
1 content item · 1 objective
Content
Scarcity, choice, PPC, factors of production, economic systems, statistical tools, demand/supply laws and elasticities
Objective
Understand scarcity, choice, scale of preference, opportunity cost, PPC, and primary/secondary/tertiary sectors; analyze land, labour, capital, and entrepreneurship; compare capitalism, socialism, and mixed economies; calculate statistical measures (mean, median, mode) and interpret economic graphs; apply demand and supply laws, schedules, curves, shifts vs movements, and price/income/cross elasticities.
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2Consumer Behaviour, Price Determination, Production, Cost & Revenue, Market Structures
1 content item · 1 objective
Content
Utility theories, equilibrium price, maximum/minimum price controls, economies of scale, cost/revenue concepts, market types
Objective
Calculate total/marginal utility and consumer equilibrium; determine equilibrium price algebraically and analyze price controls, rationing, and black markets; examine division of labour, economies of scale, and law of variable proportions; differentiate fixed, variable, marginal, money, and opportunity costs, as well as total/marginal revenue; compare price and output determination under perfect competition, monopoly, and monopolistic competition.
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3Business Organizations, Distributive Trade, Population, Labour Market, Agriculture, Industrialization, National Income
1 content item · 1 objective
Content
Business entities, middleman distribution, population theories/census, wage determination, agricultural policy, industrial localization, national income aggregates
Objective
Evaluate business forms, funding sources, privatization, commercialization, and indigenization; analyze wholesale/retail distribution channels and government agencies; apply Malthusian population theory, census issues, and labor mobility/wage determination; evaluate agricultural systems, marketing boards, and remedies; analyze firm location, industrialization strategies, and links to agriculture; calculate GDP, GNP, NNP, and identify national income measurement problems.
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4Money, Inflation, Financial Institutions, Public Finance, Development Planning, International Trade & Economic Blocs
1 content item · 1 objective
Content
Barter system to money, inflation control, central/commercial banks, money/capital markets, fiscal policy, direct/indirect tax, growth vs development, balance of payments, ECOWAS, OPEC, IMF/World Bank, natural resources
Objective
Understand functions of money, price levels, and inflation types/controls; examine central/commercial/development banking, money markets, and capital markets; evaluate government budgets, public debt, direct/indirect taxation canons, and incidence; differentiate economic growth and development, planning types, and problems; analyze comparative cost advantage, terms of trade, tariffs, balance of payments adjustments, and exchange rates; evaluate roles of ECOWAS, OPEC, IMF, IBRD, AfDB, and major natural resource impacts.
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