JAMB has released the syllabus for all subjects, including Economics. The JAMB Syllabus for Economics is here to guide you so you don’t waste time reading what won’t show up in the exam. The purpose of the syllabus is simple: to give you a clear direction on what topics to read and what areas to focus on. JAMB wants you to succeed, and this is one of the tools to help you get there.
All candidates are strongly advised to make use of this syllabus while studying. It will help you cover the most important topics and save you from unnecessary stress. Below, we’ve provided the full JAMB Syllabus for Economics in a clear and organized format. You’ll also find a list of recommended textbooks that JAMB suggests you read to boost your understanding.
JAMB Syllabus For Economics
| S/N | Topic | Subtopics |
|---|---|---|
| 1 | Economics as a Science | a. Wants, Scarcity, Choice, Scale of Preference, Opportunity Cost, Rationality, Production, Distribution, Consumption b(i). Economic Problems: What, How, For Whom to Produce, Resource Efficiency b(ii). Application of PPF to Economic Problems |
| 2 | Economic Systems | a. Free Enterprise, Centrally Planned, Mixed Economies b. Solutions to Economic Problems under Different Systems c. Contemporary Issues: Deregulation, Banking Consolidation, Cash Policy Reform |
| 3 | Methods and Tools of Economic Analysis | a(). Inductive and Deductive Methods (ii). Positive and Normative Reasoning b(i). Tables, Charts, Graphs b(ii). Mean, Median, Mode b(iii). Variance, Standard Deviation, Range b(iv). Merits and Demerits of Tools |
| 4 | The Theory of Demand | a(i). Meaning, Determinants a(ii). Demand Schedules and Curves a(iii). Change in Quantity Demanded vs. Change in Demand b. Composite, Derived, Competitive, Joint Demand c. Elasticity: Types, Determinants, Measurement d. Importance of Elasticity |
| 5 | The Theory of Consumer Behaviour | a) Utility: Cardinal, Ordinal, Total, Average, Marginal a(ii). Indifference Curve and Budget Line b. Diminishing Marginal Utility c. Consumer Equilibrium d. Effects of Budget and Indifference Shifts e. Consumer Surplus |
| 6 | The Theory of Supply | a(i). Meaning, Determinants a(ii). Supply Schedules and Curves a(iii). Change in Quantity Supplied vs. Change in Supply b. Joint, Competitive, Composite Supply c. Elasticity of Supply: Determinants, Measurement, Application |
| 7 | The Theory of Price Determination | a. Market and Price Concepts b. Functions of Price System c(i). Equilibrium in Product and Factor Markets c(ii). Price Legislation Effects d. Effects of Demand and Supply Changes |
| 8 | The Theory of Production | a. Meaning, Types b. TP, AP, MP, Law of Variable Proportion c. Division of Labour, Specialization d. Internal and External Economies of Scale e. Production Functions, Returns to Scale f. Producers’ Equilibrium g. Productivity Factors |
| 9 | Theory of Costs and Revenue | a. Fixed, Variable, Total, Average, Marginal Costs b. Total, Average, Marginal Revenue c. Accounting vs. Economic Costs d. Short-run and Long-run Costs e. MC and the Firm’s Supply Curve |
| 10 | Market Structures | a(i). Perfect Market Assumptions a(ii). Short/Long-run Equilibrium b(i). Monopoly and Monopolistic Competition b(ii). Short/Long-run Equilibrium c. Break-even/Shut-down Analysis |
| 11 | National Income | a. GNP, GDP, NI, NNP b. Measurement and Problems c. Uses and Limitations d. Circular Flow (2- & 3-sector Models) e. Consumption, Investment, Savings f. Multiplier g. Income Determination |
| 12 | Money and Inflation | a. Types, Characteristics, Functions of Money b. Demand and Supply of Money c. Quantity Theory (Fisher) d. Value of Money and Price Level e. Inflation: Types, Measurement, Control f. Deflation: Measurement, Control |
| 13 | Financial Institutions | a. Types and Functions b. Role in Development c. Money and Capital Markets d. Sector Regulations e. Deposit Money Banks and Money Creation f. Monetary Policy g. Challenges in Nigeria |
| 14 | Public Finance | a. Meaning and Objectives b. Fiscal Policy Instruments c. Revenue Sources d. Tax Principles e. Tax Incidence and Effects f. Public Expenditure Effects g. Budget and Public Debt h. Revenue Allocation in Nigeria |
| 15 | Economic Growth and Development | a. Meaning and Scope b. Growth and Development Indicators c. Growth Factors d. Nigeria’s Development Problems e. Development Planning |
| 16 | Agriculture in Nigeria | a. Types and Features b. Role in Development c. Agricultural Problems d. Policies and Effects e. Income Instability: Causes, Effects, Solutions |
| 17 | Industry and Industrialization | a. Location and Localization Concepts b. Industrial Strategies c. Role in Development d. Business Funding and Management e. Firm Size Determinants |
| 18 | Natural Resources and Nigerian Economy | a. Resource Development b. Oil and Non-oil Contributions c. Linkage Effects d. Oil Sector Structure e. NNPC and OPEC Roles f. Resource Exploitation Challenges |
| 19 | Business Organizations | a. Sole Proprietorship, Partnership, Companies, Co-ops b. Private Sector Problems c. Public Enterprises and Issues d. Funding and Management e. Firm Size Factors f. Privatization and Commercialization |
| 20 | Population | a. Meaning, Theories b. Census: Importance, Problems c. Population Size and Growth d. Structure and Distribution e. Policy and Development |
| 21 | International Trade | a. Meaning, Basis (Absolute, Comparative Cost) b. BOT and BOP: Problems, Solutions c. Nigeria’s Trade Composition d. Exchange Rate: Types and Determination |
| 22 | International Economic Organizations | Roles and Relevance of ECOWAS, AU, EU, ECA, IMF, EEC, OECD, World Bank, IBRD, WTO, ADB, UNCTAD |
| 23 | Factors of Production and Their Theories | a. Types, Features, Rewards b. Wage, Interest, Profit Determination c. Marginal Productivity, Liquidity Preference Theories d. Mobility and Efficiency e. Unemployment and Solutions f. Solutions to Unemployment in Nigeria |
JAMB Recommended Books for Economics
- Aderinto, A. A., et al. (1996). Economics: Exam focus. University Press PLC.
- Black, J. (1997). Oxford dictionary of economics. Oxford University Press.
- Eyiyere, D. O. (1980). Economics made easy. Quality Publishers Ltd.
- Fajana, F., et al. (1999). Countdown to SSCE/JME economics. Evans.
- Falodun, A. B., et al. (1997). Round-up economics. Longman.
- Koutsoyiannis, A. (1979). Modern microeconomics. Macmillan.
- Lipsey, R. G. (1997). An introduction to positive economics. Oxford University Press.
- Samuelson, P., & Nordhaus, W. (1989). Economics. McGraw-Hill.
- Udu, E., & Agu, G. A. (2005). New system economics: A senior secondary course. Africana FIRST Publishers Ltd.
- Wonnacott, P., & Wonnacott, R. (1979). Economics. McGraw-Hill.
- Brownson-Oton, R. (2010). What is microeconomics? Niky Printing and Publishing Co.
Make sure to follow this Economics syllabus carefully and study with the recommended textbooks along with past JAMB questions. This is one of the best ways to prepare smart and boost your chances of scoring high in the exam.
If you have any questions about the syllabus or need help with any topic, feel free to ask in the comments. Don’t forget to share this post with your friends who are also getting ready for JAMB. You can also visit our page to find the syllabi for other JAMB subjects.
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