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This syllabus is designed to expose students to the basic economic principles as useful guide to rational decision-making relating to individuals, business, government and society in general; and to enhance their understanding and appreciation of economics not only as an academic field of study but also as a practical subject.

At the end of the three-year course, students are expected to: 1. be acquainted with basic economic principles, concepts and the tools for economic analysis. be familiar with the structure and functioning of economic institutions – commercial, industrial and financial. understand the basis for rational economic decisions. understand and be able to explain the basis and structure of the West African economy, including the roles of agriculture, industry and mining and their contributions to the national income. be able to follow the role and status of the West African countries in international economic relationships. appreciate the problems West African countries encounter in their economic development.


3. 4.



There will be two papers; Paper 1 will be an objective test of 50 questions to be completed in 50 minutes, and paper 2, an essay-type to be completed in 3 hours. Paper 2 will be divided into 2 sections (A and B). Section A will consist of two data-response questions and candidates must answer one of them. Section B will consist of ten other questions and candidates will be required to answer any four of them. All questions will carry equal marks. Candidates will in all, be required to answer all questions in Paper 1 and five questions in Paper 2 as spelt out above.

From Olusegun Fapohunda of


Economic problems of society and the approaches for solving them under each of the systems. Law of diminishing marginal utility. Types of elasticity of demand and their measurement – price. Concept and measurement of elasticity of supply and its importance to producers and government. joint and competitive). Scale of preference. income. climatic factors. prices of other commodities. BASIC TOOLS OF ECONOMIC ANALYSIS Tables. 6. THEORY OF CONSUMER BEHAVIOUR Concept of utility (total and marginal utility).justnaira. prices of other commodities. DEFINITION AND SCOPE OF ECONOMICS Scarcity and Choice. SUPPLY Concept of supply and laws of supply. 3. mixed economy. relation between marginal utility and the demand curve. 4. 177 From Olusegun Fapohunda of www. Secondary and Tertiary and their relative contributions in terms of output/income. composite. and their simple . mode.WEST AFRICAN SENIOR SCHOOL CERTIFICATE EXAMINATION ECONOMICS DETAILED SYLLABUS 1. types of supply – composite. Classification of economic activities – Primary. Economic activities – Production. importance of the concept of elasticity of demand to consumers. Some basic statistical measures and representations – arithmetic mean. Basic features of each. concept of elasticity of demand. graphs and charts. Factors determining supply – input prices. socialism. factors determining demand for goods and services – price of the commodity. producers and government. etc. Opportunity cost. Distinction between a shift of and movement along a demand curve. savings and foreign exchange. 2. Distinction between the shift of and movement along the supply curve. etc. complementary and competitive. income and cross elasticities of demand. Distribution and Consumption. TYPES AND BASIC FEATURES OF ECONOMIC SYSTEMS (a) (b) (c) Types – capitalism. etc. 5. technology. employment. types of demand (derived. DEMAND Concept of demand and laws of demand. median. price expectations. tastes.

Price controls: maximum and minimum price regulations – meaning and their effects. 11. marginal cost. Co-operatives. average and marginal revenue. Division of labour and specialization. JointStock companies (Private and Public). General and basic problems of business enterprises. From Olusegun Fapohunda of www. Revenue concepts: total. 10. Price determination under free and regulated markets. Sources of funds.WEST AFRICAN SENIOR SCHOOL CERTIFICATE EXAMINATION ECONOMICS 7. short-run and long-run costs. DISTRIBUTIVE TRADE Process of distribution. role of wholesalers. (b) (ii) Distinction between economist’s and accountant’s view of cost (opportunity cost and money cost). Review of cost and revenue concepts. PRODUCTION. Price discrimination/dumping. 8. the role of government agencies in product distribution and the problems of distribution. imperfect competition. Factors determining the size of firms. black market (parallel market). Privatization and Commercialization as solutions to problems of public enterprises. concept of total. MARKET STRUCTURES Determination of price and output under different structures (Perfect competition. retailers and co-operatives. scale of production (Internal and External economies). THEORY OF COST AND REVENUE (a) Production – meaning. THEORY OF PRICE DETERMINATION The concept of the market. BUSINESS ORGANIZATIONS Types and basic features of business enterprises – sole proprietorship. interaction between demand and supply. partnership. Capital. (i) (ii) Factors affecting productivity. (iii) (c) 9. rationing. monopoly). types: Factors of production (Land. Entrepreneurship). Statutory Corporations.justnaira. marginal revenue product. Equilibrium price and quantity in product and factor markets. Joint ventures. (i) Cost concepts: total cost. fixed cost. variable cost. Labour. The effects of changes in supply and demand on equilibrium prices and quantities. average and marginal productivity and law of variable 178 . production possibility curve or frontier. average cost.

trends and structure of national income.g. export crops.WEST AFRICAN SENIOR SCHOOL CERTIFICATE EXAMINATION ECONOMICS 12. systems of agriculture (peasant. occupation. optimum population and over-population).). Uses and limitations of national income data. etc. sex and occupational distribution. types. Population and economic development (under – population. Trade Unions. Inflation: meaning. NATIONAL INCOME Meaning of major national income concepts e. characteristics and functions. 179 (b) From Olusegun Fapohunda of www. Employers’ Associations. Role of industrialization in economic development. theories of population – Malthusian. Supply of and demand for money. Geographical. Demographic transition theories. Gross Domestic Product. sex. Strategies of industrialization. commercial. POPULATION AND LABOUR MARKET (a) Population determination and implication of size and growth of population. efficiency and mobility of labour. localization. location of industry. food crops.g. Concept of labour force. 15. types. fisheries). value of money and the price level. indigenization policy. Importance and problems of census. 16. supply of and demand for labour. factors affecting the size of the labour force. age. marketing of agricultural products (commodity boards). (b) Labour Market 13. AGRICULTURE Structure (e. Gross National Product. causes. Agricultural policies (minimum agricultural prices) problems of agriculture and remedies. particularly the population characteristics (age. and Government policies on labour and wages. effects and control. etc. historical development. livestock. . etc. problems of industrialization. importance of agriculture to the national economy. Different ways of measuring national income and their problems. co-operative and state farming). MONEY AND INFLATION (a) Money – definition. types. education.justnaira. wage determination and concept of unemployment. Net National Product. Public policy towards industrial development. INDUSTRIALIZATION Meaning . 14.

Balance of Payments: role of money in international transactions. development and functions of financial institutions. PUBLIC FINANCE Fiscal policy and objectives of public finance. commodity terms of trade (definition and measurement). direct and indirect taxation. structure of public expenditure (recurrent and capital expenditure). INTERNATIONAL ECONOMIC ORGANIZATIONS Development and role of Organization of Petroleum Exporting Countries (OPEC) Economic Commission for Africa (ECA) International Monetary Fund (IMF) 180 From Olusegun Fapohunda of www. 20. types of plans and problems of planning). Mortgage . ECONOMIC DEVELOPMENT AND PLANNING Meaning of economic development.justnaira. Central Bank. incidence and effects of taxes. balance of payments disequilibrium. effects of public expenditure. trend and structure of West African countries’ external trade. types and features. Government budget and the national debt. balance of payments adjustments (exchange rate policy. FINANCIAL INSTITUTIONS Types (traditional. Insurance Companies and building societies). 18. monetary and fiscal policies) and financing (the use of reserves and international borrowing). Merchant Bank . 19. Sources of government revenue. Commercial Bank. INTERNATIONAL TRADE AND BALANCE OF PAYMENTS (a) International Trade: differences between domestic and international trade. the basis of international trade.) Development and problems of economic integration in West Africa (ECOWAS): issues in the new international economic order. commercial policy (objectives) and instrument – tariffs and direct control.WEST AFRICAN SENIOR SCHOOL CERTIFICATE EXAMINATION ECONOMICS 17. Economic Integration (objectives. distinction between economic growth and economic development. meaning and components of balance of payments. Development Bank. exchange control. elements of development planning (reasons for planning. (b) (c) 21.

WEST AFRICAN SENIOR SCHOOL CERTIFICATE EXAMINATION ECONOMICS International Bank for Reconstruction and Development (IBRD) European Economic Community (EEC) African Development Bank (ADB) United Nations Conference on Trade and Development (UNCTAD) West African Clearing House. etc. 181 . timber. Relevance of such organizations to West African countries..justnaira. gold. diamonds. etc). MAJOR NATURAL RESOURCES Development of major natural resources (petroleum. contributions to West African economies (positive and negative). From Olusegun Fapohunda of www.