JAMB Economics Syllabus By LarnEdu.

com

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

1. demonstrate sufficient knowledge and understanding of the basic concepts, tolls and their general
applications to economic analysis;

2. identify and explain the basic structure, operations and roles of the various economics units and
institutions (national and international);

3. describe major economic activities – production, distribution and consumption;

4. identify and appraise the basic economic problems of society;

5. develop the competence to proffer solutions to economic problems.

1. Economics as a science Candidates should be able to:

a. Basic Concepts: (i) compare various concepts in economics
Wants, Scarcity, choice, opportunity cost, and their applications;
Rationality, production, distribution,
consumption etc (ii) interpret graphs/schedules in relation to
the concepts;
b. Economic problems of:
what, how and for whom to produce (iii) identify economic problems;

(iv) proffer solutions to economic problems

2. Economic Systems Candidates should be able to:

a. Types: free enterprise, centrally (i) compare the various economic
planned and mixed economies systems;
b. Solutions to economic problems (ii) apply the knowledge of economic
under different systems systems to contemporary issues in
c. Contemporary issues in economic Nigeria;
systems
(iii) proffer solutions to economic
(e.g. economic reforms, deregulation etc)
problems
in different economic systems.
JAMB Economics Syllabus By LarnEdu.com
 JAMB Economics Syllabus By LarnEdu.com

3. Methods of Economic Analysis Candidates should be able to:

a. Scientific Approach: (i) distinguish between the various forms of
i. inductive and deductive reasoning;
methods ii. positive and
(ii) apply these forms of reasoning to real life
normative reasoning
situations;

b. Basic Tools
(iii) use the tools to interpret economic data;
i. tables, charts and graphs
ii. measures of central (iv) analyse economic data using the tools;

tendency: mean, median (v) assess the merits and demerits of the tools.
and mode, and their
applications.
iii. measures of dispersion;
variance, standard
Candidates should be able to:
deviation, range and their
applications; iv. merits and (i) identify the factors determining demand;
demerits of the tools. (ii) interpret demand curves from demand
schedules;
4. The Theory of Demand (iii) differentiate between change in quantity
a. i. meaning and determinants of demanded and in demand;
demand ii. demand
(iv) compare the various types of demand and
schedules and curves iii. the
their interrelationships;
distinction between change in
(v) relate the determinants to the nature of
quantity demanded and change in
elasticity;
demand.
b. Types of demand: (vi) compute elasticities;

Composite, derived, competitive etc (vii) interpret elasticity coefficients in relation

c. Elasticity of demand: to real life situations.
determinants, measurements, nature
and applications (e.g. revenue). Candidates should be able to:
d. Effects of changes in the
(i) appraise the various utility concepts;
determinants (price,
(ii) apply the law of demand using the
income and cross elasticities).
marginal utility analysis;

(iii) use indifference curve and marginal

5. The Theory of Consumer Behaviour
analyses to determine
a. Basic Concepts: consumer equilibrium;
 JAMB Economics Syllabus By LarnEdu.com

i. utility (cardinal, ordinal and marginal

utilities)
ii. value in use and value in exchange
iii. indifference curve and budget line.
JAMB Economics Syllabus By LarnEdu.com
 JAMB Economics Syllabus By LarnEdu.com

b. Diminishing marginal utility and the law (iv) associate the income and substitution
of demand. effects;

c. Consumer equilibrium using the (v) apply consumer surplus to real life
indifference curve and marginal analyses. situations.
d. Effects of shift in the budget line and the
indifference curve.

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

(i) identify the factors determining

6. The Theory of Supply supply;
a. i. Meaning and determinants of (ii) interpret supply curves from
supply supply
ii. Supply schedules and supply schedules;
curves iii. the distinction (iii) differentiate between change in quantity
between change in supplied and change in supply;
quantity supplied and change in
(iv) compare the various types of supply and
supply
their interrelationships;
b. Types of Supply:
(v) relate the determinants to the nature of
Joint/complementary, competitive and
elasticity;
composite
c. Elasticity of Supply: (vi) compute elasticity coefficients;

determinants, measurements, nature and (vii) interpret the coefficients in relation to real
applications live situations.

Candidates should be able to:

7. The Theory of Price Determination (i) express the concepts of market and price;

a. The concepts of market and price (ii) examine the functions of the price system;

b. Functions of the price system (iii) evaluate the effects of

government
c. i. Price determination under a free market
interference with the price system;
ii. Price legislation and its effects
(iv) differentiate between minimum
d. The effects of changes in supply and
and
demand on equilibrium price and
maximum price legislation;
quantity
(v) interpret the effects of changes in supply
and demand on equilibrium price and
quantity.
JAMB Economics Syllabus By LarnEdu.com
 JAMB Economics Syllabus By LarnEdu.com

8. The Theory of Production Candidates should be able to:

a. Concepts of production and their
(i) relate TP, AP and MP with the law of
interrelationships (TP, AP, MP and the
variable proportion;
law of variable proportion).
(ii) compare internal and external economies
b. Scale of Production:
of scale in production and their effects;
Internal and external economies of scale
(iii) identify the types of production functions
and their implications.
(iv) compare the different types of returns to
c. Production functions and returns to
the scale and their implications;
scale
(v) determine the firm’s equilibrium position
d. Producers’ equilibrium isoquant-isocost
using the isoquant-isocost and marginal
and marginal analyses.
analyses.

9. Theory of Costs
Candidates should be able to:
a. The concepts of cost:
(i) interpret the various cost concepts
Fixed, Variable Average and Marginal
(ii) differentiate between accountants’ and
b. Accountants’ and Economists’ notions
economists’ notions of costs;
of cost
(iii) interpret the short-run and long-run costs
c. Short-run and long-run costs
curves;
d. The marginal cost and the supply curve
(iv) establish the relationship between marginal
of firm.
cost and supply curve.

10. Market Structure Candidates should be able to:

a. Perfectly competitive market: (i) analyse the assumptions

i. Assumptions and characteristics; and
ii. Short-run and long-run characteristics of a perfectly competitive
equilibrium of a perfect market;
competitor; (ii) differentiate between short-run and longrun
equilibrium of a perfectly competitive firm;
b. Imperfect Market: (iii) analyse the assumptions
i. Pure monopoly, discriminatory and characteristics of imperfect
monopoly and monopolistic markets;
competition. (iv) differentiate between the short-run and
ii. Short-run and long-run
long-run equilibria of imperfectly
equilibrium positions.
competitive firms;
(v) establish the conditions for the break-
c. Break-even/shut-down analysis in the even/shut down of firms.
various markets.

11. National Income Candidates should be able to:

 JAMB Economics Syllabus By LarnEdu.com

a. Concepts: GNP, GDP, NI etc

b. National Income measurements and (i) identify the major concepts in national
their problems income;
(ii) compare the different ways of measuring
national income;
JAMB Economics Syllabus By LarnEdu.com
 JAMB Economics Syllabus By LarnEdu.com

c. Uses of national incomes estimates (iii) examine their problems;

d. The circular flow of income (threesector (iv) assess the uses and limitations of national
model) income estimates;
e. The multiplier concept. (v) interpret the circular flow of income using
f. Elementary theory of the three-sector model;
income (vi) calculate the multipliers;
determination and equilibrium national (vii) evaluate their effects on equilibrium
income. national income.

Candidates should be able to:

12. Money and Inflation
(i) differentiate between the types and
a. Types and functions of money functions of money;
b. Demand for money and the supply of (ii) determine the factors affecting the
money demand for and the supply of money;
c. Quantity Theory of money (Fisher (iii) identify the components in the quantity
equation) theory of money;
(iv) examine the causes and effects of
inflation;
d. Inflation: Types, measurements, effects
and control (v) calculate the consumer price index; (vi)
interpret the consumer price index;
(vii) examine ways of controlling
inflation.
13. Banking
Candidates should be able to:
a. Types and functions of banks
b. The creation of money (i) compare the types of banks and their
functions;
c. Challenges facing the banking industry in
Nigeria (reforms, consolidation) (ii) trace the money-creation process and
factors affecting it;
d. The role of banks in
economic (iii) appraise the challenges facing the
development banking industry;
e. Monetary policy and its instruments. (iv) examine the role of banks in economic
development;
(v) examine the various monetary policy
instruments and their effects.

14. Public Finance Candidates should be able to:

a. Meaning and objectives (i) identify the objectives of public finance;

b. Sources of government revenue (taxes (ii) compare the various sources
royalties, etc) of government revenue;
c. Principles of taxation (iii) analyse the principles of taxation;
d. The effects of public expenditure (iv) examine the effects of
e. Government budget and public debts public expenditure on the economy;
f. Revenue allocation and resource control (v) examine the types and effects of budgets;
in Nigeria
 JAMB Economics Syllabus By LarnEdu.com

(vi) highlights the criteria for

revenue allocation in Nigeria and
their impact.
15. Economic Growth and Development
Candidates should be able to:
a. Meaning and scope
b. Indicators of growth and development (i) distinguish between economic growth and
c. Factors affecting growth and development;
(ii) highlight the indicators of growth and
JAMB Economics Syllabus By LarnEdu.com
 JAMB Economics Syllabus By LarnEdu.com

development development;
d. Problems of development in Nigeria (iii) identify the factors affecting growth and
e. Developing planning in Nigeria. development;
(iv) assess the problems of development in
Nigeria;
(v) examine the role of
planning in development;

16. Agriculture in Nigeria Candidates should be able to:

a. The role of agriculture in economic (i) identify the characteristics and problems
development; of agriculture;
b. Characteristics and problems; (ii) assess the role of agriculture in economic
c. Effects of agricultural policies; development;
d. Instability in agricultural (iii) appraise some agricultural policies;
income (iv) evaluate the causes and effects of
(causes, effects and solutions) instability in agricultural income.

17. Industry and Industrialization Candidates should be able to:

a. Concepts and effects of location and (i) differentiate between location and
localization of industry in Nigeria; localization of industry;
b. Problems of Industrialization strategies (ii) identify the factors influencing the
(e.g. export promotion, import location and localization of industry;
substitution etc) (iii) examine the problems
c. SMEs and economic development in of industrialization;
Nigeria (iv) appraise some industrialization
strategies;
(v) examine the role of industry in economic
development.

18. Petroleum and the Nigerian Economy Candidates should be able to:

a. Development of the petroleum industry in (i) trace the development of the petroleum
Nigeria; industry in Nigeria;
b. Contributions of petroleum (ii) assess the contribution of petroleum to the
to the Nigerian economy;
Nigerian economy; (iii) establish the linkages
c. Linkage effects; between the petroleum and other
sectors;
d. Upstream/downstream activities.
(iv) analyse the environmental effects of
exploration activities in Nigeria;
(v) distinguish between the upstream and
downstream activities ;
(vi) suggest ways of controlling the effect of oil
exploration.

Candidates should be able to:

 JAMB Economics Syllabus By LarnEdu.com

19. Business Organizations (i) compare the types and basic features of
private business organization;
a. Private enterprises (e.g. sole- (ii) assess the financing and management
proprietorship, problems of business organizations;
partnership, limited liability companies and (iii) identify the features of public enterprises;
cooperative societies) (iv) differentiate between privatization and
b. Problems of private enterprises;
c. Public enterprises;
JAMB Economics Syllabus By LarnEdu.com
 JAMB Economics Syllabus By LarnEdu.com

d. Privatization and Commercialization as commercialization;

solutions to the problems of public (v) compare the advantages and
enterprises. disadvantages of privatization and
commercialization;
20. Population
Candidates should be able to:
a. Meaning and theories;
b. Census: importance and problems. (i) analyse the features of some population theories:
c. Size and growth: over-population, under- (ii) examine the relevance of the theories to Nigeria;
population and optimum population. (iii) examine the uses and limitations of census data;
d. Structure and distribution; (iv) identify determinants of the size, composition
and growth of population;
e. Population policy and
economic development. (v) analyse the structure and distribution of
population;
(vi) appraise government population policy in
Nigeria.

Candidates should be able to:

21. International Trade
a. Meaning and basis for international trade
(absolute and comparative costs etc)
b. Balance of trade and balance of payments:
problems and corrective measures;
c. Composition and direction of Nigeria’s
foreign trade;
d. Exchange rate: meaning, types and
determination.
(i) examine the basis for international trade;
(ii) differentiate between absolute and
comparative advantages;
(iii) distinguish between balance of trade and balance
of payments and their corrective measures;
(iv) highlight the problems of balance of payments
and their corrective measures;
(v) examine the composition and direction of
Nigeria’s foreign trade;
(vi) identify the types of exchange rates;
(vii) examine how exchange rates are determined.

Candidates should be able to:

(i) identify the various economic organizations and their

22. International Economic Organizations functions;
(vii) evaluate their relevance to the Nigerian economy
Roles and relevance of international
organization e.g. ECOWAS, AU, EU, OPEC,
Candidates should be able to:
ECA, IMF, EEC, OECD, World Bank, IBRD,
WTO, ADB and UNCTAD etc to Nigeria.
(i) identify the types; features and rewards of
factors;
23. Factors of Production and their Theories
(ii) analyse the determination of wages, interest and
profits;
a. Types, features and rewards; (iii) interpret the marginal productivity of liquidity
b. Determination of wages, interest and preference theories;
profits; (iv) examine factors mobility and efficiency;
c. Theories: marginal productivity theory of (v) examine the types and causes
wages and liquidity preference theory; of
 JAMB Economics Syllabus By LarnEdu.com

d. Factor mobility and efficiency; unemployment in Nigeria;

e. Unemployment (vi) suggest solutions to unemployment in Nigeria.
 JAMB Economics Syllabus By LarnEdu.com

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