JAMB Syllabus for Economics 2024/2025 | PDF Download

The Joint Admission and Matriculation Board (JAMB) has officially released the Economics syllabus for the 2024/2025 academic session.

This initiative is part of JAMB’s commitment to facilitating comprehensive preparation for candidates for the upcoming Unified Tertiary Matriculation Examination (UTME).

Objectives of JAMB Syllabus for Economics

The JAMB syllabus Economics aims to prepare the candidates for the Board’s examination and to test candidates’ understanding, knowledge, and acquisition of the following areas of the subject:

• Demonstrate good knowledge and understanding of basic concepts, tools, and their general application in economic analysis.
• Identify and describe the basic structure, functions, and roles of various economic units and institutions (national and international).
• Describes major economic activities such as production, distribution, and consumption.
• Recognize and assess the underlying economic problems of society.
• Develop the ability to provide solutions to economic problems.

Topics Under JAMB Economics Syllabus

Economics as Science

• Basic Concepts: Desire, Scarcity, Choice, Opportunity Cost, Rationality, Production, Distribution, Consumption, etc.
• Economic Problems, What, How

Economic Systems

• Type: Free Enterprise, Command Economy, Mixed Economy
• Solutions to Economic Problems Under Different Systems
• Contemporary Problems in Economic Systems (Economic Reform, Deregulation, etc.) ).

Methods of Economic Analysis

• Scientific Approaches:
• Inductive and Deductive Methods
• Positive and Prescriptive Thinking
• Basic Tools (Tables, Charts, and Graphs)
• Measures of Central Tendency: Mean, Median, Mode value, and its application.
• Measurement of Variance; Variance, Standard Deviation, Range, and Their Applications. Advantages and disadvantages of the tool.

Theory of Demand

• Importance and Determinants of Demand
• Timetables and Curves
• Distinguishing Between Change in Demand and Change in Demand.
• Type of Demand: Combined, Derived, Competitive, etc.
• Effects of changes in determinants (price, income, cross-elasticity).

Theory of Consumer Behavior

• Basic Concepts of Utility (Cardinal, Order, Marginal Utility)
• Use Value and Exchange Value
• Indifference Curves and Budget Line.
• Declining Marginal Utility and the Law of Demand.
• Consumer Balance Using Indifference Curves and Marginal Analysis.
• The effect of shifting the budget line and the indifference curve.
• Consumer surplus and its applications.

Supply Theory

• Importance and Determinants of Supply
• Supply Scheduling and Supply Curves
• Differences in Supply Quantity and Supply Change
• Types of Supply: Common/Complementary, Competitive, Combined
• The Elasticity of Supply: Determinants, Measurements

Theory of Pricing

• The Concept of Markets and Prices
• The Functioning of the Price System
• Pricing in the Free Market
• Pricing and Its Impact
• Effects of Supply and Demand Changes on Price and Quantity Equilibria

Production Theory

• Production Concepts and their connections (TP, AP, MP, and the law of variable proportions).
• The scale of Production: Internal and External Scale Economies and Their Implications.
• Return to Production Capability and Scale
• Producer Balance Equivalent Equivalent Cost and Marginal Analysis.

Cost Theory

• Cost Concepts: Fixed, Variable, Average and Marginal
• Cost Concepts of Accountants and Economists
• Short-Term and Long-Term Costs
• Marginal Costs and Corporate Supply Curves.

Market Structure

• Perfectly Competitive Markets: Assumptions and Characteristics.
• Short-run and long-run equilibria of perfect competitors.
• Imperfect Markets:
• Pure Monopoly, Discriminatory Monopoly, and Exclusive Competition.
• Short-term and long-term equilibrium positions.
• Break-even/closure analysis in various markets.

National Income

• Terms: GNP, GDP, NI, etc.
• Elementary Theory of Equilibrium National Income and Income Determination

Money and Inflation

• Types and Functions of Money
• Demand and Supply of Money
• Quantity Theory of Money (Fisher Equation)
• Inflation: Types, Measurements, Effects, and Controls

Banking

• Types and Functions of Banks
• Creation of Money
• Nigeria Banking Sector (Reform, Consolidation)
• Role of Banks in Economic Development
• Monetary Policy and Instruments.

Public Finance

• Importance and Purpose
• Sources of Government Revenue (Taxes, Royalties, etc.)
• Taxation Principles
• Impact of Public Expenditures
• Government Budget and Debt
• Revenue Allocation and Resource Management in Nigeria

Economic Growth and Development

• Importance and Purpose Scope
• Growth and Development Indicators
• Growth and Development Factors
• Development Issues in Nigeria
• Development Plans in Nigeria.

Agriculture in Nigeria

• The role of agriculture in economic development.
• Features and problems.
• Impact of Agricultural Policies;
• Agricultural Income Instability (Causes, Impacts, Solutions)

Industry and Industrialization

• Concepts and Impacts of Location and Industrial Localization in Nigeria.
• Industrialization strategy issues (e.g.
• SMEs and Nigeria’s Economic Development

Oil and the Nigerian Economy

• Nigerian Oil Industry Development;
• Oil’s Contribution to the Nigerian Economy.
• Shortcut effects.
• Upstream/downstream activities.

Business Organizations

• Private Enterprises (e.g., Sole Proprietorships, Partnerships, Limited Liability Companies, Cooperatives)
• Private Enterprise Matters.
• Public Company.
• Privatization and commercialization as a solution to public enterprise problems.

Theory of Population

• Meaning
• Census: Importance and Issues.
• Size and Growth: Overcrowding, Underpopulation, and Optimal Population.
• Structure and distribution.
• Population Policy and Economic Development.

International Trade

• Importance and Fundamentals of International Trade (including Absolute and Relative Costs)
• Trade and Balance of Payments: Problems and Solutions.
• Composition and Direction of Nigeria’s Foreign Trade.
• Exchange rate: meaning, types, purpose.

International Economic Organizations

• The Role and Importance of International Organizations. B. Nigeria’s ECOWAS, AU, EU, OPEC, ECA, IMF, EEC, OECD, World Bank, IBRD, WTO, ADB, UNCTAD, etc.

Factors of Production and Their Theories

• Types, Features, and Rewards.
• Determination of Wages, Interest, and Profits.
• Theory: The Marginal Productivity Theory of Wages and the Liquidity Preference Theory.
• Mobility and Efficiency Factors.
• Unemployment

PDF Download of JAMB Syllabus for Economics 2024/2025

You can now download the JAMB Economics syllabus as you prepare for your exams.

Conclusion

The syllabus for Economics provided by the Joint Admission and Matriculation Board (JAMB) is a crucial resource for candidates preparing for the JAMB examinations.

It delineates the topics that should be prioritized in study plans, ensuring focused and efficient preparation.

Candidates can confidently expect that the majority of the examination questions will be derived directly from the outlined syllabus, with an estimated coverage of 99%.

It is highly recommended that candidates download the syllabus in PDF format, which is available in the post. Sharing this information with peers is encouraged to aid in their exceptional performance in the examinations.