JAMB Syllabus for Economics

The JAMB Economics syllabus is designed to provide candidates with a clear understanding of the principles and concepts of economics, preparing them for the Unified Tertiary Matriculation Examination (UTME). The syllabus covers various economic theories, policies, systems, and real-world applications, allowing students to develop analytical and problem-solving skills necessary for economic analysis.

 

JAMB Syllabus for Economics 2025 Pdf Download

Below is a detailed breakdown of the key topics in the JAMB Economics syllabus:

 

Main Topics in the JAMB Economics Syllabus

1. Economics as a Science

This section introduces the basic concepts of economics, focusing on its nature and methodology.

• Definition of Economics:
  • Basic definitions by economists (e.g., Adam Smith, Alfred Marshall)
  • Economics as a social science
  • Positive and normative economics
  • Microeconomics vs. Macroeconomics
• Scope of Economics:
  • The subject matter of economics (scarcity, choice, and opportunity cost)
  • Economic agents (consumers, firms, government)
• Basic Economic Problems:
  • Allocation of resources
  • Production, distribution, and consumption of goods and services

 

2. Economic Systems

This section discusses different types of economic systems and their characteristics.

• Types of Economic Systems:
  • Capitalism: Free market economy, private ownership, and minimal government intervention
  • Socialism: Government ownership of resources, central planning
  • Mixed Economy: Combination of capitalism and socialism
  • Communism: Complete government control over production and resources
• Comparison of Economic Systems:
  • Strengths and weaknesses of different systems
  • Examples of countries operating under each system

 

3. Basic Tools of Economic Analysis

This section focuses on the various tools used to analyze economic problems.

• Statistical Tools:
  • Measures of central tendency (mean, median, mode)
  • Measures of dispersion (range, variance, standard deviation)
• Mathematical Tools:
  • Simple equations and inequalities in economic analysis
  • Graphs and charts (demand and supply curves)
• Economic Models:
  • Use of models in explaining economic behavior and relationships

 

4. Demand and Supply

This section focuses on the fundamental principles of demand and supply and their interactions in the market.

• Law of Demand:
  • Definition and determinants of demand
  • Demand schedule and demand curve
  • Types of demand (composite, competitive, derived)
• Law of Supply:
  • Definition and determinants of supply
  • Supply schedule and supply curve
  • Types of supply (joint, composite)
• Market Equilibrium:
  • Interaction of demand and supply to determine equilibrium price and quantity
  • Shifts in demand and supply and their effects on equilibrium

 

5. Theory of Consumer Behavior

This section explains how consumers make decisions about purchasing goods and services.

• Utility:
  • Concept of utility (total and marginal utility)
  • Law of diminishing marginal utility
  • Consumer equilibrium using utility analysis
• Indifference Curve Analysis:
  • Budget line and consumer equilibrium
  • Properties of indifference curves
• Elasticity:
  • Price elasticity of demand and supply
  • Income elasticity and cross elasticity of demand

 

6. Theory of Production

This section covers the production process, factors of production, and costs involved in production.

• Production Concepts:
  • Factors of production: land, labor, capital, and entrepreneurship
  • Stages of production (primary, secondary, tertiary)
• Production Functions:
  • Total, average, and marginal product
  • The law of diminishing returns
  • Economies and diseconomies of scale
• Costs of Production:
  • Fixed, variable, and total costs
  • Average and marginal costs
  • Short-run vs. long-run costs

 

7. Market Structures

This section discusses various types of market structures and their characteristics.

• Types of Market Structures:
  • Perfect Competition: Many sellers, homogeneous products, price takers
  • Monopoly: Single seller, barriers to entry, price maker
  • Monopolistic Competition: Many sellers, differentiated products
  • Oligopoly: Few large sellers, interdependence, possible collusion
• Pricing and Output Determination:
  • How prices and output are determined under different market structures

 

8. National Income

This section covers the measurement and determinants of national income.

• Concepts of National Income:
  • Gross Domestic Product (GDP), Gross National Product (GNP)
  • Net National Product (NNP), National Income (NI), Personal Income (PI)
  • Disposable Income (DI)
• Methods of Measuring National Income:
  • Income method, output method, and expenditure method
• Factors Influencing National Income:
  • Economic growth, technology, labor force, capital accumulation
• Uses of National Income Data:
  • Understanding living standards, economic planning, and comparison of economies

 

9. Money and Banking

This section discusses the role of money and the banking system in an economy.

• Money:
  • Definition and types of money
  • Functions of money
  • Money supply and demand
• Banking:
  • Types of banks (central bank, commercial banks, merchant banks)
  • Functions of the central bank and commercial banks
  • Monetary policy: tools and objectives

 

10. Public Finance

This section covers government revenue and expenditure, and how they impact the economy.

• Public Revenue:
  • Sources of government revenue (taxes, fines, fees, grants)
  • Types of taxes (direct and indirect taxes)
• Public Expenditure:
  • Types and purposes of government expenditure
  • Recurrent and capital expenditure
• Budgeting:
  • Government budget: types (balanced, surplus, deficit)
  • Budgetary process and principles
• Fiscal Policy:
  • Definition and objectives of fiscal policy
  • Tools of fiscal policy: taxation, government spending

 

11. International Trade

This section focuses on trade between nations and the principles governing it.

• International Trade Concepts:
  • Comparative advantage and absolute advantage
  • Balance of trade and balance of payments
• Trade Policies:
  • Free trade vs. protectionism
  • Tariffs, quotas, and subsidies
• International Organizations:
  • Roles of international organizations (WTO, IMF, World Bank)

 

12. Economic Growth and Development

This section explores the concepts of economic growth and development.

• Economic Growth:
  • Meaning and measurement of economic growth
  • Factors influencing growth (capital, labor, technology)
• Economic Development:
  • Differences between economic growth and development
  • Indicators of economic development (literacy rate, life expectancy, HDI)

 

General Tips for Preparing for JAMB Economics

1. Study Concepts Thoroughly: Master the key principles of economics, including demand and supply, market structures, and national income.
2. Practice Past Questions: Get familiar with the question pattern by practicing past JAMB Economics questions.
3. Follow Economic Trends: Stay updated on current economic trends and events, especially in Nigeria and Africa.
4. Understand Diagrams: Focus on economic graphs and diagrams, as they are essential in explaining various concepts.

 

Recommended Textbooks for JAMB Economics

• “Essential Economics for Senior Secondary Schools” by C.E. Ande
• “Comprehensive Economics for Schools and Colleges” by J.U. Anyaele
• “Principles of Economics” by Gregory Mankiw

 

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Conclusion

The JAMB Economics syllabus covers a wide range of topics, from basic economic concepts to complex theories. By understanding these topics and practicing regularly, candidates can excel in the Economics section of the UTME.