Commerce Curriculum for JAMB

The primary objective of the 2024 JAMB Economics Syllabus for the Unified Tertiary Matriculation Examination (UTME) is to adequately prepare candidates for the Board’s examination. The syllabus is strategically crafted to assess candidates’ comprehension of the course objectives, which include:

  1. Commerce: Topics:
    • Meaning and scope
    • Characteristics
    • Functions

    Objectives:

    • Differentiate between Commerce and related subjects
    • Describe the characteristics of Commerce
    • Identify the functions of Commerce
  2. Occupation: Topics:
    • Meaning and importance
    • Types (industrial, commercial, and services)
    • Factors determining choice of occupation

    Objectives:

    • State the importance of occupation
    • Compare different types of occupation
    • Identify factors determining the choice of occupation
  3. Production: Topics:
    • Factors, characteristics, and rewards (land, labor, capital, and entrepreneur)
    • Division of Labor and specialization
    • Types (primary, secondary, and tertiary)

    Objectives:

    • Identify Factors of Production and their rewards
    • Distinguish between Division of Labor and Specialization
    • Classify the types of production
  4. Trade: a. Home Trade: (i) Retail trade:
    • Types of retailers
    • Functions of retailers
    • Factors in setting up retail trade
    • Trends in retailing (branding, self-service, vending machines, luncheon usage, fuel vouchers, etc.)
    • Advantages and disadvantages of retailers

    (ii) Wholesale trade:

    • Types of wholesalers (merchant, agent, general, etc.)
    • Functions of wholesalers
    • Advantages and disadvantages of wholesalers

    b. Foreign Trade: (i) Basic issues in foreign trade (balance of trade, balance of payments, and counter trade) (ii) Procedures and documents used in export, import, and entreport trade (iii) Barriers to international trade (iv) Role of Customs and Excise Authority, Ports Authority, etc., in foreign trade

    Objectives:

    • Compare various types of retailers
    • Identify functions of retailers
    • Highlight factors in setting up retail trade
    • Classify modern retailing practices
    • Identify advantages and disadvantages of retail business
    • Classify types of wholesalers
    • Discuss functions of wholesalers
    • Outline merits and demerits of middlemen
    • Analyze basic issues in foreign trade
    • Explain procedures and documents used in foreign trade
    • Identify barriers to international trade
    • Appraise the role of government agencies in foreign trade
  1. Purchase and Sale of Goods: Topics:
    • (i) Procedure and documentation (enquiry, quotation, order, invoice, proforma invoice, statement of accounts, indent, consular invoice, bill of lading, certificate of origin, consignment note, etc.)
    • (ii) Terms of trade (trade discount, quantity discount, cash discount, warranties, C.O.D., C.I.F., F.O.B., and E.O.E. etc)
    • (iii) Terms of payments a. Cash – Legal tender b. Credit – Types and functions – Merits and demerits

    Objectives:

    • (i) Examine the procedures and documents used in the purchase and sale of goods;
    • (ii) Determine the terms of trade;
    • (iii) Distinguish between cash and credit forms of payment;
    • (iv) Identify the types of credit;
    • (v) Analyze the merits and demerits of credit transactions.
  2. Aids-to-trade: Topic:
    • a. Advertising: (i) Types and media (ii) Advantages and disadvantages
    • b. Banking: (i) Types of bank (ii) Services (iii) Challenges
    • c. Communication: (i) Process and procedure (ii) Types (iii) Trends (iv) Merits and demerits (v) Barriers
    • d. Insurance: (i) Types (ii) Principles (iii) Terms (iv) Importance
    • e. Tourism: (i) Importance (ii) Agencies that promote tourism in Nigeria (iii) Challenges
    • f. Transportation: (i) Mode (ii) Importance (iii) Advantages and disadvantages
    • g. Warehousing: (i) Importance (ii) Types and functions (iii) Factors to be considered in siting a warehouse

    Objectives:

    • (i) Identify the different types of advertising and its media;
    • (ii) Analyze the advantages and disadvantages of advertising;
    • (iii) Categorize the different types of bank;
    • (iv) Assess the services rendered by banks;
    • (v) Identify the challenges facing banks;
    • (vi) Assess the different stages in the communication process;
    • (vii) Analyze the types of communication;
    • (viii) Appraise the contributions of courier services, GSM, etc., to businesses;
    • (ix) State the merits and demerits of communication;
    • (x) Outline the barriers to communication
    • (xi) Describe the types of insurance;
    • (xii) Apply the principles of insurance to life situations;
    • (xiii) Explain the terms in insurance;
    • (xiv) State the importance of insurance;
    • (xv) Examine the importance of tourism;
    • (xvi) Identify the agencies that promote tourism in Nigeria;
    • (xvii) Analyze the challenges facing tourism in Nigeria;
    • (xviii) Appraise the relevance of the various modes of transportation;
    • (xix) List the importance of transportation;
    • (xx) Discuss the advantages and disadvantages of transportation;
    • (xxi) Highlight the importance of warehousing;
    • (xxii) Appraise the contributions of warehouses to businesses.
    • (xxiii) Evaluate the factors that determine the siting of warehouses.
  1. Business Units: Topics:
    • (i) Forms and features (Sole Proprietorship, Partnership, Limited Liability Companies, Public Corporations, Cooperative Societies, etc.)
    • (ii) Registration of businesses
    • (iii) Business Mergers
    • (iv) Determination of choice of business units
    • (v) Dissolution and liquidation
    • (vi) Merits and demerits

    Objectives:

    • (i) Identify the forms and features of business units;
    • (ii) Analyze the procedures for registering businesses;
    • (iii) Appraise the different forms of business mergers and the reasons for merging;
    • (iv) Examine the factors which determine the choice of business units;
    • (v) Differentiate between dissolution and liquidation of business;
    • (vi) State the merits and demerits of business units.
  2. Financing Business: Topics:
    • (i) Sources of finance (personal savings, sale of shares and bonds, loans, debentures, mortgage, bank overdraft, ploughing back of profit, credit purchase, leasing, etc.)
    • (ii) Types of capital (share capital, capital owned, authorized (capital, issued capital, called-up capital, paid-up capital, liquid capital, working capital, and owners’ equity)
    • (iii) Calculation of forms of capital, profits (gross and net), and turnover
    • (iv) Problems of sourcing finance
    • (v) The role of Bureau de change in an economy

    Objectives:

    • (i) Identify the various ways of financing a business;
    • (ii) Discuss the different types of capital
    • (iii) Compute the different forms of capital, profits, and turnover;
    • (iv) Appraise the problems associated with sourcing finances for business;
    • (v) Assess the role of bureaux de change in an economy.
  3. Trade Associations: Topics:
    • (i) Objectives and functions of trade and manufacturer’s associations (Cocoa Farmers’ Association, Garri Sellers’ Association, Poultry Farmers’ Association, etc.)
    • (ii) Objectives and functions of Chambers of Commerce.

    Objectives:

    • (i) Discuss the objectives and functions of trade and manufacturer’s associations;
    • (ii) List the objectives and functions of Chambers of Commerce.
  1. Money: Topics:
  • (i) Evolution
  • (ii) Forms and qualities
  • (iii) Functions
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Objectives:

  • (i) Discuss the origin of money;
  • (ii) Analyze the forms and qualities of money;
  • (iii) Appraise the functions of money.
  1. Elements of Business Management: Topics:
  • (i) Functions (planning, organizing, staffing, coordinating, motivating, communicating, controlling etc)
  • (ii) Principles (span of control, unity of command, delegation of authority, etc)
  • (iii) Organizational structure (line, line, and staff, functional, matrix, and committee)
  • (iv) Functional areas of business (production, marketing, finance, and personnel)
  • (v) Business resources (man, money, materials, machines, and opportunities/goodwill)

Objectives:

  • (i) Appraise the functions of management.
  • (ii) Analyze the principles of management.
  • (iii) Identify organizational structures.
  • (iv) Assess the functional areas of business.
  • (v) Examine business resources.
  1. Stock Exchange: Topics:
  • (i) Importance and functions
  • (ii) Types of securities (stocks, shares, bonds, debentures, etc)
  • (iii) Procedure of transactions and speculations
  • (iv) Second-Tier Securities Market (listing requirements, types of companies for the market, advantages and operating regulations of the market.)

Objectives:

  • (i) State the importance and functions of the Stock Exchange;
  • (ii) Identify the different securities traded on the Stock Exchange;
  • (iii) Analyze the procedure of transactions and speculations on the Stock Exchange;
  • (iv) Appraise the advantages and operating regulations of the market.
  1. Elements of Marketing: Topics:
  • (i) Importance and Functions
  • (ii) The marketing concept (consumer orientation, customer satisfaction, integrated marketing, etc)
  • (iii) Marketing mix (product, price, place, and promotion)
  • (iv) Market Segmentation
  • (v) Public relations and Customer Service

Objectives:

  • (i) Highlight the importance and functions of marketing;
  • (ii) Discuss the marketing concept;
  • (iii) Assess the elements of marketing mix;
  • (iv) Explain market segmentation;
  • (v) Examine public relations and customer service.
  1. Legal Aspects of Business: Topics:
  • (i) Meaning and validity of a simple contract
  • (ii) Agency, Sale of Goods Act and Hire Purchase Act
  • (iii) Contract of employment
  • (iv) Government regulations of business (registration of business, patents, trademarks, copyrights, etc)
  • (v) Consumer protection (Government legislation, Standards Organization Trade Descriptions Act, Consumer Protection Council, NAFDAC, NDLEA, Customs and Excise, etc.)
  • (vi) Regulatory agencies.
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Objectives:

      • (i) Analyze the elements and validity of a simple contract.
      • (ii) Examine Agency, Sale of Goods Act and Hire Purchase Act.
      • (iii) Assess the rights and obligations of employers and employees.
      • (iv) Distinguish between patents, trademarks, and copyrights.
      • (v) Identify the functions of consumerism.
  1. Information and Communication Technology (ICT): Topics:
  • a. Computer: (i) Appreciation and application (ii) Types and functions (iii) Merits and demerits (iv) Challenges
  • b. Terms (Internet, Intranet, browsing, password, e-mail, Google, Yahoo, search, Local Area Network, etc.)
  • c. Activities: (i) e-commerce (ii) e-banking (iii) e-business

Objectives:

  • (i) Discuss computer appreciation and application;
  • (ii) Enumerate the types and functions of the computer;
  • (iii) Analyze the merits and demerits of ICT;
  • (iv) Appraise the challenges of using the computer;
  • (v) Identify the different terms used in ICT;
  • (vi) Evaluate the trends in ICT.
  1. Business Environment and Social Responsibility: Topics:
  • (i) Legal, political, economic, social, cultural, technological environments, etc
  • (ii) Safe products, philanthropic and societal consideration
  • (iii) Types and implication of pollution (water, air, land, etc.)

Objectives:

  • (i) Discuss the types of business environment;
  • (ii) Assess the role of the social environment in the provision of safe products;
  • (iii) Identify the different types of pollution and their implications on businesses.

RECOMMENDED TEXTS:

  • Anderson, D. J. (1978) Commerce for West Africa, London: Macmillan.
  • Ahukannah, L. I. et al (1992) Commerce for Secondary Schools Onitsha: Africana – First Publishers.
  • Asaolu, A. and Igwe, P. M. (2005) New Syllabus Commerce for Secondary Schools Books 1 – 3 (Second Edition) Ibadan: Evans.
  • Babatunde, A. H. (1999) Handbook on Commerce for Schools and Colleges, (First Edition), Global Publications.
  • Eriki, P. O. (1998) Working with Computer, Benin: Bofic Publishers.
  • French, C. S. (2000) Computer Science, (Fifth Edition), Britain: Ashford.
  • Ibru, G. M. (2004) Nigeria: The Promise of Tourism, Lagos: G.S.L. Publishing Limited.
  • Igwe, P. M. et al (2004) Countdown to WASSCE/SSCE/NECO/JME Commerce, Ibadan: Evans.
  • James, A. F, et al (1996) Management, (Sixth Edition), New Delhi: Prentice Hall).
  • Nwachukwu, C. C. (1999) Management Theory and Practice, Onitsha: Africana – First Publishers.
  • Odedokun, M. O. et al (1999) Commerce for Senior Secondary Schools, Books 1 – 3, Lagos: Longman.
  • Odoom, F. F. (1998) Commerce for Senior Secondary Schools, Books 1 – 3, Ibadan: Onibonoje.
  • Onifade, A. (2001) Management: Office Business Education, Abeokuta: KAPPCO.
  • Onifade, A. (2002) The Computer for Word Processing and Internet, Abeokuta: KAPPCO.
  • Onu, A. J. C. (2000) Marketing Today, Abuja: Precious Treasures Ltd.
  • Pallister, J. and Isaacs, A. (eds) (2002) A Dictionary of Business (Third Edition), Oxford: Oxford University Press.
  • Ubaka, O. A., (2012), Commerce Simplified for SSS 1 – 3, WAEC, NECO, JAMB & NABTEB EXAMS, Garki, Abuja: Andyson Millennium Concepts Ltd.
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