Economics Curriculum for JAMB

January 15, 2024 Sir Stone Jamb news 0

The primary goal of the 2024 Unified Tertiary Matriculation Examination (UTME) Economics syllabus is to equip candidates for the Board’s examination by assessing their attainment of specific course objectives. These objectives are centered on ensuring candidates can:

  1. Demonstrate adequate knowledge and comprehension of fundamental concepts, tools, and their general applications in economic analysis.
  2. Identify and elucidate the basic structures, operations, and roles of various economic units and institutions, both at the national and international levels.
  3. Describe the key economic activities of production, distribution, and consumption.
  4. Recognize and evaluate the fundamental and contemporary economic problems facing society.
  5. Cultivate the ability to propose solutions to the economic problems identified.

The syllabus is organized into two main sections:

1. Economics as a Science

a. Topics: i. Basic Concepts: Wants, Scarcity, choice, scale of preference, opportunity cost, Rationality, production, distribution, consumption. ii. Economic problems of; What, how, and for whom to produce and efficiency of resource use. iii. Application of PPF to solution of economic problems.

b. Objectives: i. Compare various concepts in economics and their applications. ii. Interpret graphs/schedules in relation to the concepts. iii. Identify economic problems. iv. Propose solutions to economic problems.

2. Economic Systems

a. Topics: i. Types; free enterprise, centrally planned, and mixed economies. ii. Solutions to economic problems under different systems. iii. Contemporary issues in economic systems (economic reforms, e.g., deregulation, banking sector consolidation, cash policy reform).

b. Objectives: i. Compare various economic systems. ii. Apply knowledge of economic systems to contemporary issues in Nigeria. iii. Propose solutions to economic problems in different economic systems.

This structure ensures that candidates not only grasp theoretical concepts but also apply their understanding to real-world scenarios, fostering a comprehensive and practical understanding of economics.

Scientific Approach: i. Inductive and deductive methods. ii. Positive and normative reasoning.

b. Basic Tools: i. Tables, charts, and graphs. ii. Measures of central tendency: mean, median, and mode, along with their applications. iii. Measures of dispersion: variance, standard deviation, range, and their applications. iv. Merits and demerits of the tools.

Objectives: i. Distinguish between various forms of reasoning. ii. Apply these forms of reasoning to real-life situations. iii. Use tools to interpret economic data. iv. Analyze economic data using the tools. v. Assess the merits and demerits of the tools.

4. The Theory of Demand

a. i. Meaning and Determinants of Demand: ii. Demand schedules and curves. iii. Distinction between change in quantity demanded and change in demand.

b. Types of Demand: Composite, derived, competitive, and joint demand.

c. Types, Nature, and Determinants of Elasticity: Measurement of price, income, and cross elasticity of demand.

d. Importance of Elasticity of Demand: Consumers, producers, and government.

Objectives: i. Identify the factors determining demand. ii. Interpret demand curves from demand schedules. iii. Differentiate between change in quantity demanded and change in demand. iv. Compare various types of demand and their interrelationships. v. Relate determinants to the nature of elasticity. vi. Compute elasticities. vii. Interpret elasticity coefficients in relation to real-life situations.

5. The Theory of Consumer Behaviour

a. Basic Concepts: i. Utility (cardinal, ordinal, total average, and marginal utilities). ii. Indifference curve and budget line.

b. Diminishing Marginal Utility and the Law of Demand.

c. Consumer Equilibrium: Using the indifference curve and marginal analyses.

d. Effects of Shift in the Budget Line and the Indifference Curve.

e. Consumer Surplus and Its Applications.

Objectives: i. Appraise the various utility concepts. ii. Apply the law of demand using marginal utility analysis. iii. Use indifference curve and marginal analyses to determine consumer equilibrium. iv. Associate the income and substitution effects. v. Apply consumer surplus to real-life situations.[ez-toc]

6. The Theory of Supply

a. i. Meaning and Determinants of Supply: ii. Supply schedules and supply curves. iii. Distinction between change in quantity supplied and change in supply.

b. Types of Supply: Joint/complementary, competitive, and composite.

c. Elasticity of Supply: Determinants, measurements, nature, and applications.

Objectives: i. Identify the factors determining supply. ii. Interpret supply curves from supply schedules. iii. Differentiate between change in quantity supplied and change in supply. iv. Compare various types of supply and their interrelationships. v. Relate the determinants to the nature of elasticity. vi. Compute elasticity coefficients. vii. Interpret the coefficients in relation to real-life situations.

7. The Theory of Price Determination

a. The Concepts of Market and Price.

b. Functions of the Price System.

c. i. Equilibrium price and quantity in product and factor markets. ii. Price legislation and its effects.

d. The Effects of Changes in Supply and Demand on Equilibrium Price and Quantity.

Objectives: i. Explain the concepts of market and price. ii. Examine the functions of the price system. iii. Evaluate the effects of government interference with the price system. iv. Differentiate between minimum and maximum price legislation. v. Interpret the effects of changes in supply and demand on equilibrium price and quantity.

8. The Theory of Production

a. Meaning and Types of Production.

b. Concepts of Production and Their Interrelationships: TP, AP, MP, and the law of variable proportion.

c. Division of Labour and Specialization.

d. Scale of Production: Internal and external economies of scale and their implications.

e. Production Functions and Returns to Scale.

f. Producers’ Equilibrium Isoquant – Isocost and Marginal Analyses.

g. Factors Affecting Productivity.

Objectives: i. Relate TP, AP, and MP with the law of variable proportion. ii. Compare internal and external economies of scale in production and their effects. iii. Identify the types of production functions. iv. Compare different types of returns to scale and their implications. v. Determine the firm’s equilibrium position using the isoquant-isocost and marginal analyses. vi. Identify the factors affecting productivity.

9. Theory of Costs and Revenue

a. Concepts of Cost: i. Fixed, Variable, Total, Average, and Marginal.

b. Concepts of Revenue: i. Total, Average, and Marginal Revenue.

c. Accountants’ and Economists’ Notions of Cost.

d. Short-run and Long-run Costs.

e. Marginal Cost and the Supply Curve of a Firm.

Objectives: i. Explain various cost concepts. ii. Differentiate between accountants’ and economists’ notions of costs. iii. Interpret short-run and long-run cost curves. iv. Establish the relationship between marginal cost and the supply curve. v. Explain various revenue concepts.

10. Market Structures

a. Perfectly Competitive Market: i. Assumptions and Characteristics. ii. Short-run and Long-run Equilibrium of a Perfect Competitor.

b. Imperfect Market: i. Pure Monopoly, Discriminatory Monopoly, and Monopolistic Competition. ii. Short-run and Long-run Equilibrium Positions.

c. Break-even/Shut-down Analysis in Various Markets.

Objectives: i. Analyze assumptions and characteristics of a perfectly competitive market. ii. Differentiate between short-run and long-run equilibrium of a perfectly competitive firm. iii. Analyze assumptions and characteristics of imperfect markets. iv. Differentiate between short-run and long-run equilibrium of imperfectly competitive firms. v. Establish conditions for break-even/shut down of firms.

11. National Income

a. Concepts of GNP, GDP, NI, NNP.

b. National Income Measurements and Their Problems.

c. Uses and Limitations of National Income Estimates.

d. Circular Flow of Income: Two and Three-Sector Models.

e. Concepts of Consumption, Investment, and Savings.

f. Multiplier and Its Effects.

g. Elementary Theory of Income Determination and Equilibrium National Income.

Objectives: i. Identify major concepts in national income. ii. Compare different ways of measuring national income. iii. Examine problems associated with national income measurements. iv. Assess uses and limitations of national income estimates. v. Interpret the circular flow of income using two and three-sector models. vi. Calculate various multipliers. vii. Evaluate effects on equilibrium national income. viii. Explain concepts of consumption, investment, and savings.

12. Money and Inflation

a. Types, Characteristics, and Functions of Money.

b. Demand for Money and the Supply of Money.

c. Quantity Theory of Money (Fisher Equation).

d. The Value of Money and the Price Level.

e. Inflation: Types, Measurements, Effects, and Control.

f. Deflation: Measurements, Effects, and Control.

Objectives: i. Explain the types, characteristics, and functions of money. ii. Identify factors affecting the demand for and the supply of money. iii. Examine the relationship between the value of money and the price level. iv. Identify components in the quantity theory of money. v. Examine causes and effects of inflation. vi. Calculate the consumer price index. vii. Interpret the consumer price index. viii. Examine ways of controlling inflation. ix. Examine causes, measurement, effects, and control of deflation.

13. Financial Institutions

a. Types and Functions of Financial Institutions: Traditional, Central Bank, Mortgage Banks, Merchant Banks, Insurance Companies, Building Societies.

b. Role of Financial Institutions in Economic Development.

c. Money and Capital Markets.

d. Financial Sector Regulations.

e. Deposit Money Banks and the Creation of Money.

f. Monetary Policy and Its Instruments.

g. Challenges Facing Financial Institutions in Nigeria.

Objectives: i. Identify types and functions of financial institutions. ii. Explain roles of financial institutions in economic development. iii. Distinguish between money and capital markets. iv. Identify various financial sector regulators and their functions. v. Explain the money creation process and its challenges. vi. Examine various monetary policy instruments and their effects. vii. Appraise challenges facing financial institutions in Nigeria.

14. Public Finance

a. Meaning and Objectives.

b. Fiscal Policy and Its Instruments.

c. Sources of Government Revenue: Taxes, Royalties, Rents, Grants, and Aids.

d. Principles of Taxation.

e. Tax Incidence and Its Effects.

f. Effects of Public Expenditure.

g. Government Budget and Public Debts.

h. Revenue Allocation and Resource Control in Nigeria.

Objectives: i. Identify objectives of public finance. ii. Explain fiscal policy and its instruments. iii. Compare various sources of government revenue. iv. Analyze principles of taxation. v. Analyze incidence of taxation and its effects. vi. Examine effects of public expenditure on the economy. vii. Examine types and effects of budgets. viii. Highlight criteria for revenue allocation in Nigeria and their impact.

15. Economic Growth and Development

a. Meaning and Scope.

b. Indicators of Growth and Development.

c. Factors Affecting Growth and Development.

d. Problems of Development in Nigeria.

e. Development Planning in Nigeria.

Objectives: i. Distinguish between economic growth and development. ii. Highlight indicators of growth and development. iii. Identify factors affecting growth and development. iv. Assess the problems of development in Nigeria. v. Examine the role of planning in development.

16. Agriculture in Nigeria

a. Types and Features.

b. Role of Agriculture in Economic Development.

c. Problems of Agriculture.

d. Effects of Agricultural Policies and Their Effects.

e. Instability in Agricultural Incomes: Causes, Effects, and Solutions.

Objectives: i. Identify types and features of agriculture. ii. Examine characteristics and problems of agriculture. iii. Assess the role of agriculture in economic development. iv. Appraise agricultural policies in Nigeria. v. Evaluate causes and effects of instability in agricultural incomes.

17. Industry and Industrialization

a. Concepts and Effects of Location and Localization of Industry in Nigeria.

b. Strategies and Industrialization in Nigeria.

c. Industrialization and Economic Development in Nigeria.

d. Funding and Management of Business Organization.

e. Factors Determining the Size of Firms.

Objectives: i. Differentiate between location and localization of industry. ii. Identify factors influencing the location and localization of industry. iii. Examine problems of industrialization. iv. Appraise some industrialization strategies. v. Examine the role of industry in economic development.

18. Natural Resources and the Nigerian Economy

a. Development of Major Natural Resources: Petroleum, Gold, Diamond, Timber, etc.

b. Contributions of the Oil and Non-Oil Sectors to the Nigerian Economy.

c. Linkage Effects.

d. Upstream/Downstream of the Oil Sector.

e. Role of NNPC and OPEC in the Oil Sector.

f. Challenges Facing Natural Resources Exploitation.

Objectives: i. Trace the development of major natural resources in Nigeria. ii. Assess the contribution of the oil and non-oil sectors to the Nigerian economy. iii. Establish linkages between natural resources and other sectors. iv. Analyze environmental effects of exploitation activities in Nigeria. v. Distinguish between upstream and downstream activities in the oil sector. vi. Examine roles of NNPC and OPEC in the oil sector. vii. Suggest ways of controlling the effects of natural resource exploitation.

19. Business Organizations

a. Private Enterprises: Sole Proprietorship, Partnership, Limited Liability Companies, and Cooperative Societies.

b. Problems of Private Enterprises.

c. Public Enterprises and Their Problems.

d. Funding and Management of Business Organizations.

e. Factors Determining the Size of Firms.

f. Privatization and Commercialization as Solutions to the Problems of Public Enterprises.

Objectives: i. Compare types and basic features of private business organizations. ii. Assess financing and management problems of business organizations. iii. Identify features of public enterprises. iv. Identify factors determining the size of firms. v. Differentiate between privatization and commercialization. vi. Compare advantages and disadvantages of privatization and commercialization.

20. Population

a. Meaning and Theories.

b. Census: Importance and Problems.

c. Size and Growth: Over-population, Under-population, and Optimum Population.

d. Structure and Distribution.

e. Population Policy and Economic Development.

Objectives: i. Analyze some population theories. ii. Examine the relevance of the theories to Nigeria. iii. Examine the uses and limitations of census data. iv. Identify determinants of the size, composition, and growth of the population. v. Analyze the structure and distribution of the population. vi. Appraise government population policy in Nigeria.

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.

Objectives: 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 the balance of payments and their corrective measures. v. Examine the composition and direction of Nigeria’s foreign trade. vi. Identify types of exchange rates. vii. Examine how exchange rates are determined.

22. International Economic Organizations

Topics: Roles and relevance of international organizations (e.g., ECOWAS, AU, EU, ECA, IMF, EEC, OECD, World Bank, IBRD, WTO, ADB, and UNCTAD, etc.) to Nigeria.

Objectives: i. Identify various economic organizations and their functions. ii. Evaluate their relevance to the Nigerian economy.

23. Factors of Production and their Theories

a. Types, Features, and Rewards.

b. Determination of Wages, Interest, and Profits.

c. Theories: – Marginal Productivity Theory of Wages – Liquidity Preference Theory.

d. Factor Mobility and Efficiency.

e. Unemployment and its Solutions.

Objectives: i. Identify types, features, and rewards of factors. ii. Analyze the determination of wages, interest, and profits. iii. Interpret the marginal productivity and liquidity preference theories. iv. Examine factor mobility and efficiency. v. Examine types and causes of unemployment in Nigeria. vi. Suggest solutions to unemployment in Nigeria.

RECOMMENDED TEXTS:

  • Aderinto, A.A et al (1996) Economics: Exam Focus, Ibadan: University Press Plc.
  • Black, J. (1997) Oxford Dictionary of Economics. Oxford: Oxford University Press.
  • Eyiyere, D.O. (1980) Economics Made Easy, Benin City, Quality Publishers Ltd.
  • Fajana, F et al (1999) Countdown to SSCE/JME Economics Ibadan: Evans.
  • Falodun, A.B. et al (1997) Round-up Economics, Lagos: Longman.
  • Kountsoyiannis, A. (1979) Modern Microeconomics, London: Macmillan.
  • Lipsey, R.G. (1997) An Introduction to Positive Economics, Oxford: Oxford University Press.
  • Samuelson, P and Nordhaus, W. (1989) Economics, Singapore: McGraw-Hill.
  • Udu E and Agu G.A. (2005) New System Economics: a Senior Secondary Course, Ibadan: Africana FIRST Publishers Ltd.
  • Wannacott and Wannacott (1979) Economics, New York: McGraw-Hill.
  • Brownson-Oton Richard (2010) What is Micro-Economics? Niky Printing and Publishing Coy.
  • Brownson-Oton Richard (2010) What is Macro-Economics? Niky Printing and Publishing Coy.

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