The suggested readings and subjects for the next JAMB UTME Examination are listed in the JAMB 2023 Economics Syllabus. Therefore, the curriculum would make for the greatest study material if you were getting ready for the economics exam.
2023 JAMB Economics Syllabus
The following are the course objectives for the economics course in the JAMB 2023 syllabus:
demonstrate adequate knowledge and comprehension of the fundamental ideas, techniques, and general applications of economic analysis;
Describe the fundamental elements of the various economic units and institutions (both national and international) and their functions;
Give an overview of the three main economic activities: production, distribution, and consumption;
Develop the skills to give solutions to the society’s basic and present economic concerns. Identify and evaluate these issues.
The JAMB syllabus for Economics 2023 is provided below:
Science of Economics: Topics:
Wants, scarcity, scale of preferences, choice, opportunity cost, rationality, production, distribution, and consumption are fundamental concepts.
economic issues with production efficiency and who, what, and for what purposes.
PPF application for economic problem solving.
Objectives:
Different economic concepts and their applications are compared and contrasted.
Graphs and schedules should be interpreted in light of the principles;
Determine different economic issues;
Offer remedies for the financial problems.
Topics in economic systems include the types, features, and mixed economies as well as free enterprise.
solutions to financial issues under various systems.
Nigeria’s Top 20 Toy Games and Their Costs
current concerns with economic systems (economic reforms e.g deregulation, banking sector consolidation, cash policy reform).
Objectives:
Candidates should be able to: Evaluate different global economic systems.
Use your understanding of these economic systems to address current concerns in Nigeria
Offer remedies for issues with various economic systems.
Economic Analysis Techniques and Resources
Topics:
Using Science: NYSC Portal
Deductive and inductive approaches
Reasoning in a positive and normative way
Simple Tools
Reasoning in a positive and normative way
Simple Tools
Charts, tables, and graphs
Applications of the mean, median, and mode as measures of central tendency.
Variance, standard deviation, range, and their applications are dispersion measures;
The tools’ benefits and drawbacks.
Objectives:
Candidates should be able to: Recognize and distinguish between distinct styles of reasoning;
Use these kinds of reasoning in actual-world situations;
utilizing the instruments to interpret economic data;
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Make use of the instruments to examine economic data;
Consider the benefits and drawbacks of the tools.
Demand Theory Subjects:
Meaning and demand-related factors
Schedules and curves for demand
the difference between a shift in the quantity that is demanded and a shift in demand.
Demand categories: Demand that is combined, derived, competitive, and joint:
Price, income, and cross elasticity of demand are three types, characteristics, and factors of elasticity, as well as its measurement:
importance of demand elasticity to producers, consumers, and the government.
Goals: Candidates must be capable of;
Figure out what drives demand; 200 Romantic Love Messages for her
Demand schedules should be used to interpret demand curves.
Differentiate between a change in the quantity demanded and a change in the demand.
Analyze the various demand categories and how they are interdependent;
Link the determinants to the elasticity’s characteristics.
Calculate elasticities; apply elasticity coefficients to circumstances in the real world.
The Consumer Behavior Theory
Topics: Fundamental Ideas
Utility (cardinal, ordinal, total average and marginal utilities) (cardinal, ordinal, total average and marginal utilities)
Budget line and the indifference curve.
Marginal utility decline and the rule of demand
Consumer equilibrium utilizing marginal analyses and the indifference curve.
effects of the indifference curve and budget line change.
surplus in consumer spending and its uses.
Objectives:
Candidates ought to be capable of;
List the different utility notions.
Apply the law of supply and demand using the marginal utility analysis;
Use marginal analyses and indifference curves to establish the consumer equilibrium.
Find the connection between the substitution and income effects.
Use real-world examples to apply consumer surplus.
Objectives:
Candidates ought to be capable of;
Determine the variables that affect supply; supply schedules should be used to analyze supply curves.
Differentiate between a change in supply and a change in quantity supplied.
Compare the many supply sources and how they are interdependent;
Link the determinants to the elasticity’s characteristics.
Calculate the elasticity coefficients and then interpret them in light of actual circumstances.
Topics in the Theory of Price Determination:
the ideas of “market” and “pricing”
the price system’s functions
Price and quantity equilibrium in product and factor markets
Laws governing prices and their implications
the consequences of supply and demand variations on equilibrium quantity and pricing.
Objectives:
Candidates ought to be capable of;
Describe what the terms market and pricing mean.
Examine the workings of the price system.
Analyze the results of governmental interference in the market.
Separate minimum and maximum pricing regulations;
Interpret the effects of changes in supply and demand on equilibrium quantity and pricing.
Topics related to The Theory of Production:
Defined and produced in several ways
Production concepts and how they relate to one another (TP, AP, MP and the law of variable proportion).
Workforce division and specialization
Scale of Production: Scale economies both internally and externally, and their effects.
Production runs smoothly and scales up.
balance among producers Marginal and isoquant-isocost analysis.
determinants of productivity
Objectives:
Candidates ought to be capable of;
Link TP, AP, and MP together.
the law of variable proportion; examine the implications of both internal and external economies of scale in manufacturing;
Determine the various production functions.
Utilizing the isoquant-isocost and marginal analyses, ascertain the firm’s equilibrium position by comparing the various sorts of returns to the scale and their consequences.
Determine the elements that affect productivity.
- Topics in Theory of Costs and Revenue
the terms “fixed,” “variable,” “total average,” and “marginal”
The ideas behind income total, typical, and marginal income;
Cost perceptions among economists and accountants
Costs in the short- and long-term
the firm’s supply curve and marginal cost.
Objectives:
Candidates ought to be capable of;
Describe the different cost concepts.
Explain how the ideas of costs differ between economists and accountants.
The short-run and long-run costs curves should be understood.
Determine the connection between the supply curve and the marginal cost.
Describe the different income concepts.
Market Organization
Topics:
a market with perfect competition
assumptions and traits; the equilibrium of a perfect competition over the short- and long-terms;
Unreliable Market:
monopolistic competition, discriminatory monopoly, and pure monopoly.
equilibrium situations in the short- and long-term.
market analysis of break-even and shutdown.
Objectives:
Candidates ought to be capable of;
Analyze the tenets and traits of a market with perfect competition;
Differentiate between a perfectly competitive firm’s short-run and long-term equilibrium;
Analyze the underlying theories and traits of imperfect marketplaces;
Distinguish between the short- and long-term equilibria of imperfectly competitive enterprises; define the prerequisites for a firm’s break-even or closure.
Gross Domestic Income
Topics:
The GNP, GDP, NI, and NNP Concepts
Problems with national income measurements
Estimates of national income: Uses and Limitations
The revolving door of income (two and three-sector models)
the ideas of spending, saving, and investing
Effects of the multiplier
basic theory of national income equilibrium and income determination.
Objectives:
Candidates ought to be capable of;
enumerate the key national income concepts;
Compare the many methods used to calculate national income;
Look at their issues;
Analyze the applications and constraints of national income estimates;
utilizing the two and three sector models to analyze the cyclical flow of revenue;
Determine the different multipliers;
Assess the impact on the equilibrium national income.
Describe the meanings of the terms consumption, investment, and saving.
Inflation and Money Topics:
various forms, traits, and uses of money
Both the supply and demand of money
Quantity monetary theory (Fisher equation)
The price level and the worth of money
Types, measurements, impacts, and management of inflation
Measurements, impacts, and control of deflation.
Objectives:
Candidates ought to be capable of;
Describe the differences between the different types, features, and uses of money;
Identify the variables influencing both the supply and demand of money;
Examine the connection between the level of prices and the worth of money;
the elements of the quantity theory of money;
investigate the origins and consequences of inflation;
Create a consumer price index calculation;
the interpretation of the consumer price index;
Look into inflation control options.
Consider deflation’s causes, measurement, impacts, and control.
Institutions of finance
Topics:
financial institution types and roles (conventional, central bank, mortgage, merchant, insurance, and building societies);
the contribution of financial institutions to economic growth;
Finance and stock markets
Financial industry rules
Banks that accept deposits and the production of money
Currency policy and its tools
Financial institutions in Nigeria are encountering difficulties.
Objectives:
Candidates ought to be capable of;
Describe the different financial institution kinds and their roles;
Describe the functions of financial institutions in the growth of the economy;
Separate the financial and capital markets;
List the several financial industry regulators and what they do;
Describe the problems involved in the money generation process.
examine the effects of the various monetary policy instruments;
Consider the difficulties the Nigerian financial institutions are facing.
Topics in Public Finance:
Objectives and significance
Financial instruments and fiscal policy
funding sources for the government (taxes royalties, rents, grants and aids)
fundamentals of taxation
Incidence of taxes and their effects
The results of government spending
Government spending and accumulated debt
Nigerian revenue distribution and resource management.
Objectives
Candidates ought to be capable of;
Determine the goals of public finance;
Describe fiscal policy’s components.
Compare the various government funding sources.
analyze the taxes concepts;
Investigate the prevalence of taxation and its outcomes;
Analyze how public spending affects the economy;
Analyze the various budgetary types and their impacts;
Give examples of the Nigerian revenue allocation criteria and their effects.
Economic Development and Growth Topics:
Definition and range
Growth and development indicators
factors influencing development and growth
Nigeria’s development challenges
Nigerian planning for development.
Objectives:
Candidates ought to be capable of;
Separate economic expansion from development;
accentuate the signs of development and expansion;
Determine the elements influencing development and growth;
Analyze Nigeria’s development challenges;
Analyze the part planning plays in development;
Nigerian agriculture topics
Types and characteristics; The contribution of agriculture to economic development; Agriculture’s problems; The impact of agricultural policies;
agriculture income volatility (causes, effects and solutions).
Objectives:
Candidates ought to be capable of;
Describe the many types and aspects of agriculture;
Analyze the traits and issues with agriculture;
Analyze the contribution of agriculture to economic growth;
evaluate Nigeria’s agricultural policies;
Analyze the causes and implications of agricultural income volatility.
Industrialization and Business
Topics:
concepts of the localisation of industry in Nigeria and its implications;
Nigerian industrialization strategies;
Nigeria’s industrialization and economic growth;
Business organization funding and management; Factors affecting firm size.
Objectives:
Candidates ought to be capable of;
Examine the issues with industrialization; distinguish between the placement and localization of industry; identify the elements driving these processes;
Evaluate a few industrialisation techniques;
Analyze the contribution of industry to economic growth.
Natural Resources and the Economy of Nigeria
exploitation of important natural resources (such as petroleum, gold, diamonds, and lumber);
contributions to the Nigerian economy made by the oil and non-oil sectors;
connection impacts;
downstream and upstream of the oil industry;
the function of OPEC and NNPC in the oil industry;
exploitation of natural resources has difficulties.
Objectives:
Candidates ought to be capable of;
trace the evolution of Nigeria’s main natural resources;
Determine the economic impact of Nigeria’s oil and non-oil sectors;
Identify the connections between the natural resources sector and other industries;
Analyze the consequences of Nigeria’s exploitative activities on the environment;
Examine the responsibilities of NNPC and OPEC in the oil business; Differentiate between upstream and downstream activities in the oil sector;
Provide solutions for reducing the effects of exploitation of natural resources.
Organizations in Business:
private businesses (e.g. sole-proprietorship, partnership, limited liability companies and cooperative societies)
issues with private businesses; issues with public businesses;
financing and administration of commercial groups;
factors that affect how big a company is;
Commercialization and privatization are two approaches to solving public sector issues.
Objectives:
Candidates ought to be capable of;
Compare the categories and fundamental characteristics of private company organizations;
Analyze the management and funding issues facing commercial organizations;
Describe the characteristics of public enterprises.
Determine the elements influencing company size;
distinguish between commercialization and privatization;
Compare the benefits and drawbacks of commercialization with privatization;
Population
Topics:
Meaning and theories; significance and issues with the census.
Size and expansion: optimal population, overpopulation, and underpopulation.
Distribution and structure; economic growth and population strategy.
Objectives:
Candidates ought to be capable of;
Examine some theories about population:
Analyze the theories’ applicability to Nigeria;
Analyze the applications and constraints of census data;
Determine the factors that affect population size, composition, and growth;
analyze the population’s makeup and dispersal;
Evaluate Nigeria’s government’s approach to population.
Topics Regarding International Trade
Meaning and principles underlying global trade (absolute and comparative costs etc)
issues with and solutions for the trade and payments balances;
Nigeria’s foreign trade’s composition and direction;
Meaning, types, and determination of exchange rates.
Objectives:
Candidates ought to be capable of;
Examine the foundations of global trade.
distinguish between comparative and absolute advantages;
Differentiate between the balance of payments and the balance of trade, and their respective corrective actions;
Draw attention to the balance of payments issues and the solutions;
examine the nature and scope of Nigeria’s international commerce;
Determine the various exchange rates;
Study the methodology used to determine exchange rates.
Organizations of the International Economy
ECOWAS, the AU, the EU, the ECA, the IMF, the EEC, the OECD, the World Bank, the IBRD, the WTO, the ADB, and others play important roles and have importance to Nigeria.
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Objectives:
Candidates ought to be capable of;
Describe the different economic organizations and their roles;
Examine the theories behind the factors of production and their applicability to the Nigerian economy.
Topics:
Types, characteristics, and rewards; Wage, interest, and profit determination;
theories include the liquidity preference theory and the marginal productivity theory of wages;
Factor efficiency and mobility; remedies to unemployment
Objectives:
Candidates ought to be capable of;
Determine the various factors’ types, characteristics, and benefits;
Analyze how wages, interest, and profits are calculated;
Interpretation of liquidity preference theories’ marginal productivity
Examine the variables efficiency and mobility;
Analyze the many forms and root causes of unemployment in Nigeria;
Offer suggestions for reducing unemployment in Nigeria.
Recommended Textbooks for JAMB 2023
As soon as you have the entire JAMB Economics Syllabus. Examine the following list of JAMB-recommended textbooks.
Economics: Exam Focus, A.A. Aderinto et al. University Press Plc., Ibadan.
Oxford Dictionary of Economics, J. Black, 1997. Press of Oxford University, Oxford
Economics Made Easy, D.O. Eyiyere, Quality Publishers Ltd., Benin City, 1980.
Falodun, A.B. et al. (1997) Round-up Economics, Lagos: Longman Fajana, F. et al. (1999) Countdown to SSCE/JME Economics, Ibadan: Evans
Modern Microeconomics, A. Kountsoyiannis, London: Macmillan, 1979
An Introduction to Positive Economics, published by Oxford University Press in 1997, was written by R.G. Lipsey.
1989’s Economics, by P. Samuelson and W. Nordhaus, Singapore: McGraw-Hill
Agu G.A. and Udu E. (2005) Senior Secondary Course in New System Economics, Ibadan: Africana FIRST Publishers Ltd.
Together with Wannacott (1979) McGraw-Hill, New York, Richard Brownson-Oton, Economics (2010) What does microeconomics entail? evasive Niky Printing and Publishing
Robert Brownson-Oton (2010) Describe macroeconomics. evasive Niky Printing and Publishing
