Economics JAMB Syllabus 2023

The aim of the Unified Tertiary Matriculation Examination (UTME) syllabus in Economics is to
prepare the candidates for the Board’s examination. It is designed to test their achievement of the
course objectives, which are to:
1. demonstrate sufficient knowledge and understanding of the basic concepts, tools and their
general applications to economic analysis;
2. identify and explain the basic structure, operations and roles of the various economics units
and institutions (national and international);
3. describe major economic activities – production, distribution and consumption;
4. identify and appraise the basic economic problems of society;
5. develop the competence to proffer solutions to economic problems.

1. Economics as a science
a. Basic Concepts:
Wants, Scarcity, choice, opportunity cost,
Rationality, production, distribution,
consumption etc

b. Economic problems of:
what, how and for whom to produce
2. Economic Systems
a. Types: free enterprise, centrally planned
and mixed economies
b. Solutions to economic problems under
different systems
c. Contemporary issues in economic systems
(e.g. economic reforms, deregulation etc)
Candidates should be able to:
(i) compare various concepts in economics
and their applications;
(ii) interpret graphs/schedules in relation to
the concepts;
(iii) identify economic problems;
(iv) proffer solutions to economic problems
Candidates should be able to:
(i) compare the various economic systems;
(ii) apply the knowledge of economic
systems to contemporary issues in
Nigeria;
(iii) proffer solutions to economic problems
in different economic systems.

3. Methods of Economic Analysis
a. 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, and their
applications.
iii. measures of dispersion; variance,
standard deviation, range and their
applications;
iv. merits and demerits of the tools.
4. The Theory of Demand
a. i. meaning and determinants of demand
ii. demand schedules and curves
iii. the distinction between change in
quantity demanded and change in
demand.
b. Types of demand:
Composite, derived, competitive etc
c. Elasticity of demand:
determinants, measurements, nature
and applications (e.g. revenue).
d. Effects of changes in the determinants
(price, income and cross elasticities).
5. The Theory of Consumer Behaviour
a. Basic Concepts:
i. utility (cardinal, ordinal and marginal
utilities)
ii. value in use and value in exchange
iii. indifference curve and budget line.
Candidates should be able to:
(i) distinguish between the various forms of
reasoning;
(ii) apply these forms of reasoning to real life
situations;
(iii) use the tools to interpret economic data;
(iv) analyse economic data using the tools;
(v) assess the merits and demerits of the tools.
Candidates should be able to:
(i) identify the factors determining demand;
(ii) interpret demand curves from demand
schedules;
(iii) differentiate between change in quantity
demanded and in demand;
(iv) compare the various types of demand and
their interrelationships;
(v) relate the determinants to the nature of
elasticity;
(vi) compute elasticities;
(vii) interpret elasticity coefficients in relation
to real life situations.
Candidates should be able to:
(i) appraise the various utility concepts;
(ii) apply the law of demand using the
marginal utility analysis;
(iii) use indifference curve and marginal
analyses to determine consumer
equilibrium;

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.
6. The Theory of Supply
a. i. Meaning and determinants of
supply
ii. Supply schedules and supply curves
iii. the 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
7. The Theory of Price Determination
a. The concepts of market and price
b. Functions of the price system
c. i. Price determination under a free
market
ii. Price legislation and its effects
d. The effects of changes in supply and
demand on equilibrium price and
quantity
(iv) associate the income and substitution
effects;
(v) apply consumer surplus to real life
situations.
Candidates should be able to:
(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 the 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
live situations.
Candidates should be able to:
(i) express 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. Concepts of production and their
interrelationships (TP, AP, MP and the
law of variable proportion).
b. Scale of Production:
Internal and external economies of scale
and their implications.
c. Production functions and returns to
scale
d. Producers’ equilibrium isoquant-isocost
and marginal analyses.
9. Theory of Costs
a. The concepts of cost:
Fixed, Variable Average and Marginal
b. Accountants’ and Economists’ notions
of cost
c. Short-run and long-run costs
d. The marginal cost and the supply curve
of firm.
10. Market Structure
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 the
various markets.
11. National Income
a. Concepts: GNP, GDP, NI etc
b. National Income measurements and
their problems
Candidates should be able to:
(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 the different types of returns to
the scale and their implications;
(v) determine the firm’s equilibrium position
using the isoquant-isocost and marginal
analyses.
Candidates should be able to:
(i) interpret the various cost concepts
(ii) differentiate between accountants’ and
economists’ notions of costs;
(iii) interpret the short-run and long-run costs
curves;
(iv) establish the relationship between marginal
cost and supply curve.
Candidates should be able to:
(i) analyse the assumptions and
characteristics of a perfectly competitive
market;
(ii) differentiate between short-run and longrun equilibrium of a perfectly competitive
firm;
(iii) analyse the assumptions and
characteristics of imperfect markets;
(iv) differentiate between the short-run and
long-run equilibria of imperfectly
competitive firms;
(v) establish the conditions for the breakeven/shut down of firms.
Candidates should be able to:
(i) identify the major concepts in national
income;
(ii) compare the different ways of measuring
national income;

c. Uses of national incomes estimates
d. The circular flow of income (threesector model)
e. The multiplier concept.
f. Elementary theory of income
determination and equilibrium national
income.
12. Money and Inflation
a. Types and functions of money
b. Demand for money and the supply of
money
c. Quantity Theory of money (Fisher
equation)
d. Inflation: Types, measurements, effects
and control
13. Banking
a. Types and functions of banks
b. The creation of money
c. Challenges facing the banking industry
in Nigeria (reforms, consolidation)
d. The role of banks in economic
development
e. Monetary policy and its instruments.
14. Public Finance
a. Meaning and objectives
b. Sources of government revenue (taxes
royalties, etc)
c. Principles of taxation
d. The effects of public expenditure
e. Government budget and public debts
f. Revenue allocation and resource control
in Nigeria
15. Economic Growth and Development
a. Meaning and scope
b. Indicators of growth and development
c. Factors affecting growth and
(iii) examine their problems;
(iv) assess the uses and limitations of
national income estimates;
(v) interpret the circular flow of income
using the three-sector model;
(vi) calculate the multipliers;
(vii) evaluate their effects on equilibrium
national income.
Candidates should be able to:
(i) differentiate between the types and
functions of money;
(ii) determine the factors affecting the
demand for and the supply of money;
(iii) identify the components in the quantity
theory of money;
(iv) examine the causes and effects of
inflation;
(v) calculate the consumer price index;
(vi) interpret the consumer price index;
(vii) examine ways of controlling inflation.
Candidates should be able to:
(i) compare the types of banks and their
functions;
(ii) trace the money-creation process and
factors affecting it;
(iii) appraise the challenges facing the
banking industry;
(iv) examine the role of banks in economic
development;
(v) examine the various monetary policy
instruments and their effects.
Candidates should be able to:
(i) identify the objectives of public finance;
(ii) compare the various sources of
government revenue;
(iii) analyse the principles of taxation;
(iv) examine the effects of public
expenditure on the economy;
(v) examine the types and effects of
budgets;
(vi) highlights the criteria for revenue
allocation in Nigeria and their impact.
Candidates should be able to:
(i) distinguish between economic growth
and development;
(ii) highlight the indicators of growth and

development
d. Problems of development in Nigeria
e. Developing planning in Nigeria.
16. Agriculture in Nigeria
a. The role of agriculture in economic
development;
b. Characteristics and problems;
c. Effects of agricultural policies;
d. Instability in agricultural income
(causes, effects and solutions)
17. Industry and Industrialization
a. Concepts and effects of location and
localization of industry in Nigeria;
b. Problems of Industrialization strategies
(e.g. export promotion, import
substitution etc)
c. SMEs and economic development in
Nigeria
18. Petroleum and the Nigerian Economy
a. Development of the petroleum industry in
Nigeria;
b. Contributions of petroleum to the
Nigerian economy;
c. Linkage effects;
d. Upstream/downstream activities.
19. Business Organizations
a. Private enterprises (e.g. soleproprietorship,
partnership, limited liability companies
and cooperative societies)
b. Problems of private enterprises;
c. Public enterprises;
development;
(iii) identify the factors affecting growth and
development;
(iv) assess the problems of development in
Nigeria;
(v) examine the role of planning in
development;
Candidates should be able to:
(i) identify the characteristics and problems
of agriculture;
(ii) assess the role of agriculture in economic
development;
(iii) appraise some agricultural policies;
(iv) evaluate the causes and effects of
instability in agricultural income.
Candidates should be able to:
(i) differentiate between location and
localization of industry;
(ii) identify the factors influencing the
location and localization of industry;
(iii) examine the problems of
industrialization;
(iv) appraise some industrialization
strategies;
(v) examine the role of industry in economic
development.
Candidates should be able to:
(i) trace the development of the petroleum
industry in Nigeria;
(ii) assess the contribution of petroleum to
the Nigerian economy;
(iii) establish the linkages between the
petroleum and other sectors;
(iv) analyse the environmental effects of
exploration activities in Nigeria;
(v) distinguish between the upstream and
downstream activities ;
(vi) suggest ways of controlling the effect of
oil exploration.
Candidates should be able to:
(i) compare the types and basic features of
private business organization;
(ii) assess the financing and management
problems of business organizations;
(iii) identify the features of public enterprises;
(iv) differentiate between privatization and

d. Privatization and Commercialization as
solutions to the problems of public
enterprises.
20. Population
a. Meaning and theories;
b. Census: importance and problems.
c. Size and growth: over-population, underpopulation and optimum population.
d. Structure and distribution;
e. Population policy and economic
development.
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.
22. International Economic Organizations
Roles and relevance of international
organization e.g. ECOWAS, AU, EU, OPEC,
ECA, IMF, EEC, OECD, World Bank, IBRD,
WTO, ADB and UNCTAD etc to Nigeria.
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 and liquidity preference
theory;
d. Factor mobility and efficiency;
e. Unemployment
commercialization;
(v) compare the advantages and
disadvantages of privatization and
commercialization;
Candidates should be able to:
(i) analyse the features of 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 population;
(v) analyse the structure and distribution of
population;
(vi) appraise government population policy in
Nigeria.
Candidates should be able to:
(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 balance of payments
and their corrective measures;
(v) examine the composition and direction of
Nigeria’s foreign trade;
(vi) identify the types of exchange rates;
(vii) examine how exchange rates are determined.
Candidates should be able to:
(i) identify the various economic organizations
and their functions;
(vii) evaluate their relevance to the Nigerian
economy
Candidates should be able to:
(i) identify the types; features and rewards of
factors;
(ii) analyse the determination of wages, interest
and profits;
(iii) interpret the marginal productivity of liquidity
preference theories;
(iv) examine factors mobility and efficiency;
(v) examine the types and causes of
unemployment in Nigeria;
(vi) suggest solutions to unemployment in Nigeria.