Economicsfor WAEC & JAMB
The complete Economics curriculum for Nigerian senior secondary, SS1 through SS2 and WAEC, mapped topic by topic (22 topics with their subtopics). Study each topic, then take a timed CBT of real past questions with worked solutions on PrepAssure.
Economics: SS1
Introduction to Economics
- Meaning and scope of Economics
- Scarcity, choice, and opportunity cost
- Scale of preference
- Production possibility curve (PPC)
- Basic economic activities (production, distribution, consumption)
- Sectors of the economy (primary, secondary, tertiary)
Factors of Production
- Land, labour, capital, and entrepreneurship
- Characteristics and rewards of each factor
- Importance in production process
Economic Systems
- Capitalist, socialist, and mixed economies
- Features, advantages, and disadvantages
- Economic problems and how each system addresses them
Basic Economic Tools & Data Interpretation
- Tables, graphs, and charts
- Simple statistical tools (mean, median, mode)
- Interpretation of economic data
Theory of Demand
- Meaning and law of demand
- Demand schedules and curves
- Types of demand (derived, joint, composite, competitive)
- Movement vs shift in demand curve
- Elasticity of demand (price, income, cross) and applications
Theory of Supply
- Meaning and law of supply
- Supply schedules and curves
- Types of supply
- Determinants of supply
- Elasticity of supply
- Movement vs shift in supply curve
Theory of Consumer Behaviour
- Utility concepts (total, marginal, average utility)
- Law of diminishing marginal utility
- Consumer equilibrium
- Relationship between utility and demand
Theory of Price and Market Structure (Introduction)
- Concept of market and price determination
- Interaction of demand and supply
- Equilibrium price and quantity
- Price controls (maximum and minimum prices)
- Introduction to market types (perfect competition, monopoly, monopolistic competition)
Economics: SS2
Business Organizations
- Types: sole proprietorship, partnership, companies, co-operatives, corporations
- Sources of business finance
- Problems of business enterprises
- Privatization, commercialization, indigenization, nationalization
Distributive Trade
- Channels of distribution
- Roles of wholesalers, retailers, co-operatives
- Government involvement in distribution
- Problems of distribution
Population and Labour Market
- Population growth and distribution
- Malthusian theory
- Rural-urban migration
- Census and its importance
- Labour force and human capital
- Wage determination
- Unemployment and underemployment
- Trade unions and labour policies
Agriculture in the Economy
- Structure of agriculture (crop, livestock, fisheries)
- Farming systems (peasant, commercial, state, co-operative)
- Importance of agriculture
- Agricultural marketing and commodity boards
- Agricultural policies and challenges
Industrialization
- Meaning and types of industries
- Location and localization of industries
- Role of industrialization in development
- Strategies and challenges of industrial growth
- Link between agriculture and industry
National Income Accounting
- GDP, GNP, NNP and related concepts
- Methods of measuring national income
- Problems of measurement
- Uses and limitations of national income data
Money and Inflation
- Meaning, functions, and evolution of money
- Demand and supply of money
- Value of money and price levels
- Inflation: causes, types, effects, control
Financial Institutions
- Central bank and commercial banks
- Merchant banks, development banks, insurance companies
- Money and capital markets
- Functions and roles in economic development
Economics: SS3 / WAEC
Public Finance
- Meaning and objectives of public finance
- Sources of government revenue
- Taxation (types, incidence, principles, effects)
- Government expenditure (capital and recurrent)
- National budget and public debt
- Fiscal policy
Economic Development and Planning
- Economic growth vs development
- Characteristics of developing economies
- Problems of development
- Development planning (types and objectives)
- Planning challenges in developing countries
International Trade and Balance of Payments
- Meaning and basis of international trade
- Comparative and absolute advantage
- Terms of trade
- Trade policies (tariffs and controls)
- Balance of payments (structure, disequilibrium, correction)
- Exchange rate systems and adjustments
Economic Integration
- Meaning and objectives
- Levels of integration
- ECOWAS and West African integration
- Challenges of regional integration
International Economic Organizations
- IMF, World Bank (IBRD), AfDB, OPEC, UNCTAD, ECA
- Roles in global and African economies
- Relevance to West African development
Natural Resources and Development
- Major natural resources (oil, gold, timber, agriculture, etc.)
- Exploitation and management
- Economic impact on West African countries
- Resource-related challenges (dependency, pollution, inequality)
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