This syllabus is designed to provide you with a comprehensive understanding of economic concepts, theories, and principles. It is aimed at preparing you for further studies in economics and related fields, as well as for real-world applications in various economic sectors.
In this WAEC Economics Syllabus 2023/2024, you will find a detailed breakdown of the topics to be covered, the objectives of each topic, and the suggested teaching and learning activities. Additionally, the syllabus includes sample questions and marking schemes to help you prepare for the examination effectively.
As you explore this syllabus, we encourage you to engage actively with the content, ask questions, and seek clarification where necessary. You can also download the PDF version of the syllabus for offline use and further reference.
We wish you all the best in your study of Economics and in your future endeavors.
The syllabus is divided into two parts: Part A and Part B. Part A focuses on microeconomics, which deals with the behavior of individual economic agents such as consumers, producers, and markets. Part B, on the other hand, focuses on macroeconomics, which deals with the study of the economy as a whole.
The syllabus covers a wide range of topics, including scarcity and choice, demand and supply, market structures, market failure, inflation, unemployment, international trade, and economic growth. Students will also learn about economic policies and their implications, such as fiscal policy, monetary policy, and trade policy.
To enhance learning and understanding of the subject, the syllabus also includes recommended textbooks, reference materials, and other resources. Students are encouraged to read widely and engage in group discussions, debates, and research activities to develop critical thinking and problem-solving skills.
WAEC Economics Syllabus PDF DOWNLOAD
Aims & Objectives
The necessary knowledge of fundamental economic principles, concepts, and analytical tools; comprehension of the organization and operation of various economic institutions such as commercial, agricultural, industrial, and financial institutions; understanding of the logical reasoning behind economic decision-making; capability to illustrate the structure and foundation of the West African economy, including the contributions of agriculture, industry, and mining to the national income; proficiency in tracking the involvement and position of West African nations in global economic relationships; and appreciation of the economic development challenges that West African countries face.
WAEC Economics Examination Scheme 2023
A composite paper comprising Paper 1 and Paper 2 will be administered in a single sitting. Paper 1 will comprise fifty multiple-choice questions and will last for one hour, with a total of 50 marks. Paper 2 will consist of two sections, A and B, and will feature eight essay-type questions. Section A will consist of two data response questions, and candidates will be required to answer one question from this section and any three questions from Section B. The paper will last for two hours and will be worth 80 marks.
WAEC Syllabus for Economics 2023 PDF
Syllabus Outline:
- Economics: Definition and Scope
- Scarcity and Choice
- Scale of Preference
- Opportunity Cost
- Production Possibility Curve
- Economic Activities: Production, Distribution, and Consumption
- Classification of Economic Activities: Primary, Secondary, and Tertiary
- Factors Contributing to Output/Income, Employment, Savings, Investment, and Foreign Exchange
- Factors of Production
- Land, Labour, Capital, and Entrepreneurship
- Meaning, Characteristics, and Importance
- Types and Basic Features of Economic Systems
- Capitalism, Socialism, and Mixed Economy
- Advantages and Disadvantages
- Approaches to Solving Economic Problems
- Basic Tools of Economic Analysis
- Tables, Graphs, and Charts
- Basic Statistical Measures and Representations: Arithmetic Mean, Median, Mode
- Simple Applications
- Demand
- Concept of Demand and Law of Demand
- Demand Schedules and Curve
- Types of Demand: Derived, Composite, Joint, Competitive
- Factors Determining Demand: Price of Commodity, Prices of Other Commodities, Income, Tastes, Price Expectation, etc.
- The distinction between Shift and Movement along a Demand Curve
- The elasticity of Demand: Types and Measurement
- Importance of Elasticity of Demand to Consumers, Producers, and Government
- Supply
- Concept of Supply and Law of Supply
- Supply Schedules and Curve
- Types of Supply: Composite, Complementary, Competitive
- Factors Determining Supply: Input Prices, Technology, Prices of Other Commodities, Climatic Factors, etc.
- Distinction between Shift and Movement along a Supply Curve
- Elasticity of Supply: Concept and Measurement
- Importance of Elasticity of Supply to Producers and Government
- Theory of Consumer Behaviour
- Utility Concepts: Total Utility, Average Utility, Marginal Utility
- Calculation of Utility Schedules
- Law of Diminishing Marginal Utility
- Relationship between Total Utility, Average Utility, and Marginal Utility
- Concept of Equilibrium of a Consumer
- Determination of Consumer Equilibrium
- Effects of Changes in Price on Consumer Equilibrium
- Relationship between Marginal Utility and the Demand Curve
- Theory of Price Determination
- Concept of the Market
- Interaction between Demand and Supply
- Price Determination under Free and Regulated Markets
- Equilibrium Price and Quantity in Product and Factor Markets
- Effects of Changes in Supply and Demand on Equilibrium Prices and Quantities
- Algebraic Determination of Equilibrium Price and Quantity
- Price Controls: Maximum and Minimum Price Regulations, Rationing, Black Market
- Theory of Production
- Division of Labour and Specialization
- The Scale of Production: Internal and External Economies
- Concept of Total, Average, and Marginal Productivity
- Law of Variable Proportions
- Theory of Cost and Revenue
- Cost Concepts: Total Cost, Average Cost, Marginal Cost, Variable Cost, Fixed Cost
- Short-Run and Long-Run Costs
- The distinction between Economist’s and Accountant’s View of Cost
- Opportunity Cost and Money Cost
- Revenue Concepts: Total, Average, and Marginal Revenue; Marginal Revenue Product
- Market Structure
- Concept of a Market
- Characteristics of Various Market Structures
- Determination of Price and Output under Different Structures
- Perfect Competition and Imperfect Competition (Monopoly and Monopolistic Competition)
- Review of Cost and Revenue Concepts
- Price Discrimination
- Business Organizations
- Types and Basic Features of Business Enterprises
- Sole Proprietorship, Partnership, Joint-Stock Companies (Private and Public), Co-operatives, Statutory Corporation
WAEC Economics Recommended Textbooks
| Author | Title | Publication Information |
|---|---|---|
| Aderinto, A.A et al | Economics: Exam Focus | Ibadan: University Press Plc |
| Black, J. | Oxford Dictionary of Economics | Oxford: Oxford University Press |
| Eyiyere, D.O. | Economics Made Easy | Benin City, Quality Publishers Ltd |
| Fajana, F et al | Countdown to SSCE/JME Economics | Ibadan: Evans |
| Falodun, A.B. et al | Round-up Economics | Lagos: Longman |
| Kountsoyiannis, A. | Modern MicroEconomics | London: Macmillan |
| Lawal, O.A. | Success in Economics | London: John Murray |
| Lipsey, R.G. | An Introduction to Positive Economics | Oxford: Oxford University Press |
| Samuelson, P and Nordhaus, W. | Economics | Singapore: McGraw-Hill |
| Udu E and Agu G.A. | New System Economics: a Senior Secondary Course | Ibadan: Africana FIRST Publishers Ltd |
| Wannacott and Wannacott | Economics | New York: McGraw-Hill |
| Brownson-oton Richard | What is Micro-Economics? | Niky Printing and Publishing coy |
| Brownson-oton Richard | What is Macro-Economics? | Niky Printing and Publishing coy |
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