Learn/JAMB UTME/Syllabus/EconomicsStudy this subject in LearnPractice opens in your JAMB UTME workspace after you sign in. Questions and lecture notes stay there.Practice this subjectOpen lecture notesOfficial rules, eligibility, and dates stay on the JAMB UTME guide.subject outlineEconomics as a scienceBasic Concepts: wants, scarcity, choice, scale of preference, opportunity cost, rationality, production, distribution, consumptionEconomic problems of: what, how and for whom to produce and efficiency of resource useApplication of PPF to solution of economic problemsEconomic SystemsTypes and characteristics of free enterprise, centrally planned and mixed economiesSolutions to economic problems under different systemsContemporary issues in economic systems - economic reforms (deregulation, banking sector consolidation, cash policy reform)Methods and Tools of Economic AnalysisScientific Approach - Inductive and deductive methodsScientific Approach - Positive and normative reasoningBasic Tools - Tables, charts and graphsBasic Tools - Measures of central tendency (mean, median, mode and applications)Basic Tools - Measures of dispersion (variance, standard deviation, range and applications)Basic Tools - Merits and demerits of economic analysis toolsThe Theory of DemandMeaning and determinants of demandDemand schedules and curvesDistinction between change in quantity demanded and change in demandTypes of demand: Composite, derived, competitive and joint demandTypes, nature and determinants of elasticity and their measurement - price, income and cross elasticity of demandImportance of elasticity of demand to consumers, producers and governmentThe Theory of Consumer BehaviourBasic Concepts - Utility (cardinal, ordinal, total, average and marginal utilities)Basic Concepts - Indifference curve and budget lineDiminishing marginal utility and the law of demandConsumer equilibrium using indifference curve and marginal analysesEffects of shift in the budget line and the indifference curveConsumer surplus and its applicationsThe Theory of SupplyMeaning and determinants of supplySupply schedules and supply curvesDistinction between change in quantity supplied and change in supplyTypes of Supply: Joint/complementary, competitive and compositeElasticity of Supply: determinants, measurements, nature and applicationsThe Theory of Price DeterminationConcepts of market and priceFunctions of the price systemEquilibrium price and quantity in product and factor marketsPrice legislation and its effectsEffects of changes in supply and demand on equilibrium price and quantityThe Theory of ProductionMeaning and types of productionConcepts of production and their interrelationships (TP, AP, MP and the law of variable proportion)Division of labour and specializationScale of Production: Internal and external economies of scale and their implicationsProduction functions and returns to scaleProducers' equilibrium isoquant-isocost and marginal analysesFactors affecting productivityTheory of Costs and RevenueConcepts of cost: Fixed, Variable, Total, Average and MarginalConcepts of revenue: Total, Average and Marginal revenueAccountants' and Economists' notions of costShort-run and long-run costsMarginal cost and the supply curve of firmMarket StructuresPerfectly competitive market: Assumptions and characteristicsPerfectly competitive market: Short-run and long-run equilibrium of a perfect competitorImperfect Market: Pure monopoly, discriminatory monopoly and monopolistic competitionImperfect Market: Short-run and long-run equilibrium positionsBreak-even/shut-down analysis in various marketsNational IncomeConcepts of GNP, GDP, NI, NNPNational Income measurements and their problemsUses and limitations of national income estimatesCircular flow of income (two and three-sector models)Concepts of consumption, investment and savingsThe multiplier and its effectsElementary theory of income determination and equilibrium national incomeMoney and InflationTypes, characteristics and functions of moneyDemand for money and the supply of moneyQuantity Theory of money (Fisher equation)Value of money and the price levelInflation: Types, measurements, effects and controlDeflation: Measurements, effects and controlFinancial InstitutionsTypes and functions of financial institutions (traditional, central bank, mortgage banks, merchant banks, insurance companies, building societies)Role of financial institutions in economic developmentMoney and capital marketsFinancial sector regulationsDeposit money banks and the creation of moneyMonetary policy and its instrumentsChallenges facing financial institutions in NigeriaPublic FinanceMeaning and objectives of public financeFiscal policy and its instrumentsSources of government revenue (taxes, royalties, rents, grants and aids)Principles of taxationTax incidence and its effectsEffects of public expenditureGovernment budget and public debtsRevenue allocation and resource control in NigeriaEconomic Growth and DevelopmentMeaning and scope of economic growth and developmentIndicators of growth and developmentFactors affecting growth and developmentProblems of development in NigeriaDevelopment planning in NigeriaAgriculture in NigeriaTypes and features of agricultureRole of agriculture in economic developmentProblems of agricultureAgricultural policies and their effectsInstability in agricultural incomes (causes, effects and solutions)Industry and IndustrializationConcepts and effects of location and localization of industry in NigeriaStrategies and Industrialization in NigeriaIndustrialization and economic development in NigeriaFunding and management of business organizationFactors determining the size of firmsNatural Resources and the Nigerian EconomyDevelopment of major natural resources (petroleum, gold, diamond, timber etc.)Contributions of the oil and the non-oil sectors to the Nigerian economyLinkage effectsUpstream/downstream of the oil sectorRole of NNPC and OPEC in the oil sectorChallenges facing natural resources exploitationBusiness OrganizationsPrivate enterprises (sole-proprietorship, partnership, limited liability companies and cooperative societies)Problems of private enterprisesPublic enterprises and their problemsFunding and management of business organizationsFactors determining the size of firmsPrivatization and Commercialization as solutions to problems of public enterprisesPopulationMeaning and theories of populationCensus: importance and problemsSize and growth: over-population, under-population and optimum populationStructure and distribution of populationPopulation policy and economic developmentInternational TradeMeaning and basis for international trade (absolute and comparative costs)Balance of trade and balance of payments: problems and corrective measuresComposition and direction of Nigeria's foreign tradeExchange rate: meaning, types and determinationInternational Economic OrganizationsRoles and relevance of international organizations (ECOWAS, AU, EU, ECA, IMF, EEC, OECD, World Bank, IBRD, WTO, ADB, UNCTAD) to NigeriaFactors of Production and their TheoriesTypes, features and rewards of factors of productionDetermination of wages, interest and profitsTheories: marginal productivity theory of wages and liquidity preference theoryFactor mobility and efficiencyUnemployment and its solutions
