JAMB Syllabus for Economics 2026

1. Economics as a science

a. Basic Concepts:
wants, scarcity, choice, scale of preference, opportunity cost, rationality, production, distribution, consumption.

b.(i) Economic problems of: what, how and for whom to produce and
efficiency of resource use.

b.(ii) Application of PPF to solution of economic problems.

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

2. Economic Systems

a. Types and characteristics of free enterprise, centrally planned and mixed economies

b. Solutions to economic problems under different systems

c. Contemporary issues in economic systems (economic reforms e.g deregulation, banking sector consolidation, cash policy reform).

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 and Tools 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.

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) analyze economic data using the tools;

(v) understand the 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 and joint demand:

c. Types, nature and determinants of elasticity and their measurement: price, income and cross elasticity of demand:

d. Importance of elasticity of demand to consumers, producers and government.

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 change 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.

5. The Theory of Consumer Behavior

a. Basic Concepts:

i. utility (cardinal, ordinal, total average and marginal utilities)

ii. indifference curve and budget line.

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.

Candidates should be able to;

(i) explain 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;

(iv) relate the income and substitution effects;

(v) apply consumer surplus to real life
situations.

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

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 life situations.

7. The Theory of Price Determination

a. The concepts of market and price

b. Functions of the price system

c. i. Equilibrium price and quantity in product and factor markets

ii. Price legislation and its effects

d. The effects of changes in supply and demand on equilibrium price and quantity.

Candidates should be able to:

i. explain 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. Meaning and types of production

b. Concepts of production and their interrelationships (TP, AP, MP and the law of variable proportion).

c. Division of labour and specialization

d. Scale of Production: Internal and external economies of scale and their implications.

e. Production functions and returns to scale

f. Producers' equilibrium isoquant: isocost and marginal analyses.

g. Factors affecting productivity.

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.

vi. identify the factors affecting productivity.

9. Theory of Costs and Revenue

a. The concepts of cost: Fixed, Variable, Total Average and Marginal

b. The concepts of revenue: Total, average and marginal revenue;

c. Accountants' and Economists' notions of cost

d. Short run and long run costs

e. The marginal cost and the supply curve of a firm.

Candidates should be able to:

i. explain 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.

v. explain the various revenue concepts.