Last updated: October, 2026
Writing Economics in the 2027 UTME? The Joint Admissions and Matriculation Board (JAMB) syllabus tells you exactly what the examiners can ask, so you can focus on what counts instead of reading everything.
This page lists all 23 topics in the official JAMB Economics syllabus, the skills you are expected to show on each one, and the textbooks JAMB recommends. You will also find a six-week study plan, sample questions and answers to frequently asked questions.
Quick Facts
- Exam: Unified Tertiary Matriculation Examination (UTME), computer-based
- Subject: Economics
- Total topics: 23 main topics, numbered 1 to 23 in the official syllabus
- Calculation topics: elasticity, equilibrium price and quantity, measures of central tendency and dispersion, national income, the multiplier and the consumer price index
- Nigeria focus: several topics are tied to the Nigerian economy (agriculture, industry, natural resources, public finance, population and foreign trade)
- Source: Official JAMB syllabus
In This Guide
- Aim and objectives of the syllabus
- The topic groups at a glance
- Detailed syllabus (topics and what you should be able to do)
- Recommended textbooks
- Six-week study plan
- Sample questions
- Subject combinations
- FAQs
Aim and Objectives
The aim of the UTME Economics syllabus is to prepare candidates for the Board’s examination and test how well they have achieved the course objectives. Candidates are expected to:
- Demonstrate sufficient knowledge and understanding of the basic concepts, tools and their general applications to economic analysis.
- Identify and explain the basic structures, operations and roles of the various economic units and institutions, national and international.
- Describe the major economic activities: production, distribution and consumption.
- Identify and appraise the basic and current economic problems of society.
- Develop the competence to proffer solutions to the economic problems identified.
The Topic Groups at a Glance
JAMB lists the 23 Economics topics in one numbered list without sections. To make the page easier to study, we have grouped them below. The topic numbers are the official ones.
- Basic Concepts and Tools (topics 1 to 3): economics as a science, economic systems, methods and tools of analysis
- Demand, Supply and Price (topics 4 to 7): demand, consumer behaviour, supply, price determination
- Production, Costs and Markets (topics 8 to 10): production, costs and revenue, market structures
- Macroeconomics (topics 11 to 15): national income, money and inflation, financial institutions, public finance, economic growth and development
- The Nigerian Economy (topics 16 to 19): agriculture, industry, natural resources, business organizations
- Population, Trade and Factors of Production (topics 20 to 23): population, international trade, international economic organizations, factors of production and their theories
Detailed Syllabus
Basic Concepts and Tools
- Economics as a Science
- Basic concepts: wants, scarcity, choice, scale of preference, opportunity cost, rationality, production, distribution and consumption
- Economic problems: what, how and for whom to produce, and efficiency of resource use
- Application of the production possibility frontier (PPF) to economic problems
- You should be able to: compare economic concepts, interpret graphs and schedules, identify economic problems and proffer solutions.
- Economic Systems
- Types and characteristics of free enterprise, centrally planned and mixed economies
- Solutions to economic problems under different systems
- Contemporary issues in economic systems: economic reforms such as deregulation, banking sector consolidation and cash policy reform
- You should be able to: compare the systems, apply them to contemporary issues in Nigeria, and proffer solutions under each system.
- Methods and Tools of Economic Analysis
- Scientific approach: inductive and deductive methods, positive and normative reasoning
- Basic tools: tables, charts and graphs; measures of central tendency (mean, median, mode); measures of dispersion (variance, standard deviation, range); merits and demerits of the tools
- You should be able to: distinguish forms of reasoning, use the tools to interpret and analyse economic data, and state their merits and demerits.
Demand, Supply and Price
- The Theory of Demand
- Meaning and determinants of demand, demand schedules and curves, change in quantity demanded versus change in demand
- Types of demand: composite, derived, competitive and joint
- Elasticity of demand (price, income and cross elasticity): types, nature, determinants, measurement and importance to consumers, producers and government
- You should be able to: identify the determinants of demand, interpret demand curves, compare types of demand, compute elasticities and interpret the coefficients.
- The Theory of Consumer Behaviour
- Utility (cardinal, ordinal, total, average and marginal), indifference curve and budget line
- Diminishing marginal utility and the law of demand
- Consumer equilibrium using indifference curve and marginal analyses
- Effects of shifts in the budget line and indifference curve
- Consumer surplus and its applications
- You should be able to: explain the utility concepts, apply marginal utility to the law of demand, determine consumer equilibrium, relate the income and substitution effects, and apply consumer surplus.
- The Theory of Supply
- Meaning and determinants of supply, supply schedules and curves, change in quantity supplied versus change in supply
- Types of supply: joint or complementary, competitive and composite
- Elasticity of supply: determinants, measurement, nature and applications
- You should be able to: identify the determinants of supply, interpret supply curves, compare types of supply and compute elasticity coefficients.
- The Theory of Price Determination
- The concepts of market and price, functions of the price system
- Equilibrium price and quantity in product and factor markets
- Price legislation and its effects
- Effects of changes in supply and demand on equilibrium price and quantity
- Simple linear equations of demand and supply
- You should be able to: examine the price system, evaluate the effects of government interference, differentiate minimum from maximum price legislation, and determine equilibrium price and quantity.
Production, Costs and Markets
- The Theory of Production
- Meaning and types of production, TP, AP and MP and the law of variable proportion
- Division of labour and specialization
- Scale of production: internal and external economies of scale
- Production functions and returns to scale, producers’ equilibrium (isoquant-isocost and marginal analyses), and factors affecting productivity
- You should be able to: relate TP, AP and MP to the law of variable proportion, compare economies of scale and returns to scale, and determine the firm’s equilibrium.
- Theory of Costs and Revenue
- Cost concepts: fixed, variable, total, average and marginal
- Revenue concepts: total, average and marginal
- Accountants’ and economists’ notions of cost, short-run and long-run costs, and the marginal cost and the supply curve of a firm
- You should be able to: explain the cost and revenue concepts, interpret short-run and long-run cost curves, and relate marginal cost to the supply curve.
- Market Structures
- Perfectly competitive market: assumptions, characteristics, and short-run and long-run equilibrium
- Imperfect markets: pure monopoly, discriminatory monopoly and monopolistic competition, with their short-run and long-run equilibria
- Break-even and shut-down analysis in the various markets
- You should be able to: analyse the assumptions of each market, differentiate short-run from long-run equilibrium, and establish the conditions for break-even or shut-down.
Macroeconomics
- National Income
- Concepts of GNP, GDP, NI and NNP, measurement and its problems, uses and limitations of estimates
- The circular flow of income (two- and three-sector models)
- Consumption, investment and savings, the multiplier and its effects, and elementary income determination and equilibrium national income
- You should be able to: compare ways of measuring national income, interpret the circular flow, calculate the multipliers and evaluate their effects on equilibrium income.
- Money and Inflation
- Types, characteristics and functions of money, demand for and supply of money
- The quantity theory of money (Fisher equation), and the value of money and the price level
- Inflation: types, measurement, effects and control; deflation: measurement, effects and control
- You should be able to: explain the quantity theory, examine the causes and effects of inflation, calculate and interpret the consumer price index, and examine ways of controlling inflation and deflation.
- Financial Institutions
- Types and functions of financial institutions (traditional, central bank, mortgage banks, merchant banks, insurance companies, building societies)
- Their role in economic development, money and capital markets, financial sector regulation
- Deposit money banks and the creation of money
- Monetary policy and its instruments, and challenges facing financial institutions in Nigeria
- You should be able to: distinguish the money market from the capital market, identify regulators and their functions, explain money creation, and examine the instruments of monetary policy.
- Public Finance
- Meaning and objectives, fiscal policy and its instruments
- Sources of government revenue (taxes, royalties, rents, grants and aids)
- Principles of taxation, tax incidence and its effects
- Effects of public expenditure, government budgets and public debts
- Revenue allocation and resource control in Nigeria
- You should be able to: explain fiscal policy, compare sources of revenue, analyse the principles and incidence of taxation, examine the types and effects of budgets, and highlight the criteria for revenue allocation in Nigeria.
- Economic Growth and Development
- Meaning and scope, indicators of growth and development, factors affecting growth and development
- Problems of development in Nigeria and development planning in Nigeria
- You should be able to: distinguish growth from development, highlight the indicators, and examine the problems of development and the role of planning.
The Nigerian Economy
- Agriculture in Nigeria
- Types and features, role in economic development, problems, agricultural policies and their effects, and instability in agricultural incomes (causes, effects and solutions)
- Industry and Industrialization
- Location and localization of industry in Nigeria, strategies of industrialization, industrialization and economic development, funding and management of business organizations, and factors determining the size of firms
- You should be able to: differentiate location from localization, identify the factors involved, examine the problems of industrialization, and appraise industrialization strategies.
- Natural Resources and the Nigerian Economy
- Development of major natural resources (petroleum, gold, diamond, timber), contributions of the oil and non-oil sectors, linkage effects, upstream and downstream of the oil sector, the roles of NNPC and OPEC, and challenges of exploitation
- You should be able to: trace the development of the resources, distinguish upstream from downstream, analyse the environmental effects and suggest ways of controlling them.
- Business Organizations
- Private enterprises (sole proprietorship, partnership, limited liability companies, cooperative societies) and their problems
- Public enterprises and their problems, funding and management, and factors determining the size of firms
- Privatization and commercialization as solutions to the problems of public enterprises
- You should be able to: compare the types of private business, identify the features of public enterprises, and differentiate privatization from commercialization with their advantages and disadvantages.
Population, Trade and Factors of Production
- Population
- Meaning and theories, census (importance and problems), size and growth (over-population, under-population and optimum population), structure and distribution, and population policy and economic development
- You should be able to: analyse population theories and their relevance to Nigeria, examine the uses and limitations of census data, and appraise Nigeria’s population policy.
- International Trade
- Meaning and basis of international trade (absolute and comparative cost), balance of trade and balance of payments (problems and corrective measures), composition and direction of Nigeria’s foreign trade, and exchange rates (meaning, types and determination)
- You should be able to: differentiate absolute from comparative advantage, distinguish balance of trade from balance of payments, and identify the types of exchange rates and how they are determined.
- International Economic Organizations
- Roles and relevance to Nigeria of organizations such as ECOWAS, AU, EU, ECA, IMF, EEC, OECD, World Bank, IBRD, WTO, ADB and UNCTAD
- You should be able to: identify the organizations and their functions, and evaluate their relevance to the Nigerian economy.
- Factors of Production and their Theories
- Types, features and rewards, determination of wages, interest and profits
- Theories: the marginal productivity theory of wages and the liquidity preference theory
- Factor mobility and efficiency, and unemployment and its solutions
- You should be able to: analyse how wages, interest and profits are determined, examine factor mobility, and examine the types and causes of unemployment in Nigeria and suggest solutions.
Recommended Textbooks
JAMB lists these texts for Economics:
- Aderinto, A. A. et al (1996). Economics: Exam Focus. Ibadan: University Press Plc.
- Black, J. (1997). Oxford Dictionary of Economics. Oxford: Oxford University Press.
- Eyiyere, D. O. (1980). Economics Made Easy. Benin City: Quality Publishers Ltd.
- Fajana, F. et al (1999). Countdown to SSCE/JME Economics. Ibadan: Evans.
- Falodun, A. B. et al (1997). Round-up Economics. Lagos: Longman.
- Koutsoyiannis, A. (1979). Modern Microeconomics. London: Macmillan.
- Lipsey, R. G. (1997). An Introduction to Positive Economics. Oxford: Oxford University Press.
- Samuelson, P. and Nordhaus, W. (1989). Economics. Singapore: McGraw-Hill.
- Udu, E. and Agu, G. A. (2005). New System Economics: A Senior Secondary Course. Ibadan: Africana FIRST Publishers Ltd.
- Wonnacott and Wonnacott (1979). Economics. New York: McGraw-Hill.
- Brownson-Oton, R. (2010). What is Micro-Economics? Niky Printing and Publishing Co.
- Brownson-Oton, R. (2010). What is Macro-Economics? Niky Printing and Publishing Co.
Six-Week Study Plan
- Week 1: Topics 1 to 3. Learn the basic concepts, the economic systems, and the tools (tables, graphs, mean, median, mode, variance and standard deviation).
- Week 2: Topics 4 to 7. Study demand, consumer behaviour, supply and price determination, and practise elasticity and equilibrium problems.
- Week 3: Topics 8 to 10. Study production, costs, revenue and market structures.
- Week 4: Topics 11 to 15. Study national income, money and inflation, financial institutions, public finance, and growth and development.
- Week 5: Topics 16 to 23. Study the Nigerian economy topics, population, international trade, international organizations and factors of production.
- Week 6: Revise weak topics and practise past questions under timed conditions.
Tips:
- Economics has many graphs. Practise drawing demand and supply curves, cost curves, the PPF and the circular flow until you can do them from memory.
- Practise the calculations: elasticity, equilibrium price and quantity from linear equations, mean, median, mode, variance, the multiplier and the consumer price index.
- Learn the Nigerian examples. Several topics ask about Nigeria (revenue allocation, NNPC, agricultural policy, population policy and foreign trade).
- Make a table of the market structures (perfect competition, monopoly, monopolistic competition) by number of firms, product type, entry and price control.
- Use the syllabus objectives as a checklist. If you cannot do what an objective says, you are not ready on that topic.
Sample Questions
- The opportunity cost of a choice is A. the money spent on it B. the next best alternative forgone C. the benefit gained D. the total cost of production Answer: B
- A change in the price of a good, other things being equal, causes a change in A. demand B. quantity demanded C. supply D. income Answer: B
- If the price elasticity of demand for a good is greater than 1, demand for the good is A. inelastic B. elastic C. unitary D. perfectly inelastic Answer: B
- The total value of goods and services produced within a country in a year is A. GNP B. GDP C. NNP D. national debt Answer: B
- The theory of comparative advantage is associated with A. Adam Smith B. David Ricardo C. Thomas Malthus D. John Maynard Keynes Answer: B
Subject Combinations
Economics is commonly required for courses such as Economics, Accounting, Banking and Finance, Business Administration, Insurance, Marketing and other social science and management courses. Always check your chosen course and university in the JAMB brochure for the exact combination.
Related: JAMB Subject Combination for Social Science Students | JAMB Brochure | JAMB Recommended Textbooks for All Subjects | JAMB UTME Registration Guide
Frequently Asked Questions
What is the JAMB Economics syllabus?
It is the official JAMB document that lists the topics and learning objectives candidates must cover for Economics in the UTME.
How many topics are in the JAMB Economics syllabus?
Twenty-three, from Economics as a Science to Factors of Production and their Theories.
Does the syllabus include calculations?
Yes. Expect elasticity, equilibrium price and quantity from simple linear equations, mean, median, mode, variance and standard deviation, national income and multipliers, and the consumer price index.
Does the syllabus focus on Nigeria?
In part. Topics such as Agriculture in Nigeria, Industry and Industrialization, Natural Resources and the Nigerian Economy, Public Finance, Population and International Trade all ask about the Nigerian economy.
Which international organizations do I need to know?
The syllabus names ECOWAS, AU, EU, ECA, IMF, EEC, OECD, the World Bank, IBRD, WTO, ADB and UNCTAD, and asks about their relevance to Nigeria.
Where can I get past questions for Economics?
Click here
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