JAMB Economics Revision Notes

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01

Definition and Scope of Economics

5 topics

• Meaning and definitions of economicsComplete plan
• Scarcity, choice and opportunity costComplete plan
• Production possibility curveComplete plan
• Economic activities and channels of distributionComplete plan
• Basic economic problems of societyComplete plan

02

Factors of Production

5 topics

• Types of productionComplete plan
• LandComplete plan
• Labour and its efficiencyComplete plan
• Capital and capital formationComplete plan
• EntrepreneurshipComplete plan

03

Economic Systems

3 topics

• CapitalismComplete plan
• SocialismComplete plan
• Mixed economyComplete plan

04

Basic Tools of Economic Analysis

3 topics

• Tables, graphs and chartsComplete plan
• Measures of central tendencyComplete plan
• Measures of dispersionComplete plan

05

Demand

4 topics

• The law of demandComplete plan
• Types of demandComplete plan
• Changes in demandComplete plan
• Elasticity of demandComplete plan

06

Supply

3 topics

• The law of supplyComplete plan
• Changes in supplyComplete plan
• Elasticity of supplyComplete plan

07

Theory of Consumer Behaviour

4 topics

• Utility and diminishing marginal utilityComplete plan
• Consumer equilibriumComplete plan
• Indifference curves and the budget lineComplete plan
• Consumer surplus and consumer sovereigntyComplete plan

08

Theory of Price Determination

4 topics

• Markets and equilibrium priceComplete plan
• Effects of changes in demand and supplyComplete plan
• Price control and rationingComplete plan
• The price systemComplete plan

09

Theory of Production

4 topics

• Division of labour and specialisationComplete plan
• Scale of productionComplete plan
• Size and growth of firmsComplete plan
• Diminishing returns and returns to scaleComplete plan

10

Theory of costs and revenue

2 topics

• Cost concepts and cost curvesComplete plan
• Revenue concepts and profit maximisationComplete plan

11

Market structures

3 topics

• Perfect competitionComplete plan
• MonopolyComplete plan
• Monopolistic competition and oligopolyComplete plan

12

National income

2 topics

• National income concepts and measurementComplete plan
• Consumption, saving, investment and the multiplierComplete plan

13

Money and inflation

2 topics

• Money: functions, demand and supplyComplete plan
• Value of money, inflation and deflationComplete plan

14

Financial institutions

3 topics

• Central bank and monetary policyComplete plan
• Commercial banks and credit creationComplete plan
• Money market, capital market and other financial institutionsComplete plan

15

Public finance

2 topics

• TaxationComplete plan
• Public expenditure, budgets and public debtComplete plan

16

Economic growth and development

2 topics

• Growth, development and underdevelopmentComplete plan
• Development planningComplete plan

17

Agriculture in Nigeria

2 topics

• Agriculture in the Nigerian economyComplete plan
• Agricultural policies, marketing and price instabilityComplete plan

18

Industry and industrialization

2 topics

• Location and localisation of industryComplete plan
• Industrialisation in NigeriaComplete plan

19

Natural resources and the Nigerian economy

2 topics

• Petroleum and the Nigerian economyComplete plan
• Solid minerals and other natural resourcesComplete plan

20

Business organizations

2 topics

• Types of private business organisationsComplete plan
• Public enterprises, privatisation and commercialisationComplete plan

21

Population

2 topics

• Population theories and growthComplete plan
• Population structure, census and migrationComplete plan

22

International trade

3 topics

• Comparative advantage and terms of tradeComplete plan
• Balance of paymentsComplete plan
• Exchange rates and trade policyComplete plan

23

International economic organizations

2 topics

• Regional economic organisationsComplete plan
• International economic institutionsComplete plan