Economics Jamb Topics 2026

1. Economics as a science

• Basic Concepts

• Wants

• Scarcity

• Choice

• Scale of preference

• Opportunity cost

• Rationality

• Production

• Distribution

• Consumption

• Economic problems

• What to produce

• How to produce

• Whom to produce

• Efficiency use of resources

2. Economic Systems

• Types of economic system

• Free enterprise economy

• Centrally planned economy

• Mixed economy

• Solutions to economic problems under different systems

• Contemporary issues in economic systems

• Economic reforms

• Deregulation

• Banking sector consolidation

• Cash policy reform

3. Methods and Tools of Economic Analysis

• Scientific Approach

• Inductive and deductive methods

• Positive and normative reasoning

• Basic Tools

• Tables, charts and graphs

• Mean, median and mode, and their applications

• Variance, standard deviation, range and their applications

4. The Theory of Demand

• Meaning and determinants of demand

• Demand schedules and curves

• Distinction between change in quantity demanded and change in demand

• Types of demand

• Composite demand

• Derived demand

• Competitive demand

• Joint demand

• Abnormal demand

• Types, nature and determinants of elasticity and their measurement

• Price elasticity of demand

• Income elasticity of demand

• Cross elasticity of demand

• Importance of elasticity of demand to consumers, producers and government

5. The Theory of Consumer Behaviour

• Basic Concepts of Theory of Consumer Behaviour

• Utility

• Indifference curve

• Budget line

• Diminishing marginal utility and the law of demand

• Consumer equilibrium using the indifference curve and marginal analyses

• Effects of shift in the budget line and the indifference curve

• Consumer surplus and its applications

6. The Theory of Supply

• Meaning and determinants of supply

• Supply schedules

• Supply curves

• The distinction between change in quantity supplied and change in supply

• Types of Supply

• Joint/complementary supply

• Competitive supply

• Composite supply

• Elasticity of Supply

• Determinants of Elasticity of Supply

• Measurements of Elasticity of Supply

• Nature and applications of Elasticity of Supply

7. 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

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

8. The Theory of Production

• Meaning and types of production

• Concepts of production and their interrelationships

• Total Product(TP)

• Average Product(AP)

• Marginal Product(MP)

• The law of variable proportion

• Division of labour and specialization

• Scale of Production

• Internal economies of scale

• External economies of scale

• Production functions and returns to scale

• Law of diminishing returns

• Producers equilibrium

• Factors affecting productivity

9. Theory of Costs and Revenue

• The concepts of cost

• Fixed cost

• Variable cost

• Total cost

• Average cost

• Marginal cost

• The concepts of revenue

• Total revenue

• Average revenue

• Marginal revenue

• Accountants' and Economists' notions of cost

• Short-run and long-run costs

• The marginal cost and the supply curve of a firm

10. Market Structures

• Perfectly competitive market

• Assumptions and characteristics of Perfectly Competitive Market

• Short-run and long-run equilibrium of a perfect competitor

• Imperfect Market

• Pure monopoly

• Discriminatory monopoly

• Monopolistic competition

• Short-run and long-run equilibrium positions

• Break-even/shut-down analysis in the various markets

11. National Income

• The Concepts of GNP, GDP, NI, NNP

• National Income measurements and their problems

• Uses and limitations of national income estimates

• The circular flow of income

• The concepts of consumption, investment and savings

• The multiplier and its effects

• Elementary theory of income determination and equilibrium national income

12. Money and Inflation

• Types, characteristics and functions of money

• Demand for money and the supply of money

• Quantity Theory of money (Fisher equation)

• The value of money and the price level

• Inflation

• Types of inflation

• Measurements of inflation

• Effects of inflation

• Control of inflation

• Deflation

• Measurements of Deflation

• Effects and control of Deflation

13. Financial Institutions

• Types and functions of financial institutions

• Traditional banks

• Central bank

• Mortgage banks

• Merchant banks

• Insurance companies

• Building societies

• Commercial Banks

• Development Banks

• The role of financial institutions in economic development

• Money and capital markets

• Financial sector regulations

• Deposit money banks and the creation of money

• Monetary policy and its instruments

• Challenges facing financial institutions in Nigeria

14. Public Finance

• Meaning and objectives of Public Finance

• Fiscal policy and its instruments

• Sources of government revenue

• Taxes royalties

• Rents

• Grants and aids

• Principles of taxation

• Tax incidence and its effects

• The effects of public expenditure

• Government budget and public debts

• Revenue allocation and resource control in Nigeria

15. Economic Growth and Development

• Meaning and scope of Economic Growth and Development

• Indicators of growth and development

• Factors affecting growth and development

• Problems of development in Nigeria

• Development planning in Nigeria

16. Agriculture in Nigeria

• Types and features of Agriculture

• The role of agriculture in economic development

• Problems of agriculture

• Effects of agricultural policies and their effects

• Instability in agricultural incomes

• Causes of instability in agricultural incomes

• Effects and solutions of instability in agricultural incomes

17. Industry and Industrialization

• Concepts and effects of location and localization of industry in Nigeria

• Strategies and Industrialization in Nigeria

• Industrialization and economic development in Nigeria

• Funding and management of business organization

• Factors determining the size of firms

18. Natural Resources and the Nigerian Economy

• Development of major natural resources

• Petroleum

• Gold

• Diamond

• Timber

• Contributions of the oil and the non-oil sectors to the Nigerian economy

• Linkage effects

• Upstream/downstream of the oil sector

• The role of NNPC and OPEC in the oil sector

• Challenges facing natural resources exploitation

19. Business Organizations

• Private enterprises

• Sole-proprietorship

• Partnership

• Limited liability companies

• Cooperative societies

• Problems of private enterprises

• Public enterprises and their problems

• Funding and management of business organizations

• Factors determining the size of firms

• Privatization and Commercialization as solutions to the problems of public enterprises

20. Population

• Meaning and theories of population

• Census

• Importance and problems of Census

• Size and growth

• Over-population

• Under-population

• Optimum population

• Structure and distribution of population

• Population policy and economic development

21. International Trade

• Meaning and basis for international trade

• Absolute costs

• Comparative costs

• Balance of trade and balance of payments

• Problems of Balance of trade and balance of payments

• Corrective of Balance of trade and balance of payments

• Composition and direction of Nigeria's foreign trade

• Exchange rate

• Meaning of exchange rate

• Types of exchange rate

• Determination of exchange rate

22. International Economic Organizations

• Roles and relevance of international organization

• ECOWAS

• AU

• EU

• ECA

• IMF

• EEC

• OECD

• World Bank

• IBRD

• WTO

• ADB

• UNCTAD

23. Factors of Production and their Theories

• Types, features, and rewards of Factors of Production

• Determination of wages, interest, and profits of Factors of Production

• Theories of Factors of Production

• Marginal productivity theory of wages

• Liquidity preference theory

• Factor mobility and efficiency of Factors of Production

• Unemployment and its solutions