Economics Waec PDF
Economics Waec PDF
Economics Waec PDF
PREAMBLE
This syllabus is designed to expose students to the basic economic principles as useful guide to rational decision-making relating to individuals, business, government and society in general; and to enhance their understanding and appreciation of economics not only as an academic field of study but also as a practical subject.
OBJECTIVES
At the end of the three-year course, students are expected to: 1. be acquainted with basic economic principles, concepts and the tools for economic analysis. be familiar with the structure and functioning of economic institutions commercial, industrial and financial. understand the basis for rational economic decisions. understand and be able to explain the basis and structure of the West African economy, including the roles of agriculture, industry and mining and their contributions to the national income. be able to follow the role and status of the West African countries in international economic relationships. appreciate the problems West African countries encounter in their economic development.
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DEMAND
Concept of demand and laws of demand; types of demand (derived, composite, joint and competitive); factors determining demand for goods and services price of the commodity, prices of other commodities, income, tastes, price expectations, etc. Distinction between a shift of and movement along a demand curve; concept of elasticity of demand. Types of elasticity of demand and their measurement price, income and cross elasticities of demand; importance of the concept of elasticity of demand to consumers, producers and government.
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SUPPLY
Concept of supply and laws of supply; types of supply composite, complementary and competitive. Factors determining supply input prices, technology, prices of other commodities, climatic factors, etc. Distinction between the shift of and movement along the supply curve. Concept and measurement of elasticity of supply and its importance to producers and government. 177 From Olusegun Fapohunda of www.justnaira.com
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PRODUCTION, THEORY OF COST AND REVENUE (a) Production meaning, types: Factors of production (Land, Labour, Capital, Entrepreneurship). Division of labour and specialization; scale of production (Internal and External economies), production possibility curve or frontier; concept of total, average and marginal productivity and law of variable proportions. (i) Cost concepts: total cost, average cost, marginal cost, variable cost; fixed cost; short-run and long-run costs.
(b)
(ii)
Distinction between economists and accountants view of cost (opportunity cost and money cost). Revenue concepts: total, average and marginal revenue; marginal revenue product. (i) (ii) Factors affecting productivity. Factors determining the size of firms.
(iii)
(c)
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MARKET STRUCTURES
Determination of price and output under different structures (Perfect competition, imperfect competition, monopoly). Review of cost and revenue concepts. Price discrimination/dumping.
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BUSINESS ORGANIZATIONS
Types and basic features of business enterprises sole proprietorship; partnership, JointStock companies (Private and Public), Co-operatives; Statutory Corporations, Joint ventures. Sources of funds. General and basic problems of business enterprises. Privatization and Commercialization as solutions to problems of public enterprises.
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DISTRIBUTIVE TRADE
Process of distribution, role of wholesalers, retailers and co-operatives; the role of government agencies in product distribution and the problems of distribution.
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(b)
Labour Market
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AGRICULTURE
Structure (e.g. food crops, export crops, livestock, fisheries); systems of agriculture (peasant, commercial, co-operative and state farming); importance of agriculture to the national economy; marketing of agricultural products (commodity boards). Agricultural policies (minimum agricultural prices) problems of agriculture and remedies.
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INDUSTRIALIZATION
Meaning , types, location of industry, localization. Role of industrialization in economic development. Strategies of industrialization, problems of industrialization, indigenization policy. Public policy towards industrial development.
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NATIONAL INCOME
Meaning of major national income concepts e.g. Gross Domestic Product, Gross National Product, Net National Product, etc. Different ways of measuring national income and their problems. Uses and limitations of national income data; trends and structure of national income.
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(b)
WEST AFRICAN SENIOR SCHOOL CERTIFICATE EXAMINATION ECONOMICS 17. FINANCIAL INSTITUTIONS Types (traditional, Central Bank, Commercial Bank, Development Bank, Mortgage Bank, Merchant Bank , Insurance Companies and building societies); development and functions of financial institutions.
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PUBLIC FINANCE
Fiscal policy and objectives of public finance; Sources of government revenue, direct and indirect taxation; incidence and effects of taxes, structure of public expenditure (recurrent and capital expenditure); effects of public expenditure. Government budget and the national debt.
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(b)
(c)
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WEST AFRICAN SENIOR SCHOOL CERTIFICATE EXAMINATION ECONOMICS International Bank for Reconstruction and Development (IBRD) European Economic Community (EEC) African Development Bank (ADB) United Nations Conference on Trade and Development (UNCTAD)
West African Clearing House, etc. Relevance of such organizations to West African countries.
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