The Economics syllabus focuses on essential economic principles relevant to individuals, businesses, and government in West Africa. It covers topics such as demand and supply, factors of production, market structures, and the role of agriculture and industry in the economy. This syllabus is designed for students preparing for examinations and aims to enhance understanding of economic policies and their impacts. Key areas include national income, inflation, and international trade, providing a comprehensive framework for economic analysis.

Key Points

  • Covers fundamental economic principles and concepts essential for decision-making.
  • Explains the structure and functioning of economic institutions in West Africa.
  • Includes topics on demand, supply, and consumer behavior analysis.
  • Discusses market structures, production theories, and cost-revenue relationships.
Aniya Love
6 pages
Language:English
Type:Syllabus
Economics
Aniya Love
6 pages
Language:English
Type:Syllabus
Economics
327
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ECONOMICS
PREAMBLE
This syllabus is designed to assess candidates’ knowledge of basic economic principles
needed for rational decision making relating to individuals, businesses, government and
society. Such knowledge is necessary in enhancing their appreciation of government
economic policies, problems of implementation and how they impact on the economy. This
will help candidates to understand that economics is not only an academic field of study but
also a practical subject.
OBJECTIVES
The syllabus will test candidates’
1. knowledge of the basic economic principles, concepts, and the tools for economic
analysis;
2. understanding of the structure and functioning of economic institutions – commercial,
agricultural, industrial and financial institutions;
3. understanding of the basis for rational economic decisions;
4. ability 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;
5. ability to follow the role and status of the West African countries in international
economic relationships;
6. ability to appreciate the problems West African countries encounter in their economic
development.
EXAMINATION SCHEME
There will be two papers - Paper 1 and Paper 2; both of which will be in a composite paper to
be taken at one sitting.
Paper 1: will consist of fifty multiple choice questions to be taken in 1 hour for 50
marks.
Paper 2: will consist of eight essay- type questions in two sections: Sections A and B.
Section A will consist of two data response questions. Candidates will be
required to answer four questions in all, choosing one question from Section
A and any three questions from Section B. The paper shall last 2 hours for 80
marks.
DETAILED SYLLABUS
1. DEFINITION AND SCOPE OF ECONOMICS
Scarcity and Choice, Scale of Preference, Opportunity Cost, Production Possibility
Curve. Economic activities – Production, Distribution and Consumption.
Classification of economic activities - Primary, Secondary and Tertiary and their
relative contributions in terms of output/income, employment, savings, investment
and foreign exchange.
2. FACTORS OF PRODUCTION
Land, labour, capital and entrepreneurship- meaning, characteristics and importance.
3. TYPES AND BASIC FEATURES OF ECONOMIC SYSTEMS
(a) Types – capitalism, socialism and mixed economy.
(b) Basic features of each
(c) Advantages and disadvantages of each
(d) Economic problems of society and the approaches for solving them under each
of the systems.
4. BASIC TOOLS OF ECONOMIC ANALYSIS
Tables, graphs and charts. Some basic statistical measures and representations –
arithmetic mean, median, mode and their simple applications.
5. DEMAND
Concept of demand and law of demand, the demand schedules and curve, reasons for
exceptional demand curves, 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 expectation, 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.
6. SUPPLY
Concept of supply and law of supply, supply schedules and curve, 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
7. THEORY OF CONSUMER BEHAVIOUR
The utility concepts- total utility, average utility, marginal utility and the calculation
of utility schedules. The law of diminishing marginal utility, relationship between
total utility, average utility and marginal utility. The concept of equilibrium of a
consumer. Determination of consumer equilibrium. The effects of changes in price
on consumer equilibrium. The relationship between marginal utility and the demand
curve.
8. THEORY OF PRICE DETERMINATION
The Concept of the market; interaction between demand and supply. Price
determination under free and regulated markets. Equilibrium price and quantity in
product and factor markets. The effects of changes in supply and demand on
equilibrium prices and quantities. Introduction to algebraic determination of
equilibrium price and quantity. Price controls: maximum and minimum price
regulations- meaning and their effects; rationing, black market (parallel market)
9. THEORY OF PRODUCTION
Production: division of labour and specialization: Scale of production (Internal and
External economies), concept of total, average and marginal productivity and law of
variable proportions.
10. THEORY OF COST AND REVENUE
(i) Cost concepts: total cost, average cost, marginal cost, variable cost, fixed cost;
short run and long run costs.
(ii) Distinction between economist’s and accountant’s view of cost
(opportunity cost and money cost).
(iii) Revenue concepts: total, average and marginal revenue; Marginal revenue
Product
.
11. MARKET STRUCTURES
Concept of a market, characteristics of various market structures, determination of
price and output under different structures - perfect competition and imperfect
competition (monopoly and monopolistic competition). Review of cost and revenue
concepts. Price discrimination.
12. BUSINESS ORGANIZATIONS
Types and basic features of business enterprises – Sole Proprietorship; Partnership,
Joint- Stock companies (Private and Public), Co-operatives; Statutory Corporation,
Joint ventures. Sources of funds. General and basic problems of business
enterprises. Privatization and Commercialization as solutions to problems of
public enterprises. Indigenization and nationalization policies.
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FAQs

what is the economics syllabus for west african countries

The Economics Syllabus for West African Countries outlines the essential economic principles and concepts necessary for understanding the economy and making rational decisions.

  • It covers topics such as scarcity, opportunity cost, and the factors of production.
  • Students learn about market structures, consumer behavior, and the role of government in the economy.
  • The syllabus also includes sections on international trade, financial institutions, and economic development.

how is the economics syllabus structured for west african countries

The Economics Syllabus for West African Countries is structured into various sections that cover key economic concepts and theories.

  • It includes definitions and scope of economics, factors of production, and economic systems.
  • Each section is designed to build on the previous one, culminating in topics like national income and public finance.
  • There are also practical components, such as the theory of consumer behavior and market structures.

what topics are included in the economics syllabus for west african countries

The Economics Syllabus for West African Countries includes a wide range of topics essential for understanding economics.

  • Key topics include:
    • Demand and supply
    • Theory of production
    • Market structures
    • Business organizations
    • International trade
    • Economic development and planning
  • Each topic is designed to provide a comprehensive understanding of economic principles and their applications.

what are the objectives of the economics syllabus for west african countries

The objectives of the Economics Syllabus for West African Countries focus on enhancing students' understanding of economic principles.

  • Key objectives include:
    • Understanding basic economic concepts and tools for analysis.
    • Explaining the structure of the West African economy.
    • Appreciating the challenges faced by West African countries in economic development.
  • These objectives aim to prepare students for rational decision-making in various economic contexts.

how many papers are in the economics syllabus for west african countries

The Economics Syllabus for West African Countries consists of two papers.

  • Paper 1 includes fifty multiple-choice questions, which must be completed in one hour.
  • Paper 2 consists of eight essay-type questions, divided into two sections, requiring candidates to answer four questions in total.
  • This structure is designed to assess both knowledge and analytical skills in economics.

what is the importance of the economics syllabus for west african countries

The Economics Syllabus for West African Countries is crucial for understanding the economic landscape of the region.

  • It provides foundational knowledge necessary for rational decision-making in personal, business, and governmental contexts.
  • By studying this syllabus, students gain insights into economic policies and their impacts on society.
  • This understanding is vital for addressing the economic challenges faced by West African countries.

what are the types of economic systems in the economics syllabus for west african countries

The Economics Syllabus for West African Countries discusses three main types of economic systems.

  • These include:
    • Capitalism: characterized by private ownership and free markets.
    • Socialism: focused on collective ownership and distribution of resources.
    • Mixed Economy: a combination of capitalism and socialism, incorporating elements of both systems.
  • Each system has its advantages and disadvantages, which are explored in the syllabus.

what is the theory of demand in the economics syllabus for west african countries

The theory of demand is a key component of the Economics Syllabus for West African Countries.

  • It explains how consumer behavior influences the demand for goods and services.
  • Key concepts include:
    • The law of demand
    • Demand schedules and curves
    • Factors affecting demand, such as price and income
  • The syllabus emphasizes understanding elasticity of demand and its implications for consumers and producers.

what is included in the theory of production in the economics syllabus for west african countries

The theory of production is an essential part of the Economics Syllabus for West African Countries.

  • It covers concepts such as:
    • Division of labor and specialization
    • Scale of production
    • Total, average, and marginal productivity
  • Students learn about the law of variable proportions and how these factors influence production efficiency.

what is the role of financial institutions in the economics syllabus for west african countries

The role of financial institutions is a significant topic in the Economics Syllabus for West African Countries.

  • It examines various types of financial institutions, including:
    • Central Banks
    • Commercial Banks
    • Development Banks
    • Insurance Companies
  • The syllabus highlights their functions in the economy, such as facilitating transactions and providing credit.