Economics is a subject offered by both commercial and some science students in all Secondary schools in Nigeria. It is an optional course for art and science students but compulsory for commercial students. One of the strategies of passing Economics as a subject in WAEC is for the candidate to be aware of the approved WAEC syllabus for the subject.
We have been able to identify the need for students to have at their disposal, the WAEC syllabus for Economics 2023/2024 academic session which is the current academic session and work alongside the information provided in the syllabus as this would assist WAEC candidates to channel their energy towards the most likely examination questions.
Economics syllabus for WAEC is simply a guide on how to approach the examination, what to expect in the examination and how the examination will be set so students are not caught unaware. Back in the days most especially in the early and late 90s when internet was a big deal, WAEC candidates could not place their hands WAEC syllabuses for Economics but it is a different scenario nowadays because the internet has been flooded with resourceful materials for students to download at their will.
The current 2023 WAEC syllabus for Economics is largely required by students in SSS (Senior Secondary Schools) since they are preparing for their West African Senior Secondary Certificate Examination (WASSCE) however, this is not to rule out the fact that it cannot be used even before the exams, to be better prepared, having the WAEC syllabus at your disposal before the West African Senior Secondary Certification Examination proper is at the candidate’s advantage because it will serve as a guide and help you streamline your reading pattern and know where to focus your strength based on the topics and sub topics with the highest marks and lastly it would give you a list of recommended reading text books not just for Economics but their respective Authors.
Based on our online and offline poll survey, we have been able to draw a conclusion that more than 70% of potential WAEC candidates who stick to the approved WAEC syllabus for Economics usually come out in flying colours than those categories of candidates who just read for the examination. And in order to encourage them, we though it wise in taking extra steps in making this material available online for free in PDF Format, that is candidates can now download for free, the approved WAEC syllabus for Economics without any extra cost attached.
We have already made available on our blog the 2023 WAEC syllabus for Geography and Physics and other subjects and you can download them all for free too as they are all available for free in PDF format and it is most beneficial for commercial students. We are on the verge of making the WAEC syllabus for all subjects available but we shall be breaking them down in a systematic order for ease of understanding for candidates.
For the sake of this post, we will be providing the 2023 WAEC syllabus for Economics but let us make it clear to you that we have the WAEC syllabus for the following subjects;
- 2023/2024 Geography WAEC Syllabus
- WAEC 2023 Syllabus for English Language
- 2023/2024 WAEC Syllabus for Financial Accounting
- WAEC Syllabus for Biology 2023 Session
- WAEC Syllabus for all Science Subjects
- 2023 WAEC Syllabus for all Art Subjects
- WAEC Syllabus for Chemistry
WAEC Syllabus For Economics 2023/2024 Academic Session
Having the WAEC syllabus for Economics at your disposal alongside dedication to your studies, candidates are sure of being successful in the West African Senior Secondary Certificate Examination. For the sake of this post as said at the beginning of this write up, we will be making available for candidates, the approved 2023/2024 WAEC syllabus for Economics below, we will give a summary of what the 2023/2024 WAEC syllabus for Economics contains before providing a free PDF document download link containing details of what to expect in the coming examination.
AIMS AND OBJECTIVES OF WAEC SYLLABUS FOR ECONOMICS
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.
The syllabus will test candidates’
- knowledge of the basic economic principles, concepts, and the tools for economic analysis;
- understanding of the structure and functioning of economic institutions – commercial, agricultural, industrial and financial institutions;
- understanding of the basis for rational economic decisions;
- 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;
- ability to follow the role and status of the West African countries in international economic relationships;
- ability to appreciate the problems West African countries encounter in their economic development.
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 CONTENTS IN THE SYLLABUS
- 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.
- FACTORS OF PRODUCTION
Land, labour, capital and entrepreneurship- meaning, characteristics and importance.
- TYPES AND BASIC FEATURES OF ECONOMIC SYSTEMS
- Types – capitalism, socialism and mixed economy.
- Basic features of each
- Advantages and disadvantages of each
- Economic problems of society and the approaches for solving them under each of the systems.
- BASIC TOOLS OF ECONOMIC ANALYSIS
Tables, graphs and charts. Some basic statistical measures and representations – arithmetic mean, median, mode and their simple applications.
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.
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.
See below, complete details and complete breakdown of the syllabus below, you can download the PDF file by clicking the download link beneath.
>>Download the 2023 WAEC Syllabus for Economics
When you enter the above link, a preamble of the syllabus is the first information before you will see the aims and objective of the 2023 WAEC Economics syllabus, furthermore, a detailed marking scheme and marks allotted to various topics have also been described in the syllabus.
Lastly, the WAEC recommended text books for Economic is also made available, this helps candidates focus and align with what is expected of them in the examination which in turn makes marking easier for WAEC representatives.
We hope the above has been helpful so far? hence, you are satisfied with the information. Questions are however entertained here so if you have questions as regards the WAEC 2023 Syllabus for Economics, kindly get through to us through the comment section below and we shall respond accordingly.
WAEC candidates in Science and Commercial students should treat the above utmost seriousness as it is the approved WAEC syllabus for Economics for 2023/2024 academic session.
Best of luck to all students.