Economics

Topics: Economics, Supply and demand, Microeconomics Pages: 9 (1427 words) Published: August 15, 2013
WEST AFRICAN SENIOR SCHOOL CERTIFICATE EXAMINATION ECONOMICS

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.

2.

3. 4.

5.

6.

RUBRICS OF THE PAPER;
There will be two papers; Paper 1 will be an objective test of 50 questions to be completed in 50 minutes, and paper 2, an essay-type to be completed in 3 hours. Paper 2 will be divided into 2 sections (A and B). Section A will consist of two data-response questions and candidates must answer one of them. Section B will consist of ten other questions and candidates will be required to answer any four of them. All questions will carry equal marks. Candidates will in all, be required to answer all questions in Paper 1 and five questions in Paper 2 as spelt out above.

From Olusegun Fapohunda of www.justnaira.com

176

WEST AFRICAN SENIOR SCHOOL CERTIFICATE EXAMINATION ECONOMICS

DETAILED SYLLABUS 1. DEFINITION AND SCOPE OF ECONOMICS
Scarcity and Choice, Scale of preference, Opportunity cost, 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 and foreign exchange.

2.

TYPES AND BASIC FEATURES OF ECONOMIC SYSTEMS
(a) (b) (c) Types – capitalism, socialism, mixed economy, etc. Basic features of each. Economic problems of society and the approaches for solving them under each of the systems.

3.

BASIC TOOLS OF ECONOMIC ANALYSIS
Tables, graphs and charts. Some basic statistical measures and representations – arithmetic mean, median, mode, and their simple applications.

4.

THEORY OF CONSUMER BEHAVIOUR
Concept of utility (total and marginal utility). Law of diminishing marginal utility; relation between marginal utility and the demand curve.

5.

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.

6.

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

WEST AFRICAN SENIOR SCHOOL CERTIFICATE EXAMINATION ECONOMICS

7.

THEORY OF PRICE DETERMINATION
The concept of the market; interaction between demand and supply....
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