Post UTME Syllabus in Economics

This is complete Post UTME Syllabus in Economics for candidates who are writing post utme exam this year in various universities. So, if you are preparing for post utme exam, it’s important that you follow this syllabus while you are reading. Try as much as possible to cover it with text books and post utme past questions.

Objective of the Post UTME Syllabus in Economics

This syllabus is intended for the study of Economics at the pre-degree level in Obafemi Awolowo University, Ile Ife, Nigeria. It covers the fundamental aspects of both microeconomics and macroeconomics together with a little exposition to the Nigerian economy. The teaching goal is to prepare students for sound university education and enhance their competitive edge in public examinations at the subsidiary level.



TOPIC 1: The Nature and Scope of Economics

  1. Definition of Economics
  2. Definitional concepts in Economics: Ends, Means, Scarcity, Choice, Scale of preference, Opportunity cost, Needs, Wants
  3. Other concepts in Economics: Rationality, production, distribution, consumption, micro- economics, macro-economics, positive and normative economics, economic efficiency
  4. The Economic Problem: Origin of economic problems, Types of economic problems (what, how and for whom to produce?), Economic systems as means of solving economic problems: traditional, free enterprise, planneti and mixed economic systems
  5. Why study economics?

TOPIC 2: Economic Analysis

  1. Methods of Economic Analysis: Inductive and deductive methods
  2. Tools of Economic Analysis: Tables, charts, graphs, measures of central tendency (mean, median, mode and their applications), measures of dispersion (variance, standard deviation and their applications), equations in economic analyses
  3. Merits and Demerits of tools of economic analysis


TOPIC 3: Theory of Demand

  1. Meaning and determinants of demand
  2. Demand schedule, demand curve, law of demand
  3. Types of Demand, change (shift)S in demand versus change in quantity demanded
  4. Elasticity of demand (types, measurement, determinants and applications)


TOPIC 4: Theory of Consumer Behaviour

  1. Concept of utility: Total utility, marginal utility, the principle of diminishing marginal utility, value in use versus value in exchange.
  2. Cardinalist approach to the theory of consumer behaviour: assumptions, equilibrium of the consumer, derivation of the demand curve, criticisms of the cardinalist approach
  3. Ordinalist Approach to the theory of consumer behaviour: Ordinalist tools of analysis( budget line and indifference curves), assumptions, equilibrium of the consumer, derivation of the demand curve, criticisms
  4. Consumer surplus and its applications.

 Related: Post UTME Syllabus in English Language


TOPIC 5: Theory of Supply

  1. Meaning and determinants of supply
  2. Supply schedule, supply curve, law of supply
  3. Types of supply (complementary, competitive and composite), change(shift) in supply versus change in quantity supplied
  4. Elasticity of supply (types, measurement, determinants and applications)


TOPIC 6: Price Determination

  1. Free market price determination: demand, supply, and equilibrium
  2. Effect of shifts in demand and supply on equilibrium price and quantity
  3. Functions of the price system
  4. Market price and government action:

Minimum and maximum price legislation


TOPIC 7: Theory of Production

  1. The firms as a production unit
  2. Factors of production: Types, features and rewards, Factor mobility and efficiency, marginal productivity theory of wage determination
  3. Short run versus long run in production
  4. Concepts of production (TP, MP and AP)
  5. Relationship among TP, MP and AP
  6. Scale of production (internal and external economies of scale and their implications, economies and diseconomies of scale and their sources)
  7. Production functions and returns to scale
  8. Producers equilibrium: isoquant, isocost and marginal analysis


TOPIC 8: Theory of Costs

  1. How firms incur costs
  2. Notions of costs: Economists’ versus Accountants’ notions explicit costs and implicit costs
  3. Short run production costs and their curves: total fixed, total variable and total costs; average costs and marginal cost
  4. The average- marginal relation
  5. Long run production costs: all costs variable, derivation of long run average total cost curve, economies and diseconomies of scale
  6. The marginal cost and the supply curve of firm


TOPIC 9: Market Structure

  1. Distinction between perfect and imperfect markets
  2. Revenue curves of firms: Total revenue, average revenue and marginal revenue
  3. Perfectly competitive market (assumption and characteristics, short run and long run, equilibrium positions)
  4. Imperfect markets; pure monopoly, discriminatory monopoly and monopolistic competition (assumption, characteristics, short run and long run equilibrium positions)
  5. Imperfect markets: oligopoly


TOPIC 10: Business Organizations

  1. Private enterprises (e.g. sole-proprietorship, partnership, limited liability companies and cooperative societies)
  2. Problems of private enterprises
  3. Public enterprises
  4. Privatization and commercialization as solutions to the problems of public enterprises


TOPIC 11: Population

  1. Meaning and theories
  2. Census: importance and problems
  3. Size and growth: overpopulation, under- population and optimum population
  4. Structure and distribution
  5. Population policy and economic development



TOPIC 1: Introduction to Macroeconomics

TOPIC 2: National Income

  1. Concepts in macroeconomics: GNP, GDP, NNI. Aggregate output, aggregate income, per capita income, aggregate demand, aggregate supply, nominal and real GDP, Prices at market cost and at factor cost etc.
  2. National Income measurements and their problems
  3. Uses of national income estimates
  4. The circular flow of income (three-sector model)
  5. The multiplier concept
  6. Elementary theory of income determination and equilibrium national income


TOPIC 3: Consumption and Investment

  1. Consumption and related concepts
  2. Saving and related concepts
  3. Saving and investment
  4. Factors affecting consumption and savings
  5. The multiplier principle


TOPIC 4: Money and Banking

  1. Types and functions of money
  2. Demand for money and the supply of money
  3. Liquidity preference theory of money
  4. Quantity theory of money (Fisher equation)
  5. Types of banking: commercial, development and central banking
  6. The creation of money by commercial banks
  7. Challenges facing the banking industry in Nigeria (reforms, consolidation)
  8. Monetary policy and its instruments
  9. The role of banks in economic development


TOPIC 5: Inflation and Unemployment

  1. Inflation: Types, measurements, effects and control
  2. Unemployment: Types, causes and effects in the Nigerian economy
  3. Concepts of full employment


TOPIC 6: Sectoral Analysis in the Nigerian Economy

  1. Agricultural sector: role, characteristics and problems, government intervention in agric. Sector,
  2. Agricultural income instability: causes, effects and solutions
  3. Industrial sector: role, characteristics and problems
  4. Types of industrialisation: import substitution and export – oriented industrialisation
  5. Role of SME’s in economic development
  6. Location and localisation of industries
  7. Petroleum sector: development of petroleum industry
  8. Upstream and downstream activities in the petroleum industry
  9. Contributions of petroleum sector to the entire economy


TOPIC 7: Public Finance

  1. Meaning and objectives
  2. Sources of government revenue (taxes, royalties, e.t.c)
  3. Principles of taxation
  4. Government budget and public debts
  5. Revenue allocation and resource control in Nigeria


TOPIC 8: Economic Growth and Development

  1. Meaning of economic growth and development
  2. Indicators of growth and development
  3. Factors affecting growth and development
  4. Problems of development in Nigeria
  5. Developing planning in Nigeria


TOPIC 9: International Trade

  1. Meaning and reasons for international trade.
  2. Theories of international trade and their limitations.
  3. Trade barriers: argument for and against
  4. Balance of trade and balance of payment; problems and corrective measures
  5. Terms of trade: meaning and factors affecting terms of trade
  6. Exchange rate: meaning, types and determination


TOPIC 10: International Economic Organization

Roles and relevance of international organizations

e.g. ECOWAS, AU, EU, OPEC, ECA, IMF, EEC, OECD, World Bank, IBRD, WTO, ADB and UNCTAD etc. to Nigeria

See: Recommended List of Books and Materials to Read for Your Post UTME Exam

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