ECONOMICS SYLLABUS FOR SSCE STUDENTS
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.
13. DISTRIBUTIVE
TRADE
Process of distribution, role of producers, role of
wholesalers, retailers and
co-operatives: the role of government agencies in product
distribution and the problems of distribution and their solutions.
14. POPULATION
AND LABOUR MARKET
(a) Population
- determination and implication of size and growth of population, Rural – urban
migration, Malthusian theory of population Geographical, age, sex and
occupational distribution. Importance and problems of census. Population and
economic development (under - population, optimum population and over-
population).
(b) Labour
Market
(i) Concept
of labour force and human capital, efficiency and mobility of labour, factors
affecting the size of the labour force, particularly the population
characteristics (age, sex, occupation, education, etc.)
(ii) supply
of and demand for labour: wage determination. Concept of unemployment and
underemployment, Trade Unions, Employers’ association and Government policies
on labour and wages.
15. 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.
16. INDUSTRIALIZATION
Meaning and types of industry. Definition of industrial
concepts: plant, firm, industry and industrial estates. Location of industry,
localization, role of industrialization in economic development. Strategies of
industrialization.
Problems of industrialization.The link between agricultural
and industrial development.
17. 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.
18. MONEY AND
INFLATION
(a) Money –
definition and historical development-barter and its problems, types,
characteristics functions. Supply of and demand for money, value of money and
the price level.
(b) Inflation:
meaning types, causes, effects and control.
19. FINANCIAL
INSTITUTIONS
Types (traditional, Central Bank, Commercial Bank,
Development Bank, Merchant Bank, and Insurance Companies, Building Societies) :
development and functions of financial institutions. Money and capital markets;
meaning, types and functions
20. PUBLIC
FINANCE
Fiscal policy and objectives of public finance: Sources of
government revenue. Taxation -types(direct and indirect),objectives, merits,
demerits and incidence; Principles/canons of taxation; Rates of
taxation(proportional, progressive and regressive) direct and indirect
taxation: incidence and effects of taxes, composition/ structure of public
expenditure (recurrent and capital expenditure): effects of
public expenditure. Government budget and the national debt.
21. ECONOMIC
DEVELOPMENT AND PLANNING
Meaning of economic development, distinction between
economic growth and development, characteristics and problems of developing
countries, elements of development planning (objectives of planning, and
problems of planning). Types of plans (short term, medium term, perspective or
long term, rolling plan etc.).
22. INTERNATIONAL
TRADE AND BALANCE OF PAYMENTS
(a) International
Trade: differences between domestic and international trade, the basis of
international trade, absolute and comparative cost advantage, terms of trade
(definition and measurement) commercial policy (objectives) and instruments –
tariffs (types) and direct control. Trend and structure of West African
countries’ external trade.
(b) Balance of
Payments: role of money in international transactions, meaning and components
of balance of payments, balance of payments disequilibrium, balance of payments
adjustments (exchange rate policy exchange control, monetary and fiscal
policies) and financing (the use of reserves and international borrowing).
23. ECONOMIC
INTEGRATION
Economic Integration (objectives, levels of and features).
Development and problems of economic integration in West Africa- ECOWAS
24. INTERNATIONAL
ECONOMIC ORGANIZATIONS
Development and role of:
- Organization
of Petroleum Exporting Countries (OPEC)
- Economic
Commission for Africa (ECA)
- International
Monetary Fund (IMF)
- International
Bank for Reconstruction and Development (IBRD)
- African
Development Bank (AfDB)
- United
Nations Conference on Trade and Development (UNCTAD) etc. relevance of such
organizations to West African Countries.
25. MAJOR
NATURAL RESOURCES
Development of major natural resources (petroleum, gold, diamond, timber, groundnut etc) effects on West African economies (positive and negative).
0 Comments