WAEC Syllabus For Economics 2026/2027 & Textbooks
The WAEC Syllabus For Economics 2026/2027 & Textbooks covers fundamental economic principles, including scarcity, choice, and opportunity cost, as well as the factors of production and different economic systems. Key topics include demand, supply, price determination, production theories, and the structure of markets. It also covers national economic issues such as population, agriculture, industrialization, and international trade.
This blog post also covers the economics recommended textbooks specifically aligned with the Senior Secondary School (SSS) curriculum, such as those covering topics relevant to the WASSCE exam. Recommended resources include comprehensive guides, textbooks with relevant examples, and those that prepare students for both objective and theory questions.
Contents
- 0.1 Aims and Objectives Of Syllabus
- 0.2 Scheme of Examination
- 0.3 WAEC Syllabus For Economics 2026/2027
- 0.4 DEFINITION AND SCOPE OF ECONOMICS
- 0.5 FACTORS OF PRODUCTION
- 0.6 TYPES AND BASIC FEATURES OF ECONOMIC SYSTEMS
- 0.7 BASIC TOOLS OF ECONOMIC ANALYSIS
- 0.8 DEMAND
- 0.9 SUPPLY
- 0.10 THEORY OF CONSUMER BEHAVIOUR
- 0.11 THEORY OF PRODUCTION
- 0.12 THEORY OF COST AND REVENUE
- 0.13 BUSINESS ORGANIZATIONS
- 0.14 DISTRIBUTIVE TRADE
- 0.15 POPULATION AND LABOUR MARKET
- 0.16 INDUSTRIALIZATION
- 0.17 NATIONAL INCOME
- 0.18 MONEY AND INFLATION
- 0.19 FINANCIAL INSTITUTIONS
- 0.20 PUBLIC FINANCE
- 0.21 ECONOMIC DEVELOPMENT AND PLANNING
- 0.22 INTERNATIONAL TRADE AND BALANCE OF PAYMENTS
- 0.23 ECONOMIC INTEGRATION
- 0.24 INTERNATIONAL ECONOMIC ORGANIZATIONS
- 1 MAJOR NATURAL RESOURCES
Aims and Objectives Of Syllabus
The aim & Objective of the Economics syllabus is to give students the “A sound knowledge of basic economic principles, concepts, and analytical tools, along with an understanding of the structure and functioning of commercial, agricultural, industrial, and financial institutions, equips individuals to make rational economic decisions, explain the structure of the West African economy—including the roles of agriculture, industry, and mining in national income—and to appreciate both the region’s position in international economic relations and the challenges it faces in economic development.”
Scheme of Examination
The examination will consist of two papers—Paper 1 and Paper 2—which will be combined into a single composite paper to be taken in one sitting.
Paper 1: will comprise 50 multiple-choice questions to be answered in 1 hour for a total of 50 marks.
Paper 2: will include eight essay-type questions divided into two sections: Section A and Section B. Section A will feature two data response questions, from which candidates must answer one. In Section B, candidates will choose and answer any three questions. Paper 2 will last 2 hours and carry 80 marks.
WAEC Syllabus For Economics 2026/2027
DEFINITION AND SCOPE OF ECONOMICS
- Economics
- Scarcity
- Choice
- Scale of Preference
- Opportunity Cost
- Production Possibility Curve (PPC)
- Economic Activities
- Production
- Distribution
- Consumption
- Classification of Economic Activities:
- Primary Activities
- Secondary Activities
- Tertiary Activities
- Output/Income
- Employment
- Savings
- Investment
- Foreign Exchange
FACTORS OF PRODUCTION
- Land
- Labour
- Capital
- Entrepreneurship
- Characteristics of Factors of Production
- Importance of Factors of Production
TYPES AND BASIC FEATURES OF ECONOMIC SYSTEMS
- Capitalism
- Socialism
- Mixed Economy
- Features of Economic Systems
- Advantages and Disadvantages of Economic Systems
- Economic Problems of Society
- Solutions under Different Economic Systems
BASIC TOOLS OF ECONOMIC ANALYSIS
- Tables
- Graphs
- Charts
- Arithmetic Mean
- Median
- Mode
- Statistical Representations
DEMAND
- Demand
- Law of Demand
- Demand Schedule
- Demand Curve
- Exceptional Demand Curves
- Derived Demand
- Composite Demand
- Joint Demand
- Competitive Demand
- Determinants of Demand:
- Price of Commodity
- Prices of Other Commodities
- Income
- Tastes
- Price Expectations
- Movement Along the Demand Curve
- Shift of the Demand Curve
- Elasticity of Demand
- Price Elasticity
- Income Elasticity
- Cross Elasticity
- Importance of Elasticity
SUPPLY
- Supply
- Law of Supply
- Supply Schedule
- Supply Curve
- Composite Supply
- Complementary Supply
- Competitive Supply
- Determinants of Supply:
- Input Prices
- Technology
- Prices of Other Commodities
- Climate
- Movement Along the Supply Curve
- Shift of the Supply Curve
- Elasticity of Supply
- Importance of Elasticity of Supply
THEORY OF CONSUMER BEHAVIOUR
- Total Utility
- Average Utility
- Marginal Utility
- Law of Diminishing Marginal Utility
- Utility Schedule
- Consumer Equilibrium
- Price and Consumer Equilibrium
- Marginal Utility and Demand Curve
THEORY OF PRICE DETERMINATION
- Market
- Interaction of Demand and Supply
- Equilibrium Price and Quantity
- Free Market
- Regulated Market
- Algebraic Determination of Equilibrium
- Price Control:
- Maximum Price
- Minimum Price
- Rationing
- Black Market
THEORY OF PRODUCTION
- Production
- Division of Labour
- Specialization
- Scale of Production
- Internal Economies
- External Economies
- Total Product
- Average Product
- Marginal Product
- Law of Variable Proportions
THEORY OF COST AND REVENUE
- Total Cost
- Average Cost
- Marginal Cost
- Variable Cost
- Fixed Cost
- Short-run Cost
- Long-run Cost
- Opportunity Cost
- Money Cost
- Economist vs. Accountant Cost Views
- Total Revenue
- Average Revenue
- Marginal Revenue
- Marginal Revenue Product
MARKET STRUCTURE
- Market
- Market Structures:
- Perfect Competition
- Imperfect Competition
- Monopoly
- Monopolistic Competition
- Price and Output Determination
- Cost and Revenue in Market Structures
- Price Discrimination
BUSINESS ORGANIZATIONS
- Sole Proprietorship
- Partnership
- Joint-Stock Companies (Private/Public)
- Co-operatives
- Statutory Corporations
- Joint Ventures
- Sources of Funds
- Problems of Enterprises
- Privatization
- Commercialization
- Indigenization
- Nationalization
DISTRIBUTIVE TRADE
- Distribution Process
- Role of:
- Producers
- Wholesalers
- Retailers
- Co-operatives
- Government Agencies
- Distribution Problems and Solutions
POPULATION AND LABOUR MARKET
- Population Size and Growth
- Rural-Urban Migration
- Malthusian Theory
- Population Distribution:
- Geographical
- Age
- Sex
- Occupational
- Census
- Underpopulation
- Optimum Population
- Overpopulation
- Labour Force
- Human Capital
- Labour Efficiency
- Labour Mobility
- Wage Determination
- Unemployment
- Underemployment
- Trade Unions
- Employers’ Associations
- Government Labour Policies
AGRICULTURE
- Food Crops
- Export Crops
- Livestock
- Fisheries
- Peasant Farming
- Commercial Farming
- Co-operative Farming
- State Farming
- Importance of Agriculture
- Commodity Boards
- Agricultural Marketing
INDUSTRIALIZATION
- Types of Industries
- Plant
- Firm
- Industry
- Industrial Estates
- Industrial Location
- Localization
- Industrialization and Economic Development
- Strategies of Industrialization
- Industrialization Problems
- Agriculture–Industry Link
NATIONAL INCOME
- Gross Domestic Product (GDP)
- Gross National Product (GNP)
- Net National Product (NNP)
- National Income Measurement
- Uses of National Income Data
- Limitations of National Income Data
- Trends and Structure of National Income
MONEY AND INFLATION
- Barter System
- Problems of Barter
- Money Definition
- Types of Money
- Characteristics of Money
- Functions of Money
- Money Supply and Demand
- Value of Money
- Price Level
- Inflation:
- Types
- Causes
- Effects
- Control
FINANCIAL INSTITUTIONS
- Traditional Institutions
- Central Bank
- Commercial Banks
- Development Banks
- Merchant Banks
- Insurance Companies
- Building Societies
- Money Market
- Capital Market
- Functions of Financial Institutions
PUBLIC FINANCE
- Fiscal Policy
- Public Finance Objectives
- Government Revenue Sources
- Taxation:
- Direct Tax
- Indirect Tax
- Objectives
- Merits and Demerits
- Incidence of Tax
- Canons of Taxation
- Tax Rates:
- Proportional
- Progressive
- Regressive
- Public Expenditure:
- Recurrent
- Capital
- Government Budget
- National Debt
ECONOMIC DEVELOPMENT AND PLANNING
- Economic Growth vs. Development
- Developing Countries: Characteristics and Problems
- Development Planning
- Objectives of Planning
- Problems of Planning
- Types of Plans:
- Short-term
- Medium-term
- Long-term
- Rolling Plan
- Perspective Plan
INTERNATIONAL TRADE AND BALANCE OF PAYMENTS
- Domestic vs. International Trade
- Basis for Trade:
- Absolute Advantage
- Comparative Advantage
- Terms of Trade
- Commercial Policies:
- Tariffs (Types)
- Direct Controls
- External Trade Structure (West Africa)
- Balance of Payments:
- Definition
- Components
- Disequilibrium
- Adjustment Mechanisms:
- Exchange Rate Policy
- Exchange Control
- Monetary Policy
- Fiscal Policy
- International Borrowing
ECONOMIC INTEGRATION
- Economic Integration
- Objectives of Integration
- Levels of Integration
- Features of Integration
- ECOWAS
- Problems of Integration in West Africa
INTERNATIONAL ECONOMIC ORGANIZATIONS
- OPEC
- ECA (Economic Commission for Africa)
- IMF (International Monetary Fund)
- IBRD (World Bank)
- AfDB (African Development Bank)
- UNCTAD
- Role and Relevance to West Africa
MAJOR NATURAL RESOURCES
- Petroleum
- Gold
- Diamond
- Timber
- Groundnut
- Natural Resource Development
- Positive Economic Effects
- Negative Economic Effects
WAEC Textbooks For Economics 2026/2027
- Aderinto, A.A et al (1996) Economics: Exam Focus, Ibadan: University Press Plc.
- Black, J. (1997) Oxford Dictionary of Economics,Oxford: Oxford University Press.
- Brownson-oton Richard (2010) What is Micro-Economics? Niky Printing and Publishing coy.
- Brownson-oton Richard (2010) What is Macro-Economics? Niky Printing and Publishing coy.
- Eyiyere, D.O. (1980) Economics Made Easy, Benin City, Quality Publishers Ltd.
- Fajana, F et al (1999) Countdown to SSCE/JME Economics, Ibadan: Evans.
- Falodun, A.B. et al (1997) Round-up Economics, Lagos: Longman.
- Kountsoyiannis, A. (1979) Modern MicroEconomics, London: Macmillan.
- Lawal, O.A. (1985) Success in Economics, London: John Muray.
- Lipsey, R.G. (1997) An Introduction to Positive Economics, Oxford: Oxford University Press.
- Samuelson, P and Nordhaus, W. (1989) Economics, Singapore: McGraw-Hill.
- Udu E and Agu G.A. (2005) New System Economics: a Senior Secondary Course, Ibadan: Africana FIRST Publishers Ltd.
- Wannacott and Wannacott (1979) Economics, New York: McGraw-Hil
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