WAEC Economics: topics to study
27 topics in 6 sections. In WAEC WASSCE, most subjects have an objective (multiple-choice) paper and a theory or essay paper, and science subjects also have a practical.
How to study Economics for WAEC
Economics questions test definitions, diagrams and their meaning. Draw demand and supply diagrams until they are automatic, and connect topics to real Nigerian examples.
WAEC Economics topics
1.Basic Concepts
- Scarcity, choice and opportunity cost
- Economic systems
- Basic tools of economic analysis
2.Demand, Supply and Prices
- Theory of demand
- Theory of supply
- Price determination and equilibrium
- Elasticity
- Price control
3.Production and Firms
- Factors of production
- Costs and revenue
- Market structures
- Business organisations
- Location of industry
4.Money, Banking and Public Finance
- Money and inflation
- Financial institutions
- Central bank and monetary policy
- Public finance and taxation
- Budget and national debt
5.National Economy
- National income
- Population and labour market
- Agriculture in Nigeria
- Economic growth and development planning
6.International Economics
- International trade
- Balance of payments
- Exchange rates
- Economic integration (ECOWAS, AU)
- International economic organisations
This outline follows the structure of the official syllabus. Check the current Economics syllabus on the WAEC website for this year's exact list and any set texts.