Latest NECO Economics Syllabus 2025 (+PDF)

Are you writing Economics in your NECO (SSCE or GCE) exam this year? The NECO Economics syllabus helps you know where all your NECO Economics questions will be asked from.

In this post,

You will see the NECO Economics exam structure, full list of syllabus topics, areas of concentration and study tips on Economics in NECO exam this year.

ALSO SEE: HOW TO PASS NECO CHEMISTRY EXAM

Let’s begin…

NECO Economics Exam Structure

The exam is divided into two papers:

Paper 1

• Paper 1 contains 50 multiple-choice questions.
• Questions test understanding of key economic concepts.
• Duration: 1 hour.
• Each question carries 1 mark.
• Total marks: 50.
• Pace yourself while answering.
• Read each question carefully before selecting your answer.

Paper 2

In Paper 2, you will face eight essay-type questions split into two sections: Sections A and B.

Section A

This section consists of two data response questions. You’ll need to analyse the provided data and answer accordingly. You will choose one question from Section A.

Section B

In Section B, you will find a variety of essay questions covering different aspects of economics. You are required to answer three questions from this section.

You will have a total of 2 hours to complete Paper 2, with each question carrying different marks, for a total of 80 marks.

Manage your time effectively and give each question the attention it deserves

See NECO Economics Syllabus

Here are the Economics topics and areas of concentration under each topic which you must study according to the official NECO syllabus.

NECO Economics Syllabus

1. DEFINITION AND SCOPE OF ECONOMICS

• Scarcity and Choice, Scale of Preference, Opportunity Cost, Production Possibility Curve.
• Economic activities

2. FACTORS OF PRODUCTION

• Land, labour, capital, and entrepreneurship – their meanings, characteristics, and importance.

3. TYPES AND BASIC FEATURES OF ECONOMIC SYSTEMS

• Types – capitalism, socialism and mixed economy.
• Basic features of each
• Advantages and disadvantages of each
• 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

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 PRICES 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 ofequilibrium 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 ofvariable proportions.

10. THEORY OF COST AND REVENUE

• Cost concepts: total cost, average cost, marginal cost, variable cost, fixed cost; short run and long run costs.
• Distinction between economist’s and accountant’s view of cost (opportunity cost and money cost).
• 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

• Population
• Labour Market

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

• 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.
• 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

• International trade
• Balance of payments

23. ECONOMIC INTEGRATION

• Economic Integration (objectives, levels of and features).
• Development and problems of economic integration in West Africa- ECOWAS

24. INTERNATIONAL ECONOMIC ORGANIZATION

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. and 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).

Smart Study Tips for NECO Economics

• Create a weekly study plan by topic
• Group similar topics for better understanding
• Time yourself when practicing past questions.

FAQs

Q: Is the NECO Economics syllabus the same as WAEC?
A: They are similar but not the same. Always use the NECO version when preparing for NECO exams.

Q: Where can I download the syllabus PDF?
A: You can get it from syllabus.ng or ask your school to print a copy.

Summary on the NECO Economics Syllabus

Economics is a bonus subject if you follow the NECO Economics syllabus and prepare smartly. Use this post as your study guide, cover every topic, and tackle past questions consistently.

Good luck with your preparation!