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Economics WAEC Area of Concentration 2024

By WAECRESULTCHECKER
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Are you preparing for the WAEC Economics exam and feeling overwhelmed by the vast syllabus? Our comprehensive guide will help you focus on the key economics WAEC area of concentration 2024, ensuring you’re well-prepared to tackle the exam with confidence.

Economics WAEC Area of Concentration 2024/2025

The WAEC Economics exam is known for its breadth of topics. To streamline your preparation, let’s look into the essential areas you should concentrate on:

  1. Microeconomics:
    • Supply and Demand
    • Market Structures
    • Elasticity
  2. Macroeconomics:
    • National Income
    • Money and Banking
    • Inflation and Unemployment
  3. International Economics:
    • Balance of Payments
    • Exchange Rates
    • Globalization

Also include;

1. Economics: Definition and Scope

Topics covered:

  • Scarcity and Choice
  • Scale of Preference
  • Opportunity Cost
  • Production Possibility Curve
  • Economic Activities (Production, Distribution, Consumption)
  • Classification of Economic Activities (Primary, Secondary, Tertiary)

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2. Factors of Production

Factors discussed:

  • Land
  • Labour
  • Capital
  • Entrepreneurship Meaning, characteristics, and importance explored.

3. Types and Basic Features of Economic Systems

(a) Types: Capitalism, Socialism, Mixed Economy (b) Features of each (c) Advantages and disadvantages (d) Approaches to solving economic problems under each system.

4. Basic Tools of Economic Analysis

Tools covered:

  • Tables, Graphs, and Charts
  • Basic Statistical Measures (Arithmetic Mean, Median, Mode)

5. Demand

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Topics included:

  • Concept and Law of Demand
  • Demand Schedules and Curve
  • Types of Demand (Derived, Composite, Joint, Competitive)
  • Factors influencing demand (Price, Income, Tastes, Expectations)
  • Elasticity of Demand (Types and Measurement)

6. Supply

Topics discussed:

  • Concept and Law of Supply
  • Supply Schedules and Curves
  • Types of Supply (Composite, Complementary, Competitive)
  • Factors determining supply (Input Prices, Technology, etc.)
  • Elasticity of Supply (Concept and Measurement)

7. Theory of Consumer Behavior

Covered concepts:

  • Utility (Total, Average, Marginal)
  • Law of Diminishing Marginal Utility
  • Equilibrium of a Consumer
  • Effects of Price Changes on Consumer Equilibrium

8. Theory of Price Determination

Topics covered:

  • Market Concept
  • Interaction between Demand and Supply
  • Price Determination in Free and Regulated Markets
  • Equilibrium Price and Quantity
  • Effects of Changes in Supply and Demand
  • Price Controls (Maximum and Minimum)

9. Theory of Production

Subjects addressed:

  • Division of Labour and Specialization
  • Scale of Production (Internal and External Economies)
  • Total, Average, and Marginal Productivity
  • Law of Variable Proportions

10. Theory of Cost and Revenue

(i) Cost Concepts:

  • Total, Average, Marginal, Variable, Fixed Cost
  • Short Run and Long-Run Costs

(ii) Distinction between Economist’s and Accountant’s View of Cost

(iii) Revenue Concepts:

  • Total, Average, Marginal Revenue
  • Marginal Revenue Product

11. Market Structures

Explored areas:

  • Concept of a Market
  • Characteristics of Perfect and Imperfect Competition (Monopoly, Monopolistic Competition)
  • Review of Cost and Revenue Concepts
  • Price Discrimination

12. Business Organizations

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Topics covered:

  • Types and Features of Business Enterprises
  • Sole Proprietorship, Partnership, Joint-Stock Companies, Co-operatives, Statutory Corporations, Joint Ventures
  • Sources of Funds
  • Problems and Solutions in Business Enterprises
  • Privatization, Commercialization, Indigenization, and Nationalization Policies

13. Distributive Trade

Covered aspects:

  • Process of Distribution
  • Roles of Producers, Wholesalers, Retailers, Co-operatives
  • Government Agencies in Distribution
  • Problems and Solutions in Distribution

14. Population and Labour Market

Topics discussed:

  • Population Determination and Implications
  • Rural-Urban Migration
  • Malthusian Theory of Population
  • Census Importance and Problems
  • Population and Economic Development
  • Labour Market: Labour Force, Human Capital, Efficiency, Mobility
  • Factors affecting Labour Force Size
  • Supply and Demand for Labour: Wage Determination
  • Concept of Unemployment and Underemployment
  • Trade Unions, Employers’ Associations, and Government Policies on Labour and Wages.

Tips for Effective Preparation

  • Create a study schedule to cover all topics.
  • Practice past questions to familiarize yourself with the exam format.
  • Join study groups to discuss and clarify doubts.

Frequently Asked Questions (FAQs)

Q1: How should I prioritize my study time? A1: Allocate more time to challenging topics and revise regularly.

Q2: Are past questions really helpful? A2: Yes, practicing past questions enhances familiarity with the exam structure.

Q3: Is group study beneficial? A3: Absolutely! Group discussions help in better understanding and retention.

Conclusion

In conclusion, mastering Economics for WAEC requires a strategic approach. Focus on the identified key areas, practice consistently, and seek support through group study. With determination and effective preparation, success in the WAEC Economics exam is within your reach.

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