WAEC Areas of Concentration for Economics 2025/2026

The WAEC Areas of Concentration for Economics 2025/2026 aims at gaining knowledge of fundamental economic principles and tools for analysis, understanding the structure and functioning of various economic institutions (commercial, agricultural, industrial, and financial), and developing the ability to make rational economic decisions.

Students will learn about the West African economy, including the roles of agriculture, industry, and mining, as well as the region’s status in international economic relations and the challenges it faces in economic development.

The examination consists of two papers: Paper 1 includes fifty multiple-choice questions, lasting 1 hour and worth 50 marks. Paper 2 features eight essay-type questions divided into two sections, with candidates answering four questions total—one from Section A (data response) and three from Section B—over a duration of 2 hours for 80 marks.

WAEC Areas of Concentration for Economics 2025/2026

Definition and Scope of Economics

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

Factors of Production

• Land, Labor, Capital, Entrepreneurship
  • Meaning, Characteristics, Importance

Types of Economic Systems

• Types:
  • Capitalism, Socialism, Mixed Economy
• Basic Features, Advantages, Disadvantages

Basic Tools of Economic Analysis

• Statistical Tools:
  • Tables, Graphs, Charts
  • Measures: Mean, Median, Mode

Demand

• Concept and Law of Demand
  • Demand Schedules, Curves
  • Types of Demand
  • Factors Determining Demand
  • Elasticity of Demand

Supply

• Concept and Law of Supply
  • Supply Schedules, Curves
  • Types of Supply
  • Factors Determining Supply
  • Elasticity of Supply

Theory of Consumer Behavior

• Utility Concepts:
  • Total, Average, Marginal Utility
  • Consumer Equilibrium

Theory of Price Determination

• Market Concepts
  • Price Determination in Free and Regulated Markets
  • Price Controls: Maximum and Minimum Prices

Theory of Production

• Production Concepts
  • Division of Labor, Specialization
  • Productivity Measures

Theory of Cost and Revenue

• Cost Concepts:
  • Total, Average, Marginal Costs
• Revenue Concepts:
  • Total, Average, Marginal Revenue

Market Structure

• Market Characteristics
  • Price and Output Determination
  • Perfect vs. Imperfect Competition

Business Organizations

• Types of Enterprises:
  • Sole Proprietorship, Partnership, Corporations, Co-operatives
• Sources of Funds and Problems

Distributive Trade

• Distribution Process
  • Roles of Producers, Wholesalers, Retailers

Population and Labor Market

• Population Concepts
  • Growth, Distribution, Malthusian Theory
• Labor Market Dynamics
  • Supply and Demand for Labor, Wage Determination

Agriculture

• Agricultural Structure and Importance
  • Types: Food Crops, Export Crops, Livestock

Industrialization

• Types of Industries
  • Location and Strategies of Industrialization

National Income

• National Income Concepts:
  • GDP, GNP, Measurement Challenges

Money and Inflation

• Money Concepts:
  • Types, Functions, Value
• Inflation:
  • Causes, Effects, Control

Financial Institutions

• Types and Functions
  • Central Bank, Commercial Banks, Insurance Companies

Public Finance

• Fiscal Policy
  • Government Revenue, Taxation Types, Public Expenditure

Economic Development and Planning

• Economic Development Concepts
  • Planning Types and Problems

International Trade and Balance of Payments

• International Trade Basics
  • Terms of Trade, Trade Policies
• Balance of Payments Concepts

Economic Integration

• Objectives and Problems of Economic Integration in West Africa

International Economic Organizations

• Roles of Key Organizations:
  • OPEC, IMF, World Bank, ECA

Major Natural Resources

• Impact of Natural Resources on West African Economies

Conclusion

The WAEC Areas of Concentration for Economics 2025/2026 aims to assess candidates’ understanding of basic economic principles essential for rational decision-making in various contexts, including individuals, businesses, and government. This knowledge fosters appreciation of government economic policies, implementation challenges, and their effects on the economy, highlighting that economics is both an academic discipline and a practical subject.

• RECENT ARTICLES
• Waec Areas Of Concentration For Auto Electrical Work 2025/2026
• WAEC Result Checker 2025/2026 – Check Result by E-Pin and SMS
• WAEC Registration 2025/2026 – Deadline & Complete Registration Process
• WAEC Time Table 2025/2026 Senior and Junior PDF Download
• WAEC Online Portal 2025/2026 For Registration, Syllabus and Timetable
• WAEC Areas of Concentration for Animal Husbandry (Alt. B) 2025/2026
• Waec Areas Of Concentration For Foods and Nutrition 2025/2026