Welcome to the official WAEC Economics Syllabus 2026, This comprehensive guide is essential for all candidates preparing for the upcoming WASSCE exam.
A deep understanding of this syllabus is the key to exam success. This detailed breakdown covers the exam format, all key topics, and concepts to help you achieve an excellent grade. At Masterwaec.com, we provide the resources you need to master your WAEC subjects.
Aims and Objectives of the Syllabus
The WAEC Economics syllabus aims to equip candidates with:
- Knowledge of basic economic principles and concepts.
- An understanding of the structure and function of economic institutions.
- The ability to make rational economic decisions.
- An understanding of the West African economy and its role in international relationships.
WAEC Economics Examination Scheme
The examination consists of two papers, Paper 1 and Paper 2, which are taken as a composite paper in one sitting.
Paper 1: Objective Test
Format: 50 multiple-choice questions.
Duration: 1 hour.
Marks: 50 marks.
Paper 2: Essay & Data Response
Format: Eight essay-type questions in two sections.
Questions to Answer: Four questions in total.
Duration: 2 hours.
Marks: 80 marks.
Breakdown:
Section A: Answer one out of two data response questions.
Section B: Answer any three questions.
Detailed WAEC Economics Syllabus 2026 Breakdown
1. Foundational Concepts
- Scarcity and Choice: Scale of preference, opportunity cost, and the Production Possibility Curve.
- Economic Activities: Production, Distribution, and Consumption.
- Factors of Production: Meaning, characteristics, and importance of Land, Labour, Capital, and Entrepreneurship.
- Economic Systems: Types (Capitalism, Socialism, Mixed Economy) and their features.
2. Demand, Supply, and Price Theory
- Demand: The Law of Demand, demand curves, and factors affecting demand.
- Elasticity of Demand: Types (price, income, cross) and their importance.
- Supply: The Law of Supply, supply curves, and factors affecting supply.
- Price Determination: Market equilibrium, price controls (maximum and minimum prices), and their effects.
3. Production, Cost & Revenue
- Production: Division of labour, specialization, and scale of production.
- Cost and Revenue: Concepts of total, average, and marginal costs and revenues.
- Market Structures: Characteristics of various market structures like perfect competition and monopoly.
4. Key Sectors & Economic Concepts
- Business Organizations: Types of enterprises (Sole Proprietorship, Partnership, etc.) and their problems.
- Distributive Trade: The roles of producers, wholesalers, and retailers.
- Population and Labour Market: Population size, migration, unemployment, and the role of trade unions.
- Agriculture and Industrialization: Structure, systems, importance, and problems of these key sectors.
5. Macroeconomics
- National Income: Meaning, measurement, uses, and limitations of GDP and GNP.
- Money and Inflation: Functions of money, types of inflation, and its effects and control.
- Financial Institutions: Types (Central Bank, Commercial Banks) and their functions.
- Public Finance: Sources of government revenue, taxation (types, principles), and public expenditure.
6. International Economics & Development
- Economic Development: Distinction between economic growth and development, characteristics, and problems of developing countries.
- International Trade: Differences between domestic and international trade, basis for trade, and terms of trade.
- Balance of Payments: Meaning, components, and adjustment policies.
- Economic Integration: Objectives and problems of economic integration in West Africa (e.g., ECOWAS).
- International Organizations: The role of bodies like OPEC, IMF, and the AfDB.
CHECK OUT: 2025 WAEC Economics Questions And Answers + PDF
7. Natural Resources
- Development: Development of major natural resources (e.g., petroleum, timber).
- Effects: The positive and negative effects of these resources on West African economies.
8.Theory Of Price 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 of
- equilibrium 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 of
- variable proportions.
10. Theory Of Cost And Revenue
- (i) Cost concepts: total cost, average cost, marginal cost, variable cost, fixed cost; short run and long run costs.
- (ii) Distinction between economist’s and accountant’s view of cost (opportunity cost and money cost).
- (iii) 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
(a) Population
- Determination and implication of size and growth of population
- Rural–urban migration
- Malthusian theory of population
- Geographical, age, sex and occupational distribution
- Importance and problems of census
- Population and economic development (under-population, optimum population and over-population)
(b) Labour Market
- Concept of labour force and human capital
- Efficiency and mobility of labour
- Factors affecting the size of the labour force, particularly population characteristics (age, sex, occupation, education, etc.)
- Supply of and demand for labour: wage determination
- Concept of unemployment and underemployment
- Trade Unions, Employers’ associations and Government policies on labour and wages
15. Agriculture
- Structure (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 and 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
(a) Money
- Definition and historical development – barter and its problems
- Types, characteristics, and functions
- Supply of and demand for money
- Value of money and the price level
(b) Inflation
- Meaning, types, causes, effects and control
19. Financial Institutions
- Types: traditional, Central Bank, Commercial Bank, Development Bank, Merchant Bank, 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)
- 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 and problems)
- Types of plans (short term, medium term, long term, rolling plan etc.)
22. International Trade and Balance of Payments
(a) International Trade
- Differences between domestic and international trade
- Basis of international trade
- Absolute and comparative cost advantage
- Terms of trade (definition and measurement)
- Commercial policy (objectives and instruments – tariffs and direct control)
- Trend and structure of West African countries external trade
(b) Balance of Payments
- Role of money in international transactions
- Meaning and components of balance of payments
- Balance of payments disequilibrium
- Adjustments (exchange rate policy, exchange control, monetary and fiscal policies)
- Financing (use of reserves and international borrowing)
23. Economic Integration
- Objectives, levels, and features
- Development and problems of economic integration in West Africa – ECOWAS
24. International Economic Organizations
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)
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).
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Kolade Kayode, known as Mr. KK, I am a Nigerian education blogger and founder of MasterWAEC.com. Passionate about student success, I simplifies WAEC exam preparation with accurate tips and resources to help students excel.