Topics you should understand well in Economics before writing WASSCE

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Topics you should understand well in Economics before writing WASSCE

Yes, I absolutely know that you are preparing for the WASSCE or you are probably wanting to get information about WASSCE (Economics ). Do not fear because in this article I am going to expose you on topics that Waec does not joke with.

These topics were extracted from Waec syllabus 2016-2020. It is very important to understand the fact that you do not read without direction. Reading without direction is like a ship travelling without compass and direction. Of a truth you know what would happen to such ship. It will be lost in a land of the forever. Similarly if you read without direction you may be lost in a land of the forever.

Here are the Topics you should know before you sit for the Wassce Economics Examination. They are

1. DEFINITION AND SCOPE OF ECONOMICS

♦ Scarcity and Choice  ♦ Scale of Preference ♦ Opportunity Cost ♦ Economics activities-producuction ♦ Distribution and Consumption  ♦ Classification of Economics activities-Primary, Secondary and Tertiary and their relative contribution to terms of output/income ♦ Employment ♦ Savings and Foreign Exchange

2. TYPES AND BASIC FEATURES OF ECONOMIC SYSTEM

  1. Types – Capitalism, Socialism, Mixed Economy e.t.c
  2. Basic features of each
  3. Economic problems of society and the approaches for solving them under each of the system.

3. BASIC TOOLS FOR ECONOMICS ANALYSIS

♦ Tables ♦ Graph ♦ Chart ♦ Some basic statistical measures and representations ♦ Arithmetic Mean, ♦ Median ♦ Mode and their simple applications

4. THEORY OF CONSUMER BEHAVIOUR

♦ Concept of Utility (total and marginal utility) ♦ Law of Diminishing Marginal Utility ♦ Relation between Marginal Utility and the Demand Curve

Demand

♦ Concept of Demand and Law of Demand ♦ Types of Demand (derived, composite, joint and competitive) 

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