Approved Key Points in Economics for JAMB 2026/2027

Approved Key Points in Economics for JAMB:- If there is one social science subject that controls many JAMB performances every year, it is Economics. Some candidates fear the graphs, some ignore the definitions, but the wise ones understand something important. JAMB Economics is not difficult. It only requires the right key points, clear understanding of concepts, and steady revision. Once you know the areas JAMB repeats every year, scoring above 70 becomes very possible.

This guide contains the most important JAMB Economics Key Points, simple explanations, and a complete set of 40 Economics Questions and Answers. If you study this guide carefully, your confidence in Economics will grow quickly.

Approved Key Points in Economics for JAMB 2026/2027 Important

Key Points in Economics for JAMB 2026/2027 is important because:

• Economics is compulsory for social science, business, and management courses
• JAMB repeats many familiar topics from demand, supply, production, and national income
• Most questions follow straightforward definitions and basic reasoning
• Understanding key concepts helps you answer faster
• It is one of the easiest subjects to score above 70 with daily revision

If you want a high JAMB score, Economics must be one of your strongest subjects.

Approved Key Points in Economics for JAMB 2026/2027 With 40 Questions and Answers

Basic Concepts of Economics

• Economics is the study of human behavior in relation to scarce resources
• Scarcity means limited resources
• Choice is selecting one option among alternatives
• Opportunity cost is the next best alternative forgone
• Wants are unlimited, resources are limited

Theory of Demand and Supply

• Demand is the quantity of goods consumers are willing to buy at a given price
• Law of demand: price increases, quantity demanded decreases
• Supply is the quantity of goods producers are willing to sell
• Law of supply: price increases, quantity supplied increases
• Demand curve slopes downward
• Supply curve slopes upward

Production and Factors of Production

• Factors of production: land, labor, capital, entrepreneur
• Land includes all natural resources
• Capital is man-made wealth
• Labor is human effort
• Entrepreneur organizes other factors
• Division of labor means breaking jobs into tasks

Market Structures

• Perfect competition has many buyers and sellers
• Monopoly has one seller
• Oligopoly has few sellers
• Monopolistic competition has many sellers of differentiated products

Money and Banking

• Money is anything accepted as a medium of exchange
• Functions of money include store of value, unit of account
• Central Bank controls other banks
• Commercial banks accept deposits and give loans
• Cheque is a written order to pay money

National Income

• National income is the total income of a country
• GDP means Gross Domestic Product
• GNP means Gross National Product
• Per capita income = national income divided by population
• Methods of measuring national income: output, income, expenditure

Public Finance and Government

• Government revenue includes tax, licenses, fees
• Types of tax: direct and indirect
• Budget is a financial estimate of income and expenditure
• Inflation is persistent rise in prices
• Fiscal policy controls government spending and taxation

Areas JAMB Repeats Every Year/JAMB Area of Concentration For Economics

Below are the JAMB Area of Concentration

• Demand and supply
• Market structures
• Production
• National income
• Money and banking
• Public finance
• Inflation and unemployment
• Opportunity cost
• Population and labor force
• International trade

Also Read: DOWNLOAD JAMB KEY POINTS FOR HISTORY 2026/2027

40 JAMB ECONOMICS PRACTICE QUESTIONS AND ANSWERS

Below are 40 practice questions divided into sections.

PART I: Approved Key Points in Economics for JAMB (Basic Concepts)

1. Economics is the study of what?
   Answer: Human behavior in relation to scarce resources
2. Scarcity means what?
   Answer: Limited resources
3. Opportunity cost means what?
   Answer: Next best alternative forgone
4. Human wants are what?
   Answer: Unlimited
5. Choice is necessary because resources are what?
   Answer: Scarce
6. Items used to satisfy human wants are called what?
   Answer: Goods and services
7. The study of individual units is what?
   Answer: Microeconomics
8. The study of the whole economy is what?
   Answer: Macroeconomics
9. Wealth means what?
   Answer: Assets that can be used to satisfy wants
10. Utility means what?
    Answer: Satisfaction derived from goods

Also Read: Key Points in English for JAMB 2026/2027 With 60 Questions and Answers

PART II: Approved Key Points in Economics for JAMB (Demand and Supply)

11. Law of demand states what?
    Answer: Price increases, quantity demanded decreases
12. Demand curve slopes in which direction?
    Answer: Downward
13. Law of supply states what?
    Answer: Price increases, quantity supplied increases
14. Supply curve slopes in which direction?
    Answer: Upward
15. A change in price causes what?
    Answer: Movement along the demand curve
16. A change in income causes what?
    Answer: Shift in demand curve
17. Goods that are used together are called what?
    Answer: Complementary goods
18. Goods that replace each other are called what?
    Answer: Substitute goods
19. When supply exceeds demand, it is called what?
    Answer: Surplus
20. When demand exceeds supply, it is called what?
    Answer: Shortage

PART III: Production and Markets (Approved Key Points in Economics for JAMB)

21. Factors of production include what?
    Answer: Land, labor, capital, entrepreneur
22. Breaking jobs into smaller units is called what?
    Answer: Division of labor
23. Market with one seller is called what?
    Answer: Monopoly
24. Market with many buyers and sellers is what?
    Answer: Perfect competition
25. Market with few sellers is what?
    Answer: Oligopoly
26. The entrepreneur is responsible for what?
    Answer: Organizing production
27. Production means what?
    Answer: Creation of goods and services
28. Natural resources belong to which factor?
    Answer: Land
29. Wages are paid for what factor?
    Answer: Labor
30. Profit is the reward for what?
    Answer: Entrepreneur

PART IV: Money, Banking, and National Income (Approved Key Points in Economics for JAMB)

31. Money is used as what?
    Answer: Medium of exchange
32. Bank that issues currency is what?
    Answer: Central Bank
33. Commercial banks provide what?
    Answer: Loans and deposits
34. GDP means what?
    Answer: Gross Domestic Product
35. Per capita income is what?
    Answer: Income per person
36. Inflation means what?
    Answer: Persistent rise in prices
37. Tax collected directly is what?
    Answer: Direct tax
38. Indirect taxes are paid on what?
    Answer: Goods and services
39. Government’s estimated income and spending is called what?
    Answer: Budget
40. The body that manages the economy’s money supply is who?
    Answer: Central Bank

Conclusion

JAMB Economics becomes very easy when you understand the key concepts and practise regularly. The topics in this guide highlight the exact areas JAMB repeats every year. The 40 questions and answers will help you build confidence and understand question patterns. If you revise these key points weekly and practise past questions often, scoring above 70 becomes very possible.

Consistency is the secret. Study little by little and stay focused.