Get all NECO mid answers here on school isle. We have your interest at hand that is why we have decided to show you all the 2023 NECO economics questions and answers for free (free runz). This is to help you pass your SSCE examination without stress.

The NECO SSCE holds today being August 1, 2023. This post will provide todays NECO objectives and theory questions and answers for economics. All you need to do is to relax, follow this blog and refresh this page from time to time as we keep updating this post.

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Is NECO Economics Questions and Answers Out?

No, currently, the 2023 NECO econs question papers and answers are not yet out. Our team is working tirelessly to gain access to the question papers, solve and release the answers as soon as possible.

All NECO Economics questions and answers will be posted here for free during your examinations. Therefore, follow this blog and keep refreshing for more updates…

While we work to provide the real questions and answers, let me share areas where you should expect questions and answers…

Areas to Expect Questions During NECO Economics

1. DEFINITION AND SCOPE OF ECONOMICS

Scarcity and Choice, Scale of Preference, Opportunity Cost, Production Possibility Curve. Economic activities –  Production, Distribution and Consumption. Classification of economic activities – Primary, Secondary and Tertiary and their relative contributions in terms of output/income, employment, savings, investment and foreign exchange.

2. FACTORS OF PRODUCTION :

 Land, labour, capital and entrepreneurship- meaning, characteristics and importance.

3. TYPES AND BASIC FEATURES OF ECONOMIC SYSTEMS

  • Types – capitalism, socialism and mixed economy.
  • Basic features of each
  • Advantages and disadvantages of each
  • Economic problems of society and the approaches for solving them under each of the systems.

4. BASIC TOOLS OF ECONOMIC ANALYSIS

Tables, graphs and charts.  Some basic statistical measures and representations –  arithmetic mean, median, mode and their simple applications.

5. DEMAND:

Concept of demand and law of demand, the demand schedules and curve, reasons for exceptional demand curves,  types of demand (derived, composite, joint and   competitive); factors determining demand for goods and services – price of the commodity,prices of other commodities, income, tastes, price expectation, etc. Distinction between a shift of and movement along a demand curve; concept of elasticity of demand.  Types of elasticity of demand and their measurement – price, income and cross elasticities of demand: importance of the concept of elasticity of demand to consumers, producers and government.

6. SUPPLY

Concept of supply and law of supply, supply schedules and curve, types of Supply – composite, complementary and competitive. Factors determining supply – input prices, technology, prices of other commodities, climatic factors, etc.  Distinction between the shift of and movement along the supply curve. Concept and measurement of elasticity of supply and its importance to producers and government

7. THEORY OF CONSUMER BEHAVIOUR

The utility concepts- total utility, average utility, marginal utility and the calculation of utility schedules. The law of diminishing marginal utility, relationship between total utility, average utility and marginal utility. The concept of equilibrium of a consumer. Determination of consumer equilibrium. The effects of   changes in price on consumer   equilibrium. The relationship between marginal utility and the demand curve.

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 STRUCTURE:

Concept of a market, characteristics of various market structures, determination o 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 the population characteristics (age, sex, occupation, education, etc.)

(c) Supply of and demand for labour: wage determination. Concept of  unemployment and underemployment, Trade Unions, Employers’ association and Government policies on labour and wages.

15. AGRICULTURE

  Structure (e.g. food crops, export crops, livestock, fisheries): systems of agriculture easant, 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

17. NATIONAL INCOME

18. MONEY AND INFLATION

19 FINANCIAL INSTITUTIONS   

20. PUBLIC FINANCE

21.  ECONOMIC DEVELOPMENT AND PLANNING

22. INTERNATIONAL TRADE AND BALANCE OF PAYMENTS

23. ECONOMIC INTEGRATION

24. INTERNATIONAL ECONOMIC ORGANIZATIONS

25. MAJOR NATURAL RESOURCES

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