The West African Examinations Council (WAEC) Economics exam assesses students’ understanding of fundamental economic principles, market structures, production, demand and supply, national income, and other key topics.
Over the years, certain topics and questions have appeared frequently in WAEC Economics exams.
This article provides a detailed guide on WAEC top repeated topics and questions for Economics, covering the area of concentration for WAEC 2025, WAEC Economics syllabus for 2024, and frequently asked questions.
Studying past questions and understanding repeated topics will help students prepare effectively for the WAEC Economics examination.
Common Topics in WAEC Economics
Several topics are consistently tested in WAEC Economics.
These topics cover both microeconomics and macroeconomics.
1. Basic Economic Concepts
Definition and scope of Economics
Scarcity, choice, and opportunity cost
The production possibility curve
2. Demand, Supply, and Market Equilibrium
Law of demand and factors affecting demand
Law of supply and factors affecting supply
Price determination and market equilibrium
3. Theory of Production
Factors of production
Types of production
Division of labor and specialization
Scale of production and economies of scale
4. National Income
Definition and components of national income
Methods of measuring national income (GDP, GNP)
Problems associated with measuring national income
5. Money and Inflation
Functions and characteristics of money
Demand and supply of money
Inflation and its effects on the economy
Measures to control inflation
6. Public Finance and Taxation
Types of taxation (direct and indirect taxes)
Government revenue and expenditure
Fiscal policies and their effects
7. International Trade and Balance of Payment
Meaning and importance of international trade
Balance of payment and exchange rate
Trade restrictions (tariffs, quotas)
8. Economic Development and Planning
Differences between economic growth and economic development
Indicators of economic development
Roles of government in economic planning
9. Population and Labor Market
Population growth and its effects on economic development
Unemployment and its types
Causes and solutions to unemployment
10. Business Organizations
Types of business organizations (sole proprietorship, partnership, limited liability companies)
Features and advantages of each type
Problems faced by businesses in developing countries
WAEC Top Repeated Topics and Questions for Economics
WAEC Economics questions frequently cover these areas. Below are some of the most commonly repeated questions:
1. Basic Economic Concepts
What is Economics? Explain the concept of scarcity and choice.
Describe the importance of opportunity cost in decision-making.
2. Demand and Supply
Explain the law of demand and the factors affecting demand.
Describe the law of supply and its determinants.
How is equilibrium price determined in a market?
3. Production and Factors of Production
Discuss the types of production and their importance.
Explain the factors of production and their rewards.
What are the advantages and disadvantages of division of labor?
4. National Income
Define national income and explain the methods of measuring it.
Discuss the limitations of using GDP as a measure of economic performance.
5. Inflation and Money
What are the functions and characteristics of money?
Define inflation and discuss its causes and effects.
Suggest ways to control inflation in an economy.
6. Public Finance and Taxation
Define taxation and explain the differences between direct and indirect taxes.
Discuss the principles of a good tax system.
What are the effects of taxation on an economy?
7. International Trade and Balance of Payment
Explain the advantages and disadvantages of international trade.
What are the causes of balance of payment deficits?
Discuss the methods of correcting balance of payment problems.
8. Economic Growth and Development
Differentiate between economic growth and economic development.
List and explain the indicators of economic development.
How can a government promote economic development?
9. Population and Labor Market
Explain the factors affecting population growth.
Discuss the causes and effects of unemployment in developing countries.
10. Business Organizations
Describe the features of a sole proprietorship and a partnership.
Compare the advantages and disadvantages of limited liability companies.
These questions are frequently tested in WAEC Economics, so candidates should focus on them when preparing for the exam.
WAEC Economics Theory Questions 2024
Candidates should expect theory questions similar to those in past exams.
Some possible questions for 2024 include:
1. Explain the law of demand with the help of a well-labeled diagram.
2. Define money and describe its functions in an economy.
3. Discuss the problems of measuring national income.
4. What are the causes of inflation, and how can it be controlled?
5. Describe the differences between direct and indirect taxes.
6. Explain the concept of international trade and its importance to developing economies.
7. What are the causes and solutions to unemployment?
Practicing these questions will help students improve their understanding of WAEC Economics topics.
Area of Concentration for Economics in WAEC 2025
Students preparing for WAEC Economics in 2025 should focus on the following areas:
1. Scarcity, choice and opportunity cost
2. Demand and supply: factors affecting price changes
3. Production and its types
 4. Money and inflation
5. National income measurement and challenges
6. Public finance, taxation, and government expenditure
7. International trade and exchange rates
8. Economic development and planning
9. Population, employment, and unemployment
10. Business organizations and entrepreneurship
By concentrating on these areas, students can increase their chances of scoring high in WAEC Economics.
Economics WAEC Syllabus 2024
The WAEC Economics syllabus for 2024 includes:
1. Basic Economic Principles
2. Theory of Demand and Supply
3. Production and Factors of Production
4. Types of Business Organizations
5. Money, Banking, and Inflation
6. Public Finance and Fiscal Policies
7. National Income and Economic Growth
8. International Trade and Balance of Payment
9. Economic Planning and Development
10. Population and the Labor Market
Students should use this syllabus to guide their study plan.
FAQs on WAEC Economics Exam
1. How many questions are to be answered in WAEC Economics theory?
Candidates typically answer four theory questions out of six in the WAEC Economics exam.
2. What is the combination of WAEC for Economics?
A common subject combination for Economics in WAEC includes:
Mathematics
English Language
Economics
Government or Commerce
Accounting or Geography
Any other relevant subject
3. What is the definition of Economics in WAEC?
WAEC defines Economics as the study of how individuals, businesses, and governments allocate scarce resources to satisfy human wants and needs.
4. WAEC top repeated questions for Economics?
Some commonly repeated questions include:
Explain the law of demand and supply.
Define national income and describe its measurement methods.
What are the causes and effects of inflation?
Candidates should focus on demand and supply, national income, money and inflation, taxation, international trade, and economic development.
6. Economics WAEC syllabus 2024?
The syllabus covers microeconomics, macroeconomics, business organizations, population, public finance, and international trade.
Conclusion
To excel in WAEC Economics, students should focus on common topics, past repeated questions, and the official syllabus.
Understanding key economic principles and practicing past questions will improve their confidence and performance.
By preparing effectively, candidates can achieve excellent results in their WAEC Economics examination.