Basic Economic Principles

Contents & notes: what this topic covers

Under Basic Economic Principles, the JAMB Agricultural Science syllabus expects you to study:

• 2. Basic Economic Principles a. Demand and supply b. Production function: Input/input, Output/output Input/output relationships; stages of production, concepts of diminishing returns, scale of preference and choice.
• c. Characteristic Features of Agricultural Production;
• Smallness of farm holdings: biological
• limits of farm production and susceptibility of farm production to climate, seasonality of farm productions, price elasticity in demand and supply of agricultural produce.
• 3 Labour Management a. Labour relations: Supervision, etc.
• b. Types of labour: Permanent labour etc.
• c. National labour laws and regulations.
• 4 Farm Management a. Qualities, functions and problems of a farm manager.
• b. Records and record-keeping: Types and importance of record-keeping – livestock records, profit and loss account book.
• c. Stock evaluation: i. gross and net profits in farm management.
• ii. Appreciation, depreciation and savage value d. Agricultural insurance: i i. Meaning, importance and types of i agricultural insurance d ii. Problems of agricultural insurance i e. Agricultural financing: i. meaning, importance and types of agricultural financing.
• ii. Problems of agricultural finance.
• 5 Marketing of Agricultural Produce C a. Importance of Marketing. e b. Marketing channels. i i c. Characteristics of agricultural products d affecting their marketing. a 6 Agricultural Extension C a. Meaning and importance. i b. The role of Agricultural Development a programmes, universities, research g institutes and farmers’ organizations e (Cooperative societies).
• c. Extension methods including d demonstration plots, use of visual aids, mass media, etc.
• d. Problems of agricultural extension in i West Africa and possible solutions.
• i SECTION E: Agricultu

Study notes & guidance

Study Basic Economic Principles using a recommended Agricultural Science textbook that follows the JAMB syllabus. Work through the contents listed above one by one, make brief notes in your own words, and then practise as many questions on this topic as you can — in Agricultural Science, understanding and steady practice matter far more than memorising. Use the objectives below as a checklist: if you can do each one confidently, you have mastered this topic.

Objectives — candidates should be able to

After studying Basic Economic Principles, you should be able to:

1. Relate demand to supply in agricultural production.
2. Interpret graphical representation of demand and supply.
3. Relate input to output.
4. Deduce economic concepts from graphic representation.
5. Distinguish between the common features of agricultural production and produce. compute elasticity of demand and supply. identify the various ways of achieving labour efficiency. differentiate between the various types and sources of labour. apply national labour laws and regulations. identify the qualities, functions and problems of a farm manager.
6. Differentiate between the types of farm records.
7. Give reasons for keeping farm records. determine gross and net margins, appreciation, depreciation and salvage value Agriculture
8. Examine the relevance of agricultural insurance
9. Determine the appropriate agricultural insurance scheme etermine the problems associated with agricultural nsurance.
10. Identify the relevance of agricultural finance.
11. Determine the problems of agricultural finance. andidates should be able to: valuate the importance of agricultural marketing
12. Classify marketing agents and their functions.
13. Determine the various ways in which marketing channels pose problems in agricultural production. etermine the characteristics of agricultural products ffecting their marketing. andidates should be able to: dentify the importance of agricultural extension. nalyse the roles of government and non- overnmental organizations in agricultural extension ducation. ifferentiate between the various extension methods.
14. Examine the problems of agricultural extension in West Africa.
15. Provide possible solutions. Agriculture ral Technology

These objectives are from the official JAMB syllabus. Use them as a checklist — if you can do each one confidently, you have mastered this topic.

Source: official JAMB UTME Agricultural Science syllabus (IBASS, jamb.gov.ng). Reproduced for study use. Last checked: 17 Sept 2026. Always confirm the current syllabus on the official portal.