Factors of Production and their Theories

Contents & notes: what this topic covers

Under Factors of Production and their Theories, the JAMB Economics syllabus expects you to study:

• 23. Factors of Production and their Theories a. Types, features and rewards;
• b. Determination of wages, interest and profits;
• c. Theories: marginal productivity theory of wages and liquidity preference theory;
• d. Factor mobility and efficiency;
• e. Unemployment and its solutions RECOMMENDED TEXTS Aderinto, A.A et al (1996) Economics: Exam Focus, Iba Black, J. (1997) Oxford Dictionary of Economics. Oxfo Eyiyere, D.O. (1980) Economics Made Easy, Benin City, Fajana, F. et al (1999) Countdown to SSCE/JME Economi Falodun, A.B. et al (1997) Round-up Economics, Lagos: Kountsoyiannis, A. (1979) Modern Microeconomics, Lond Lipsey, R.G. (1997) An Introduction to Positive Econo Samuelson, P and Nordhaus, W. (1989) Economics, Singa Udu E and Agu G.A. (2005) New System Economics: a Sen Publishers Ltd.
• Wannacott and Wannacott (1979) Economics, New York: M Brownson-oton Richard (2010). What is Micro-Economics Brownson-oton Richard (2010) What is Macro-Economics?

Study notes & guidance

Study Factors of Production and their Theories using a recommended Economics 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 Economics, 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 Factors of Production and their Theories, you should be able to:

1. (i) identify the types; features and rewards of factors of productions; (ii) analyse the determination of wages, interest and profits; (iii) interpret the marginal productivity of liquidity preference theories; (iv) examine factors mobility and efficiency; (v) examine the types and causes of unemployment in Nigeria; (vi) suggest solutions to unemployment in Nigeria. dan: University Press Plc. rd: Oxford University Press Quality Publishers Ltd. cs Ibadan: Evans Longman on: Macmillan mics, Oxford: Oxford University Press. pore: McGraw-Hill ior Secondary Course, Ibadan: Africana FIRST cGraw-Hill. ? Niky Printing and Publishing coy. Niky Printing and Publishing coy.

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