Money and Inflation

Contents & notes: what this topic covers

Under Money and Inflation, the JAMB Economics syllabus expects you to study:

• 12. Money and Inflation a. Types, characteristics and functions of money b. Demand for money and the supply of money c. Quantity Theory of money (Fisher equation) d. The value of money and the price level e. Inflation: Types, measurements, effects and control f. Deflation: Measurements, effects and control.

Study notes & guidance

Study Money and Inflation 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 Money and Inflation, you should be able to:

1. (i) explain between the types, characteristics and functions of money; (ii) identify the factors affecting the demand for and the supply of money; (iii) examine the relationship between the value of money and the price level; (iv) identify the components in the quantity theory of money; (v) examine the causes and effects of inflation; (vi) calculate the consumer price index; (vii) interpret the consumer price index; (viii) examine ways of controlling inflation. (ix) examine the causes, measurement, effects and control of deflation.

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.