The Theory of Consumer Behaviour

Contents & notes: what this topic covers

Under The Theory of Consumer Behaviour, the JAMB Economics syllabus expects you to study:

• 5. The Theory of Consumer Behaviour a. Basic Concepts: i. utility (cardinal, ordinal, total average and marginal utilities) ii. indifference curve and budget line.
• b. Diminishing marginal utility and the law of demand.
• c. Consumer equilibrium using the indifference curve and marginal analyses.
• d. Effects of shift in the budget line and the indifference curve.
• e. Consumer surplus and its applications.

Study notes & guidance

Study The Theory of Consumer Behaviour 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 The Theory of Consumer Behaviour, you should be able to:

1. (i) explain the various utility concepts; (ii) apply the law of demand using the marginal utility analysis; (iii) use indifference curve and marginal analyses to determine consumer equilibrium; (iv) relate the income and substitution effects; (v) apply consumer surplus to real life situations.

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.