WAEC Syllabus For Commerce 2025

Knowing the WAEC syllabus for commerce will help you prepare better for the examination and that is why we decided to bring it to your doorstep.

The 2024 WAEC Commerce Syllabus for the West African Examination aims to prepare candidates for the Council’s examination by testing their understanding of key course objectives.

WAEC Syllabus For Commerce 2025

The 2024 WAEC Syllabus is designed to prepare candidates for the West African Examination Council. This section of the syllabus focuses on Commerce, covering various topics and objectives to ensure candidates are well-prepared for the examination.

1. Commerce

Topics:

Meaning and scope
Characteristics
Functions

Objectives: Candidates should be able to:

Differentiate between Commerce and other related subjects.
Describe the characteristics of Commerce.
Identify the functions of Commerce.

Detailed Explanation:

Meaning and Scope: Commerce involves the activities that facilitate the exchange of goods and services. It includes trade and the aids to trade such as banking, insurance, transportation, and advertising.
Characteristics: Commerce encompasses activities that ensure the smooth distribution of goods from producers to consumers.
Functions: Commerce helps in overcoming the hindrances of person, place, time, risk, finance, and information.

2. Occupation

Topics:

Meaning and importance
Types (industrial, commercial, and services)
Factors that determine the choice of occupation

Objectives: Candidates should be able to:

State the importance of occupation.
Compare the different types of occupation.
Identify the factors determining the choice of occupation.

Detailed Explanation:

Meaning and Importance: An occupation is any activity people engage in to earn a living. It is vital for individual sustenance and economic development.
Types: Occupations can be industrial (manufacturing), commercial (trading), or service-oriented (banking, teaching).
Factors: Factors include personal interest, skills, education, economic conditions, and job availability.

3. Production

Topics:

Factors, characteristics, and rewards (land, labor, capital, and entrepreneur)
Division of labor and specialization
Types (primary, secondary, and tertiary)

Objectives: Candidates should be able to:

Identify the factors of production and their rewards.
Distinguish between division of labor and specialization.
Classify the types of production.

Detailed Explanation:

Factors of Production: Land (natural resources), labor (human effort), capital (machinery and tools), and entrepreneurship (management skills).
Division of Labor and Specialization: Division of labor involves splitting production processes into distinct tasks. Specialization refers to focusing on a specific task to improve efficiency.
Types of Production: Primary (extraction of raw materials), secondary (manufacturing), and tertiary (services).

4. Trade

Topics:

Home Trade:
- Retail trade: types, functions, factors in setting up, trends, advantages, and disadvantages.
- Wholesale trade: types, functions, advantages, and disadvantages.
Foreign Trade:
- Basic issues (balance of trade, balance of payments, counter trade).
- Procedures and documents (export, import, entrepot trade).
- Barriers to international trade.
- Role of Customs and Excise Authority, Ports Authority, etc.

Objectives: Candidates should be able to:

Compare the various types of retailers.
Identify the functions of retailers.
Highlight the factors in setting up retail trade.
Classify modern retailing practices.
Identify the advantages and disadvantages of retail business.
Classify the types of wholesalers.
Discuss the functions of wholesalers.
Outline the merits and demerits of the middleman.
Analyze the basic issues in foreign trade.
Explain the procedures and documents used in foreign trade.
Identify the barriers to international trade.
Appraise the role of government agencies in foreign trade.

Detailed Explanation:

Home Trade:
- Retailers serve as the final link between producers and consumers.
- Wholesalers buy in bulk and sell in smaller quantities to retailers.
Foreign Trade: Involves trade between countries, which requires understanding of international trade policies, documentation, and barriers.

5. Purchase and Sale of Goods

Topics:

Procedure and documentation (e.g., enquiry, quotation, order, invoice, bill of lading).
Terms of trade (e.g., trade discount, quantity discount, cash discount, warranties, C.O.D., C.I.F., F.O.B.).
Terms of payments (cash and credit, including types and merits/demerits).

Objectives: Candidates should be able to:

Examine the procedures and documents used in the purchase and sale of goods.
Determine the terms of trade.
Distinguish between cash and credit forms of payment.
Identify the types of credit.
Analyze the merits and demerits of credit transactions.

Detailed Explanation:

Procedure and Documentation: Essential steps and paperwork involved in trading goods.
Terms of Trade: Conditions agreed upon by buyers and sellers, such as discounts and delivery terms.
Payment Methods: Cash (immediate payment) and credit (deferred payment), each with its pros and cons.

6. Aids-to-Trade

Topics:

Advertising: types and media, advantages and disadvantages.
Banking: types of banks, services, challenges.
Communication: process, types, trends, merits, demerits, barriers.
Insurance: types, principles, terms, importance.
Tourism: importance, promoting agencies, challenges.
Transportation: modes, importance, advantages, disadvantages.
Warehousing: importance, types, functions, siting factors.

Objectives: Candidates should be able to:

Identify different types of advertising and media.
Analyze the advantages and disadvantages of advertising.
Categorize different types of banks.
Assess the services rendered by banks.
Identify challenges facing banks.
Assess the communication process.
Analyze types of communication.
Appraise contributions of modern communication to businesses.
State the merits and demerits of communication.
Outline barriers to communication.
Describe types of insurance.
Apply principles of insurance to real-life situations.
Explain insurance terms.
State the importance of insurance.
Examine the importance of tourism.
Identify agencies promoting tourism in Nigeria.
Analyze challenges facing tourism.
Appraise relevance of transportation modes.
List the importance of transportation.
Discuss advantages and disadvantages of transportation.
Highlight the importance of warehousing.
Appraise contributions of warehouses to businesses.
Evaluate factors determining warehouse siting.

Detailed Explanation:

Aids-to-Trade: Services that facilitate trade, such as advertising to inform consumers, banking to handle finances, and warehousing for storage.

7. Business Units

Topics:

Forms and features (Sole Proprietorship, Partnership, Limited Liability Companies, Public Corporations, Cooperative Societies).
Registration of businesses.
Business Mergers.
Determination of choice of business units.
Dissolution and liquidation.
Merits and demerits.

Objectives: Candidates should be able to:

Identify forms and features of business units.
Analyze procedures for registering businesses.
Appraise different forms of business mergers and reasons for merging.
Examine factors determining the choice of business units.
Differentiate between dissolution and liquidation.
State merits and demerits of business units.

Detailed Explanation:

Business Units: Various forms of business organizations, their characteristics, and legal procedures for registration and dissolution.

8. Financing Business

Topics:

Sources of finance (personal savings, sale of shares, loans, debentures, mortgage, bank overdraft, etc.).
Types of capital (share capital, capital owned, authorized capital, issued capital, etc.).
Calculation of forms of capital, profits, and turnover.
Problems of sourcing finance.
Role of Bureau de Change.

Objectives: Candidates should be able to:

Identify various ways of financing a business.
Discuss different types of capital.
Compute forms of capital, profits, and turnover.
Appraise problems associated with sourcing finance.
Assess the role of Bureaux de Change in the economy.

Detailed Explanation:

Financing Business: Methods and challenges of obtaining funds for business operations.

9. Trade Associations

Topics:

Objectives and functions of trade and manufacturer’s associations.
Objectives and functions of Chambers of Commerce.

Objectives: Candidates should be able to:

Discuss objectives and functions of trade and manufacturer’s associations.
List objectives and functions of Chambers of Commerce.

Detailed Explanation:

Trade Associations: Groups that promote the interests of businesses within specific industries.

10. Money

Topics:

Evolution.
Forms and qualities.
Functions.

Objectives: Candidates should be able to:

Discuss the origin of money.
Analyze forms and qualities of money.
Appraise functions of money.

Detailed Explanation:

Money: The history, forms, and roles of money in facilitating trade.

11. Elements of Business Management

Topics:

Functions (planning, organizing, staffing, coordinating, motivating, communicating, controlling).
Principles (span of control, unity of command, delegation of authority).
Organizational structure (line, line and staff, functional, matrix, committee).
Functional areas of business (production, marketing, finance, personnel).
Business resources (man, money, materials, machines, opportunities/goodwill).

Objectives: Candidates should be able to:

Appraise functions of management.
Analyze principles of management.
Identify organizational structures.
Assess functional areas of business.
Examine business resources.

Detailed Explanation:

Business Management: Core functions and principles that guide effective business administration.

12. Stock Exchange

Topics:

Importance and functions.
Types of securities (stocks, shares, bonds, debentures).
Procedure of transactions and speculations.
Second-Tier Securities Market (listing requirements, advantages, regulations).

Objectives: Candidates should be able to:

State the importance and functions of the Stock Exchange.
Identify different securities traded.
Analyze transaction procedures and speculations.
Appraise advantages and regulations of the Second-Tier Market.

Detailed Explanation:

Stock Exchange: The role and operations of the stock market in facilitating capital formation.

13. Elements of Marketing

Topics:

Importance and functions.
Marketing concept (consumer orientation, customer satisfaction, integrated marketing).
Marketing mix (product, price, place, promotion).
Market segmentation.
Public relations and customer service.

Objectives: Candidates should be able to:

Highlight the importance and functions of marketing.
Discuss the marketing concept.
Assess elements of the marketing mix.
Explain market segmentation.
Examine public relations and customer service.

Detailed Explanation:

Marketing: Strategies and activities involved in promoting and selling products or services.

14. Legal Aspects of Business

Topics:

Meaning and validity of a simple contract.
Agency, Sale of Goods Act, and Hire Purchase Act.
Contract of employment.
Government regulations of business (registration, patents, trademarks, copyrights).
Consumer protection (legislation, regulatory agencies).

Objectives: Candidates should be able to:

Analyze elements and validity of a simple contract.
Examine Agency, Sale of Goods Act, and Hire Purchase Act.
Assess rights and obligations of employers and employees.
Distinguish between patents, trademarks, and copyrights.
Identify functions of consumerism.

Detailed Explanation:

Legal Aspects: Legal principles governing business operations, contracts, and consumer protection.

15. Information and Communication Technology (ICT)

Topics:

Computer: Appreciation and application, types, functions, merits, demerits, challenges.
Terms: Internet, intranet, browsing, password, email, search, Local Area Network, etc.
Activities: e-commerce, e-banking, e-business.

Objectives: Candidates should be able to:

Discuss computer appreciation and application.
Enumerate types and functions of computers.
Analyze merits and demerits of ICT.
Appraise challenges of using computers.
Identify different terms used in ICT.
Evaluate trends in ICT.

Detailed Explanation:

ICT: The use of technology in business processes, including computers and the internet.

16. Business Environment and Social Responsibility

Topics:

Legal, political, economic, social, cultural, technological environments.
Safe products, philanthropic and societal consideration.
Types and implications of pollution (water, air, land).

Objectives: Candidates should be able to:

Discuss types of business environments.
Assess the role of social environment in providing safe products.
Identify different types of pollution and their implications on businesses.

Detailed Explanation:

Business Environment: External factors that influence business operations and the importance of social responsibility.

Recommended Textbook For WAEC Commerce

Anderson, D. J. (1978) Commerce for West Africa, London: Macmillan.
Ahukannah, L. I. et al (1992) Commerce for Secondary Schools, Onitsha: Africana – First Publishers.
Asaolu, A. and Igwe, P. M. (2005) New Syllabus Commerce for Secondary Schools Books 1 – 3 (Second Edition), Ibadan: Evans.
Babatunde, A. H. (1999) Handbook on Commerce for Schools and Colleges, (First Edition), Global Publications.
Eriki, P. O. (1998) Working with Computer, Benin: Bofic Publishers.
French, C. S. (2000) Computer Science, (Fifth Edition), Britain: Ashford.
Ibru, G. M. (2004) Nigeria: The Promise of Tourism, Lagos: G.S.L. Publishing Limited.
Igwe, P. M. e tal (2004) Countdown to WASSCE/SSCE/NECO/JME Commerce, Ibadan: Evans.
James, A. F, et al (1996) Management, (Sixth Edition), New Delhi: Prentice Hall).
Nwachukwu, C. C. (1999) Management Theory and Practice, Onitsha: Africana – First Publishers.
Odedokun, M. O. et al (1999) Commerce for Senior Secondary Schools, Books 1 – 3, Lagos: Longman.
Odoom, F. F. (1998) Commerce for Senior Secondary Schools, Books 1 – 3, Ibadan: Onibonoje.
Onifade, A. (2001) Management: Office Business Education, Abeokuta: KAPPCO.
Onifade, A. (2002) The Computer for Word Processing and Internet, Abeokuta: KAPPCO.
Onu, A. J. C. (2000) Marketing Today, Abuja: Precious Treasures Ltd.
Pallister, J. and Isaacs, A. (eds) (2002) A Dictionary of Business (Third Edition), Oxford: Oxford University Press.
Ubaka, O. A. (2012), Commerce Simplified for SSS 1 – 3, WAEC, NECO, JAMB & NABTEB EXAMS, Garki, Abuja: Andyson Millennium Concepts Ltd.

Frequently Asked Questions

What topics are covered?

The syllabus includes the meaning and functions of Commerce, occupations, production, trade, purchase/sale procedures, aids-to-trade, business units, finance, trade associations, money, management, Stock Exchange, marketing, legal aspects, ICT, and business environment.

How can candidates prepare?

Study the syllabus, use recommended texts, practice past questions, join study groups, take notes, and stay updated.

What types of questions can be expected?

Questions focus on definitions, characteristics, functions, comparisons, procedures, and applications related to the listed topics.

Conclusion

The 2024 JAMB Economics Syllabus for Commerce provides a comprehensive guide to key topics, helping candidates prepare effectively. Understanding the objectives, studying recommended texts, and practicing past questions will ensure success. Focus on grasping concepts, functions, and applications to excel in the examination. If you have question about this syllabus, you can alwaays reach out to us here at ExamDon through the comment section

WAEC Syllabus For Commerce 2025