Unit 1: The Basic Economic Problem
1.1 The Nature of the Economic Problem
● Finite resources and unlimited wants
● Economic goods vs free goods
1.2 The Factors of Production
● Definitions and rewards of land, labor, capital, enterprise
● Mobility of factors of production
● Quantity and quality of factors of production
1.3 Opportunity Cost
● Definition of opportunity cost
● Influence of opportunity cost on decision making
1.4 Production Possibility Curve (PPC)
● Definition and use of PPC
● Points under, on, and beyond PPC
● Movements and shifts in PPC
Unit 2: The Allocation of Resources
2.1 Microeconomics vs Macroeconomics
2.2 The Role of Markets and Price Mechanism
2.3 Demand
● Definition and determinants
● Individual and market demand curves
2.4 Supply
● Definition and determinants
● Individual and market supply curves
2.5 Price Determination
● Market equilibrium and disequilibrium
2.6 Price Changes
● Causes and consequences
2.7 Price Elasticity of Demand (PED)
● Calculation and determinants
● Impact on revenue and consumer spending
2.8 Price Elasticity of Supply (PES)
● Calculation and determinants
2.9 Market Economic System
● Advantages and disadvantages
2.10 Market Failure
● Causes and consequences
2.11 Mixed Economic System
● Government intervention in markets
Unit 3: Microeconomic Decision Makers
3.1 Money and Banking
● Functions of money
● Central and commercial banks
3.2 Households
● Spending, saving, and borrowing behaviors
3.3 Workers
● Occupation choice and wage determination
● Reasons for wage differences
● Division of labor and specialization
3.4 Trade Unions
● Role, advantages, and disadvantages
3.5 Firms
● Classification, growth, mergers
● Economies and diseconomies of scale
3.6 Firms and Production
● Factors affecting production
● Labor vs capital-intensive production
3.7 Firms' Costs, Revenue, and Objectives
3.8 Market Structures
● Competitive vs monopoly markets
Unit 4: Government and the Macroeconomy
4.1 Role of Government
4.2 Macroeconomic Aims
● Economic growth, employment, inflation control, balance of payments
4.3 Fiscal Policy
● Government budget, taxation, spending
4.4 Monetary Policy
● Money supply, interest rates
4.5 Supply-Side Policy
● Education, training, structural reforms
4.6 Economic Growth
● Measurement, causes, consequences
4.7 Employment and Unemployment
● Definitions, causes, effects, policies
4.8 Inflation and Deflation
● Definitions, causes, effects, policies
Unit 5: Economic Development
5.1 Living Standards
● Indicators and income distribution
5.2 Poverty
● Types, causes, alleviation policies
5.3 Population
● Growth factors and effects
5.4 Differences in Economic Development
Unit 6: International Trade and Globalisation
6.1 International Specialisation
● Advantages and disadvantages
6.2 Globalisation, Free Trade, and Protection
● Role of multinational companies
● Methods and consequences of protection
6.3 Foreign Exchange Rates
● Definition, causes, effects, floating vs fixed rates
6.4 Current Account of Balance of Payments
● Structure, deficits/surpluses, policies for stability
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