Description
- 1.1 Main economic groups and factors of production
- 1.2 The basic economic problem
- Scarcity / Opportunity cost
- Economic choices
- 2. The role of markets and money
- 2.1 The role of markets
- Different sectors – primary, secondary and tertiary
- Specialisation and exchange in markets
- 2.2 Demand
- Price elasticity of demand
- 2.3 Supply
- Supply curve
- Price elasticity of supply
- 2.4 Price
- Equilibrium
- Market forces
- 2.5 Competition
- 2.6 Production
- 2.7 The Labour Market
- 2.8 The role of money and financial markets
- 3. Economic objectives and the role of government
- 3.1 Economic growth
- 3.2 Low unemployment
- 3.3 Fair distribution of income
- 3.4 Price stability
- 3.5 Fiscal Policy
- 3.6 Monetary policy
- 3.7 Supply side policy
- 3.8 Limitation of markets
- Externalities, taxes and subsidies
- 4. International trade and the global economy
- 4.1 Importance of international trade
- 4.2 Balance of payments
- 4.3 Exchange rates
- 4.4 Globalisation
