Unit 1
1.1 Nature of Economics
1.2 Positive and Normative Economics
1.3 Scarcity
1.4 Production possibility frontiers
1.5 Specialisation, the division of labour and the role of money
1.6 Free market, mixed and command economies
2.1 Rational decision making
2.2 The demand curve
2.3 Price, Income and Cross Elasticities of Demand
3.1 The Supply curve
3.2 Price elasticity of supply
4.1 Determination of market equilibrium
4.2 Consumer and Producer surplus
4.3 Function of the Price Mechanism
4.4 Indirect Taxes and Subsidies
5.1 Sources of market failure 5.2 Positive and negative exteralities
5.3 Non-provision of Public goods
5.4 Imperfect Market Information
5.5 Moral Hazard 5.6 Speculation and Market Bubbles
6.1 Purpose and Methods of Government Intervention
6.2 Government failure
Unit 2
1.1 Economic Growth
1.2 Inflation
1.3 Employment and Unemployment
1.4 Balance of payments
2.1 The Characteristics of AD
2.2 Consumption (C)
2.3 Investment (I)
2.4 Government expenditure (G)
2.5 Net trade balance (X-M)
3.1 The Characteristics of Aggregate supply 3.2 The Short-run AS
3.3 Long-run AS
4.1 The Circular flow of income / 4.2 Injections and Withdrawls
4.3 Equilibrium level of real output
4.4 The multiplier
5.1 Causes of Economics growth
5.2 Benefits of Economics Growth
5.3 Costs of Economics Growth
5.4 Output Gaps
6.1 Macroeconomic objectives
6.2 Possible conflicts between macroeconomic objectives
6.3 Macroeconomic supply-side policies
6.4 Macroeconomic demand-side policies
Unit 3
1.1 Type of Business
1.2 Size of Businesses
1.3 Business Objectives
2.1 Revenue
2.2 Costs
2.3 Economies and Diseconomies of Scale
2.4 Profits and losses
3.1 Efficiency
3.2 Concentration Ratio
3.3 Perfect competition
3.4 Monopolistic competition
3.5 Oligopoly
3.6 Monopoly
3.7 Monopsony
3.8 Contestabilty
4.1 The demand for Labour
4.2 The supply of Labour
4.3 Determination of wage in competitive and non competitive market
4.4 Market failure in the labour market
5.1 Government Intervention in Product Markets
5.2 Government Intervention in Labour Markets
Unit 4
1.1 Characteristics of Globalisation
1.2 Causes of Globalisation (Factors contributing to globalisation in the last 40 years)
1.3 Effects of Globalisation
2.1 Specialisation and Comparative advantage
2.2 Patterns and Volume of World trade
2.3 Terms of Trade
2.4 Trade Liberalisation and Trading Blocs
2.5 Restrictions on Free Trade
3.1 Balance of Payments
3.2 Exchange Rates
3.3 International Competitiveness
4.1 Absolute and Relative Poverty
4.2 Inequality
5.1 Public Expenditure
5.2 Taxation
5.3 Public Sector Borrowing and Public Sector Debt
5.4 Using Macroeconomic Policies
6.1 Measures of Economic Development
6.2 Constraints on Growth and Development
6.3 Measures to Promote Growth and Development