Unit 1 · Basic Economic Ideas & Resource Allocation

1.1

Scarcity, Choice and Opportunity Cost

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Economic Methodology

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Factors of Production

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Resource Allocation in Different Economic Systems

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Production Possibility Curves

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Classification of Goods and Services

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Unit 2 · The Price System & the Microeconomy

2.1

Demand and Supply Curves

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Price, Income and Cross Elasticities of Demand

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Price Elasticity of Supply

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The Interaction of Demand and Supply

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Consumer and Producer Surplus

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Unit 3 · Government Microeconomic Intervention

3.1

Reasons for Government Intervention in Markets

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Methods and Effects of Government Intervention in Markets

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Addressing Income and Wealth Inequality

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Unit 4 · The Macroeconomy

4.1

National Income Statistics

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Introduction to the Circular Flow of Income

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Aggregate Demand and Aggregate Supply Analysis

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Economic Growth

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Unemployment

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Price Stability

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Unit 5 · Government Macroeconomic Intervention

5.1

Government Macroeconomic Policy Objectives

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Fiscal Policy

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Monetary Policy

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Supply-side Policy

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Unit 6 · International Economic Issues

6.1

The Reasons for International Trade

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Protectionism

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Current Account of the Balance of Payments

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Exchange Rates

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Policies to Correct Imbalances in the Current Account

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A Level · Microeconomics (Utility, Costs & Market Structures)

7.1

Utility

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Indifference Curves and Budget Lines

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Efficiency and Market Failure

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Externalities and Social Costs and Benefits

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Costs, Revenue and Profit

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Different Market Structures

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Growth and Survival of Firms

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Differing Objectives and Policies of Firms

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A Level · Government Microeconomic Intervention

8.1

Policies to Correct Market Failure

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Equity and Redistribution of Income and Wealth

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Labour Market Forces and Government Intervention

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A Level · The Macroeconomy

9.1

The Circular Flow, Injections and Withdrawals

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Economic Growth and Sustainability

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Employment and Unemployment

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Money and Banking

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A Level · Government Macroeconomic Intervention

10.1

Macroeconomic Policy Objectives and Their Conflicts

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Links Between Macroeconomic Problems

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Effectiveness of Policy Options

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A Level · International Economic Issues

11.1

Policies to Correct Disequilibrium in the Balance of Payments

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Exchange Rates

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Economic Development

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Characteristics of Countries at Different Levels of Development

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Relationship Between Countries at Different Levels of Development

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Globalisation

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