Unit 1 · The Basic Economic Problem

1.1

The Nature of the Economic Problem

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The Factors of Production

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Opportunity Cost

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Production Possibility Curves

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Unit 2 · The Allocation of Resources

2.1

Microeconomics and Macroeconomics

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The Role of Markets in Allocating Resources

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Demand

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Supply

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Price Determination

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Price Changes

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Price Elasticity of Demand

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Price Elasticity of Supply

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Market Economic System

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Market Failure

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Mixed Economic System

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Unit 3 · Microeconomic Decision Makers

3.1

Money and Banking

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Households

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Workers

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Trade Unions

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Firms

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Firms and Production

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Firms' Costs, Revenue and Objectives

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Market Structure

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Unit 4 · Government & the Macroeconomy

4.1

The Role of Government

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The Macroeconomic Aims of Government

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Fiscal Policy

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Monetary Policy

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Supply-Side Policy

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Economic Growth

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Employment and Unemployment

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Inflation and Deflation

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Unit 5 · Economic Development

5.1

Living Standards

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Poverty

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Population

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Differences in Economic Development Between Countries

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Unit 6 · International Trade & Globalisation

6.1

International Specialisation

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Globalisation, Free Trade and Protection

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Foreign Exchange Rates

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Current Account of the Balance of Payments

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