Available Topics

Click on any unit below to view its subtopics:

• 1.1 Economic Methodology and the Economic Problem

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  Positive vs normative, economic models, assumptions

  • 1.1.1 Economic Methodology
  • 1.1.2 The Nature and Purpose of Economic Activity
  • 1.1.3 Economic Resources
  • 1.1.4 Scarcity, Choice and the Allocation of Resources
  • 1.1.5 Production Possibility Diagrams

• 1.2 Individual Economic Decision Making

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  Rationality, behavioural economics, demand theory

  • 1.2.1 Consumer Behaviour
  • 1.2.2 Imperfect Information
  • 1.2.3 Aspects of Behavioural Economi Theory
  • 1.2.4 Behavioural Economics and Economic Policy

• 1.3 Price Determination in a Competitive Market

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  Demand, supply, equilibrium, elasticities

  • 1.3.1 The Determinants of the Demand for Goods and Services
  • 1.3.2 Price, Income and Cross Elasticities of Demand
  • 1.3.3 The Determinants of the Supply of Goods and Services
  • 1.3.4 Price Elasticity of Supply
  • 1.3.5 The Determination of Equilibrium Market Prices
  • 1.3.6 The Interrelationship between Markets

• 1.4 Production, Costs and Revenue

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  Costs, revenues, economies of scale, efficiency

  • 1.4.1 Production & Productivity
  • 1.4.2 Specialisation, Division of Labour and Exchange
  • 1.4.3 The Law of Diminishing Returns and Returns to Scale
  • 1.4.4 Costs of Production
  • 1.4.5 Economies and Diseconomies of Scale
  • 1.4.6 Marginal, Average and Total Revenue
  • 1.4.7 Profit
  • 1.4.8 Technological Change

• 1.5 Perfect Competition, Imperfectly Competitive Markets and Monopoly

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  Perfect competition, monopoly, oligopoly, contestability

  • 1.5.1 Market Structures
  • 1.5.2 The Objectives of Firms
  • 1.5.3 Perfect Competition
  • 1.5.4 Monopolistic Competition
  • 1.5.5 Oligopoly
  • 1.5.6 Monopoly and Monopoly Power
  • 1.5.7 Price Discrimination
  • 1.5.8 The Dynamics of Competition and Competitive Market Processes
  • 1.5.9 Contestable and Non-Contestable Markets
  • 1.5.10 Market Structure, Static Efficiency, Dynamic Efficiency and Resource Allocation
  • 1.5.11 Consumer and Producer Surplus

• 1.6 Labour Market

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  Demand, supply, wage determination, discrimination

  • 1.6.1 The Demand for Labour, Marginal Productivity Theory
  • 1.6.2 Influence upon the Supply of Labour to Different Markets
  • 1.6.3 The Determination of Relative Wage rates and Levels of Employment in Perfectly Competitive Labour Markets
  • 1.6.4 The Determination of Relative Wage rates and Levels of Employment in Imperfectly Competitive Labour Markets
  • 1.6.5 The Influence of Trade Unions in Determining Wages and Levels of Employment
  • 1.6.6 The National Minimum Wage
  • 1.6.7 Discrimination in the Labour Market

• 1.7 The Distribution of Income and Wealth: Poverty and Inequality

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  Regulation, competition policy, public ownership

  • 1.7.1 The Distribution of Income and Wealth
  • 1.7.2 The Problem of Poverty
  • 1.7.3 Government Policies to Alleviate Poverty and to Influence the Distribution of Income and Wealth

• 1.8 The Market Mechanism, Market Failure and Government Intervention in Markets

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  Regulation, competition policy, public ownership

  • 1.8.1 How Markets and Prices Allocate Resources
  • 1.8.2 The Meaning of Market Failure
  • 1.8.3 Public Goods, Private Goods and Quasi-Public Goods
  • 1.8.4 Positive and Negative Externalities in Consumption and Production
  • 1.8.5 Merit and Demerit Goods
  • 1.8.6 Market Imperfections
  • 1.8.7 Competition Policy
  • 1.8.8 Public Ownership, Privatisation, Regulation and Deregulation of Markets
  • 1.8.9 Government Intervention in Markets
  • 1.8.10 Government Failure