Available Topics

Click on any unit below to view its subtopics:

• 3.1 Economic Methodology and the Economic Problem

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  Positive vs normative statements, economic models

  • 1.1.1 Economic Methodology
  • 1.1.2 The Nature & 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 Price Determination in a Competitive Market

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  Demand, supply, equilibrium, elasticities

  • 1.2.1 The Determinants of the Demand for Goods and Services
  • 1.2.2 Price, Income and Cross Elasticities of Demand
  • 1.2.3 The Determinants of the Supply for Goods and Services
  • 1.2.4 Price Elasticity of Supply
  • 1.2.5 The Determination of Equilibrium Market Prices
  • 1.2.6 The Interrelationship between Markets

• 1.3 Production, Costs and Revenue

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  Costs, revenues, economies of scale

  • 1.3.1 Production and Productivity
  • 1.3.2 Specialisation, Division of Labour and Exchange
  • 1.3.3 Costs of Production
  • 1.3.4 Economies and Diseconomies of Scale
  • 1.3.5 Average Revenue, Total Revenue and Profit

• 1.4 Competitive and Concentrated Markets

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  Perfect competition, monopoly, oligopoly

  • 1.4.1 Market Structures
  • 1.4.2 The Objectives of Firms
  • 1.4.3 Competitive Markets
  • 1.4.4 Monopoly and Monopoly Power
  • 1.4.5 The Competitive Market Process

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

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  Demand, supply, wage determination

  • 1.5.1 How Markets and Prices Allocate Resources
  • 1.5.2 The Meaning of Market Failure
  • 1.5.3 Public Goods, Private Goods and Quasi-Public Goods
  • 1.5.4 Positive and Negative Externalities in Consumption and Production
  • 1.5.5 Merit and Demerit Goods
  • 1.5.6 Market Imperfections
  • 1.5.7 An Inequitable Distribution of Income and Wealth
  • 1.5.8 Government Intervention in Markets
  • 1.5.9 Government Failure