Scarcity, choice and opportunity cost, factors of production, the production possibility frontier, specialisation, and economic systems.
The laws of demand and supply, the factors that shift each curve, and the circular flow of income.
Market equilibrium, surpluses and shortages, the functions of price, consumer and producer surplus, and price controls.
Price, income and cross elasticity of demand and price elasticity of supply, the link to revenue, and their uses.
Externalities and welfare loss, public and merit/demerit goods, and government intervention.
Productivity, fixed and variable costs, revenue and profit, and economies of scale.
Competitive markets, monopoly, barriers to entry, the effects of competition, and how firms grow.
Demand and supply of labour, wage determination and differences, trade unions, and the minimum wage.
Macroeconomic objectives, the economic (business) cycle, economic growth and GDP, inflation, and unemployment.
Government spending and taxation, interest rates, aggregate demand, and how policy affects the economy.
The functions of money, the role of banks and the central bank, and saving and borrowing.
Why countries trade, specialisation, the trade balance, and protectionism.
Exchange rates, how they are set, their effects (SPICED), and the balance of payments.
Globalisation and multinationals, measuring development, inequality, and strategies to promote development.