Scarcity and opportunity cost, the factors of production, and the production possibility curve.
The laws of demand and supply, shifts and movements, and market equilibrium.
Price elasticity of demand and supply, and the effect on total revenue.
Types of business, costs and revenue, profit, and economies of scale.
Externalities, public and merit goods, and how governments correct market failure.
Economic growth and GDP, inflation, unemployment, and government objectives.
The functions of money, the role of banks, and government taxation and spending.
Trade, exchange rates, the balance of payments, and measures of development.