Roadmap

Microeconomics

Economic choices and decision making

3.1.1.1 - Economic methodology
3.1.1.2–3.1.1.4 - Resources, scarcity and economic choices
3.1.1.5 - Production possibility diagrams
3.1.2.1 - Utility and rational choice
3.1.2.2 - Imperfect and asymmetric information
3.1.2.3 - Behavioural economic theory
3.1.2.4 - Behavioural economics and policy

Demand, supply and market prices

3.1.3.1 - Demand and its determinants
3.1.3.2 - Price elasticity of demand
3.1.3.2 - Income and cross elasticities of demand
3.1.3.3 - Supply and its determinants
3.1.3.4 - Price elasticity of supply
3.1.3.5 - Equilibrium and changing market prices
3.1.3.6 - Interrelated markets

Production, costs and revenue

3.1.4.1–3.1.4.2 - Production, productivity and specialisation
3.1.4.3 - Diminishing returns and returns to scale
3.1.4.4 - Calculating production costs
3.1.4.4 - Cost curves and factor choices
3.1.4.5 - Economies of scale and efficient firm size
3.1.4.6 - Revenue and revenue curves
3.1.4.7 - Profit and its role
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3.1.4.8 - Technological change and innovation
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Competition, market power and efficiency

3.1.5.1 - The spectrum of market structures
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3.1.5.2 - Objectives and decisions of firms
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3.1.5.3 - Perfect competition
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3.1.5.4 - Monopolistic competition
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3.1.5.5 - Oligopoly and market concentration
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3.1.5.5 - Oligopoly strategy and interdependence
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3.1.5.6 - Monopoly and monopoly power
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3.1.5.7 - Price discrimination
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3.1.5.8–3.1.5.9 - Dynamic competition and contestability
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3.1.5.10 - Static and dynamic efficiency
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3.1.5.11 - Consumer and producer surplus
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Labour markets, inequality and poverty

3.1.6.1 - Labour demand and marginal productivity
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3.1.6.2 - Labour supply to occupations
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3.1.6.3 - Competitive wages and employment
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3.1.6.4 - Monopsony and imperfect labour markets
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3.1.6.5 - Trade unions, wages and employment
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3.1.6.6 - The National Minimum Wage
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3.1.6.7 - Labour market discrimination
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3.1.7.1 - Income, wealth and inequality
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3.1.7.2–3.1.7.3 - Poverty and redistribution
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Market failure and government intervention

3.1.8.1 - Prices and resource allocation
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3.1.8.2, 3.1.8.6 - Market failure and market imperfections
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3.1.8.3 - Public goods and common resources
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3.1.8.4 - Externalities in production
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3.1.8.4 - Externalities in consumption
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3.1.8.5 - Merit and demerit goods
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3.1.8.7 - Competition policy
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3.1.8.8 - Public ownership and privatisation
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3.1.8.8 - Regulation and deregulation
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3.1.8.9 - Indirect taxes and subsidies
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3.1.8.9 - Other market interventions
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3.1.8.10 - Government failure
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Macroeconomics

Measuring economic performance

3.2.1.1–3.2.1.2 - Policy objectives and economic indicators
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3.2.1.3 - Index numbers and price indices
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3.2.1.4 - National income and living standards
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Circular flow and AD/AS

3.2.2.1 - The circular flow of income
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3.2.2.2 - Aggregate demand and aggregate supply
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3.2.2.3 - The components of aggregate demand
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3.2.2.4 - Aggregate demand and the multiplier
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3.2.2.5 - Short-run aggregate supply
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3.2.2.6 - Long-run aggregate supply
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Growth, unemployment and inflation

3.2.3.1 - Economic growth and the economic cycle
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3.2.3.2 - Employment and unemployment
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3.2.3.3 - Inflation, deflation and disinflation
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3.2.3.4 - Macroeconomic policy conflicts
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Financial markets and monetary policy

3.2.4.1 - Money, financial markets and assets
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3.2.4.2 - Commercial and investment banks
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3.2.4.3 - Central banks and interest-rate policy
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3.2.4.3 - Money, credit and monetary instruments
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3.2.4.4 - Financial regulation and stability
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Fiscal and supply-side policies

3.2.5.1 - Public expenditure and taxation
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3.2.5.1 - Fiscal policy and economic activity
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3.2.5.1 - Budgets, deficits and national debt
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3.2.5.2 - Supply-side policies and improvements
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Trade, exchange rates and development

3.2.6.1 - Globalisation
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3.2.6.2 - Comparative advantage and trade
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3.2.6.2 - Protectionism and trading arrangements
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3.2.6.3 - The balance of payments
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3.2.6.4 - Exchange rate systems
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3.2.6.5 - Measuring development and its barriers
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3.2.6.5 - Strategies for growth and development
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