Roadmap
Theme 1: Introduction to markets and market failure
1.1: Nature of economics
1.1.1 - Economics as a social science
1.1.2 - Positive and normative economic statements
1.1.3 - The economic problem
1.1.4 - Production possibility frontiers
1.1.5 - Specialisation and the division of labour
1.1.6 - Free market economies, mixed economy and command economy
1.2: How markets work
1.2.1 - Rational decision making
1.2.2 - Demand
1.2.3 - Price, income and cross elasticities of demand
1.2.4 - Supply
1.2.5 - Elasticity of supply
1.2.6 - Price determination
1.2.7 - Price mechanism
1.2.8 - Consumer and producer surplus
1.2.9 - Indirect taxes and subsidies
1.2.10 - Alternative views of consumer behaviour
1.3: Market failure
1.3.1 - Types of market failure
1.3.2 - Externalities
1.3.3 - Public goods
1.3.4 - Information gaps
1.4: Government intervention
1.4.1 - Government intervention in markets
1.4.2 - Government failure
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Theme 2: The UK economy - performance and policies
2.1: Measures of economic performance
2.1.1 - Economic growth
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2.1.2 - Inflation
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2.1.3 - Employment and unemployment
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2.1.4 - Balance of payments
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2.2: Aggregate demand (AD)
2.2.1 - The characteristics of AD
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2.2.2 - Consumption (C)
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2.2.3 - Investment (I)
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2.2.4 - Government expenditure (G)
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2.2.5 - Net trade (X-M)
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2.3: Aggregate supply (AS)
2.3.1 - The characteristics of AS
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2.3.2 - Short-run AS
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2.3.3 - Long-run AS
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2.4: National income
2.4.1 - National income
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2.4.2 - Injections and withdrawals
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2.4.3 - Equilibrium levels of real national output
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2.4.4 - The multiplier
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2.5: Economic growth
2.5.1 - Causes of growth
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2.5.2 - Output gaps
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2.5.3 - Trade (business) cycle
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2.5.4 - The impact of economic growth
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2.6: Macroeconomic objectives and policies
2.6.1 - Possible macroeconomic objectives
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2.6.2 - Demand-side policies
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2.6.3 - Supply-side policies
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2.6.4 - Conflicts and trade-offs between objectives and policies
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Theme 3: Business behaviour and the labour market
3.1: Business growth
3.1.1 - Sizes and types of firms
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3.1.2 - Business growth
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3.1.3 - Demergers
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3.2: Business objectives
3.2.1 - Business objectives
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3.3: Revenues, costs and profits
3.3.1 - Revenue
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3.3.2 - Costs
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3.3.3 - Economies and diseconomies of scale
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3.3.4 - Normal profits, supernormal profits and losses
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3.4: Market structures
3.4.1 - Efficiency
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3.4.2 - Perfect competition
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3.4.3 - Monopolistic competition
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3.4.4 - Oligopoly
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3.4.5 - Monopoly
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3.4.6 - Monopsony
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3.4.7 - Contestability
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3.5: Labour market
3.5.1 - Demand for labour
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3.5.2 - Supply of labour
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3.5.3 - Wage determination in competitive and non-competitive markets
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3.6: Government intervention
3.6.1 - Government intervention
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3.6.2 - The impact of government intervention
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Theme 4: A global perspective
4.1: International economics
4.1.1 - Globalisation
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4.1.2 - Specialisation and trade
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4.1.3 - Pattern of trade
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4.1.4 - Terms of trade
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4.1.5 - Trading blocs and the World Trade Organisation (WTO)
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4.1.6 - Restrictions on free trade
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4.1.7 - Balance of payments
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4.1.8 - Exchange rates
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4.1.9 - International competitiveness
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4.2: Poverty and inequality
4.2.1 - Absolute and relative poverty
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4.2.2 - Inequality
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4.3: Emerging and developing economies
4.3.1 - Measures of development
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4.3.2 - Factors influencing growth and development
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4.3.3 - Strategies influencing growth and development
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4.4: The financial sector
4.4.1 - Role of financial markets
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4.4.2 - Market failure in the financial sector
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4.4.3 - Role of central banks
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4.5: Role of the state in the macroeconomy
4.5.1 - Public expenditure
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4.5.2 - Taxation
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4.5.3 - Public sector finances
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4.5.4 - Macroeconomic policies in a global context
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