Roadmap
Paper 1 - Microeconomics and Business Economics
1.1 - The market system
1.1.1 - Scarcity, choice and opportunity cost
1.1.1 - Production possibility curves and growth
1.1.2 - Consumer and business choices
1.1.3 - Demand and changes in demand
1.1.3 - Supply and changes in supply
1.1.3 - Market equilibrium and changing markets
1.1.3 - Excess demand, excess supply and price adjustment
1.1.4 - Measuring price elasticity of demand
1.1.4 - Demand elasticity, determinants and revenue
1.1.4 - Price elasticity of supply
1.1.4 - Income elasticity of demand
1.1.4 - Elasticity in business and tax decisions
1.1.5 - Mixed economies, public goods and market failure
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1.1.5 - Privatisation and its effects
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1.1.6 - External costs, benefits and social outcomes
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1.2 - Business economics
1.2.1 - Factors of production and economic sectors
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1.2.2 - Productivity and division of labour
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1.2.3 - Fixed, variable, total and average costs
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1.2.3 - Revenue and profit calculations
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1.2.3 - Internal and external economies of scale
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1.2.3 - Diseconomies of scale and long-run average costs
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1.2.4 - Competition and its consequences
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1.2.4 - Firm size, growth and staying small
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1.2.4 - Monopoly and barriers to entry
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1.2.4 - Oligopoly, collusion and competition
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1.2.5 - Labour demand, supply and wages
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1.2.5 - Human capital, pay and trade unions
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1.2.6 - Policies for externalities
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1.2.6 - Regulating competition and mergers
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1.2.6 - Minimum wages and labour-market intervention
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Paper 2 - Macroeconomics and the Global Economy
2.1 - Government and the economy
2.1.1 - Economic growth and GDP
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2.1.1 - The economic cycle and effects of growth
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2.1.1 - Inflation, deflation and CPI
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2.1.1 - Causes and consequences of inflation
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2.1.1 - Unemployment, measurement and consequences
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2.1.1 - The current account and external balance
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2.1.1 - Environmental protection
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2.1.1 - Poverty, inequality and redistribution
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2.1.2 - Fiscal policy, taxation and budgets
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2.1.2 - Monetary policy and interest rates
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2.1.2 - Supply-side policies and productive capacity
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2.1.2 - Government controls and their trade-offs
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2.1.3 - Conflicts between objectives and policies
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2.2 - The global economy
2.2.1 - Globalisation and its effects
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2.2.1 - Multinationals and foreign direct investment
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2.2.2 - Free trade and its consequences
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2.2.2 - Protection, tariffs, quotas and subsidies
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2.2.2 - Trading blocs and the WTO
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2.2.2 - Trade patterns and economic development
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2.2.3 - Currency markets and exchange-rate determination
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2.2.3 - Appreciation, depreciation and trade
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