4iec and 3iec

4iec¶

The basic economic problem¶

1. The nature of the economic problem

2. Factors of production

3. Opportunity cost

4. Production possibility curves

The allocation of resources¶

1. The role of markets in allocating resources

2. Demand

3. Supply

4. Price determination

5. Price changes

6. Price elasticity of demand

7. Price elasticity of supply

8. Market economic system

9. Market failure

10. Mixed economic system

Microeconomic decision-makers¶

1. Money and banking

2. Household

3. Workers

4. Firms

5. Firms and production

6. Firms’ costs, revenue and objectives

7. Types of markets

3iec¶

Government and the macroeconomy¶

1. Government macroeconomic intervention

2. Fiscal policy

3. Monetary policy

4. Supply-side policies

5. Economic growth

6. Employment and unemployment

7. Inflation

Economic Development¶

1. Living standards

2. Poverty

3. Population

4. Differences in economic development between countries

International trade and globalisation¶

1. Specialisation and free trade

2. Globalisation and trade restriction

3. Foreign exchange rates

4. Current account of balance of payments