UNIT 1 SYLLABUS

WE WILL BE COVERING ALL THESE FOR UNIT 1 ECONOMICS EXAM.

Scarcity
The economic problem
Opportunity cost
Positive and normative economics
Production possibility curves
Economic resources
Specialisation
Absolute and comparative advantage
Economies of scale
Demand
Supply
Equilibrium
Entry and exit of firms
Shortrun and Longrun
Consumer surplus
Producer surplus
Price elasticity of demand
Cross elasticity of demand
Income elasticity of demand
Elasticity of supply
Labour markets
Housing market
Exchange rates
Government price controls
Minimum prices
Maximum prices
Agricultural products
Indirect taxes
Subsidies
Economic Systems

An Introduction To Market Failure
Defining Externalities
Correcting For Externalities - Government Policies
Merit Goods
De-Merit Goods
Public Goods - Provided By The State
Indirect Taxes – Reducing Negative Externalities
Subsidies
Cost Benefit Analysis (CBA)
Barriers to Entry
Monopoly