The Nature of Economics a) Scarcity b) Production possibility frontiers (PPFs) c) Specialisation, the division of labour, and the role of money d) Free market and mixed economies e) Positive and normative economics Demand and Consumer Behaviour a) The demand curve b) Price, Income and Cross Elasticities of Demand c) Consumer behaviour Supply a) The Supply Curve b) Price elasticity of supply Price Determination a) Determination of market equilibrium b) Consumer and producer surplus c) Functions of the price mechanism d) Indirect taxes and subsidies Wage Determination in Labour Markets a) The demand for and the supply of labour b) Determination of wage rates Market Failure a) Market failure Government Intervention in Markets a) Methods of government intervention b) Government failure

Measures of Macroeconomic Performance a) Economic growth b) Inflation c) Employment and unemployment d) Balance of payments e) Measures of development - Human Development Index (HDI) f) Other measures of development The Circular Flow of Income a) The circular flow of income Aggregate Demand (AD) a) Aggregate demand (AD) Aggregate Supply (AS) a) Aggregate supply (AS) The Interaction of AD and AS to Determine Equilibrium a) Equilibrium level of real output b) The multiplier Economic Growth a) Economic growth Macroeconomic Objectives and Policies a) Macroeconomic objectives b) Conflicts between objectives c) Macroeconomic policy instruments

The Firm and its Objectives a) Objectives b) Size of businesses Revenue, Costs and Profit a) Revenue b) Costs c) Economies and diseconomies of scale d) Profit Market Structures and Contestability a) Perfect competition b) Monopolistic competition c) Oligopoly d) Monopoly e) Monopsony f) Contestability Government Intervention to Promote Competition a) Government intervention to protect consumers, suppliers and employees b) Government intervention to promote international competitiveness c) Government policy towards transnational companies (TNCs)

Causes and Effects of Globalisation a) Causes of globalisation b) Effects of globalisation Trade and the World Economy a) Specialisation and comparative advantage b) Patterns of trade c) Terms of trade d) Trade liberalisation e) Restrictions on free trade Balance of Payments and Exchange Rates a) Balance of payments b) Exchange rates Poverty and Inequality a) Absolute and relative poverty b) Inequality The Role of the State in the Macroeconomy a) Public expenditure b) Taxation c) Public sector borrowing and public sector debt d) Macroeconomic policies Measures to Promote Growth and Development Limits to growth and development application points a) Market orientated strategies b) Government-led strategies c) Other strategies d) Role of foreign governments, international institutions and non-governmental organisations (NGOs) e) Constraints on growth and development