1. Introduction to Economics

1.1 What is Economics?

1.1.1 Economics as a Social Science

1.1.2 The Problem of Choice

1.1.3 The Production Possibilities Curve Model (PPC)

1.1.4 Modelling the Economy

1.2 How do Economists Approach the World?

1.2.1 Economic Methodology

1.2.2 Economic Thought

2. Microeconomics

2.1 Demand

2.1.1 Demand, Price & Quantity

2.1.2 Non-Price Determinants of Demand

2.2 Supply

2.2.1 Supply, Price & Quantity

2.2.2 Non-Price Determinants of Supply

2.3 Competitive Market Equilibrium

2.3.1 Market Equilibrium & Disequilibrium

2.3.2 Functions of the Price Mechanism

2.3.3 Consumer & Producer Surplus

2.4 Critique of the Maximizing Behaviour of Consumers & Producers

2.4.1 Rational Consumer Choice

2.4.2 Behavioural Economics in Action

2.4.3 Business Objectives

2.5 Elasticities of Demand

2.5.1 Price Elasticity of Demand (PED)

2.5.2 The Significance of PED

2.5.3 Income Elasticity of Demand (YED)

2.6 Price Elasticity of Supply (PES)

2.6.1 Understanding Price Elasticity of Supply (PES)

2.7 The Role of Government in Microeconomics

2.7.1 Reasons for Government Intervention in Markets

2.7.2 Government Intervention: Indirect Taxes & Subsidies

2.7.3 Government Intervention: Price Controls

2.7.4 Government Intervention: Direct Provision, Regulation & Nudges

2.8 Market Failure: Externalities & Common Pool (Access) Resources

2.8.1 Market Failure

2.8.2 Negative Externalities

2.8.3 Positive Externalities

2.8.4 Common Pool (Access) Resources

2.8.5 Government Intervention to Address Market Failure

2.8.6 Other Interventions to Address Market Failure

2.9 Market Failure: Public Goods

2.9.1 Public Goods

2.10 Market Failure: Asymmetric Information

2.10.1 Asymmetric Information

2.11 Market Failure: Market Power

2.11.1 An Introduction to Market Structures

2.11.2 Profit Maximisation

2.11.3 Market Power & Perfect Competition

2.11.4 Market Power & Monopolies

2.11.5 Market Power & Oligopolies

2.11.6 Market Power & Monopolistic Competition

2.11.7 Market Power & Government Intervention

2.12 The Market’s Inability to Achieve Equity

2.12.1 Markets Cause Inequality

3. Macroeconomics

3.1 Measuring Economic Activity

3.1.1 National Income & the Circular Flow of Income

3.1.2 National Income Terminology & Calculations

3.1.3 The Business Cycle

3.1.4 Appropriateness of Using GDP/GNI to Measure Well-being

3.1.5 Alternative Measures of Well-being

3.2 Variations in Economic Activity (AD & AS)

3.2.1 Aggregate Demand (AD)

3.2.2 Short-run Aggregate Supply (SRAS)

3.2.3 Alternative Views of Aggregate Supply (AS)

3.2.4 Shifts of the Long-run Aggregate Supply (LRAS)

3.2.5 Macroeconomic Equilibrium

3.3 Macroeconomic Objectives

3.3.1 An Introduction to Macroeconomic Objectives

3.3.2 Economic Growth

3.3.3 Low Unemployment

3.3.4 Low & Stable Rate of Inflation

3.3.5 Sustainable Levels of Government Debt

3.3.6 Potential Conflicts Between Macroeconomic Objectives

3.4 Inequality & Poverty

3.4.1 Measuring Inequality & Poverty

3.4.2 Causes Of Inequality & Poverty

3.4.3 Using Taxation to Reduce Inequality & Poverty

3.4.4 Other Policies to Reduce Inequality & Poverty

3.5 Demand Management: Monetary Policy

3.5.1 An Overview of Monetary Policy

3.5.2 The Tools of Monetary Policy

3.6 Demand Management: Fiscal Policy

3.6.1 An Overview of Fiscal Policy

3.6.2 The Keynesian Multiplier

3.6.3 An Evaluation of Fiscal Policy

3.7 Supply-Side Policies

3.7.1 An Overview of Supply-Side Policies

3.7.2 The Effectiveness of Supply-Side Policies

4. The Global Economy

4.1 Benefits of International Trade

4.1.1 The Advantages of Free Trade

4.1.2 Absolute & Comparative Advantage

4.2 Types of Trade Protection

4.2.1 Tariffs

4.2.2 Quotas

4.2.3 Export Subsidies

4.2.4 Administrative Barriers

4.3 Arguments for & Against Trade Protection

4.3.1 Arguments for & Against Trade Protection

4.4 Economic Integration

4.4.1 Understanding Economic Integration

4.4.2 Types of Trading Blocs

4.4.3 The World Trade Organisation (WTO)

4.5 Exchange Rates

4.5.1 Types of Exchange Rate Systems

4.5.2 Causes & Consequences of Exchange Rate Fluctuations

4.5.3 Fixed Versus Floating Exchange rate Systems

4.6 Balance of Payments

4.6.1 Components of The Balance Of Payments

4.6.2 Exchange Rates & the Balance Of Payments

4.6.3 Persistent Current Account Deficits

4.6.4 Marshall-Lerner & J-Curve

4.6.5 Persistent Current Account Surpluses

4.7 Sustainable Development

4.7.1 The Sustainable Development Goals

4.7.2 The Relationship Between Sustainability & Poverty

4.8 Measuring Economic Development

4.8.1 Single Indicators of Development

4.8.2 Composite Indicators of Development

4.8.3 Evaluating the Different Approaches

4.9 Barriers to Economic Growth & Development

4.9.1 Poverty Traps

4.9.2 Economic, Political & Social Barriers

4.10 Economic Growth & Development Strategies

4.10.1 Trade Strategies, Diversification & Social Enterprise

4.10.2 Market-Based & Interventionist Policies

4.10.3 Merit Goods & Inward Foreign Direct Investment

4.10.4 Foreign Aid & Development Assistance

4.10.5 Institutional Change

4.10.6 Evaluating Market Orientated Approaches Versus Government Intervention

4.10.7 Progress Towards Sustainable Development Goals