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Syllabus / Specification / Overview

Basic Economic Ideas

basic economic ideas (30) opportunity cost (8) public goods (7) factors of production (7) classification of goods and services (7) PPC (6) short run (6) production possibility curve (5) economic systems (5) planned economy vs market economy vs mixed economy (4) scarcity (4) short run vs long run vs very long run (3) planned economy (3) mixed economy (3) division of labour (3) merit goods (3) demerit goods (3) specialization (3) positive statement (3) normative statement (3) ceteris paribus (3) long run (3)

Price System and Microeconomy

consumer theory (16) demand curve (9) supply curve (6) substitution effect (5) derived demand (5) income effect (5) consumer equilibrium (4) elasticities in economics (4) PED (4) rationing (4) price elasticity of supply (3) XED (3) market equilibrium (3) inferior goods (3) equi-marginal principle (3) functions of price (3) price elasticity of demand (3) YED (3) PES (3) joint supply (3)

Consumer Theory

indifference curves (8) utility (6) total utility (4) marginal utility (4) indifference curve (3) diminishing marginal utility (3)

Firm Theory

firm theory (85) market structures (41) imperfect competition (18) production (14) price discrimination (14) pricing (13) profit (12) vertical integration (10) costs (10) horizontal integration (10) monopoly (8) economies of scale (8) profit maximisation (7) oligopoly (7) fixed costs (5) perfect competition (5) firm objectives (5) market power (4) total product (4) market structure (4) barriers to entry (4) costs of production (4) total cost (4) variable costs (4) total revenue (4) marginal product (4) average revenue (4) managerial theory (4) marginal revenue (4) average cost (3) marginal cost (3) unit costs (3) AVC (3) normal profit (3) productivity (3) collusion (3) average product (3)

Market Structures

market structures (41) imperfect competition (18) price discrimination (14) monopoly (8) oligopoly (7) perfect competition (5) market power (4) market structure (4) barriers to entry (4) collusion (3)

Labour Market, Wage Determination

wage (16) labour market (16) labour supply (5) labour demand (3) productivity (3)

Economic Efficiency, Market Failure

market failure (42) efficiency (12) externalities (11) welfare (10) public goods (7) productive efficiency (6) allocative efficiency (5) Pareto optimality (4) economic efficiency (4) merit goods (3) demerit goods (3) asymmetric information (3)

Micro Intervention

market failure (42) micro intervention (36) equity (14) taxation (14) externalities (11) regulation (8) income redistribution (6) inequality (5) microeconomic government intervention (4) income tax (4) progressive tax system (4) price floor (4) minimum wage (4) government failure (4) transfer payments (4) gini coefficient (3) direct tax vs indirect tax (3) direct tax (3) minimum price (3) poverty (3) price controls (3) asymmetric information (3) indirect tax (3) subsidy (3)

Macroeconomy

economic growth (19) inflation (18) AD-AS analysis (15) unemployment (14) aggregate demand (10) equilibrium level of national income (7) aggregate supply (7) GDP (6) real GDP (6) circular flow of income (5) national income statistics (5) types of unemployment (5) causes of unemployment (5) leakages (4) injections vs leakages (4) causes of inflation (4) frictional unemployment (4) structural unemployment (4) full employment (3) national income (3) natural rate of unemployment (3) injections (3) potential growth (3) GNI (3) NNI (3) cyclical unemployment (3) actual growth (3) cost-push inflation (3) demand-pull inflation (3)

Macro Intervention

fiscal policy (17) macro policy (15) macro intervention (13) monetary policy (12) macro objectives (7) supply-side policy (5) government budget (5) policy (4) government failure (4) budget surplus (3) government spending (3) budget deficit (3) interest rate (3) money supply (3)

International Trade

international trade (37) balance of payments (17) exchange rate (10) protectionism (6) trade barriers (6) foreign exchange market (5) trade in goods (4) currency depreciation (4) currency appreciation (4) free international trade (4) trade in services (4) terms of trade (3) balance of trade (3)