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Syllabus / Specification / Overview

Basic Economic Ideas

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

Price System and Microeconomy

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

Consumer Theory

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

Firm Theory

firm theory (84) market structures (41) imperfect competition (18) production (14) price discrimination (14) pricing (13) profit (12) vertical integration (10) horizontal integration (10) costs (10) economies of scale (8) monopoly (8) oligopoly (7) profit maximisation (6) perfect competition (5) firm objectives (5) fixed costs (5) variable costs (4) total product (4) barriers to entry (4) average revenue (4) managerial theory (4) total cost (4) market power (4) marginal product (4) marginal revenue (4) market structure (4) total revenue (4) costs of production (4) normal profit (3) productivity (3) collusion (3) unit costs (3) average product (3) marginal cost (3) average cost (3)

Market Structures

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

Labour Market, Wage Determination

labour market (26) wage (21) labour supply (5) productivity (3) labour demand (3)

Economic Efficiency, Market Failure

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

Micro Intervention

market failure (42) micro intervention (36) equity (16) taxation (15) externalities (11) regulation (8) income redistribution (6) government failure (5) gini coefficient (5) inequality (5) income tax (4) minimum wage (4) transfer payments (4) progressive tax system (4) microeconomic government intervention (4) price floor (4) subsidy (3) direct tax vs indirect tax (3) direct tax (3) asymmetric information (3) poverty (3) indirect tax (3) minimum price (3) price controls (3)

Macroeconomy

aggregate demand (40) economic growth (35) national income (32) inflation (30) unemployment (27) money market (25) banking (17) consumption (16) AD-AS analysis (15) aggregate supply (12) GDP (10) savings (10) money (10) equilibrium level of national income (8) investment (8) real GDP (6) types of unemployment (5) causes of unemployment (5) national income statistics (5) commercial banks (5) circular flow of income (5) injections vs leakages (4) structural unemployment (4) natural rate of unemployment (4) purchasing power (4) leakages (4) causes of inflation (4) output gap (4) frictional unemployment (4) open economy multiplier (4) demand-pull inflation (3) full employment (3) mobility (3) multiplier (3) potential growth (3) actual growth (3) NNI (3) cost-push inflation (3) injections (3) cyclical unemployment (3) central bank (3) GNI (3) deflation (3) liquidity preference theory (3)

Macro Intervention

fiscal policy (26) money supply (23) monetary policy (22) macro policy (15) macro intervention (13) interest rate (13) macro objectives (7) supply-side policy (7) government failure (5) macroeconomic relationships (5) government budget (5) macroeconomic objectives (4) macro government intervention (4) government spending (3) policy (3) budget deficit (3) quantitative easing (3) budget surplus (3)

International Trade

international trade (72) balance of payments (31) exchange rate (27) economic integration (10) trade barriers (7) imports (7) protectionism (7) regional integration (6) free trade area (6) exports (6) foreign exchange market (6) foreign exchange reserves (5) currency depreciation (5) currency appreciation (5) trade diversion (4) globalisation (4) exchange rates (4) trade in services (4) trade in goods (4) terms of trade (4) trade creation (4) free international trade (4) customs union (4) balance of trade (3) fixed exchange rate (3) depreciation (3) currency supply (3) purchasing power parity (3) Marshall-Lerner condition (3) trade balance (3) currency demand (3)

Economic Development

economic development (26) development indicators (14) development (8) population growth (5) international aid (4) MNC (4) economic structure (4) FDI (4) economic indicators (4) demographic transition (3) sustainability (3) purchasing power parity (3) external debt (3)