Syllabus / Specification / Overview
Basic Economic Ideas
basic economic ideas (30) opportunity cost (8) classification of goods and services (7) public goods (7) factors of production (7) short run (6) PPC (6) economic systems (5) production possibility curve (5) scarcity (4) planned economy vs market economy vs mixed economy (4) normative statement (3) specialization (3) demerit goods (3) ceteris paribus (3) merit goods (3) positive statement (3) division of labour (3) mixed economy (3) planned economy (3) short run vs long run vs very long run (3) long run (3) free goods (2) barter (2) for whom to produce (2) medium of exchange (2) economic methodology (2) PPF (2) what to produce (2) market economy (2) private goods (2) production possibility frontier (2) command economy (2) how to produce (2) free-rider problem (2) merit goods vs demerit goods (2) double coincidence of wants (2)
Price System and Microeconomy
consumer theory (16) demand curve (9) income effect (5) derived demand (5) substitution effect (5) supply curve (5) rationing (4) consumer equilibrium (4) elasticities in economics (4) PED (4) price elasticity of demand (3) market equilibrium (3) XED (3) price elasticity of supply (3) joint supply (3) functions of price (3) equi-marginal principle (3) PES (3) YED (3) inferior goods (3) effective demand (2) producer surplus (2) consumer surplus (2) signalling (2) market disequilibrium (2) joint demand (2) complements (2) substitutes (2) cross elasticity of demand (2) income elasticity of demand (2) market equilibrium vs market disequilibrium (2) consumer surplus vs producer surplus (2) normal goods (2) Giffen goods (2) budget line (2)
Consumer Theory
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) monopoly (8) economies of scale (8) oligopoly (7) profit maximisation (6) fixed costs (5) firm objectives (5) perfect competition (5) marginal revenue (4) variable costs (4) marginal product (4) total cost (4) managerial theory (4) market power (4) barriers to entry (4) average revenue (4) total revenue (4) costs of production (4) total product (4) market structure (4) unit costs (3) productivity (3) normal profit (3) average cost (3) average product (3) collusion (3) marginal cost (3) abnormal profit (2) economic profit (2) integration (2) variable factors (2) production function (2) diseconomies of scale (2) non-price competition (2) total costs (2) AVC (2) subnormal profit (2) supernormal profit (2) firm growth (2) loss minimisation (2) LRAC (2) long-run equilibrium (2) product differentiation (2) price fixing (2) law of diminishing returns (2) mergers and takeovers (2) production costs (2) MR=MC (2) organic growth (2)
Market Structures
market structures (41) imperfect competition (18) price discrimination (14) monopoly (8) oligopoly (7) perfect competition (5) market power (4) barriers to entry (4) cartel (4) market structure (4) collusion (3) non-price competition (2) kinked demand curve (2) tacit collusion (2) game theory (2) cartels (2) long-run equilibrium (2)
Labour Market, Wage Determination
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) moral hazard (2) dynamic efficiency (2) welfare loss (2) merit goods vs demerit goods (2)
Micro Intervention
market failure (42) micro intervention (36) equity (16) taxation (15) externalities (11) regulation (8) income redistribution (6) inequality (5) gini coefficient (5) government failure (5) price floor (4) transfer payments (4) progressive tax system (4) minimum wage (4) microeconomic government intervention (4) income tax (4) price controls (3) subsidy (3) asymmetric information (3) direct tax vs indirect tax (3) minimum price (3) direct tax (3) indirect tax (3) poverty (3) economic inequality (2) income distribution (2) tax (2) proportional tax system (2) marginal rate of tax (2) buffer stock (2) income vs wealth (2) price ceiling (2) maximum price (2) inheritance tax (2) regressive tax system (2) average rate of tax (2) rates of tax (2)
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) money (10) savings (10) equilibrium level of national income (8) investment (8) real GDP (6) types of unemployment (5) causes of unemployment (5) commercial banks (5) circular flow of income (5) national income statistics (5) output gap (4) purchasing power (4) causes of inflation (4) injections vs leakages (4) natural rate of unemployment (4) leakages (4) open economy multiplier (4) frictional unemployment (4) structural unemployment (4) cost-push inflation (3) deflation (3) potential growth (3) actual growth (3) liquidity preference theory (3) cyclical unemployment (3) demand-pull inflation (3) injections (3) full employment (3) mobility (3) central bank (3) GNI (3) multiplier (3) NNI (3) effects of economic growth (2) labour force survey (2) net exports (2) marginal propensity to import (2) supply-side policies (2) loanable funds theory (2) effects of unemployment (2) claimant count (2) labour mobility (2) gross domestic product (2) consequences of inflation (2) disinflation (2) effects of inflation (2) real value (2) real data (2) causes of economic growth (2) net national income (2) gross national income (2) consequences of unemployment (2) measures of unemployment (2) demand-deficient unemployment (2) consequences of economic growth (2) nominal GDP (2)
Macro Intervention
fiscal policy (26) money supply (23) monetary policy (22) macro policy (15) interest rate (13) macro intervention (13) supply-side policy (7) macro objectives (7) macroeconomic relationships (5) government budget (5) government failure (5) macro government intervention (4) macroeconomic objectives (4) budget deficit (3) quantitative easing (3) budget surplus (3) policy (3) government spending (3) central bank intervention (2) credit regulation (2) tax (2) contractionary monetary policy (2) expansionary fiscal policy (2) national debt (2) expansionary monetary policy (2) contractionary fiscal policy (2)
International Trade
international trade (72) balance of payments (31) exchange rate (27) current account (23) economic integration (10) trade barriers (7) protectionism (7) imports (7) regional integration (6) free trade area (6) foreign exchange market (6) exports (6) foreign exchange reserves (5) currency depreciation (5) currency appreciation (5) free international trade (4) trade in goods (4) trade diversion (4) terms of trade (4) globalisation (4) trade in services (4) exchange rates (4) customs union (4) trade creation (4) balance of trade (3) purchasing power parity (3) Marshall-Lerner condition (3) trade balance (3) fixed exchange rate (3) depreciation (3) currency demand (3) currency supply (3) current account deficit (2) currency (2) primary income (2) causes of globalisation (2) international organisations (2) net exports (2) capital account (2) export subsidies (2) floating exchange rate (2) tariffs (2) economic union (2) absolute advantage vs comparative advantage (2) monetary union (2) forex (2) revaluation (2) current account surplus (2) financial account (2) secondary income (2) embargoes (2) quotas (2) devaluation (2) international competitiveness (2) appreciation (2) protectionist policy (2) comparative advantage (2) trade possibility curve (2)
Economic Development
economic development (26) development indicators (14) development (8) population growth (5) economic indicators (4) MNC (4) economic structure (4) international aid (4) FDI (4) demographic transition (3) sustainability (3) purchasing power parity (3) external debt (3) economic inequality (2) income distribution (2) international organisations (2) quality of life (2) urbanisation (2) trade and investment (2) HDI (2)