Syllabus / Specification / Overview
Basic Economic Ideas
basic economic ideas (30) factors of production (7) classification of goods and services (7) public goods (7) opportunity cost (6) PPC (6) production possibility curve (5) economic systems (5) scarcity (4) planned economy vs market economy vs mixed economy (4) division of labour (3) demerit goods (3) ceteris paribus (3) mixed economy (3) specialization (3) short run vs long run vs very long run (3) merit goods (3) normative statement (3) positive statement (3) planned economy (3) command economy (2) private goods (2) free-rider problem (2) how to produce (2) free goods (2) PPF (2) economic methodology (2) market economy (2) for whom to produce (2) what to produce (2) efficiency (2) production possibility frontier (2) barter (2) double coincidence of wants (2) medium of exchange (2) merit goods vs demerit goods (2)
Price System and Microeconomy
demand curve (7) elasticities in economics (4) rationing (4) market equilibrium (3) joint supply (3) price elasticity of demand (3) Price Elasticity of Supply (3) XED (3) PED (3) supply curve (3) YED (3) functions of price (3) consumer theory (3) PES (3) cross elasticity of demand (2) normal goods (2) utility theory (2) complements (2) equi-marginal principle (2) signalling (2) inferior goods (2) market equilibrium vs market disequilibrium (2) joint demand (2) effective demand (2) income elasticity of demand (2) substitutes (2) diminishing marginal utility (2) total utility (2) marginal utility (2) derived demand (2) market disequilibrium (2) consumer surplus (2) consumer surplus vs producer surplus (2) producer surplus (2)
Micro Intervention
taxation (14) market failure (8) micro intervention (6) inequality (5) progressive tax system (4) microeconomic government intervention (4) income tax (4) minimum wage (3) price controls (3) subsidy (3) direct tax (3) gini coefficient (3) price floor (3) minimum price (3) indirect tax (3) transfer payments (3) direct tax vs indirect tax (3) buffer stock (2) inheritance tax (2) rates of tax (2) maximum price (2) marginal rate of tax (2) average rate of tax (2) price ceiling (2) regressive tax system (2) proportional tax system (2) income vs wealth (2)
Macroeconomy
economic growth (18) inflation (15) AD-AS analysis (13) unemployment (13) aggregate demand (9) GDP (6) real GDP (6) equilibrium level of national income (6) aggregate supply (6) circular flow of income (5) causes of unemployment (5) types of unemployment (5) national income statistics (5) causes of inflation (4) leakages (4) structural unemployment (4) injections vs leakages (4) frictional unemployment (4) cost-push inflation (3) NNI (3) demand-pull inflation (3) injections (3) cyclical unemployment (3) natural rate of unemployment (3) potential growth (3) actual growth (3) GNI (3) full employment (3) effects of inflation (2) nominal GDP (2) claimant count (2) deflation (2) measures of unemployment (2) national income (2) causes of economic growth (2) disinflation (2) gross national income (2) consequences of economic growth (2) effects of economic growth (2) demand-deficient unemployment (2) real value (2) labour force survey (2) consequences of inflation (2) consequences of unemployment (2) effects of unemployment (2) real data (2) investment (2) net national income (2) gross domestic product (2)
Macro Intervention
fiscal policy (16) macro policy (15) macro intervention (12) monetary policy (8) macro objectives (7) government budget (5) interest rate (3) government spending (3) money supply (3) budget deficit (3) budget surplus (3) quantitative easing (2) supply-side policy (2) expansionary fiscal policy (2) contractionary fiscal policy (2) national debt (2)