Topic | Subtopics | Hours* | Homework |
1. Basic economic problem: choice and the allocation of resources | ?economic problem | ||
?factors of production | |||
?opportunity cost | |||
?resource allocation | |||
?choice | |||
?production possibility curves. | |||
2. The allocation of resources: how the market works; market failure | ?market and mixed economic systems | ||
?demand and supply analysis | |||
?price elasticity | |||
?market failure | |||
?social and private costs and benefits. | |||
3. The individual as producer, consumer and borrower | ?functions of money | ||
?exchange | |||
?central banks, stock exchanges and commercial banks | |||
?labour market | |||
?motives for spending, saving and borrowing | |||
4. The private firm as producer and employer | ?types and sizes of business organisation | ||
?demand for factors of production | |||
?costs and revenue | |||
?profit maximisation and other business goals | |||
?perfect competition | |||
?monopoly | |||
?advantages and disadvantages of increased scale. | |||
5. Role of government in economy | ?government as a producer and an employer | ||
?aims of government economic policy | |||
?fiscal, monetary and supply-side policies | |||
?types of taxation | |||
?possible policy conflicts | |||
?government’s influence on private producers | |||
6. Economic indicators | ?price indices | ||
?inflation and deflation | |||
?employment and unemployment | |||
?GDP, economic growth and recession | |||
?GDP and other measures of living standards. | |||
7. Developed and developing economies: trends in production, population and living standards | ?developed and developing countries | ||
?absolute and relative poverty | |||
?alleviating poverty | |||
?population growth | |||
?differences in living standards | |||
8. International aspects | ?specialisation | ||
?current account of the balance of payments | |||
?current account deficits and surpluses | |||
?exchange rate fluctuations | |||
?protectionism and free trade. | |||
Total |
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