1.1.2 Positive and normative economic statements

1.1.3 The economic problem

1.1.4 Production possibility frontiers

1.1.5 Specialisation and the division of labour

1.1.6 Free market economies, mixed economy and command economy

1.2.1 Rational decision making

1.2.2 Demand

1.2.3 Price, income and cross elasticities of demand

1.2.4 Supply

1.2.5 Elasticity of supply

1.2.6 Price determination

1.2.7 Price mechanism

1.2.8 Consumer and producer surplus

1.2.9 Indirect taxes and subsidies

1.2.10 Alternative views of consumer behaviour

1.3.1 Types of market failure

1.3.2 Externalities

1.3.3 Public goods

1.3.4 Information gaps

1.4.1 Government intervention in markets

1.4.2 Government failure

2.5 Economic growth

2.1.2 Inflation

2.1.3 Employment and unemployment

2.1.4 Balance of payments

2.2.1 The characteristics of AD

2.2.2 Consumption (C)

2.2.3 Investment (I)

2.2.4 Government expenditure (G)

2.2.5 Net trade (X-M)

2.3.2 Short-run AS

2.3.3 Long-run AS

2.4.1 National income

2.4.2 Injections and withdrawals

2.4.4 The multiplier

2.5.1 Causes of growth

2.5.2 Output gaps

2.5.3 Trade (business) cycle

2.5.4 The impact of economic growth

2.6.2 Demand-side policies

2.6.3 Supply-side policies

2.6.4 Conflicts and trade-offs between objectives and policies

3.1.1 Sizes and types of firms

3.1 Business growth

3.1.3 Demergers

3.2 Business objectives

3.3.1 Revenue

3.3.2 Costs

3.3.3 Economies and diseconomies of scale

3.3.4 Normal profits, supernormal profits and losses

3.4.2 Perfect competition

3.4.3 Monopolistic competition

3.4.4 Oligopoly

3.4.5 Monopoly

3.4.6 Monopsony

3.4.7 Contestability

3.5.1 Demand for labour

3.5.2 Supply of labour

3.5.3 Wage determination in competitive and non-competitive markets

3.6.1 Government intervention

3.6.2 The impact of government intervention

4.1.1 Globalisation

4.1.2 Specialisation and trade

4.1.5 Trading blocs and the World Trade Organisation (WTO)

4.1.6 Restrictions on free trade

4.1.7 Balance of payments

4.1.8 Exchange rates

4.1.9 International competitiveness

4.2.1 Absolute and relative poverty

4.2.2 Inequality

4.3.1 Measures of development

4.3.2 Factors influencing growth and development

4.3.3 Strategies influencing growth and development

4.4.1 Role of financial markets

4.4.2 Market failure in the financial sector

4.4.3 Role of central banks

4.5.1 Public expenditure

4.5.2 Taxation

4.5.3 Public sector finances

4.5.4 Macroeconomic policies in a global context