Topic outline You should be able to: Checklist (0 - 3)

The economic Define the nature of the economic 0

problem
The factors of problem
Define infour
the terms of theofconflict
factors between:
production:
production Land 0
Labour 0
Capital 0
Enterprise 0
Opportunity Cost Define the concept of opportunity cost 0
Analyse particular circumstances to 0
illustratethe
Evaluate theimplications
concept of opportunity cost
of particular 0
courses of action in terms of opportunity
Comments
Topic outline You should be able to: Checklist (0 - 3)
The allocation of Describe the allocation of resources in:
resources Market economic systems 0
Mixed economic systems 0
The principle of Demonstrate the principle of equilibrium 0
equilibrium price price
Analyse simple market situations with 0
changes
Describein demand
the causesand supply in demand
of changes 0
and supply conditions
Analyse such changes to show effects in 0
Price elasticity of the market
Define price elasticity of demand 0
demand and supply Define price elasticity of supply 0
Perform simple calculations 0
Demonstrate the usefulness of price
elasticitychanges
Revenue in particular situations, such as 0
Consumer expenditure 0
Market failure Describe the concept of market failure 0
Explain the reasons for its occurrence 0
The market system Evaluate the merits of the market system 0
Private and social Define private and social costs 0
costs and benefits Define private and social benefits 0
Discuss conflicts of interest in relation to
these
(i) costs andresources
conserving benefits in the short
versus usingterm 0
resources
(ii) public expenditure versus private 0
expenditure
Comments
Topic outline You should be able to: Checklist (0 - 3)
Money and exchange Describe the functions of money 0
Describe the need for exchange 0
Central banks and Describe the functions of central banks 0
stock exchanges Describe the functions of commercial 0
banks the functions of stock exchanges
Describe 0
Choice of occupation Identify the factors affecting an
individual’s
Wage factorschoice of occupation: 0
Non-wage factors 0
Changes in earnings Describe the likely changes in earnings 0
Differences in over timethe
Describe for differences
an individualin earnings
earnings between different
Male/female occupational groups: 0
Skilled/unskilled 0
Private/public 0
Agricultural/manufacturing/services 0
Trade Unions Describe trade unions 0
Describe the role of trade unions in an 0
Specialisation economy
Describe the benefits of specialisation for 0
the individual
Describe the disadvantages of 0
Spending, saving specialisation
Analyse for the motives
the different individual
for:
and borrowing Spending 0
Saving 0
Discuss how different income groups have 0
different expenditure
Discuss why different patterns (in terms
income groups of
have 0
different expenditure patterns (in terms of
Comments
Topic outline You should be able to: Checklist (0 - 3)
Different types of Describe the types of business
business organisation
Sole in the private sector:
proprietor/trader 0
Partnership 0
Private company 0
Public company 0
Multi-nationals 0
Co-operatives 0
Describe the type of business organisation
in the public
Public sector:
corporation 0
Changes in the Describe the effects of changes in the 0
structure of business structure
Describe theof business
effects oforganisations
changes in the 0
structure of business
Demand for factors Describe what determines organisations
the demand for 0
of production
Costs factors total
of production Define of production
cost 0
Define average cost 0
Define fixed cost 0
Define variable cost 0
Perform simple calculations 0
Changes in costs as Analyse particular situations to show 0
output changes changes particular
Analyse in total cost as outputtochanges
situations show 0
Revenue changestotal
Define in average
revenuecost as output changes 0
Define average revenue 0
Perform simple calculations 0
Profit maximisation Describe the principle of profit
maximisation
Pricing and output Describe as aand
pricing goaloutput policies in 0
policies in different Describe
perfect competition
pricing and output policies in 0
Size of firms monopoly
Describe the main reasons for the
different
Size sizes of firms:
of market 0
Capital 0
Organisation 0
Integration and Describe integration 0
economies of Evaluate integration 0
Describe economies of scale 0
Evaluate economies of scale 0
Describe diseconomies of scale 0
Evaluate diseconomies of scale 0
Monopoly Discuss the advantages of monopoly 0
Discuss the disadvantages of monopoly 0
Comments
Topic outline You should be able to: Checklist (0 - 3)
The role of Describe the government as a producer of 0
government goods andthe
Describe service
government as an employer 0
The aims of Describe the aims of government policy:
government Full employment 0
Price stability 0
Economic growth 0
Redistribution of income 0
Balance of payments stability 0
Possible Discuss the possible conflicts between 0
conflicts
Taxation these government
Describe the typesaims
of taxation:
Direct 0
Indirect 0
Progressive 0
Regressive 0
Proportional 0
Government Describe thegovernment’s
Discuss the impact of taxation
influence on 0
influence on private producers:
Regulation 0
Subsidies 0
Taxes 0
Comments
Topic outline You should be able to: Checklist (0 - 3)
Prices Describe how the retail/consumer price index 0
Inflation is calculated
Describe the causes of inflation 0
Describe the consequences of inflation 0
Employment Describe the changing patterns of employment 0
Describe the changing levels of employment 0
Unemployment Discuss the causes of unemployment 0
Discuss the consequences of unemployment 0
Output Define Gross Domestic Product (GDP) 0
Living Describe simple measures and indicators of
standards comparative
GDP per headliving 0
Human Development Index (HDI) 0
Comments
Topic outline You should be able to: Checklist (0 - 3)
Developed and Describe why some countries are 0
developing classified
Describe aswhydeveloped
some countries are not 0
Poverty classified
Recogniseaspoverty
developed 0
Discuss policies to alleviate poverty 0
Population Describe the factors that affect population
growth growth:
Birth Rate 0
Death Rate 0
Fertility Rate 0
Net Migration 0
Discuss reasons for the different rates of 0
Population population
Analyse thegrowth
problemsin different countries
of these population 0
changes changes
Analyse the consequences of thesestages of
for countries at different 0
Changing size population
Describe thechanges
effects for countries
of the changingat size of
and structure of population
Describe theoneffects
an economy
of the changing 0
Living structure
Discuss of population
differences on anstandards
in living economy 0
standards within countries, both developed
Discuss differences in living standards and 0
between countries, both developed and
Comments
Topic outline You should be able to: Checklist (0 - 3)
Specialisation Describe the benefits of specialisation at 0
regional level
Describe the disadvantages of 0
specialisation
Describe at regional
the benefits levels
of specialisation at 0
national
Describelevel
the disadvantages of 0
The Balance of specialisation at national
Describe the structure of levels
Balance of 0
Payments
Exchange rates Payments
Define exchange rate 0
Exchange rate Discuss the causes of exchange rate 0
fluctuations fluctuations
Discuss the consequences of exchange 0
Protection rate fluctuations
Describe methods of protection
Free trade and Discuss the merits of free trade 0
protection Discuss the merits of protectionism 0
Comments
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