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Economics revision notes

31 of 31 topics written so far.

Chapter 1

Basic Economic Problem

  • Scarcity, Choice & Opportunity Cost
  • Factors of Production
  • Production Possibility Curves

Chapter 2

Allocation of Resources

  • Demand
  • Supply
  • Market Equilibrium & Price Mechanism
  • Price Elasticity of Demand (PED)
  • Price Elasticity of Supply (PES)
  • Market Failure & Externalities
  • Economic Systems: Market & Mixed

Chapter 3

Microeconomic Decision Makers

  • Firms' Costs, Revenue & Objectives
  • Workers & Wages
  • Money & Banking
  • Households
  • Firms: Types, Mergers & Scale
  • Firms & Production
  • Types of Markets: Competition & Monopoly

Chapter 4

Government and the Macroeconomy

  • Macroeconomic Aims
  • Inflation: Causes & Effects
  • Unemployment: Types & Effects
  • Fiscal & Monetary Policy
  • Supply-side Policy
  • Economic Growth & Recession

Chapter 5

Economic Development

  • Living Standards & Development Indicators
  • Poverty
  • Population
  • Differences in Development between Countries

Chapter 6

International Trade & Globalisation

  • Specialisation & Free Trade
  • Globalisation & Trade Restrictions
  • Exchange Rates
  • Current Account of the Balance of Payments
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