S3
Economics
Module
3.1– Basic Economic Problem
Relationship between scarcity, choice and opportunity cost; the substitution
and mobility of resources.
Module
3.2 – Demand
Behaviour of the rational consumer – theory of demand, price
and the factors effecting demand.
Module
3.3a - Supply
Supply schedules,
conditions of supply and elasticity.
Module
3.3b - Supply (Costs)
Explanation of
returns and costs, economies of scale and average and marginal revenue.
Module
3.4 - Operations of the Market
Definitions;
market intervention in the free market system.
Module
3.5 - Types of Market
Oligopolies,
monopolies; barriers to completion; differentiation of products.
S4
Economics
Module
4.1– National Income
Components of National Income and its relationships with output, income
and expenditure.
Module
4.2 – Inflation
Definition, factors causing it, and the effects on individuals, firms,
governments and the economy.
Module
4.3 - Unemployment
Definition, measurement,
demand and supply side causes and the effects on individuals, firms,
governments and the economy.
Module
4.4 - International trade and payments
Gains and analysis
of the patterns from given statistics; appraisal of economic features
of the EU.
Module
4.5 - Role of the government
Government expenditure
and tax initiatives.
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