economics spec
- Created by: revise17
- Created on: 23-03-16 16:43
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- Economics
- microeconomics
- scarcity and choice
- the basic economic problem
- the market economy
- opportunity cost
- specialization and trade
- how competitive markets work
- allocation of resources
- the objective of economic agents
- supply and demand and the interaction between markets
- elasticity
- costs and revenue
- productive and allocative efficiency
- economies and diseconomies of scale
- market failure and government intervention
- market failure
- externalities
- information asymmetries
- alternative methods of government intervention
- government failure
- scarcity and choice
- macroeconomics
- Economic policy
objectives and
indicators of
macroeconomic
performance
- economic growth
- employment and unemployment
- inflation
- trends in macroeconomic indicators
- aggregate demand and aggregate supply
- circular flow of income
- aggregate demand (AD)
- aggregate supply (AS)
- macroeconomic equilibrium
- the application of policy insrtuments
- fiscal policy
- monetary policy
- supply side policy
- policy conflicts
- the global context
- international trade
- balance of payments
- the exchange rate
- Economic policy
objectives and
indicators of
macroeconomic
performance
- microeconomics
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