1.1 Nature of economics
- 1.1.1 Economics as a social science
- 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 How markets work
- 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 Market faliure
1.4 Government intervention