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Economics 8136

11セクション

Economic foundations

Economic activity
The factors of production
Making choices

Resource allocation

Markets and allocation of resources
Economic sectors
Specialisation, division of labour, and exchange

How prices are determined

Demand for goods and services
Supply for goods and services
Equilibrium price
Intermarket relationships
Price elasticity of demand
Price elasticity of supply

Production, costs, revenue and profit

The importance of cost, revenue and profit for producers
Production and productivity
Economies of scale

Competitive and concentrated markets

The importance of market structures on producers and consumers
Competitive markets
Non-competitive markets
The labour market

Market failure

Misallocation of resources
Externalities

Introduction to the national economy

Interest rates, saving, borrowing, spending and investment
Government income and expenditure

Government objectives

Economic objectives of the government
Economic growth
Employment and unemployment
Inflation and price stability
Balance of payments
Distribution of income

How the government manages the economy

Fiscal policy
Monetary policy
Supply-side policies
Policies to correct positive and negative externalities

International trade and the global economy

Why countries trade and the importance of international trade to the UK
Exchange rates
Free-trade agreements including the European Union
Globalisation: benefits and drawbacks

The role of money and financial markets

The role of money
The role and importance of the financial sector for the economy

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