Scarcity, choice and opportunity cost
Resource allocation in different economic systems
Classification of goods and services
Price elasticity, income elasticity and cross elasticity of demand
The interaction of demand and supply
Reasons for government intervention in markets
Indifference curves and budget lines
Causes of a shift in the budget
Private costs and benefits, externalities and social costs and benefits
Types of cost, revenue and profit, short-run and long-run production
Differing objectives and policies of firms
Government policies to achieve efficient resource allocation and correct market failure
Equity and redistribution of income and wealth
Labour market forces and government intervention
Economic growth and sustainability
Government macroeconomic policy objectives
Links between macroeconomic problems and their interrelatedness
Effectiveness of policy options to meet all macroeconomic objectives
Policies to correct disequilibrium in the balance of payments
Characteristics of countries at different levels of development
Relationship between countries at different levels of development