The basic economic problem - The nature of the basic economic problem - Definition of the basic economic problem

The basic economic problem - The nature of the basic economic problem - The concept of scarcity

The basic economic problem - The nature of the basic economic problem - Examples of the basic economic problem in the context of consumers

The basic economic problem - The nature of the basic economic problem - Examples of the basic economic problem in the context of workers

The basic economic problem - The nature of the basic economic problem - Examples of the basic economic problem in the context of producers/firms

The basic economic problem - The nature of the basic economic problem - Examples of the basic economic problem in the context of governments

The basic economic problem - Resource allocation decisions - The three basic economic questions which determine resource allocation: what to produce

The basic economic problem - Resource allocation decisions - The three basic economic questions which determine resource allocation: how to produce

The basic economic problem - Resource allocation decisions - The three basic economic questions which determine resource allocation: who to produce for

The basic economic problem - Economic goods and free goods - The difference between economic goods and free goods

The basic economic problem - Factors of production - Definitions of factors of production: land, labour, capital and enterprise

The basic economic problem - Factors of production - Rewards to factors of production: rent, wages, interest and profit

The basic economic problem - Factors of production - Causes of changes in the quantity and quality of factors of production

The basic economic problem - Opportunity cost - Definition of opportunity cost

The basic economic problem - Opportunity cost - Examples of opportunity cost in different contexts

The basic economic problem - Opportunity cost - Decisions made by consumers, workers, producers/firms and governments when allocating their resources

The basic economic problem - Production possibility curve (PPC) diagrams - Definition of production possibility curves (PPC)

The basic economic problem - Production possibility curve (PPC) diagrams - Drawing and interpretation of the PPC diagram

The basic economic problem - Production possibility curve (PPC) diagrams - The significance of the location of different production points

The basic economic problem - Production possibility curve (PPC) diagrams - The significance of movements along a PPC and opportunity cost

The basic economic problem - Production possibility curve (PPC) diagrams - Causes and consequences of shifts of a PPC in terms of an economy's growth

The allocation of resources - The role of markets in allocating resources - Definition of a market

The allocation of resources - The role of markets in allocating resources - Examples of markets

The allocation of resources - The role of markets in allocating resources - Roles of buyers and sellers

The allocation of resources - Demand - Definition of demand

The allocation of resources - Demand - Link between individual demand and market demand

The allocation of resources - Demand - Drawing and interpretation of the demand diagram

The allocation of resources - Demand - Causes of extensions and contractions in demand

The allocation of resources - Demand - Diagrams that illustrate movements along a demand curve

The allocation of resources - Demand - Causes of decreases and increases in demand

The allocation of resources - Demand - Diagrams that illustrate shifts of a demand curve

The allocation of resources - Supply - Definition of supply

The allocation of resources - Supply - Link between individual supply and market supply

The allocation of resources - Supply - Drawing and interpretation of the supply diagram

The allocation of resources - Supply - Causes of extensions and contractions in supply

The allocation of resources - Supply - Diagrams that illustrate movements along a supply curve

The allocation of resources - Supply - Causes of decreases and increases in supply

The allocation of resources - Supply - Diagrams that illustrate shifts of a supply curve

The allocation of resources - Price determination - How the price mechanism provides answers to the basic resource allocation decisions of what, how and for whom to produce

The allocation of resources - Price determination - Definition of market equilibrium

The allocation of resources - Price determination - Interpretation of equilibrium using demand and supply schedules

The allocation of resources - Price determination - Drawing and interpretation of equilibrium using demand and supply curves

The allocation of resources - Price determination - Definition of market disequilibrium

The allocation of resources - Price determination - Interpretation of disequilibrium using demand and supply schedules

The allocation of resources - Price determination - Drawing and interpretation of disequilibrium using demand and supply curves

The allocation of resources - Price determination - Shortages (demand exceeding supply) and surpluses (supply exceeding demand)

The allocation of resources - Price changes - How price changes are caused by changes in demand and supply

The allocation of resources - Price changes - Effect of price changes on sales

The allocation of resources - Price changes - Use of demand and supply diagrams to illustrate the impact of changes in market conditions

The allocation of resources - Price elasticity of demand (PED) - Definition of PED

The allocation of resources - Price elasticity of demand (PED) - Calculation of PED using the formula

The allocation of resources - Price elasticity of demand (PED) - Interpretation of the significance of the PED value: perfectly inelastic, inelastic, unitary, elastic, perfectly elastic

The allocation of resources - Price elasticity of demand (PED) - Drawing and interpretation of demand curve diagrams to show different PED

The allocation of resources - Price elasticity of demand (PED) - Main influences on whether demand is elastic or inelastic

The allocation of resources - Price elasticity of demand (PED) - Effect of price changes on the amount spent by consumers and revenue raised by firms, shown both in a diagram and as a calculation

The allocation of resources - Price elasticity of demand (PED) - Relationship between PED and the amount spent by consumers and revenue raised by firms

The allocation of resources - Price elasticity of demand (PED) - Implications of PED for decision-making by consumers, workers, producers/firms and government

The allocation of resources - Price elasticity of supply (PES) - Definition of PES

The allocation of resources - Price elasticity of supply (PES) - Calculation of PES using the formula

The allocation of resources - Price elasticity of supply (PES) - Interpretation of the significance of the PES value: perfectly inelastic, inelastic, unitary, elastic, perfectly elastic

The allocation of resources - Price elasticity of supply (PES) - Drawing and interpretation of supply curve diagrams to show different PES

The allocation of resources - Price elasticity of supply (PES) - Main influences on whether supply is elastic or inelastic

The allocation of resources - Market economic system - Definition of the market economic system

The allocation of resources - Market economic system - Advantages of the market economic system

The allocation of resources - Market economic system - Disadvantages of the market economic system

The allocation of resources - Market failure - Definition of market failure

The allocation of resources - Market failure - Definitions of terms associated with market failure: public goods, merit goods, demerit goods, private benefits, external benefits, social benefits, private costs, external costs, social costs, monopoly

The allocation of resources - Market failure - Causes of market failure relating to public goods, merit goods, demerit goods, external costs and external benefits, abuse of monopoly power

The allocation of resources - Market failure - Implications of misallocation of resources in relation to the over-consumption of demerit goods and goods with external costs

The allocation of resources - Market failure - Implications of misallocation of resources in relation to the under-consumption of merit goods and goods with external benefits

The allocation of resources - Market failure - Implications of misallocation of resources in relation to the non-provision of public goods

The allocation of resources - Market failure - Implications of misallocation of resources in relation to restricted supply causing higher prices under a monopoly

The allocation of resources - Mixed economic system - Definition of the mixed economic system

The allocation of resources - Mixed economic system - Advantages of the mixed economic system

The allocation of resources - Mixed economic system - Disadvantages of the mixed economic system

The allocation of resources - Mixed economic system - Definitions, drawing and interpretation of diagrams, advantages and disadvantages of maximum and minimum prices in product markets

The allocation of resources - Mixed economic system - Definitions, drawing and interpretation of diagrams, advantages and disadvantages of indirect taxation

The allocation of resources - Mixed economic system - Definitions, drawing and interpretation of diagrams, advantages and disadvantages of subsidies

The allocation of resources - Mixed economic system - Definitions, advantages and disadvantages of regulation

The allocation of resources - Mixed economic system - Definitions, advantages and disadvantages of privatisation

The allocation of resources - Mixed economic system - Definitions, advantages and disadvantages of nationalisation

The allocation of resources - Mixed economic system - Definitions, advantages and disadvantages of direct provision of goods and services

The allocation of resources - Mixed economic system - Definitions, advantages and disadvantages of quotas, e.g. for the extraction of natural resources

Microeconomic decision-makers - Money and banking - Forms, functions and characteristics of money

Microeconomic decision-makers - Money and banking - Role and importance of central banks

Microeconomic decision-makers - Money and banking - Role and importance of commercial banks

Microeconomic decision-makers - Households - Influences on households' spending, saving and borrowing: income

Microeconomic decision-makers - Households - Influences on households' spending, saving and borrowing: rate of interest

Microeconomic decision-makers - Households - Influences on households' spending, saving and borrowing: confidence

Microeconomic decision-makers - Households - Influences on households' spending, saving and borrowing: age

Microeconomic decision-makers - Households - Influences on households' spending, saving and borrowing: culture

Microeconomic decision-makers - Workers - Factors affecting an individual's choice of occupation: wage and non-wage factors

Microeconomic decision-makers - Workers - Influences of the demand for labour and the supply of labour on wage determination

Microeconomic decision-makers - Workers - Trade unions and their relative bargaining power on wage determination

Microeconomic decision-makers - Workers - Government policy, including national minimum wage (NMW) on wage determination

Microeconomic decision-makers - Workers - Drawing and interpretation of diagrams that illustrate the effects of changes in demand and supply in the labour market

Microeconomic decision-makers - Workers - Drawing and interpretation of diagrams illustrating national minimum wages

Microeconomic decision-makers - Workers - Reasons for differences in wages: demand for and supply of labour

Microeconomic decision-makers - Workers - Reasons for differences in wages: relative bargaining strengths

Microeconomic decision-makers - Workers - Reasons for differences in wages: discrimination, e.g. male/female

Microeconomic decision-makers - Workers - Reasons for differences in wages: government policy

Microeconomic decision-makers - Workers - How these reasons influence the wages of workers, depending on level of skills of workers

Microeconomic decision-makers - Workers - How these reasons influence the wages of workers, depending on economic sector workers operate in: primary/secondary/tertiary

Microeconomic decision-makers - Workers - How these reasons influence the wages of workers, depending on discrimination between workers, e.g. male/female

Microeconomic decision-makers - Workers - How these reasons influence the wages of workers, depending on whether the worker is working in the private sector or public sector

Microeconomic decision-makers - Workers - Causes of changes in the occupational and geographical mobility of labour

Microeconomic decision-makers - Workers - Consequences of changes in the occupational and geographical mobility of labour

Microeconomic decision-makers - Workers - Definition of division of labour (worker specialisation)

Microeconomic decision-makers - Workers - Advantages and disadvantages of division of labour

Microeconomic decision-makers - Firms - Primary/secondary/tertiary sector firms

Microeconomic decision-makers - Firms - Private sector/public sector firms

Microeconomic decision-makers - Firms - Advantages and disadvantages of small and large firms

Microeconomic decision-makers - Firms - Definitions, examples, advantages and disadvantages of different types of mergers: horizontal, vertical and conglomerate

Microeconomic decision-makers - Firms - How internal and external economies and diseconomies of scale can affect a firm/industry as the scale of production changes

Microeconomic decision-makers - Firms - Drawing and interpretation of average total cost (ATC) diagrams to illustrate economies and diseconomies of scale

Microeconomic decision-makers - Firms and production - Influences on the demand for factors of production: demand for the product, the price of different factors of production, their availability and their productivity

Microeconomic decision-makers - Firms and production - Reasons for adopting labour-intensive and capital-intensive production

Microeconomic decision-makers - Firms and production - Advantages and disadvantages of labour-intensive and capital-intensive production

Microeconomic decision-makers - Firms and production - The difference between production and productivity

Microeconomic decision-makers - Firms and production - Influences on production and productivity

Microeconomic decision-makers - Firms and production - Effects of changes in investment on productivity

Microeconomic decision-makers - Firms' costs, revenue and objectives - Definitions of costs of production: total cost (TC), average total cost (ATC), fixed cost (FC), average fixed cost (AFC), variable cost (VC), average variable cost (AVC)

Microeconomic decision-makers - Firms' costs, revenue and objectives - Calculation of TC, ATC, FC, AFC, VC and AVC

Microeconomic decision-makers - Firms' costs, revenue and objectives - Drawing and interpretation of diagrams that show how changes in output affect costs of production

Microeconomic decision-makers - Firms' costs, revenue and objectives - Definitions of total revenue (TR) and average revenue (AR)

Microeconomic decision-makers - Firms' costs, revenue and objectives - Calculation of TR and AR

Microeconomic decision-makers - Firms' costs, revenue and objectives - The influence of sales on revenue

Microeconomic decision-makers - Firms' costs, revenue and objectives - Objectives of firms: survival, social welfare, profit maximisation and growth

Microeconomic decision-makers - Types of markets - Characteristics, advantages and disadvantages of competitive markets

Microeconomic decision-makers - Types of markets - Effect of having a high number of firms on price, quality, choice, profit

Microeconomic decision-makers - Types of markets - Characteristics, advantages and disadvantages of monopoly markets

Microeconomic decision-makers - Types of markets - Effect of having only one firm on price, quality, choice, profit

Government and the macroeconomy - Government macroeconomic intervention - The macroeconomic aims of government: economic growth

Government and the macroeconomy - Government macroeconomic intervention - The macroeconomic aims of government: full employment/low unemployment

Government and the macroeconomy - Government macroeconomic intervention - The macroeconomic aims of government: stable prices/low inflation

Government and the macroeconomy - Government macroeconomic intervention - The macroeconomic aims of government: balance of payments stability

Government and the macroeconomy - Government macroeconomic intervention - The macroeconomic aims of government: redistribution of income

Government and the macroeconomy - Government macroeconomic intervention - The macroeconomic aims of government: environmental sustainability

Government and the macroeconomy - Government macroeconomic intervention - Reasons behind the choice of aims and the criteria that governments may set for meeting each aim

Government and the macroeconomy - Government macroeconomic intervention - Possible conflicts between macroeconomic aims: full employment and stable prices

Government and the macroeconomy - Government macroeconomic intervention - Possible conflicts between macroeconomic aims: economic growth and environmental sustainability

Government and the macroeconomy - Government macroeconomic intervention - Possible conflicts between macroeconomic aims: full employment and balance of payments stability

Government and the macroeconomy - Fiscal policy - Definitions of government budget

Government and the macroeconomy - Fiscal policy - Definitions of government budget deficit

Government and the macroeconomy - Fiscal policy - Definitions of government budget surplus

Government and the macroeconomy - Fiscal policy - Calculations of the size of a government budget deficit/surplus

Government and the macroeconomy - Fiscal policy - Main areas of government spending and the reasons for and effects of spending in these areas

Government and the macroeconomy - Fiscal policy - Reasons for taxation: raising revenue, discouraging consumption of demerit goods, reducing imports, redistributing income, influencing total demand, encouraging environmental sustainability

Government and the macroeconomy - Fiscal policy - Examples of the different classifications of tax: progressive, regressive, proportional; direct, indirect

Government and the macroeconomy - Fiscal policy - Impact of taxation on consumers, workers, producers/firms, the government and the economy

Government and the macroeconomy - Fiscal policy - Definition of fiscal policy

Government and the macroeconomy - Fiscal policy - Fiscal policy measures: changes in taxes

Government and the macroeconomy - Fiscal policy - Fiscal policy measures: changes in government spending

Government and the macroeconomy - Fiscal policy - How fiscal policy measures may enable a government to achieve its macroeconomic aims

Government and the macroeconomy - Monetary policy - Definitions of money supply and monetary policy

Government and the macroeconomy - Monetary policy - Monetary policy measures: changes in interest rate

Government and the macroeconomy - Monetary policy - Monetary policy measures: changes in money supply

Government and the macroeconomy - Monetary policy - Monetary policy measures: changes in foreign exchange rate

Government and the macroeconomy - Monetary policy - How monetary policy measures may enable a government to achieve its macroeconomic aims

Government and the macroeconomy - Supply-side policy - Definition of supply-side policy

Government and the macroeconomy - Supply-side policy - Supply-side policy measures: education and training

Government and the macroeconomy - Supply-side policy - Supply-side policy measures: infrastructure spending

Government and the macroeconomy - Supply-side policy - Supply-side policy measures: labour market reforms

Government and the macroeconomy - Supply-side policy - Supply-side policy measures: lower direct taxes

Government and the macroeconomy - Supply-side policy - Supply-side policy measures: deregulation

Government and the macroeconomy - Supply-side policy - Supply-side policy measures: improving incentives to work and invest

Government and the macroeconomy - Supply-side policy - Supply-side policy measures: privatisation

Government and the macroeconomy - Supply-side policy - How supply-side policy measures may enable a government to achieve its macroeconomic aims

Government and the macroeconomy - Economic growth - Definition of economic growth

Government and the macroeconomy - Economic growth - Measurement of economic growth: real Gross Domestic Product (GDP)

Government and the macroeconomy - Economic growth - How economic growth may be caused by an increase in total demand, an increase in the quantity of resources or an increase in the quality of resources

Government and the macroeconomy - Economic growth - Advantages and disadvantages of economic growth

Government and the macroeconomy - Economic growth - Definition of recession

Government and the macroeconomy - Economic growth - How a recession may be caused by a decrease in total demand, a decrease in the quantity of resources or a decrease in the quality of resources

Government and the macroeconomy - Economic growth - Consequences of recession for consumers, workers, producers/firms and the government

Government and the macroeconomy - Economic growth - The range of policies available to promote economic growth and their effectiveness

Government and the macroeconomy - Employment and unemployment - Definitions of employment, unemployment and full employment

Government and the macroeconomy - Employment and unemployment - How unemployment is measured (labour force survey)

Government and the macroeconomy - Employment and unemployment - Formula for the unemployment rate

Government and the macroeconomy - Employment and unemployment - Causes/types of unemployment: frictional unemployment

Government and the macroeconomy - Employment and unemployment - Causes/types of unemployment: structural unemployment

Government and the macroeconomy - Employment and unemployment - Causes/types of unemployment: cyclical unemployment

Government and the macroeconomy - Employment and unemployment - Causes/types of unemployment: seasonal unemployment

Government and the macroeconomy - Employment and unemployment - Consequences of unemployment for the individual, producers/firms, the government and the economy

Government and the macroeconomy - Employment and unemployment - The range of policies available to reduce unemployment and their effectiveness

Government and the macroeconomy - Inflation - Definitions of inflation and deflation

Government and the macroeconomy - Inflation - Measurement of inflation using the Consumer Prices Index (CPI)

Government and the macroeconomy - Inflation - Causes of inflation: demand-pull

Government and the macroeconomy - Inflation - Causes of inflation: cost-push

Government and the macroeconomy - Inflation - How inflation affects savers, lenders and borrowers

Government and the macroeconomy - Inflation - Consequences of inflation for consumers, workers, producers/firms and the economy

Government and the macroeconomy - Inflation - The range of policies available to control inflation and their effectiveness

Economic development - Living standards - Indicators of living standards: real Gross Domestic Product (GDP) per head

Economic development - Living standards - Indicators of living standards: Human Development Index (HDI) and its components

Economic development - Living standards - Advantages and disadvantages of real GDP per head and HDI as indicators

Economic development - Living standards - Reasons for differences in living standards and income distribution within and between countries

Economic development - Poverty - Difference between absolute poverty and relative poverty

Economic development - Poverty - Causes of poverty: unemployment

Economic development - Poverty - Causes of poverty: low wages

Economic development - Poverty - Causes of poverty: illness

Economic development - Poverty - Causes of poverty: age

Economic development - Poverty - Causes of poverty: environmental factors

Economic development - Poverty - Policies to alleviate poverty and redistribute income: promoting economic growth

Economic development - Poverty - Policies to alleviate poverty and redistribute income: improved education

Economic development - Poverty - Policies to alleviate poverty and redistribute income: improved healthcare provision

Economic development - Poverty - Policies to alleviate poverty and redistribute income: more generous state benefits

Economic development - Poverty - Policies to alleviate poverty and redistribute income: progressive taxation

Economic development - Poverty - Policies to alleviate poverty and redistribute income: national minimum wage (NMW)

Economic development - Population - Definitions of birth rate

Economic development - Population - Definitions of death rate

Economic development - Population - Definitions of net migration, immigration and emigration

Economic development - Population - How birth rates, death rates and net migration can vary between countries

Economic development - Population - Reasons why birth rates, death rates and net migration rates can vary between countries

Economic development - Population - The concept of an optimum population

Economic development - Population - The effects of increases and decreases in population size and changes in the age and gender distribution of population

Economic development - Differences in economic development between countries - Differences in income

Economic development - Differences in economic development between countries - Differences in productivity

Economic development - Differences in economic development between countries - Differences in population growth

Economic development - Differences in economic development between countries - Differences in size of primary, secondary and tertiary sectors

Economic development - Differences in economic development between countries - Differences in saving and investment

Economic development - Differences in economic development between countries - Differences in education

Economic development - Differences in economic development between countries - Differences in healthcare

Economic development - Differences in economic development between countries - Differences in natural resources

International trade and globalisation - Specialisation and free trade - Definition of specialisation by country

International trade and globalisation - Specialisation and free trade - The basis for specialisation by country in terms of the best resource allocation and/or low-cost production

International trade and globalisation - Specialisation and free trade - Advantages and disadvantages of specialisation

International trade and globalisation - Specialisation and free trade - Definition of free trade

International trade and globalisation - Specialisation and free trade - Advantages and disadvantages of free trade

International trade and globalisation - Globalisation and trade restrictions - Definition of globalisation

International trade and globalisation - Globalisation and trade restrictions - Causes of changes in globalisation: changes in trade restrictions

International trade and globalisation - Globalisation and trade restrictions - Causes of changes in globalisation: changes in transport costs

International trade and globalisation - Globalisation and trade restrictions - Causes of changes in globalisation: changes in communication costs

International trade and globalisation - Globalisation and trade restrictions - Causes of changes in globalisation: movement of multinational companies (MNCs)

International trade and globalisation - Globalisation and trade restrictions - Effects of changes in globalisation on international trade

International trade and globalisation - Globalisation and trade restrictions - Effects of changes in globalisation on competition

International trade and globalisation - Globalisation and trade restrictions - Effects of changes in globalisation on the environment

International trade and globalisation - Globalisation and trade restrictions - Effects of changes in globalisation on migration

International trade and globalisation - Globalisation and trade restrictions - Effects of changes in globalisation on income distribution

International trade and globalisation - Globalisation and trade restrictions - Effects of changes in globalisation on economic development

International trade and globalisation - Globalisation and trade restrictions - MNCs and their advantages and disadvantages to host countries and home countries

International trade and globalisation - Globalisation and trade restrictions - Types of trade restrictions / methods of protection: tariffs

International trade and globalisation - Globalisation and trade restrictions - Types of trade restrictions / methods of protection: import quotas

International trade and globalisation - Globalisation and trade restrictions - Types of trade restrictions / methods of protection: subsidies

International trade and globalisation - Globalisation and trade restrictions - Types of trade restrictions / methods of protection: embargoes

International trade and globalisation - Globalisation and trade restrictions - Reasons for trade restrictions: protect infant (sunrise) industries

International trade and globalisation - Globalisation and trade restrictions - Reasons for trade restrictions: protect declining (sunset) industries

International trade and globalisation - Globalisation and trade restrictions - Reasons for trade restrictions: protect strategic industries

International trade and globalisation - Globalisation and trade restrictions - Reasons for trade restrictions: avoid dumping

International trade and globalisation - Globalisation and trade restrictions - Reasons for trade restrictions: reduce a deficit on the current account of the balance of payments

International trade and globalisation - Globalisation and trade restrictions - Reasons for trade restrictions: raise tax revenue

International trade and globalisation - Globalisation and trade restrictions - Reasons for trade restrictions: restrict the import of demerit goods

International trade and globalisation - Globalisation and trade restrictions - Reasons for trade restrictions: promote environmental sustainability

International trade and globalisation - Globalisation and trade restrictions - Impact of trade restrictions on the home country and its trading partners

International trade and globalisation - Globalisation and trade restrictions - Advantages and disadvantages of restricting free trade

International trade and globalisation - Foreign exchange rates - Definition of foreign exchange rate

International trade and globalisation - Foreign exchange rates - Reasons for buying and selling foreign currencies: trade in goods and services

International trade and globalisation - Foreign exchange rates - Reasons for buying and selling foreign currencies: speculation

International trade and globalisation - Foreign exchange rates - Reasons for buying and selling foreign currencies: government intervention in currency markets

International trade and globalisation - Foreign exchange rates - Reasons for buying and selling foreign currencies: payment of profit, interest and dividends between countries

International trade and globalisation - Foreign exchange rates - Reasons for buying and selling foreign currencies: workers' remittances

International trade and globalisation - Foreign exchange rates - Reasons for buying and selling foreign currencies: investment in capital goods between countries

International trade and globalisation - Foreign exchange rates - Definitions of floating exchange rate, appreciation and depreciation

International trade and globalisation - Foreign exchange rates - The demand for and supply of a currency

International trade and globalisation - Foreign exchange rates - The determination of the equilibrium foreign exchange rate

International trade and globalisation - Foreign exchange rates - Causes of foreign exchange rate fluctuations: changes in demand for exports and imports

International trade and globalisation - Foreign exchange rates - Causes of foreign exchange rate fluctuations: changes in the interest rate

International trade and globalisation - Foreign exchange rates - Causes of foreign exchange rate fluctuations: speculation

International trade and globalisation - Foreign exchange rates - Effects of changes in foreign exchange rates on prices and demand for exports and imports

International trade and globalisation - Current account of the balance of payments - Components of the current account of the balance of payments: trade in goods

International trade and globalisation - Current account of the balance of payments - Components of the current account of the balance of payments: trade in services

International trade and globalisation - Current account of the balance of payments - Components of the current account of the balance of payments: primary income

International trade and globalisation - Current account of the balance of payments - Components of the current account of the balance of payments: secondary income

International trade and globalisation - Current account of the balance of payments - Calculation of deficits and surpluses on the current account of the balance of payments and its component sections

International trade and globalisation - Current account of the balance of payments - Reasons for current account deficits and surpluses

International trade and globalisation - Current account of the balance of payments - Impact on GDP, employment, inflation and foreign exchange rate

International trade and globalisation - Current account of the balance of payments - The range of policies available to achieve balance of payments stability and their effectiveness