MARKETS
- What is economics?
  - The nature of economics
  - Methods used by economists
  - Index numbers
- Exchange
- The economic problem
- Production possibility frontiers
- Economic growth
- Economic systems
- Competitive markets
- Rationing, incentives, and signalling
- Consumer demand
  - Demand curves
  - Shifts in demand
- Demand and income
- Producer supply
  - Supply curves
  - Shifts in supply
- Market equilibrium
- Non-market price
- Elasticity
  - Price elasticity of demand
  - Income elasticity of demand
  - Cross elasticity of demand
  - Price elasticity of supply
- Tax incidence
- Consumer and producer surplus
- The housing market
  - House price trends
- Financial markets
  - The stock market
  - The foreign exchange market
  - Financial products
- The labour market
- Primary markets
- The oil market
- Food prices
  - Commodity agreements
- Transition economies
- Evaluation of market systems
- QUESTIONS
  - Quiz 1
  - Quiz 2
  - The nature of economics
  - PPFs
  - Demand
  - Supply
  - Equilibrium
  - Income elasticity of demand
  - Cross elasticity of demand
  - Price elasticity of demand
  - Consumer and producer surplus
  - Taxation
  - Commodities
  - Vanilla prices
  - The housing market
  - The stock market
  - Foreign exchange market
  - The labour market
  - Multiple choice
MARKET FAILURES
- Introduction
- Types of market failure
- Inefficiency
- Cost Benefit Analysis (CBA)
- Missing markets
- Incomplete markets
- Merit goods
- Higher education
- Healthcare
- Negative externalities
- Pollution
- Information failure
- Moral hazard
- Lack of property rights
- Unstable markets
  - Unstable markets
  - Price stabilisation schemes
- Labour market failures
  - Skills gaps and immobility
  - Unequal distribution of income
  - National minimum wage
- Cases
  - Depletion of fish stocks
  - Road congestion
  - Public transport subsidies
- Government failure
- QUESTIONS
  - Cost benefit analysis
  - Missing markets
  - Congestion
  - Education
  - Externalities
  - Information failure
  - Depletion of fish stocks
  - Unstable markets
  - Inequality
  - Government failure
  - Commodities
  - Multiple choice
THE NATIONAL ECONOMY
- What is macro-economics?
- Measuring performance
- National income
- Circular flow of income
- Income, wealth, and liquidity
- Aggregate demand
- Household spending
- Investment
- The public sector
- International trade
- Savings
- Aggregate supply
- Equilibrium
  - What is equilibrium national income?
  - Different perspectives on equilibrium
- Demand-side shocks
- Multiplier effect
- Supply-side shocks
- Policy objectives
  - Introduction
  - Sustainable growth
  - Development
  - Stable prices
  - Full employment
    - Employment
  - Balance of payments
- Macro-economic problems
  - Inflation and deflation
  - Unemployment
  - Inequality
    - Inequality and equity
    - The income gap
  - Poverty
- Policy instruments
- Fiscal policy
- Monetary policy
  - What is monetary policy?
  - The Bank of England
  - European Monetary Policy
- Exchange rate policy
- Policies to reduce poverty and inequality
- Policy conflicts
  - What are policy conflicts?
  - The Phillips Curve
- Applying the AD-AS Model
- QUESTIONS
  - National income
  - Aggregate demand
  - Aggregate supply
  - Equilibrium
  - Growth
  - Investment
  - The multiplier
  - Inflation
  - Unemployment
  - Balance of payments
  - Fiscal policy
  - Monetary policy
  - Exchange rate policy
  - Supply side policy
  - Multiple choice
BUSINESS ECONOMICS
- Introduction
- Enterprise
- Business motives
- Sales revenue
- Principles of production
- Costs
  - Types of production cost
  - The short run supply curve
- The long run
  - Economies of scale
  - Diseconomies of scale
- Profits
  - Types of profit
  - Profit maximisation
- Efficiency
- Revenue and sales maximisation
- Introduction to market structures
- Perfect competition
- Monopolistic competition
- Introduction to market structures
- Perfect competition
- Monopolistic competition
- Oligopoly
- Monopoly
  - Characteristics of monopoly
  - Natural monopoly
  - Complex monopoly
  - Cartels
- Game theory
- Monopsony
- Barriers to entry
- Price discrimination
- Mergers
- Regulation
  - UK Competition Policy
  - European Competition Policy
  - Bank regulation
  - Nationalisation
  - Evaluation
- Cases
  - Brewing
  - Railways
  - Telecoms
  - Supermarkets
  - Banks
  - Music industry
  - Microsoft
  - Soap powder
  - Energy supply
- QUESTIONS
  - Quiz
  - Motives
  - Revenue
  - Costs
  - Profits
  - Economies and diseconomies
  - Perfect competition
  - Monopolistic competition
  - Oligopoly
  - Monopoly
  - Price discrimination
  - Regulation
THE GLOBAL ECONOMY
- Introduction
- Trade
  - Why do countries trade?
  - Comparative advantage
  - Patterns of trade
- Globalisation
  - What is globalisation?
  - Global shocks
- FDI
- Free trade
- Protectionism
  - What is protectionism?
  - Trading blocs
  - Trade creation and trade distortion
  - CAP
- Economic Integration
- World Trade Organisation
- Balance of payments
- Trade problems and policies
  - Trade problems
  - Deficits
  - Deflation
  - Devaluation
  - Direct controls
  - Supply-side policy
- Terms of trade
- Currencies
  - Exchange rates
  - Monetary union
- Competitiveness
  - Price and non-price competitiveness
  - Policies to improve competitiveness
- Economic development
- Development theories
  - Linear growth theory
  - Structural change theory
  - Dependency theory
  - New classical theory
  - New growth theory
  - Property rights
- Economic growth and welfare
  - Statistical limitations
  - Measures of economic welfare
  - Costs of growth
  - Policies to promote stable growth
- Macro-economic problems
  - Unemployment
  - Inflation
  - Deflation
  - Phillips Curve
- Macro-economic policies
  - Fiscal policy
    - Government spending
    - Fiscal stabilisers
  - Monetary policy
  - Exchange rate policy
  - Supply-side policy
- Economic conflicts
  - Types of conflict
  - The Phillips Curve
- The Financial Crisis
- Tobin Taxes
- Case Study
- QUESTIONS
  - Globalisation
  - Trade
  - Tariffs
  - Trading blocs
  - CAP
  - Competitiveness
  - Global shocks
  - Global problems
  - Economics growth
  - Economic conflicts
EXAM BOARDS
- Edexcel
- AQA
- OCR
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MARKETS

MARKET FAILURES

THE NATIONAL ECONOMY

BUSINESS ECONOMICS

THE GLOBAL ECONOMY

STORE

GLOSSARY

CBA

Question 1

A new football stadium is planned for a town. Print out this page and make a list of the private costs and benefits and the external costs and benefits associated with the building and running of the stadium.

How could ‘cost benefit’ analysis be used to decide the ‘socially efficient’ number of football stadiums (stadia) in a city like London?

The costs and benefits of the new Wembley Stadium

	Benefits	Costs
Private
External

See: Answer

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