Individuals, Firms, Markets & Market Failure

1. Economic Methodology & the Economic Problem

Economic Methodology

Economic Activity

Economic Resources

Scarcity, Choice & the Allocation of Resources

Production Possibility Diagrams

2. Individual Economic Decision Making

Consumer Behaviour

Imperfect Information

Behavioural Economics

Using Behavioural Economics

3. Price Determination in Competitive Markets

Demand Curves

Demand Curves: Real World Analysis

Supply Curves

Supply Curves: Real World Analysis

The Determination of Market Equilibrium

Analysing Changes to Market Equilibrium

Price Elasticity of Demand (PED)

Income & Cross Elasticities of Demand

Price Elasticity of Supply (PES)

Interrelationships Between Markets

4. Production, Costs & Revenue

Production & Productivity

Specialisation & Division of Labour

Diminishing Returns & Returns to Scale

Costs of Production

Explaining the Shapes of the Cost Curves

Economies & Diseconomies of Scale

Short-run & Long-run Relationships

Marginal, Average & Total Revenue

Profit

Technological Change

5. Perfect & Imperfectly Competitive Markets & Monopolies

Market Structures

The Objectives of Firms

Perfect Competition

Monopolistic Competition

Oligopoly

Oligopoly: Price & Non-Price Competition

Monopoly & Monopoly Power

Price Discrimination

Competition & Competitive Market Processes

Contestable & Non-contestable Markets

Market Structure, Efficiency & Resource Allocation

Consumer & Producer Surplus

6. The Labour Market

Factors Influencing the Demand for Labour

Factors Influencing the Supply of Labour

Determining Wage Rates: Competitive Labour Markets

Determining Wage Rates: Imperfectly Competitive Labour Markets

The Influence of Trade Unions on Wages & Employment

The National Minimum Wage (NMW)

Discrimination in the Labour Market

7. Income & Wealth Distribution

Income & Wealth Distribution

The Lorenz Curve & Gini Coefficient

The Problem of Poverty

Government Policies to Reduce Poverty & Inequity

8. The Market Mechanism, Market Failure & Government Intervention

The Market (Price) Mechanism

An Introduction to Market Failure

Market Failure: Public, Private & Quasi Public Goods

Market Failure: Negative Externalities

Market Failure: Positive Externalities

Market Failure: Tragedy of the Commons

Market Failure: Merit & Demerit Goods

Market Failure: Market Imperfections

Government Intervention: An Introduction

Government Intervention: Indirect Taxation & Subsidies

Government Intervention: Price Controls

Government Intervention: Competition Policy

Government Intervention: Public Ownership Versus Privatisation

Government Intervention: Regulation & Deregulation

Government Intervention: Other Methods

Government Failure

The National & International Economy

9. Measuring Macroeconomic Performance

Government Macroeconomic Objectives

Macroeconomic Objectives: Conflicts & Changes

Macroeconomic Indicators

Using Index Numbers

Using National Income Data

10. How the Macroeconomy Works

The Circular Flow of Income

Injections & Withdrawals into the Circular Flow

Aggregate Demand (AD)

Short-run Aggregate Supply (SRAS)

Long-run Aggregate Supply (LRAS)

Macroeconomic Equilibrium

The Multiplier & Basic Accelerator Process

11. Economic Performance

Economic Growth

The Impact of Economic Growth

The Economic Cycle

Employment & Unemployment

Price Level: Inflation

Price Level: Deflation

Price Level: Global Influences

Conflicts Between the Macroeconomic Objectives

12. Financial Markets & Monetary Policy

Financial Markets

Financial Assets

Commercial & Investment Banks

Central Banks & Monetary Policy

Monetary Policy Transmission Mechanisms

Regulating the Financial System

13. Fiscal & Supply-side Policies

Fiscal Policy: An Introduction

Fiscal Policy: Types of Public Expenditure & Taxation

Fiscal Policy: Budget Balances & National Debt

An Introduction to Supply-side Policies

Types of Supply-side Policies

14. The International Economy

Globalisation

International Trade

The Benefits & Costs of Trade

Protectionist Policies: An Introduction

Protectionist Policies: Tariffs

Protectionist Policies: Quotas & Export Subsidies

Types of Economic Integration

The Balance of Payments

Correcting Balance of Payment Deficits & Surpluses

Floating Exchange Rate Systems

Fixed Exchange Rate Systems

Currency Unions

Economic Growth & Development

Factors that Affect Growth & Development

Policies to Promote Growth & Development