143 Economics O Level Notes

Description

Economics O Level Notes

TABLE OF CONTENTS
UNIT 1 BASIC ECONOMIC PROBLEM
BASIC ECONOMIC PROBLEM
PRODUCTION POSSIBILITY CURVE

UNIT 2 DEMAND, SUPPLY AND EQUILIBRIUM
DEMAND
SUPPLY
EQUILIBRIUM
INTERDEPENDENT MARKETS & PRICES

UNIT 3 ELASTICITY
INTERPRETING THE ELASTICITY FIGURES
ELASTICITY OF DEMAND
PRICE ELASTICITY OF SUPPLY (PES)

UNIT 4 PRODUCTION AND COST
COST OF PRODUCTION
REVENUE, PROFIT, LOSS & BREAK EVEN
SPECIALIZATION
RETURNS TO SCALE
ECONOMIES OF SCALE
DIFFERENT SIZE OF FIRMS AND INTEGRATION

UNIT 5 TYPES OF BUSINESS ORGANISATIONS
MULTINATIONAL CORPORATIONS (MNC)

UNIT 6 MARKET STRUCTURES AND BUSINESS OBJECTIVES
OBJECTIVES OF FIRMS
MARKET STRUCTURES
ARE MONOPOLIES ALWAYS BAD FOR CONSUMERS?

UNIT 7 ECONOMIC SYSTEMS & ALLOCATION OF RESOURCES
TYPES OF INDUSTRIES IN AN ECONOMY
BASIC ECONOMIC QUESTIONS & ALLOCATION OF RESOURCES
ECONOMIC SYSTEMS

UNIT 8 MARKET FAILURE
MARKET FAILURE:
USING AND CONSERVING RESOURCES
PUBLIC EXPENDITURE VERSUS PRIVATE EXPENDITURE
COMPARISON OF EXPENDITURES BY PUBLIC AND PRIVATE SECTORS

UNIT 9 LABOUR MARKET
WAGE DETERMINATION
TRADE UNION
ROLE OF TRADE UNION IN AN ECONOMY
WAGE DIFFERENTIALS
TYPES OF LABOUR EARNINGS
FACTORS AFFECTING CHOICE OF OCCUPATION
CHANGES IN THE EARNINGS OF INDIVIDUALS OVER TIME

UNIT 10 SPENDING, SAVING AND BORROWING
INCOME
SPENDING/CONSUMPTION
SAVINGS
BORROWING
DIFFERENCES IN EXPENDITURE PATTERNS OF DIFFERENT INCOME GROUPS

UNIT 11 GOVERNMENT MICROECONOMICS INTERVENTION
THE GOVERNMENT AS A PRODUCER AND AN EMPLOYER
NATIONALIZATION AND PRIVATIZATION
THE GOVERNMENT AS AN EMPLOYER

UNIT 12 MONEY AND BANKING
MONEY
BANKING
STOCK EXCHANGE

Economics O Level Notes
UNIT 13 NATIONAL INCOME, AD & AS
SECTORS AND TYPES OF ECONOMIES:
AGGREGATE DEMAND (AD):
AGGREGATE SUPPLY (AS)
INTERACTION OF AGGREGATE DEMAND AND AGGREGATE SUPPLY AND NATIONAL INCOME EQUILIBRIUM
CHANGES IN NATIONAL INCOME EQUILIBRIUM
BUSINESS (TRADE) CYCLE

Economics O Level Notes
UNIT 14 INFLATION
MEASUREMENT OF INFLATION / VALUE OF MONEY / COST OF LIVING
THE CAUSES OF INFLATION
THE CONSEQUENCES OF INFLATION
CAUSES AND CONSEQUENCES OF DEFLATION

Economics O Level Notes
UNIT 15 EMPLOYMENT AND UNEMPLOYMENT
THE CAUSES OF UNEMPLOYMENT
FULL-EMPLOYMENT / NATURAL RATE OF UNEMPLOYMENT (NRU)
THE CONSEQUENCES OF UNEMPLOYMENT
POLICIES TO CORRECT UNEMPLOYMENT
THE PATTERN AND TRENDS IN (UN)EMPLOYMENT

Economics O Level Notes
UNIT 16 ECONOMIC GROWTH
COSTS AND BENEFITS OF GROWTH

UNIT 17 POPULATION
SIZE OF POPULATION
POPULATION PYRAMIDS
AGEING POPULATION

Economics O Level Notes
UNIT 18 ECONOMIC DEVELOPMENT AND STANDARD OF LIVING
GDP AND STANDARD OF LIVING
ECONOMIC DEVELOPMENT
INCOME AND WEALTH INEQUALITY
THE NATURE AND CAUSES OF POVERTY

UNIT 19 INTERNATIONAL TRADE:
THEORIES OF INTERNATIONAL TRADE:
PROTECTIONISM
THE ARGUMENTS IN FAVOUR OF FREE TRADE AND AGAINST PROTECTIONISM
THE ARGUMENTS IN FAVOUR OF PROTECTIONISM AND AGAINST FREE TRADE

UNIT 20 EXCHANGE RATE
DEFINITIONS AND MEASUREMENT OF EXCHANGE RATES
EXCHANGE RATE SYSTEMS
CAUSES OF EXCHANGE RATE DEPRECIATION
CAUSES OF EXCHANGE RATE APPRECIATION
EFFECTS OF DEPRECIATION/DEVALUATION
EFFECTS OF APPRECIATION/REVALUATION
ADVANTAGES AND DISADVANTAGES OF EXCHANGE RATE SYSTEMS:
THE TERMS OF TRADE

UNIT 21 BALANCE OF PAYMENTS
COMPONENTS OF THE BALANCE OF PAYMENTS
BALANCE OF PAYMENT DISEQUILIBRIUM
CAUSES OF BALANCE OF PAYMENT DISEQUILIBRIUM
CONSEQUENCES OF A CURRENT ACCOUNT DEFICIT AND A CURRENT ACCOUNT SURPLUS

UNIT 22 GOVERNMENT MACROECONOMIC INTERVENTION
GOVERNMENT MACROECONOMIC AIMS:
CONFLICTS AMONG MACROECONOMIC AIMS:

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