UNIT 1: THE BASIC ECONOMIC PROBLEM.
1.1: THE NATURE OF BASIC ECONOMIC PROBLEM.
UNIT 2: THE RESOURCE ALLOCATION (DEMAND SUPPLY AND EQUILIBRIUM
DEMAND
SUPPLY
MARKET EQUILIBRIUM AND DISEQUILIBRIUM
INTERDEPENDENT MARKETS & PRICES
UNIT 3: ELASTICITY.
INTERPRETING THE ELASTICITY FIGURES
ELASTICITY OF DEMAND
SIGNIFICANCE OF PED. PRICE ELASTICITY OF SUPPLY (PES)
SIGNIFICANCE OF PES..
UNIT 4: ECONOMIC SYSTEMS AND RESOURCE ALLOCATION DECISIONS
MICROECONOMICS AND MACROECONOMICS
KEY RESOURCES ALLOCATION DECISIONS (BASIC ECONOMIC QUESTIONS).
ECONOMIC SYSTEMS
UNIT 5: MARKET FAILURE AND GOVERNMENT INTERVENTION
CAUSES AND CONSEQUENCES OF MARKET FAILURE
GOVERNMENT INTERVENTION TO ADDRESS MARKET FAILURE
POLICIES TO CORRECT MARKET FAILURE OF NEGATIVE EXTERNALITIES AND DEMERIT GOODS
POLICIES TO CORRECT MARKET FAILURE OF POSITIVE EXTERNALITIES AND MERIT GOODS
POLICIES TO CORRECT MARKET FAILURE OF PUBLIC GOODS
POLICIES TO CORRECT THE MARKET FAILURE OF IMPERFECT MARKETS
THE GOVERNMENT AS A PRODUCER AND AN EMPLOYER
THE GOVERNMENT AS AN EMPLOYER
UNIT 6: MONEY AND BANKING
MONEY
BANKING
UNIT 7: HOUSEHOLDS.
INCOME
SPENDING/CONSUMPTION
SAVINGS
BORROWING
DIFFERENCES IN EXPENDITURE PATTERNS OF DIFFERENT INCOME GROUPS
UNIT 8: WORKERS AND TRADE UNIONS
WORKERS
TRADE UNIONS
WAGE DIFFERENTIALS
UNIT 9: FIRM'S PRODUCTION AND COST
METHODS OF PRODUCTION
COST OF PRODUCTION REVENUE, PROFIT, LOSS & BREAK EVEN
UNIT 10: CLASSIFICATION OF FIRMS
CLASSIFICATION OF FIRMS
CAUSES AND FORMS GROWTH OF FIRMS
RETURNS TO SCALE
ECONOMIES AND DISECONOMIES OF SCALE
SMALL FIRMS
UNIT 11: MARKET STRUCTURES AND BUSINESS OBJECTIVES
OBJECTIVES OF FIRMS
UNIT 12: MARKET STRUCTURES
MARKET STRUCTURES
ARE MONOPOLIES ALWAYS BAD FOR CONSUMERS?
UNIT 13: BASIC MACROECONOMIC IDEAS
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
CAUSES OF RECESSION
CONSEQUENCES OF RECESSION.
UNIT 14: EMPLOYMENT AND UNEMPLOYMENT
DEFINITION OF 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
MEASUREMENT OF UNEMPLOYMENT
UNIT 15: INFLATION AND DEFLATION
DEFINITION OF INFLATION AND DEFLATION
MEASUREMENT OF INFLATION/DEFLATION/COST OF LIVING
THE CAUSES OF INFLATION
THE CONSEQUENCES OF INFLATION
CAUSES AND CONSEQUENCES OF DEFLATION
UNIT 16: ECONOMIC GROWTH
DEFINITION AND MEASUREMENT OF ECONOMIC GROWTH:
CONSEQUENCES OF ECONOMIC GROWTH
UNIT 17: LIVING STANDARD
GDP AND STANDARD OF LIVING
UNIT 18: POVERTY
INCOME AND WEALTH INEQUALITY THE NATURE AND CAUSES OF POVERTY
UNIT 19: POPULATION
SIZE OF POPULATION
POPULATION PYRAMIDS
AGEING POPULATION
UNIT 20: DIFFERENCES OF ECONOMIC DEVELOPMENT BETWEEN COUNTRIES
ECONOMIC DEVELOPMENT
UNIT 21: INTERNATIONAL TRADE
THEORIES OF INTERNATIONAL TRADE
PROTECTIONISM
THE AGUMENTS IN FAVOUR OF FREE TRADE AND AGAINST PROTECTIONISM
THE ARGUMENTS IN FAVOUR OF PROTECTIONISM AND AGAINST FREE TRADE
MULTINATIONAL CORPORATIONS (MNC)
UNIT 22: 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
UNIT 23: 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 24: MACROECONOMIC POLICIES
TAXATION
GOVERNMENT MACROECONOMIC AIMS
CONFLICTS AMONG MACROECONOMIC AIMS
MACROECONOMIC POLICIES
