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Useless - Micro - Theme 1 - The Economic Problem □ Assumptions in economics □ Positive and normative economic statements □ The problem of scarcity □ Renewable and non-renewable resources □ Opportunity cost □ Production possibility frontiers □ Specialisation and the division of labour □ Functions of money □ Free market economies, mixed economy and command economy - How Markets Work □ Rational decision making □ Utility maximisation □ Theory of demand □ Price elasticity of demand □ Income elasticity of demand □ Cross price elasticity of demand □ Theory of supply □ Elasticity of supply □ Price determination □ Functions of the price mechanism □ Consumer and producer surplus □ Alternative views of consumer behaviour - Market Failure □ Negative Externalities □ Positive Externalities □ Public goods □ Information gaps - Government intervention and government failure □ Indirect taxation (ad valorem and specific) □ Subsidies □ Minimum prices □ Maximum prices □ Tradeable pollution permits □ State provision of public goods □ Provision of information □ Regulation □ Government failure - Theme 3.3 - [ ] Revenues / Costs and Profits

- Macro
    - Theme 2
        - Economic Growth
            □ Real and nominal GDP
            □ GDP and GNI
            □ Understanding of Purchasing Power
            Parities
            □ Limitations of GDP when measuring living
            standards
            □ Economic well-being and happiness
        - Inflation
            □ Process of calculating the rate of inflation
            using CPI
            □ Limitations of CPI as a measure of
            inflation
            □ Causes of inflation (demand-pull,
            cost-push, money supply)
            □ Effects of inflation on consumers, firms,
            the government and workers
            □ Disinflation and deflation (causes, effects,
            policies)
        - Unemployment
            □ Measures of unemployment
            □ Under-employment
            □ Economic inactivity
            □ Causes of unemployment
            □ Significance of migration and skills for
            employment & unemployment
            □ Effects of unemployment on consumers,
            firms, workers, the government and society
        - Balance of payments
            □ Trade in goods and services
            □ Components of the balance of payments
            on current account
            □ Current account deficits and surpluses
            □ Relationships between current account
            and other macro objectives
        - Aggregate demand
            □ Components of AD: C+I+G+(X-M)
            □ AD curve - movements along and shifts of
            AD curve
            □ Consumption - factors affecting
            □ Investment - factors affecting
            □ Government expenditure (G)
            □ Net trade (X-M)
        - Aggregate supply
            □ The characteristics of AS
            □ The characteristics of AS
            □ The AS curve - distinction between
            movement along, and a shift of, the AS curve
            □ Short-run AS - factors influencing SRAS
            □ Long-run AS- factors influencing LRAS
            □ Keynesian and classical LRAS curves
        - National Income
            □ Circular flow of income
            □ Injections and withdrawals
            □ Equilibrium levels of real national output
            □ Use of AD/AS diagrams to show how
            shifts in AD or AS cause changes in real
            GDP and prices
            □ The multiplier - ratio, process
            □ Calculations of the multiplier using the
            formulae 1/(1-MPC) and 1/MPW, where
            MPW=MPS+MPT+MPM
        - Economic Growth and Cycles
            □ Causes of economic growth
            □ Output gaps
            □ Trade (business) cycle
            www.tutor2u.net/economics
            □ The impact of economic growth - benefits
            and costs
            Demand-side Policies
            □ Monetary policy instruments
            □ Quantitative Easing
            □ Fiscal policy instruments
            □ Distinction between government budget
            (fiscal) deficit and surplus
            □ Use of AD/AS diagrams to illustrate
            demand-side policies
            □ Awareness of demand-side policies in the
            Great Depression and the Global Financial
            Crisis of 2008
        - Supply-side Policies
            □ Distinction between market-based and
            interventionist methods
            □ Use of AD/AS diagrams to illustrate
            supply-side policies
            □ Strengths and weaknesses of supply-side
            policies
            Conflicts and trade- offs between
            objectives and policies
            □ Potential conflicts and trade-offs between
            the macroeconomic objectives
            □ Short-run Phillips curve
    - Theme 4.1.1 - Globalisation
    - Theme 4.1.2 - 
    - Theme 4.1.3
    - Theme 4.1.6