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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