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The operation of markets, market failure and the role of government
01
The economic problem and methodology
02
How markets work
03
An introduction to production, costs, revenue and profit
04
Competitive and concentrated markets
05
Market failure and government intervention in markets
The economic problem and methodology
01
The nature and purpose of economic activity
02
Economic resources
03
Scarcity, choice and the allocation of resources
04
Production possibility diagrams
05
Economic methodology
How markets work
01
The demand for goods and services
02
Price, income and cross elasticities of demand
03
The supply of goods and services
04
Price elasticity of supply
05
The determination of market prices
06
The interrelationship between markets
07
How markets and prices allocate resources
An introduction to production, costs, revenue and profit
01
Production and productivity
02
Specialisation, division of labour and exchange
03
Costs of production
04
Economies and diseconomies of scale
05
Average revenue, total revenue and profit
Competitive and concentrated markets
01
Market structures
02
The objectives of firms
03
Competitive markets
04
Monopoly and monopoly power
05
The competitive market process
Market failure and government intervention in markets
01
The meaning of market failure
02
Private goods, public goods and quasi-public goods
03
Positive and negative externalities in consumption and production
04
Merit and demerit goods
05
Market imperfections
06
An inequitable distribution of income and wealth
07
Government intervention in markets
08
Government failure
The measurement of macroeconomic performance
01
The objectives of government economic policy
02
Macroeconomic indicators
How the macroeconomy works
01
The circular flow of income
02
Aggregate demand and aggregate supply analysis
03
Determinants of aggregate demand
04
Aggregate demand and the level of economic activity
05
Determinants of short-run aggregate supply
06
Determinants of long-run aggregate supply
Economic performance
01
Economic growth and the economic cycle
02
Employment and unemployment
03
Inflation and deflation
04
The balance of payments on current account
05
Possible conflicts between macroeconomic policy objectives
Macroeconomic policy
01
Monetary policy
02
Fiscal policy
03
Supply-side policies
The objectives of individuals and firms
01
The individual as a rational economic decision maker
02
Behavioural influences on individual economic decision making
03
The objectives of firms
Costs, revenue and profits
01
The law of diminishing returns and returns to scale
02
Short-run cost curves
03
Long-run cost curves
04
Marginal, average and total revenue curves
05
Profit
06
Technological change
Perfect competition, imperfectly competitive markets and monopoly
01
Market structures
02
Perfect competition
03
Monopolistic competition
04
Oligopoly
05
Monopoly and monopoly power
06
Price discrimination
07
Contestable markets
08
The dynamics of competition and competitive market processes
09
Static efficiency, dynamic efficiency and resource allocation
10
Consumer and producer surplus
11
Competition policy
12
Public ownership, privatisation, regulation and deregulation of markets
The labour market
01
The demand for labour, marginal productivity theory
02
The supply of labour to different labour markets
03
The determination of relative wage rates and levels of employment in perfectly competitive labour markets
04
The determination of relative wage rates and levels of employment in imperfectly competitive labour markets
05
Discrimination in the labour market
06
Minimum wage laws
Poverty and inequality
01
The distribution of income and wealth within an economy
02
Government policies to alleviate poverty and to influence the distribution of income and wealth
Globalisation and trade
01
Globalisation
02
Trade
The balance of payments, exchange rates and financial markets
01
The balance of payments
02
Exchange rates
03
Financial markets
Economic growth and development
01
Measuring economic growth, development and living standards
02
Factors that affect economic development
03
Policies to promote development
