Economics Study Outline

Lessons in this path

1. 1 Foundations of Economics: Scarcity, Choice, and Economic Systems Define economics, distinguish microeconomics from macroeconomics, explain scarcity, opportunity cost, and the production possibility curve, and compare free market, planned, and mixed economic systems. 60 min Explanation
2. 2 Demand Analysis and Consumer Behaviour Explain demand, distinguish individual from market demand, identify determinants and shifts of demand, and relate consumer equilibrium, indifference curves, and elasticity of demand to purchasing decisions. 90 min
3. 3 Supply Analysis and Market Supply Define supply, explain the law of supply and its exception in labour supply, distinguish movements along the supply curve from shifts, and calculate or interpret price elasticity of supply. 75 min
4. 4 Market Equilibrium and Price Controls Determine equilibrium price and quantity from demand and supply, explain stable equilibrium, analyse the effects of demand and supply shifts, and evaluate price ceilings and price floors. 75 min
5. 5 Theory of Production and the Firm Describe stages of production, factors of production, division of labour and specialization, labour mobility, and the law of variable proportions using total, average, and marginal product concepts. 90 min
6. 6 Isoquants, Isocosts, and Returns to Scale Use isoquants and isocost lines to explain optimal input combination and distinguish increasing, constant, and decreasing returns to scale. 60 min
7. 7 National Income Accounting and Equilibrium Income Measure national income using income, output, and expenditure approaches, distinguish gross from net and domestic from national concepts, and solve for equilibrium income using consumption, saving, and multiplier relationships. 105 min
8. 8 Money, Banking, and Monetary Policy Explain the functions and characteristics of money, distinguish money supply measures, describe commercial bank credit creation, and analyse central bank monetary policy instruments and their limits. 90 min
9. 9 Economic Growth, Development, and Industrialisation Differentiate economic growth from economic development, identify causes, benefits, and costs of growth, explain the role of industrial development, and assess development planning and policies to promote growth. 90 min