Economics Students Guide Elbs

Part 1 Introduction: economics and the economy - an overview; mathematical techniques in economics; the economic problem - resources and their exploitation; demography; the basis of the market economy; the mixed economy; national income. Part 2 The microeconomic system: markets and prices - the price system; demand and utility; elasticities of demand and supply; markets in movement; agricultural prices - a case study; the business organisation - its size, location and form; competition and profits; cost in the short-run and the long-run; competitive supply; price and output under imperfect competition; aspects of monopoly; privatization or nationalization; the theory of distribution; the determination of wages; rent; capital and interest; enterprise and profit; the market assessed - welfare economics - an introduction to welfare economics; market failure; microeconomic policy. Part 3 Macroeconomics: the determination of national income - the macroeconomy; consumption, savings and investment; the determination of the equilibrium level of national income; modelling the economy; fluctuations in the level of economic activity; monetary theory and practice; money and prices; the banking system; central banking and monetary policy; monetary analysis and income analysis; international economics; the gains of international trade; the balance of payments; exchange rates; international institutions; problems and policies; the control of inflation; the attainment of full employment; policy and equilibrium - an aggregate demand and supply analysis; economic growth; development and underdevelopment; radical political economy.