Economics

Part 1 Introduction: what is economics?; making and using graphs; production, specialization and exchange; demand and supply. Part 2 How markets work: elasticity; markets in action. Part 3 Households' choices: utility and demand; possibilities, preferences and choices. Part 4 Firms' choices: organizing production; outputs and costs. Part 5 Markets for goods and services: competition; monopoly; monopolistic competition and oligopoly. Part 6 Markets for factors of production: labour markets; capital and natural resource markets; uncertainty and information. Part 7 Markets and government: market failure and public choices; inequality and redistribution; microeconomic reform; externalities and the environment. Part 8 Introduction to macroeconomics: macroeconomic challenges and choices; monitoring macroeconomic performance; aggregate demand and aggregate supply. Part 9 Expenditure decision: expenditure decisions and GDP; aggregate demand multipliers. Part 10 Fiscal and monetary policy: government and fiscal policy; money, banking and interest rates; the Reserve Bank of Australia and monetary policy; fiscal policy, monetary policy and the exchange ratfiscal policy, monetary policy and aggregate demand. Part 11 Macroeconomic problems, controversies and policies: trend growth and long-run aggregate supply; unemployment and short-run aggregate supply; inflation; expansions and contractions - the business cycle; stabilizing the economy. Part 12 The global economy: trading with the world; balance of payments; emerging economies.