Economics

Part 1 Introduction: what is economics?; making and using graphs; production, specialization and exchange. Part 2 The market economy: demand and supply; elasticity; mixed economy markets in action. Part 3 Household's and firm's choices: utility and demand; possibilities; preferences and choices; organizing production; output and costs; producing at least cost; competition; monopoly; monopolistic competition and oligopoly. Part 4 Factor markets: pricing and allocating factors of production; labour markets; capital and natural resource markets; uncertainty and information; the distribution of income and wealth. Part 5 Government and the economy: market failure and public choices; industry policy. Part 6 Macroeconomic performance and principles: inflation, unemployment, cycles and deficits; measuring output and the price level; aggregate demand and aggregate supply; aggregate product markets; expenditure decisions; expenditure and income; money; interest and exchange rates; money, banking and prices; central banking, money and interest rates. Part 7 Macroeconomic problems and policies: aggregate demand management; unemployment and aggregate supply; inflation; recessions and depressions; stabilizing the economy; government deficits and surpluses. Part 8 The global economy: trading with the world; the balance of payments and the pound; growth, development and comparative systems; economies in transition.