Microeconomics

Scarcity, choice and the cost of every decision.

1. 1.1Scarcity, choice and economic systemsWhy wants outrun resources, and how different systems decide who gets what.DefineExplainNot started
2. 1.2Opportunity cost and production possibility curvesBudget limits, trade-offs and reading a PPC with confidence.DrawAnalyseNot started

How prices move resources between competing uses.

1. 2.1Demand, supply and price determinationEquilibrium, shifts, shortages, surpluses and price controls.DrawAnalyseNot started
2. 2.2Price elasticity of demand and supplyMeasuring responsiveness and using it to predict revenue.CalculateExplainNot started
3. 2.3Markets for labour and for financeThe same demand-and-supply tools applied to wages and interest rates.AnalyseNot started

Households, workers and firms and the choices they make.

1. 3.1Households: spending, saving and consumer choiceHow income and prices reshape a household's basket.ExplainCalculateNot started
2. 3.2Money, saving and financial marketsWhere savings go and how firms raise capital.ExplainNot started
3. 3.3Workers, wages and trade unionsWage differentials, bargaining power and labour market failure.AnalyseEvaluateNot started
4. 3.4Firms: production, costs and scaleCosts in the short and long run, and economies of scale.CalculateDrawNot started

From many small firms to a single dominant one.

1. 4.1Competitive marketsOutput decisions, entry and exit, and why competition is efficient.DrawAnalyseNot started
2. 4.2Monopoly and market powerBarriers to entry and the monopolist's price and output choice.DrawEvaluateNot started
3. 4.3Monopolistic competition and oligopolyDifferentiation, interdependence and collusion.ExplainEvaluateNot started
4. 4.4Competition policy and regulationMergers, regulated monopolies and deregulation.EvaluateNot started

When markets misprice costs and benefits, and what states do about it.

1. 5.1Negative externalities and the environmentPollution, regulation and market-based environmental tools.DrawEvaluateNot started
2. 5.2Positive externalities and public goodsUnder-provision, free riders and support for innovation.ExplainEvaluateNot started
3. 5.3Information failure, risk and insuranceAsymmetric information, adverse selection and moral hazard.ExplainNot started
4. 5.4Poverty and income inequalityPoverty lines, safety nets and redistribution.CalculateEvaluateNot started
5. 5.5Government decision makingVoting, special interests and the limits of public choice.EvaluateNot started

Why countries trade and what happens when they restrict it.

1. 6.1Specialisation, absolute and comparative advantageGains from trade and intra-industry trade.CalculateAnalyseNot started
2. 6.2Trade barriers, protectionism and globalisationTariffs, quotas, the arguments for protection and their costs.AnalyseEvaluateNot started