SECTION 1 – INTRODUCTION TO ECONOMICS |
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SECTION 2 - MICROECONOMICS |
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TOPIC 1 |
Market
- Demand, Supply, Interaction of demand & supply.
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TOPIC 2 |
Elasticities
- Price
elasticity of demand (PED), Cross-elasticity of demand, Income
elasticity of demand, Price elasticity of demand, Application of
concepts of elasticity.
- Flat rate ad valorem taxes,
Incidence of indirect taxes and subsidies on the producer and consumer,
Implication of elasticity of the incidence (burden) of taxation. (HL
extension topic)
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TOPIC 3 |
Theory of the firm (HL extension topic)
- Cost
theory, Short-run, Long-run, Revenues, Profit, Perfect competition,
Monopoly, Monopolistic competition, Oligopoly, Price discrimination.
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TOPIC 4 |
Market Failure
- Reasons for market failure, Possible government responses,
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| Percentage of course on MICROECONOMICS |
SECTION 3 - MACROECONOMICS |
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TOPIC 1 |
Measuring national income |
TOPIC 2 |
Introduction to development |
TOPIC 3 |
Macroeconomic models |
TOPIC 4 |
Demand-side & Supply-side policies |
TOPIC 5 |
Unemployment & Inflation |
TOPIC 6 |
Distribution of Income |
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SECTION 4 - INTERNATIONAL ECONOMICS |
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TOPIC 1 |
Reasons for trade |
TOPIC 2 |
Free trade & Protectionism
- Definition of free trade, Types of protectionism, Arguments for protectionism
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TOPIC 3 |
Economic integration
- Globalization, trading blocs.
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TOPIC 4 |
World Trade Organization (WTO) |
TOPIC 5 |
Balance of payments |
TOPIC 6 |
Exchange rates |
TOPIC 7 |
Balance of payment problems |
TOPIC 8 |
Terms of trade |
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SECTION 5 - DEVELOPMENT ECONOMICS |
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TOPIC 1 |
Sources of economic growth |
TOPIC 2 |
Consequences of growth |
TOPIC 3 |
Barriers to economic growth and/ or development |
TOPIC 4 |
Growth & development strategies |
TOPIC 5 |
Evaluation of growth & development strategies |
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