Economics Revision Questions | e-Consult

Scarcity, choice and opportunity cost Economic methodology Factors of production Resource allocation in different economic systems Production possibility curves Classification of goods and services Demand and supply curves Price elasticity, income elasticity and cross elasticity of demand Price elasticity of supply The interaction of demand and supply Consumer and producer surplus Reasons for government intervention in markets Utility Indifference curves and budget lines Causes of a shift in the budget Efficiency and market failure Private costs and benefits, externalities and social costs and benefits Types of cost, revenue and profit, short-run and long-run production Different market structures Growth and survival of firms Differing objectives and policies of firms Government policies to achieve efficient resource allocation and correct market failure Equity and redistribution of income and wealth Labour market forces and government intervention The circular flow of income Economic growth and sustainability Employment/unemployment Money and banking Government macroeconomic policy objectives Links between macroeconomic problems and their interrelatedness Effectiveness of policy options to meet all macroeconomic objectives Policies to correct disequilibrium in the balance of payments Exchange rates Economic development Characteristics of countries at different levels of development Relationship between countries at different levels of development Globalisation