Back to SubjectsCambridge O Level Economics (2281) NotesCambridge O Level Economics (2281) NotesStudying mode:NotesFlashcardsDefinitions0/39Studying mode:NotesFlashcardsDefinitions0/39
1The basic economic problem0/41.1 The nature of the economic problem1.2 The factors of production1.3 Opportunity cost1.4 Production possibility curve PPC diagrams
2The allocation of resources0/112.1 Microeconomics and macroeconomics2.2 The role of markets in allocating resources2.3 Demand2.4 Supply2.5 Price determination2.6 Price changes2.7 Price elasticity of demand PED2.8 Price elasticity of supply PES2.9 Market economic system2.10 Market failure2.11 Mixed economic system
3Microeconomic decision makers0/83.1 Money and banking3.2 Households3.3 Workers3.4 Trade unions3.5 Firms3.6 Firms and production3.7 Firms’ costs revenue and objectives3.8 Market structure
4Government and the macroeconomy0/84.1 The role of government4.2 The macroeconomic aims of government4.3 .1 definition of the government budget4.4 Monetary policy4.5 Supply-side policy4.6 Economic growth4.7 Employment and unemployment4.8 Inflation and deflation
5Economic development0/45.1 Living standards5.2 Poverty5.3 Population5.4 Differences in economic development between countries
6International trade and globalisation0/46.1 International specialisation6.2 Globalisation free trade and protection6.3 Foreign exchange rates6.4 Current account of balance of payments