|
|
Syllabus Requirements
-
Definitions of a social science and economics
-
Definitions of microeconomics and macroeconomics
-
Definitions of growth, development, and sustainable development
-
Positive and normative concepts
-
Ceteris paribus
-
Scarcity
-
factors of production: land, labour, capital and management/entrepreneurship
-
payments to factors of production: rent, wags, interest, profit
-
Choice
-
utility: basic definition
-
opportunity cost
-
free economic goods
-
production possibility curves: definition
-
diagrams showing opportunity cost, actual and potential output
-
diagrams showing economic growth and economic development
-
Rationing systems
-
basic economic questions
-
what to produce?
-
how to produce?
-
for whom to produce?
-
mixed economies
-
public
-
private
-
central planning versus free market
-
economies in transition
|