Cambridge · Form 3 · Syllabus 2281
Economics
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- The basic economic problem Economic goods are scarce because resources are limited and wants are unlimited; free goods (e.g. air) have no opportunity cost.
- Allocation of resources: markets and market failure Individual and market demand; the law of demand; conditions of demand (income, prices of substitutes and complements, tastes, advertising, population). Supply and its conditions (costs, technology, weather, taxes and subsidies). Movements along curves versus shifts.
- Microeconomic decision-makers Functions of money; characteristics; central bank and commercial bank functions.