Cambridge · O Level · Syllabus 2281
Economics
6 topics6 with notes
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Form 3 3 topics
- 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.
Form 4 3 topicsExam year
- Government and the macroeconomy Economic growth, full employment, stable prices (low inflation), balance of payments stability, redistribution of income, and environmental protection – with possible conflicts.
- Economic development Measures: real GDP per head and the Human Development Index (HDI – life expectancy, education and income); comparing living standards.
- International trade and globalisation Benefits and disadvantages of specialisation at regional and national levels; absolute and comparative advantage (basic understanding).