ZIMSEC · A Level · Syllabus 6073
Economics
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Form 5 · Lower 6 4 topics
- The economic problem and economic systems Resources (land, labour, capital, enterprise) are limited while wants are unlimited, so choices must be made. Opportunity cost is the next best alternative forgone.
- Demand, supply and elasticity - Determinants: availability of substitutes, proportion of income, necessity vs luxury, time period.
- Market failure and government intervention Intervention can make outcomes worse: poor information, unintended consequences (price controls causing empty shelves), high administrative costs, and corruption.
- Costs, revenue and market structures Allocative efficiency (P = MC), productive efficiency (lowest point of AC), and dynamic efficiency (innovation over time).
Form 6 · Upper 6 4 topicsExam year
- National income and macroeconomic objectives GDP can be measured by output, income or expenditure. Real GDP adjusts for inflation; GDP per capita divides by population. GNI adds net income from abroad. Limitations: informal sector, inequality, quality of life, and environmental damage are not reflected.
- Money, inflation and monetary policy Functions of money: medium of exchange, unit of account, store of value, standard of deferred payment. Commercial banks create credit; the Reserve Bank of Zimbabwe (RBZ) is the central bank, issuing currency (including the ZiG introduced in 2024), setting monetary policy, supervising banks and managing reserves.
- Fiscal policy, unemployment and development Government use of taxation and spending to influence the economy.
- International trade, exchange rates and the balance of payments Tariffs, quotas, subsidies to domestic producers, and embargoes. Arguments for: infant industries, jobs, strategic industries, anti-dumping. Arguments against: higher prices, retaliation, inefficiency.