Economics relates to every aspect of our lives, from the decisions we make as individuals to the structures created by governments and firms. Thinking like an economist can help us all make better choices. With exam-style questions and specific skills practice, this revision guide helps students build their knowledge and understanding of economic theory, giving them confidence to achieve their potential in examinations. Answers are at the back of the book so that students are free to self-study.
Introduction
Section 1. The basic economic problem
1. The nature of the economic problem
2. Factors of production
3. Opportunity cost
4. Production possibility curves
Exam-style structured questions for Section 1
Section 2. The allocation of resources
5. Microeconomics and macroeconomics
6. The role of markets in allocating resources
7. Demand
8. Supply
9. Price determination
10. Causes of price changes
11. Price elasticity of demand
12. Price elasticity of supply
13. Market economic system
14. Market failure
15. Mixed economic system
Exam-style structured questions for Section 2
Section 3. Microeconomic decision makers
16. Money and banking
17. Households
18. Workers
19. Trade unions
20. Firms
21. Firms and production
22. Firms' costs, revenue and objectives
23. Market structure
Exam-style structured questions for Section 3
Section 4. Government and the macroeconomy
24. The role of government
25. The macroeconomic aims of government
26. Fiscal policy
27. Monetary policy
28. Supply-side policy
29. Economic growth
30. Employment and unemployment
31. Inflation and deflation
Exam-style structured questions for Section 4
Section 5. Economic development
32. Living standards
33. Poverty
34. Population
35. Differences in economic development between countries
Exam-style structured questions for Section 5
Section 6. International trade and globalisation
36. International specialisation
37. Free trade and protection
38. Foreign exchange rates
39. Current account of balance of payments
Exam-style structured questions for Section 6
Suggested Answers
Glossary
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