Economics is a fundamental subject that helps students practice explaining and analyzing economic problems. Students also learn how to evaluate economic information and organize, present and communicate their ideas succinctly through graphs or essay writing.
Syllabus overview:
Introduction to basic economics, including government intervention, international trade and exchange rates
Employment rate measurement method
Inflation; causes and consequences
Price system
Behavioural theory of business
Market failure
Macroeconomic theory and policy, economic growth and development
Topic 1: Basic economic ideas and resource allocation:
AS Level:
Scarcity, choice and opportunity cost
Positive and normative statements
Factors of production
Resource allocation in different economic systems and issues of transition
Production possibility curves
MoneyClassification of goods and services
Basic economic ideas and resource allocation: Candidates for Cambridge International A-Level Economics study the AS Level topics and the following topics:
Efficient resource allocation
Externalities and market failure
Social costs and benefits; cost-benefit analysis
Topic 2: The price system and the micro economy:
AS Level:
Demand and supply curves
Price elasticity, income elasticity and cross-elasticities of demand
Price elasticity of supply
Interaction of demand and supply
Market equilibrium and disequilibrium
Consumer and producer surplus
Basic economic ideas and resource allocation: Candidates for Cambridge International A-Level Economics study the AS Level topics and the following topics:
Law of diminishing marginal utility
Indifference curves
Budget lines
Types of cost, revenue and profit, short-run and long-run production
Different market structures
Growth and survival of firms
Differing objectives of a firm
Topic 3: Government and microeconomic intervention:
AS Level:
Maximum and minimum prices
Taxes (direct and indirect)
Subsidies
Transfer payments
Direct provision of goods and services
Naitonalisation and privatisation
Basic economic ideas and resource allocation: Candidates for Cambridge International A-Level Economics study the AS Level topics and the following topics:
Policies to achieve efficient resource allocation and correct market failure
Equity and policies towards income and wealth redistribution
Labour market forces and government intervention: Demand and supply of labour | Wage determination in perfect markets | Wage determination in imperfect markets
Government failure in microeconomic intervention
Topic 4: The macro economy:
AS Level:
Aggregate Demand and Aggregate Supply analysis
Inflation
Balance of payments
Exchange rates
The terms of trade
Principles of absolute and comparative advantage
Protectionism
Basic economic ideas and resource allocation: Candidates for Cambridge International A-Level Economics study the AS Level topics and the following topics:
Economic growth, economic development and sustainability
National Income statistics
Classification of countries
Employment/unemployment
The circular flow of income
Money supply (theory)
Keynesian and Monetarist schools
The demand for money and interest rate determination
Policies towards developing economies; policies of trade and aid
Topic 5: Government macro intervention:
AS Level:
Fiscal, monetary and supply side policy
Policies to correct balance of payments disequilibrium
Policies to correct inflation and deflation
Basic economic ideas and resource allocation: Candidates for Cambridge International A-Level Economics study the AS Level topics and the following topics:
Government macro policy aims
Inter-connectedness of problems
Effectiveness of policy options to meet all macroeconomic objectives
