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✔notes as detailed below
Exam advice 5
Introduction 7
Economic, social and environmental sustainability 14 The consumer 21
The firm 25
Demand 34
Supply 40
Elasticity 47
Perfect competition 60
Imperfect competition 67
Monopoly 72
Price discrimination 77
Oligopoly 81
Comparison of the market structures 87
Market failure 91
The markers for factors of production 94
Land and rent 99
Labour and wages 101
Capital and interest rates 110
Enterprise and profit 120
Banking 129
The measurement of national income 134
Factors affecting size of national income 138
International trade146
Globalisation 152
The economics objectives of government 156
The government and the economy – fiscal policy 164
The history of economic thought 170
Economic growth and development 175
Appendix A Current economic statistics 178
Appendix B Past paper answers including 2022 182
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