Unit: Unit 1( Competitive Markets- How they work and why they fail)
- What is the nature of economics?
- Production Possibilities Curve – illustrations of various economic concepts.
- Specialisation and division of labour
- Determinants of Demand
- Elasticity of Demand
- Determinants of Supply
- Determining the Price, Functions of Prices, Consumer/Producer Surplus
- Price Changes Explained
- Incidence of Taxation and Subsidies
- Wage rate determination in labour market
- Market Failure
- How governments attempt to correct market failure
- Government Failure