Competitive Markets- How they work and why they fail

  1. What is the nature of economics?
  2. Production Possibilities Curve – illustrations of various economic concepts.
  3. Specialisation and division of labour
  4. Determinants of Demand
  5. Elasticity of Demand
  6. Determinants of Supply
  7. Determining the Price, Functions of Prices, Consumer/Producer Surplus
  8. Price Changes Explained
  9. Incidence of Taxation and Subsidies
  10. Wage rate determination in labour market
  11. Market Failure
  12. How governments attempt to correct market failure
  13. Government Failure

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