In this topic, you will learn to:
★ define and provide examples of opportunity cost
★ understand the infl uence of opportunity cost on decision making.
Opportunity Cost
4 – Production Possibility Curve
In this topic, you will learn to:
★ define a production possibility curve (PPC)
★ draw and interpret appropriate PPC diagrams
★ explain the signifi cance of the location of production points on PPC diagrams
★ explain the causes and consequences of shifts and movements of the PPC.
Causes and consequences of shifts and movements of the PPC
Production possibility curve diagrams
5 – Microeconomics and Macroeconomics
In this topic, you will learn to:
★ distinguish between microeconomics and macroeconomics
★ explain the decision makers involved in microeconomics and macroeconomics."
Microeconomics and Macroeconomics
Economic decision makers
6 – The role of markets in allocating resources
In this topic, you will learn to:
★ define the market system
★ explain the key questions about resource allocation in a market system
★ explain how the price mechanism allocates resources.
The Market System
Resource allocation decisions
Allocation Method: The price mechanism
7 – Demand
In this topic, you will learn to:
★ define demand
★ draw and interpret appropriate demand diagrams
★ explain movements (contractions and expansions) along a demand curve
★ explain the link between individual and market demand
★ explain the causes of shifts in a demand curve.
Demand and factors influencing demand
Demand and Price
Chapter Review Questions
8 – Supply
In this topic, you will learn to:
★ define supply
★ draw and interpret appropriate supply diagrams
★ explain movements (contractions and extensions) along a supply curve
★ explain the link between individual and market supply
★ explain the causes of shifts in a supply curve.
Supply
Price and Supply
Conditions of Supply
Supply – End of Chapter Review Questions
9 – Price Determination within the Market
In this lesson, you will learn how to:
★ define market equilibrium
★ draw and interpret demand and supply schedules and curves to establish equilibrium
★ define market disequilibrium
★ draw and interpret diagrams to show shortages (excess demand) and surpluses (excess supply).
10 – Price changes in the market
In this lesson, you will learn to:
★ explain the causes of price changes
★ discuss the consequences of price changes.
Changes in Demand and Supply
11 – Price Elasticity of Demand (PED)
In this class, you will learn to:
★ define and calculate price elasticity of demand (PED)
★ draw and interpret demand curve diagrams to show different PED
★ understand the determinants of PED
★ explain the relationship between PED and total revenue
★ demonstrate the significance of PED for decision makers.
12 – Price Elasticity of Supply (PES)
In this lesson, you will learn to:
★ define and calculate price elasticity of supply (PES)
★ draw and interpret supply curve diagrams to show different PES
★ understand the determinants of PES
★ demonstrate the significance of PES for decision makers.
13 – The Market Economic System
In this lesson, you will learn to:
★ define the market economic system
★ explain the advantages of the market economic system
★ explain the disadvantages of the market economic system.
14 – Market Failure
In this lesson, you will learn to:
★ define the concept of market failure
★ explain the causes of market failure
★ discuss the consequences of market failure.
15 – Mixed Economic System
In this lesson, you will learn to:
★ define the mixed economic system
★ explain maximum and minimum prices
★ discuss government intervention to address market failure.
