Economics Revision Guide

Abstract

PART I INTRODUCTION - What Economics is About - Methods of Allocating Resources - PART II WHAT TO PRODUCE - How Price is Formed in the Free Market - Applications of Demand and Supply Analysis - A Further Look at Demand - PART III HOW TO PRODUCE - THE THEORY OF PRODUCTION - The Firm - The Organisation and Scale of Production - The Distribution of Goods to the Consumer - The Location of Production - Combining the Factors of Production - Deciding the Most Profitable Output - The Supply Curve of Industry Under Perfect Competition - Rewarding the Factors Production: the Marginal Productivity Theory of Distribution - PART IV THE GOVERNMENT AND THE ALLOCATION OF RESOURCES - Market Failure and the Role of Government - Monopoly - Imperfect Competition: Other Forms - Externalities and Cost-benefit Analysis - The Environment: Conservation and Pollution - The Provision of Goods and Services by the Public Sector - PART V REWARDS TO THE DIFFERENT FACTORS OF PRODUCTION - Labour and Wages - Capital and Interest - Land and Rent - Entrepreneurship and Profit - PART IV MONEY AND FINANCIAL INSTITUTIONS - Money and the Rate of Interest - Financial Markets - Clearing Banks - The Bank of England - PART VII THE GOVERNMENT AND THE STABILISATION POLICY - Measuring the Level of Activity: National Income Calculations - Unemployment - The Level of Output and Aggregate Demand: the Keynesian Explanation - Employment and the Price Level - Inflation: Its Effects - Policies to Achieve Price Stability - Economic Growth - Balanced Regional Development - Public Finance - PART VIII INTERNATIONAL TRADE - The Nature of International Trade - The Balance of Payments - Foreign Exchange Rates - The Correction of a Balance-of-Payments Disequilibrium - The European Community - PART IX LOOKING INTO THE FUTURE - The Population of the UK - Current Problems and Policies of the UK