Introductory concepts
The nature of economics
Positive and normative economics
Scarcity
Production possibility frontiers
Specialisation, the division of labour and the role of money
Free market and mixed economies
Introductory Concepts – Exercises
Introductory Concepts – Exercise 1
Introductroy Concepts – Exercise 2
Introductory Concepts – Exercise 3
Introductory Concepts – Exercise 4
Consumer / Buyer behaviour and demand
Rational decision making
The demand curve
Price, income and cross elasticities of demand
Consumer / Buyer behaviour and demand – Exercises
Consumer / Buyer behaviour and demand – Exercise 1
Consumer / Buyer behaviour and demand – Exercise 2
Consumer / Buyer behaviour and demand – Exercise 3
Supply
The supply curve
Price elasticity of supply
Price determination
Determination of market equilibrium
Consumer and producer surplus
Functions of the price mechanism
Indirect taxes and subsidies
Price Determination – Exercises
Price determination, Elasticities – Exercise 1
Price Determination, Elasticity – Exercise 2
Market failure
Sources of market failure
Positive and negative externalities
Non-provision of public goods
Imperfect market information
Moral hazard
Speculation and market bubbles
Textbook: Moral hazard, Market Bubbles
Market Failure – Exercises
Market Failure – Exercise 1
Market Failures – Exercise 2
Government interventions
Methods of government intervention
Government failure
Essay Analysis
Market Failure, Government Intervention
