EduNinja

EduNinja

1. Basic economic ideas and resource allocation

1.1 Scarcity, choice and opportunity cost

1.2 Economic methodology

1.3 Factors of production

1.3.1—Factors of production

1.3.2—Human vs physical capital

1.3.3—Factor rewards

1.3.4—Division of labour and specialisation

1.3.5—Entrepreneurship

1.4 Resource allocation in different economic systems

1.5 Production possibility curves

1.6 Classification of goods and services

2. The price system and the microeconomy

2.1 Demand and supply curves

2.2 Price elasticity, income elasticity and cross elasticity of demand

2.3 Price elasticity of supply

2.4 The interaction of demand and supply

2.5 Consumer and producer surplus

3. Government microeconomy intervention

3.1 Reasons for government intervention in markets

3.2 Methods and effects of government intervention in markets

3.3 Addressing income and wealth inequality

4. The Macroeconomy

4.1 National income statistics

4.2 Introduction to the circular flow of income

4.3 Aggregate Demand and Aggregate Supply analysis

4.4 Economic growth

4.5 Unemployment

4.6 Price stability

5. Government macroeconomic intervention

5.1 Government macroeconomic policy objectives

5.2 Fiscal policy

5.3 Monetary policy

5.4 Supply-side policy

6. International economic issues

6.1 The reasons for international trade

6.2 Protectionism

6.3 Current account of the balance of payments

6.4 Exchange rates

6.5 Policies to correct imbalances in the current account of the balance of payments

A-Level CAIE Economics AS 1.3.1—Factors of production Question Bank

1.3.1—Factors of production

• Nature and definition of factors of production: land, labour, capital and enterprise

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