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1.1 The market system

1.1.1 The economic problem

1.1.2 Economic assumptions

1.1.3 Demand, supply and market equilibrium

1.1.4 Elasticity

1.1.5 The mixed economy

1.1.6 Externalities

1.2 Business economics

1.2.1 Production

1.2.2 Productivity and division of labour

1.2.3 Business costs, revenues and profit

1.2.4 Business competition

1.2.5 The labour market

1.2.6 Government intervention

2.1 Government and the economy

2.1.1 Macroeconomic objectives

2.1.2 Government policies

2.1.3 Relationships between objectives and policies

2.2 The global economy

2.2.1 Globalisation

2.2.2 International trade

2.2.2.a Advantages and disadvantages of free trade, including

2.2.2.b Reasons for protection

2.2.2.c Methods of protection

2.2.2.d Modern trading blocs

2.2.2.e Role of the World Trade Organization (WTO)

2.2.2.f Trade patterns of developed and developing countries

2.2.3 Exchange rates

IGCSE Economics 2.2.2.b Reasons for protection Topic Practice

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