Paper 1 - Microeconomics

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

Paper 2 - Macroeconomics

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
2.2.3 Exchange rates