CIE • Economics

Class notes on the topic of Basic Economic Ideas. An introduction to economics, including production and consumption, opportunity cost, the margin, the time dimension, scope of economics and resources

Class notes on the topic of Classification of Goods & Services. Includes definitions and explanations of types of goods and information failure.

Class notes on the topic of Economic Systems. Includes detailed descriptions and explanations of market economies, mixed economies, and planned economies. Notes on ownership of FOPs, allocation of resources, competition, role of government, decision making, externalities, and information failure.

Class notes on the topic of Economies in Transition. Includes the problems with transitioning from a centrally planned economy to a market economy.

Class notes on the topic of Elasticity.

Class notes on the topic of Money. Includes definitions and explanations regarding the types of money, functions of money and characteristics of money.

Class notes on the topic of Opportunity Cost & PPF. Includes definitions, examples and diagrams regarding opportunity cost, PPF, production effieciency, production inefficiency, types of curves and causes of shifts.

Class notes on the topic of Positive & Normative Statements. Includes explanations on how to identify the different kinds of statements.

Class notes on the topic of Role of Enterprise. Explains the contributions of enterprise and division of labour to an economy.

Class notes on the topic of Specialisation & Division of Labour. Includes definitions, and advantages & disadvantages in regards to workers, firms and nations.