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The Study Field of Economics
Factors of Production
Opportunity Cost
Economic Systems
Production Possibilities Curve
Circular Flow Model
Demand, Supply and Prices
Changes in demand and supply
Consumer and Producer Surplus
Government intervention
Theory of demand
Price elasticity
Other elasticities
Theory of supply: Cost of production
Perfect competition
Imperfect competition
Labour market
Consumer and Producer Surplus
Overview – Consumer and producer surplus
Topic outcome
Meaning of consumer surplus
Total Consumer Surplus
A Change in Price and Consumer Surplus
Meaning of Producer Surplus
Total Producer Surplus
A decrease in price and total producer surplus
Market equilibrium and consumer and producer surpluses