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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
Government intervention
Overview – Government intervention
Topic outcome
Price ceiling and price floor
Impact of a price ceiling (maximum price)
Consequences of a price ceiling (maximum price)
Impact of a price floor (minimum price)
Consequences of a price floor (minimum price)