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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
Perfect competition
Profit maximisation of the individual firm
Profit maximization position
Profit position of the firm
Profit maximization: Graph
Economic profit
Economic Loss
The Shutdown Point
Example: Shut down point
Shutdown Rule
Overview – Perfect competition
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