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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
Price elasticity
Household spending and price elasticity of demand
Total spending and price inelastic demand
Using diagrams to illustrate total spending and price inelastic demand
Decrease in price