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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
The Study Field of Economics
Overview – The study field of economics
Topic Outcome
The economic problem of scarcity
Unlimited needs and wants and scarce resources
Scarce goods and free goods
The three fundamental questions