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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
Theory of supply: Cost of production
Overview – Theory of supply: Cost of production
Topic outcome
Profit and profit maximisation
Explicit versus implicit costs
Accounting profit, normal profit and economic profit
Normal profit and economic profit
Law of diminishing returns
Average product
Total Product and Marginal Product as Graphs
Marginal product
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