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Economics O Level / IGCSE Revision Notes Series By Zain Mushtaq TABLE OF CONTENT UNIT 1: BASIC ECONOMIC PROBLEM AND PPC 1.1: The nature of the economic problem 1.2: Factors of production 1.3: Opportunity cost 1.4: Production possibility curve 1.5: Microeconomics vs Macroeconomics 1.6: Three key allocation decisions UNIT 2: DEMAND AND SUPPLY 2.1: Demand 2.2: Supply 2.3: Market 2.4: Price change UNIT 3: ELASTICITIES 3.1: Price Elasticity of Demand (PED) 3.2: Price Elasticity of Supply (PES) UNIT 4: MARKET ECONOMIC SYSTEM, MARKET FAILURE, AND MIXED ECONOMIC SYSTEM 4.1: Market System 4.2: Disadvantage of Market economic system 4.3: Mixed Economic System UNIT 5: MONEY AND BANKING 5.1: Money 5.2: Banking UNIT 6: HOUSEHOLDS 6.1: Income can be either spent (spending/consumption) or saved (saving) UNIT 7: WORKERS AND TRADE UNIONS 7.1: Factors influencing an individual’s choice of occupation 7.2: Function of trade union UNIT 8: FIRMS 8.1: FIRMS 8.2: The type of factors of production employed is influenced by UNIT 9: COSTS, REVENUE AND OBJECTIVES 9.1: Costs of production UNIT 10: MARKET STRUCTURE 10.1: Market structure UNIT 11: MACROECONOMIC AIMS AND POLICIES 11.1: Role of Government 11.2: Government’s Macroeconomic aims 11.3: Fiscal policy 11.4: Monetary Policy 11.5: Supply Side Policies UNIT 12: ECONOMIC GROWTH 12.1: Economic growth UNIT 13: UNEMPLOYMENT 13.1: Employment and unemployment UNIT 14: INFLATION AND DEFLATION 14.1: Inflation, Deflation and Disinflation 14.2: Indicators of living standards 14.3: Absolute poverty vs Relative poverty 14.4: Factors affecting population growth UNIT 15: ECONOMIC DEVELOPMENT 15.1: Differences in economic development between countries UNIT 16: INTERNATIONAL SPECIALIZATION, FREE TRADE AND PROTECTION 16.1: Specialization 16.2: Globalization, free trade and protection UNIT 17: EXCHANGE RATES 17.1: Foreign Exchange Rate UNIT 18: CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS 18.1: Current account of balance of payments MEET MY FAMILY
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