The document outlines key concepts in economics, including scarcity, opportunity cost, demand and supply, market equilibrium, elasticity, public goods, firm behavior, as well as monetary and fiscal policies. It delves into various economic models, the measurement of national income, inflation, unemployment, and economic inequality while also addressing different market structures such as perfect competition, monopoly, and oligopoly. The text serves as a comprehensive guide to understanding major economic principles and their applications in analyzing real-world economic scenarios.

1. Block Topic Subtopics Pre Division DR Division AS Division
How Market
Works
Economic Principles
Scarcity Explain the meaning of scarcity Explain the meaning of scarcity
Explain the meaning of scarcity in relation to
sustainability
Factors of production
Identify examples of natural resources, human
resources, and capital goods
Identify and explain the four factors of
production
Identify and explain the four factors of
production
Opportunity cost
• Explain why a choice must be made
• Describe the trade-offs
• Identify the opportunity cost
Explain the meaning of opportunity cost
• Explain the meaning ot opportunity cost and its
relationship to choice and free goods
• Distinguish between opportunity cost and
other costs using examples
Basic economic questions Identify basic economic questions Identify basic economic questions
Methods of economics
Distinguish between positive and normative
economics
Distinguish between positive and normative
economics
Economic systems
Distinguish between market economy and
command economy, especially in terms of
resource allocation
Distinguish between economic systems Distinguish between economic systems
Production possibility curve (PPC)
• Understand the concept of PPC
• Identify factors that shift the PPC
• Explain economic growth by using PPC model
• Explain the different points in, on and out of
the PPC line
Draw a diagram to illustrate increasing and
constant opportunity cost in the PPC model
Demand and Demand Curve
The law of demand Identify the law of demand Identify the law of demand Explain the law of demand
The demand curve Identify the demand curve Identify the demand curve Identify the demand curve
The non-price determinants of demand
(factors that change demand or shift the demand
curve)
Identify factors that change demand Identify and analyse factors that change demand Distinguish factors that change demand
Movements along and shifts of the demand
curve
Identify movements along and shifts of the
demand curve
Identify movements along and shifts of the
demand curve
Examine the movements along and shifts of the
demand curve
Linear demand functions, demand schedules
and graphs
Analyse demand functions, demand schedules
and graphs
Apply linear demand functions, demand
schedules and graphs
Supply and Supply Curve
The law of supply Identify the law of supply Identify the law of supply Explain the law of supply
The supply curve Identify the supply curve Identify the supply curve Identify the supply curve
The non-price determinants of supply (factors
that change supply or shift the supply curve)
Identify factors that change supply Identify and analyse factors that change supply Distinguish factors that change supply
Movements along and shifts of the supply
curve
Identify movements along and shifts of the supply
curve
Identify movements along and shifts of the supply
curve
Examine the movements along and shifts of the
supply curve
Linear supply functions, equations and graphs Analyse supply functions, equations and graphs
Apply linear supply functions, demand schedules
and graphs
Equilibrium (Comparative Static Analysis)
Market Equilibrium, Disequilibrium and
Changes in Equilibrium
• Understand how the market force (supply and
demand) determine the price of goods
• Explain the meaning of market equilirium
Apply changes in Equilibrium
Calculate market Equilibrium, Disequilibrium and
Changes in Equilibrium
Market Efficiency
Consumer and Producer Surplus
Understand the definition of consumer and
producer surplus
Calculate producer and consumer surplus
according to the diagram
Allocative efficiency
Distinguish between allocative efficiency and
productive efficiency
Distinguish between allocative efficiency and
productive efficiency
Elasticity and its Application
Price elasticity of demand and its determinants
• Explain the concept of price elasticity of
demand and price elasticity of supply
• Simple calculation of the price elasticity of
demand/supply
• Analyse price elasticity of demand and its
determinants
• Distinguish applications of price elasticity of
demand
• Identify cross-price elasticity of demand and
determinants
• Identify applications of cross-price elasticity of
demand
• Identify income elasticity of demand and its
determinants
• Distinguish applications of income elasticity of
demand
• Analyse price elasticity of supply and its
determinants
• Distinguish applications of price elasticity of
supply
• Analyse price elasticity of demand and its
determinants
• Distinguish applications of price elasticity of
demand
• Identify cross-price elasticity of demand and
determinants
• Identify applications of cross-price elasticity of
demand
• Identify income elasticity of demand and its
determinants
• Distinguish applications of income elasticity of
demand
• Analyse price elasticity of supply and its
determinants
• Distinguish applications of price elasticity of
supply
Applications of price elasticity of demand
Cross price elasticity of demand and its
determinants
Applications of cross price elasticity of demand
Income elasticity of demand and its
determinants
Applications of income elasticity of demand
Price elasticity of supply and its determinants
Applications of price elasticity of supply
Controls on Prices (Ceiling and Floor)
Price ceilings (maximum prices): rationale,
consequences and examples • Understand the concepts of price ceilings and
price floors
• Analyze the price ceilings and price floors:
rationale, consequences and examples
Analyse Price ceilings (maximum prices):
rationale, consequences and examples
Calculate price ceilings (maximum prices):
rationale, consequences and examples
Price floors (minimum prices): rationale,
consequences and examples
Analyse price floors: consequences and examples
Calculate price floors (minimum prices):
rationale, consequences and examples
The Economics of
Public Sector
Externalities and Market Failure
Negative externalities of production and
consumption
• Explain the concepts of marginal benefit and
marginal cost
• Identify the marginal benefit and marginal cost
of a certain consumption
• Explain the concepts of positive and negative
externalities and being able to give examples
Define positive
externality and negative
externality
• Define and calculate social costs (SC) as the
sum of private costs (PC) and external costs
(EC), including marginal social costs (MSC),
marginal private costs (MPC) and marginal
external costs (MEC)
• Define and calculate social benefits (SB) as the
sum of private benefits (PB) and external
benefits (EB), including marginal social benefits
(MSB), marginal private benefits (MPB) and
marginal external benefits (MEB)
Positive externalities of production and
consumption
Define positive and negative externalities of both
consumption and production
Social costs and benefits Define social costs and benefits
Cost-Benefit Analysis
• Define marginal cost and marginal
benefit
• Apply the concepts of to analyzing
externalities
Use of costs and benefits in analysing decisions
(knowledge of net present value is not required)
Dead-weight Loss
Calculate the deadweight loss
caused by price controls
Identify deadweight welfare losses arising from
positive and negative externalities, asymmetric
information and moral hazard
Government Intervention
Direct & Indirect taxes
• Understand why certain kinds of goods and
services are provided by government
• Understand the role of taxes
Define direct and indirect taxes and draw
the graphs for them
Subsidies Define subsidies and draw the graphs for them
Explain the application and effectiveness of
measures to tackle different forms of market
failure, subsidies
Specific (fixed amount) taxes and ad valorem
(percentage) taxes
• Explain the application and effectiveness of
measures to tackle different forms of market
failure, specific and ad valorem indirect taxes
• Identify other government intervention: price
controls, production quotas, prohibitions and
licences, regulation and deregulation, direct
provision, pollution permits, property rights,
nationalisation and privatisation, provision of
information, behavioural insights and ‘nudge’
theory
Impacts on market outcomes
Explain the impact of taxation on consumers,
producers, government and economy as a whole.
The impact of taxation on consumers, producers,
government and economy as a whole.
Public Goods and Common Resources
Classification of goods and services
• Identify different types of goods
• Describe key features of different types of
goods
• Identify different types of economic goods
• Distinguish between economic goods and free
goods
Describe the nature and definition of free goods
and private goods (economic goods), public
goods, merit goods and demerit goods
Asymmetric information
Describe asymmetric information and moral
hazard of costs and benefits
Firm Behavior and
the Organization of
Industry
The Cost of Production
The Production Function
• Define and calculate total cost (TC), average
total cost (ATC), fixed cost (FC), variable cost
(VC), average fixed cost (AFC), average variable
cost (AVC). Marginal cost (MC)
• Define calculate total revenue (TR), average
revenue (AR) and marginal revenue (MR)
• Understand the goal of a firm- profit
maximization, and how to achieve it
Define Total cost (TC), average total cost (ATC),
fixed cost (FC), variable cost (VC), average fixed
cost (AFC), average variable cost (AVC).
Short-run production function:
• fixed and variable factors of production
• definition and calculation of total product,
average product and marginal product
• law of diminishing returns (law of variable
proportions)
Short-run cost function:
• definition and calculation of fixed costs (FC)
and variable costs (VC)
• definition and calculation of total, average and
marginal costs (TC,AC, MC), including average
total
cost (ATC), total and average fixed costs (TFC,
AFC) and total and average variable costs (TVC,
AVC)
• explanation of shape of short-run average cost
and marginal cost curves
Short-Run Production Costs
Calculation of TC,ATC, FC,VC,AFC and AVC.
Definition, drawing and interpretation of
diagrams that show how changes in output affect
costs of production.
Long-Run Production Costs
Long-run production function:
• no fixed factors of production
• returns to scale
Long-run cost function:
• explanation of shape of long-run average cost
curve
• concept of minimum efficient scale
Production in the long run: returns to scale
Understand the relationship between economies
of scale and decreasing average costs, internal
and external economies of scale and
diseconomies of scale
Profit Maximization of the Firm
Total revenue, average revenue and marginal
revenue
Define Total revenue (TR) and average revenue
(AR)
Define and calculate the revenues: total, average
and marginal revenue (TR,AR, MR), normal,
subnormal and supernormal profit
Economic profit (sometimes known as
abnormal profit) and normal profit (zero
economic profit occurring at the break- even
point)
Profit maximization in the short run
Survival, social welfare, profit maximisation and
growth
Explain traditional profit-maximising objective of
firms
Market Structure
Introduction of Competitive Market
Assumptions of the model
Identify different market structures and their
characteristics
Identify perfect competitive market based on its
assumptions
Identify perfect competitive market based on its
assumptions
Revenue curves
Identify the revenue curves in a perfect
competition market
Identify the revenue curves in a perfect
competition market
Profit maximization in the short run
Identify profit maximization point in the short
run
Draw a diagram to illustrate the profit
maximization point in a perfect competition
market in the short run
Profit maximization in the long run Identify profit maximization point in the long run
Draw a diagram to illustrate the profit
maximization point in a perfect competition
market in the long run
The Efficiency of competitive market
Explain various types of efficiency in a perfect
competition market
Explain and identify various types of efficiency in
the diagrams of perfect comptition market
Introduction of Monopoly
Assumptions of the model
Identify and explain the characteristics of
monopoly
Identify and explain the characteristics of
monopoly
Barriers to entry Explain the barries to entry Explain the barries to entry
Revenue curves Identify and explain the revenue of a monopoly
• Identify the profit maximizing point of output
and price
• Apply cost curves to monopoly market
Natural monopoly Explain the meaning of natural monopoly
Explain the meaning and characteristics of
natural monopoly
Monopoly and efficiency
• Draw and explain the diagrams of monopoly
• Explain price discrimination in a monpoly
market
• Draw and explain the diagrams of monopoly
• Identify consumer surplus, producer surplus
and deadweight loss in a monopoly diagram
Policies to regulate monopoly power Identify policies to regulate monopoly power
Explain the rationale and effects of regulating
monopoly
The advantages and disadvantages of monopoly
compared with perfect competition
Compare and contrast monopoly and perfect
competion
Evaluate the advantages and disadvantages of
monopoly
Introduction of Monopolistic Competition
Abuse of monopoly power Explain the abuse of monopoly power Explain the abuse of monopoly power
Assumptions of the model
Identify and explain the characteristics of
monopolistic competiton market
Distiguish the characteristics between
monopolistic competition and perfect
competition
Revenue curves Explain the meanings of revenue curves
Apply revenue and cost curves in monopolistic
competition
Profit maximization in the short run
Identify the profit maximization point in a
monopolistic market in the short run
Draw a diagram to illustrate the profit
maximization point in a monopolistic
competition market
Profit maximization in the long run
Identify the profit maximization point in a
monopolistic market in the long run
Draw a diagram to illustrate the profit
maximization point in a monopolistic
competition market
Non-price competition Identify non-price competition Explain non-price competition
Monopolistic competition and efficiency
Identify various efficiency point in monopolistic
competition
Distinguish efficiency between monopolistic
competition and other types of market structure
Monopolistic competition compared with
perfect competition and monopoly
Compare and contrast monopolistic competition
and other types of market structure
Comment on monoplistic competition in
relation to perfect competition and monopoly
Introduction of Oligopoly
Assumptions of the model Describe the assumptions of oligopoly Describe the assumptions of oligopoly
Interdependence and game theory Explain interdependence and game theory Apply game theory in oligopoly model
Collusive and non-collusive oligopoly Explain the meaning of collusion Explain the meaning of collusion
Evaluating oligopoly Describe the strategies of oligopolies Explain the strategies of oligopolies
Block Topic Subtopics Pre Division DR Division AS Division
Measuring of a
Nation’s Income
and the Cost of
Living
The Economy’s Income and Expenditure The Circular Flow of Income
Draw and label a circular flow diagram and
explain the interrelated roles of households,
businesses, and government in the economy
Draw and label a circular flow diagram and
explain the interrelated roles of households,
businesses, and government in the economy
Apply circular flow of income model in
calculations
GDP and economic growth
Real v. Nominal GDP
• Identify the components of GDP
• Explain what is included in each component of
GDP
• Distinguish between real and nominal GDP
• Determine the GDP per capita for a certain
country
Distinguish between real and nominal GDP Distinguish between real and nominal GDP
Limitations of GDP Identify the components of GDP
Comment on GDP in measuring economic
growth
GDP v. GNP v. GNI Distinguish among GDP, GNP and GNI Distinguish among GDP, GNP and GNI
The Meaning and Significance of Economic
Growth
Explain the meaning and significance of economic
growth
Explain the meaning and significance of economic
growth
Explain the meaning and significance of economic
growth
Short-term v. Long-term Growth
Identify economic growth in various economic
models
Distinguish between short-term and long-term
growth in various economic models
Causes and Consequences of Economic
Growth
Explain the causes and consequences of
economic growth
Explain the causes and consequences of
economic growth
Explain the causes and consequences of
economic growth
CPI and Inflation
Measuring Inflation and Deflation
• Explain the concept of inflation
• Understand the concept of CPI
• Identify the causes of inflation
• Calculate the rate of inflation
Explain various measures of CPI; calculate CPI Calculate inflation and deflation
Problems of CPI
Describe problems of CPI in measuring
economic behaviour
Evalutate CPI as an important economic
measurement
Causes and Types of Inflation
Explain the problems of CPI in measuring
economic behaviour
Discuss the problems of CPI in measuring
economic behaviour
Costs of Inflation
Explain the costs of inflation to various
economic agents
Evaluate the costs of inflation to various
economic agents
The Real Economy
in the Long-run
Market and Welfare
Unemployment
Measuring Unemployment
• Describe unemployment
• Calcualte the unemployment rate
Describe unemployment
• Distinguish between employment and
unemployment
• Apply economic models in measuring
unemployment; claculate unemployment rate
Types and Causes of Unemployment Identify various types of unemployment Distinguish various types of unemployment
Distinguish and explain various types and causes
of unemployment
The Relationship between Unemployment and
Inflation
Explain the relationship between unemployment
and inflation
Evaluate the relationship between
unemployment and inflation
The Phillips Curve Describe phillips curve
Apply phillips curves in evaluating unemployment
and inflation
Economic Inequality
Measuring Economic Inequality (Lorenz Curve,
Gini Coefficient)
• Understand and describe lorenz curve
• Understand the relationship between lorenz
curve and gini coefficient
Understand and describe lorenz curve
Understand the relationship between lorenz
curve and gini coefficient
Short-run
Economic
Fluctuations
Aggregate Demand and its Curve
The AD Curve
• Explain the concept of aggregate demand
• Identify the diagram of an AD curve
Identify reasons behind the shape of curve
• Identify reasons behind the shape of AD curve,
SRAS curve and LRAS curve
• Identify the components and determinants of
AD
• Identify and explain the causes and effects of
shifts in AD curve,AS curve and changes in AD-
AS model
The Components of AD Identify the components of AD
The Determinants of AD or Causes of Shifts in
the AD Curve
Identify the determinates of AD
Aggregate Supply and its Curve
Short-Run Aggregate Supply (SRAS)
• Explain the concept of aggregate supply
• Identify the diagram of an AS curve
Identify reasons behind the shape of curve
Long-Run Aggregate Supply (LRAS) Identify reasons behind the shape of curve
Changes in the AD–AS Model in the Short Run
Equilibrium in the Aggregate Demand–
Aggregate Supply (AD–AS) Model
Economic Fluctuations
Business Cycle, Short-term Fluctuations and
Long-term Trend
• Explain the concept of a business cycle
• Identify different phases of a business cycle
Identify the types of fluctuations Identify the different parts of business cycle
Macroeconomics
Policy
Fiscal Policy
Fiscal policy and short-term demand
management
• Explain the concept of fiscal policy
• Identify different tools and the respective goals
of fiscal policy
Identify which policy to use to correct
fluctuations
Identify which policy to use to correct
fluctuations
Fiscal policy and its impact on potential output
Identify which policy would cause which impact
on potential output
• Identify which policy would cause which impact
on potential output
• Calculate and analyze the impact
Evaluation of fiscal policy
Identify the advantages and disadvantages of
different fiscal policies
Monetary Policy
The Money Market
Explain the concept of money supply and
monetary policy
Understand the definition of money supply and
monetary policy
Explain the definition of monetary policy, use the
tools of monetary policy: interest rates, money
supply and credit regulations
Definition, Measurement, and Functions of
Money
Explain the definition and the functions of money
• Define changes in interest rates, money supply
and foreign
exchange rates
• Explain how monetary policy measures may
enable the government to achieve its
macroeconomic aims
Understand the quantity theory of money (MV =
PT), broad and narrow money supply, sources of
money supply in an open economy, transmission
mechanism of monetary policy
Banking and the Expansion of the Money
Supply
• Describe the role of central banks as
regulators of commercial banks and bankers to
governments.
• Understand that central banks are usually made
responsible for interest rates in order to achieve
macroeconomic objectives.
• Describe the role of central banks as
regulators of commercial banks and bankers to
governments.
• Explain that central banks are usually made
responsible for interest rates and exchange rates
in order to achieve macroeconomic objectives.
• Describe the role of central banks as
regulators of commercial banks and • bankers to
governments.
• Explain that central banks are usually made
responsible for interest rates and exchange rates
in order to achieve macroeconomic objectives.
The Loanable Funds Market
Explain how the loanable funds market models
the financial sector and the orthodox
economists understand thrift to be an important
source for economic growth
Monetary policy and short-term demand
management
Identify different tools and the respective goals
of monetary policy
Able to distinct between expansionary and
contractionary monetary policy
Explain how changes in interest rates can
influence the level of aggregate demand in an
economy.
• Able to distinct between expansionary and
contractionary monetary policy
• Explain how changes in interest rates can
influence the level of aggregate demand in an
economy.
• Conduct AD/AS analysis of the impact of
expansionary and contractionary monetary
policy on the equilibrium national income and
the level of real output, the price level and
employment
Monetary policy and Inflation
Explain that central banks of certain countries,
rather than focusing on the maintenance of both
full employment and a low rate of inflation, are
guided in their monetary policy by the objective
to achieve an explicit or implicit inflation rate
target.
Evaluation of monetary policy
Evaluate the effectiveness of monetary policy
through consideration of factors including:
• the independence of the central bank,
• the ability to adjust interest rates
incrementally,
• the ability to implement changes in interest
rates relatively quickly,
• time lags,
• limited effectiveness in increasing aggregate
demand if the economy is in deep recession and
conflict among government economic objectives.
Supply Side Policy
Supply-side policies and the economy
Explain the definition of supply-side policy
Identify possible supply-side policy measures
include education and training, labour market
reforms, lower direct taxes, deregulation,
improving incentives to work and invest, and
privatisation.
Evaluate the strengths and weaknesses of Supply-
Side Policies
Investment in human capital
Explain how investment in education and training
will raise the levels of human capital and have a
short-term impact on aggregate demand, but
more importantly will increase LRAS.
Investment in new technology
Explain how policies that encourage research
and development will have a short-term impact
on aggregate demand, but more importantly will
result in new technologies and will increase
LRAS.
Investment in infrastructure
Explain how increased and improved
infrastructure will have a short-term impact on
aggregate demand, but more importantly will
increase LRAS.
Industrial policies
Explain that targeting specific industries through
policies including tax cuts, tax allowances and
subsidized lending promotes growth in key areas
of the economy and will have a short-term
impact on aggregate demand but, more
importantly, will increase LRAS.
Policies to encourage competition
Explain how factors including: deregulation,
privatization, trade liberalization and
antimonopoly regulation are used to encourage
competition.
Labour market reforms
Explain how factors includingғ
• reducing the power of labour trade unions,
• reducing unemployment benefits and
• abolishing minimum wages
are used to make the labour market more
flexible (more responsive to supply and
demand).
Incentive-related policies
How supply-side policy measures may enable the
government to achieve its macroeconomic aims.
Explain how factors including personal income
tax cuts are used to increase the incentive to
work, and how cuts in business tax and capital
gains tax are used to increase the incentive to
invest.
The strengths and weaknesses of supply-side
policies
Evaluate the effectiveness of supply-side policies
through consideration of factors including:
• time lags,
• the ability to create employment,
• the ability to reduce inflationary pressure,
• the impact on economic growth,
• the impact on the government budget,
• the effect on equity,
• the effect on the environment.
Block Topic Subtopics DR Division AS Division
International
Trading
International trade
Measurement of terms of trade Explain the terms of trade Explain and calculate the terms of trade
Causes and consequences of changes in terms
of trade
Explain the causes and consequences of changes
in terms of trade
Explain the causes and consequences of changes in terms of trade
The benefits of trade Explain the causes and benefits of trade Evaluate the costs and benefits of trade
Absolute and comparative advantage Distinguish absoluate and comparative advantage Calculate absolute and comparative advantage
Trade agreements and Trading blocs Explain trade agreements and trade blocs Evaluate trade agreements and trade blocs
Restrictions on free trade
Types of trade protection Identify types of trade protetion Explain types of trade protetion
Effects of trade protection Explain the effects of trade protetion Evaluate the effects of trade protetion
Arguments for trade protection Explain arguments for trade protetion Evaluate arguments for trade protetion
Arguments against trade protection Explain arguments against trade protetion Evaluate arguments against trade protetion
The balance of payments
The components of the balance of payments
accounts
• Identify the components of the current account
of the balance of payments – trade in goods,
trade in services, primary income and secondary
income.
• Calculation of deficits and surpluses on the
current account of the balance of payments and
its component sections.
• Identify the components of the balance of payments
accounts (using the IMF/OECD definition): current account; capital and financial account; balancing
item
• Explain the meaning of balance of payments equilibrium and disequilibrium
• Identify the causes of balance of payments disequilibrium in each component of the accounts
• Explain the consequences of balance of payments
disequilibrium on domestic and external economy
Implications of a persistent current account
deficit
Explain the reasons for deficits and surpluses. Explain the reasons for deficits and surpluses.
The relationship between the current account
and the exchange rate
Discuss the impact on GDP, employment,
inflation and foreign exchange rate
Identify the relationship between current account and the exchange rate
The relationship between the financial account
and the exchange rate
Identify the relationship between financial account and the exchange rate
Policies to achieve balance of payments
stability
Identify the range of policies available to achieve
balance of payments stability and how effective
they might be
Identify the range of policies available to achieve balance of payments stability and how effective
they might be
Exchange Rate
Real and Nominal Exchange Rate
Determination of freely floating exchange rates
Understand the definitions and measurement of
exchange rates – nominal, real, trade-weighted
exchange rates
Understand the definitions and measurement of exchange rates – nominal, real, trade-weighted
exchange rates
Causes of changes in the exchange rate
Including changes in demand for exports and
imports, changes in the rate of interest,
speculation, and the entry or departure of
MNCs.
• Identify the determination of exchange rates – floating, fixed, managed float
• Identify the factors underlying changes in exchange rates
The effects of exchange rate changes
• Define depreciation/appreciation
• Define devaluation/revaluation
• Identify the effects of foreign exchange rate
fluctuations on export and import prices and
spending on imports and exports via the PED.
• Explain the effects of changing exchange rates on the domestic and external economy using AD,
Marshall-Lerner and J curve analysis
• Define and explain depreciation/appreciation
• Define and explain devaluation/revaluation
How Policies and Events Affect an Open
Economy
Fixed exchange rates Identify different types of exchange systems Evaluations of different types of exchange system
Equilibrium in Managed exchange rate system Identify the consequences and effects of incidents on currency exchange rate (on graphs)
Evaluation of different exchange rate systems
Identify the differences between, and the
advantages and disadvantages of, a floating
foreign exchange rate and a fixed foreign
exchange rate system
Identify the difference between, and the advantages and disadvantages of, a floating foreign
exchange rate and a fixed foreign exchange rate system
International
Economics
Foreign Direct Investment (FDI) The meaning of FDI and MNCs
• Understand the definition of foreign direct investment
• Distinguish between foreign direct investment and foreign portfolio investment
Foreign Aid and Multilateral Development
Assistance
The roles of the International Monetary Fund
(IMF) and the World Bank
• Explain different roles of IMF and World Bank
in the development of global economy
• Understand the brief history of IMF and World
Bank
• Explain different roles of IMF and World Bank in the development of global economy
• Understand the brief history of IMF and World Bank
• Distinguish IMF and World Bank between other international organizations
Knowledge Map - Microeconomics
This updated version of the Knowledge Map is based on the NEC Qualifying Test (both regional and national) in past years.
Knowledge Map - Macroeconomics
This updated version of the Knowledge Map is based on the NEC Qualifying Test (both regional and national) in past years.
Knowledge Map - International Economics and Current Event
This updated version of the Knowledge Map is based on the NEC Qualifying Test (both regional and national) in past years.
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