GCE Economics – QEFAS

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Lesson 1: Introduction to Economics 3 Topics | 1 Quiz

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Scarcity and Choice, Scale of Preference, Opportunity Cost

Quiz: 1.1. Scarcity and Choice, Scale of Preference, Opportunity Cost

Production, Distribution and Consumption.

Primary, Secondary and Tertiary Production

Lesson 2:Factors of production 3 Topics

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characteristics

Lesson 3: Types and Basic Features of Economic Systems 4 Topics

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(a) Types – capitalism, socialism and mixed economy

(b) Basic features of each

(c) Advantages and disadvantages of each

.(d) Economic problems of society and the approaches for solving them under each of the systems.

Lesson 4: Basic Tools of Economic Analysis 3 Topics

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Tables, graphs and charts.

Some basic statistical measures and representations – arithmetic mean, median, mode

Their simple applications.

Lesson 5. Demand Theory 8 Topics | 1 Quiz

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Concept of demand and law of demand,

Quiz: 5.1. Concept of demand and law of demand,

Demand schedules and curve

Reasons for exceptional demand curves,

Types of demand (derived, composite, joint and competitive);

Factors determining demand for goods and services

Distinction between a shift of and movement along a demand curve;

Cnncept of elasticity of demand. Types of elasticity of demand and their measuremen

Price, income and cross elasticities of demand: importance of the concept of elasticity of demand to consumers, producers and government.

Lesson 6: Supply Theory 1 Topic

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Concept of supply and law of supply

Lesson 7: Theory of Consumer Behaviour 5 Topics

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The utility concepts-

The law of diminishing marginal utility

The concept of equilibrium of a consumer

The effects of changes in price on consumer equilibrium

The relationship between marginal utility and the demand curve.

Lesson 8: Economic Policy and Economic Challenges

Lesson 9: Economic History

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