Section I: Introduction to Economics
1. Define, and give examples of, a social science
2. Define, give examples of, and distinguish between, goods and services; needs and wants; economic goods and free goods
3. Define opportunity cost and understand its link to relative scarcity and choice
4. Explain the basic economic questions: “what to produce?”, “how to produce?”, and how much to produce?”
5. Describe the factors of production
6. Explain, illustrate, and analyze production possibility curves
7. Distinguish between microeconomics macroeconomics; positive economics and normative economics; private
sector and public sector
8. Explain that economists are model builders and that they employ the assumption of “ceteris paribus”
9. Explain and illustrate a basic model of an economy
10. Distinguish between different rationing systems
11. Compare and contrast the advantages and disadvantages of planned and free market economies
12. Define and give an example of a transition economy
13. Distinguish between economic growth and economic development
14. Define sustainable development
Section II: Microeconomics
1. Define demand
2.Explain the Law of Demand, verbally, and using diagrammatic analysis
3. Explain the determinants of demand
4. Distinguish between a shift of demand curve and a movement along a demand curve
5. Explain the concept of equilibrium
6. Explain the effect of changes in demand and supply upon the equilibrium
7. Explain the concepts of excess demand and excess supply
8. Explain, distinguish between, and give examples of, maximum and minimum price controls
9. Discuss the consequences of price controls
10. Explain how a buffer stock scheme works
11. Discuss the consequences of a buffer stock scheme
12. Define a commodity pricing agreement
13. Explain the concept of elasticity
14. Define elasticity of demand
15. Define and calculate price elasticity of demand
16. Illustrate different values of price elasticity of demand using demand curves
17. Explain the determinants of price elasticity of demand
18. Define and calculate cross elasticity of demand
19. Explain the possible range of values for cross elasticity of demand
20. Define and calculate income elasticity of demand
21. Explain the possible range of values for income elasticity of demand
22. Define elasticity of supply
23. Define and calculate price elasticity of supply
24. Illustrate different values of price elasticity of supply using supply curves
25. Explain the determinants of price elasticity of supply
26. Define community surplus, social efficiency, and Pareto optimality
27. Define market failure
28. Explain, illustrate, and give examples of types of market failure
29. Define and give examples of public goods, merit goods, and demerit goods
30. Define, distinguish between, illustrate, and give examples of positive and negative externalities of production and
consumption
31. Define and explain tradable emission permits
32. Evaluate different government methods of intervention to deal with the existence of externalities
Section III: Macroeconomics
1. List the five main macroeconomic goals
2. Illustrate the circular flow of income model of the economy
3. Distinguish between three equivalent measures of national income
4. Define and distinguish between gross national product (GNP) and gross domestic product (GDP)
5. Define and distinguish between gross national product (GNP) and net national product (NNP)
6. Define and distinguish between nominal GDP and real GDP
7. Explain the issues of national income statistics
8. Explain the limitations of using national income statistics
9. Distinguish between economic growth and economic development
10. Appreciate the limitations of using national income statistics in valuing economic welfare and/or measuring
economic development
11. Explain other measures of economic development
12. Define aggregate demand (AD)
13. Define the components of AD
14. Explain the determinants of the components of AD
15. Explain how governments can use monetary and fiscal policy to after the level of AD in an economy
16. Illustrate AD and shifts in AD
17. Define short-run aggregate supply (SRAS)
18. Illustrate SRAS
19. Explain the causes of a shift in SRAS
20. Distinguish between short-run aggregate supply (SRAS) and long-run aggregate supply (LRAS)
21. Distinguish between a “Keynesian” LRAS and a neo-classical LRAS
22. Explain the source of increases in the LRAS
23. Identify the equilibrium level of national income/output
24. Explain and illustrate that the difference between the equilibrium level of national income and the full
employment level of national income will result in an inflationary or deflationary gap
25. Discuss the difference between Keynesian (interventionist) and neo-classical (free market) economists in their
view of macroeconomic equilibrium
26. Explain and illustrate the effects of changes in aggregate demand and aggregate supply
27. Explain and illustrate the business cycle (trade cycle)
28. Explain the concepts of inflation and deflation
29. Discuss the costs of inflation and deflation
30. Explain the causes of inflation and deflation
31. Explain the measures that may be taken to reduce inflation
32. Explain what is meant by unemployment
33. Define the different measures of unemployment and explain the limitation to their validity
34. Discuss the costs of unemployment
35. Distinguish between the different causes of unemployment
36. Evaluate the measures that may be taken to reduce unemployment
37. Define direct taxes and indirect taxes
38. Explain how government can alter the distribution of income through the use of tax policies
39. Explain the difference between progressive, regressive, and proportional taxation systems
40. Explain how government can alter the distribution of income through the use of taxes
41. Explain how government can alter the distributions of income through the use of transfer payments
42. Evaluate the use of government policies to redistribute income
Section IV: International Economics
1. Define international trade
2. Identify and explain the gains from trade
3. Define and give examples of specialization and the division of labor
4. Define, explain, illustrate, and give examples of absolute advantage
5. Define, explain, illustrate, and give examples of comparative advantage
6. Define free trade
7. Explain, give examples of, and evaluate the arguments for protectionism
8. Explain the arguments against protectionism
9. Explain and illustrate free trade
10. Define, explain, illustrate, and give examples of types of protectionism
11. Define and explain the aims of the World Trade Organization
12. Explain the benefits and weaknesses of the World Trade Organization
13. Understand some of the problems that developing countries face in world trade
14. Define and explain globalization
15. Define, and give an example of, a multinational corporation
16. Define foreign direct investment
17. Define, explain, and give examples of different types of trading blocs
18. Define, explain, and give examples of an exchange rate
19. Define, explain, and give examples of different exchange rate systems
20. Distinguish between devaluation and depreciation and between revaluation and appreciation
21. Explain the advantages and disadvantages of high and low exchange rates
22. Explain government measures to intervene in the foreign exchange market
23. Define and explain the balance of payments account
24. Define and explain the current account
25. Define and explain the elements that make up the current account
26. Define and explain the capital account
27. Define and explain the elements that make up the capital account
28. Explain the consequences of current account and capital account imbalances
29. Define, explain, and give examples of expenditure-switching policies
30. Define, explain, and give examples of expenditure-reducing policies
31. Define, explain, calculate, and give examples of the terms of trade
32. Distinguish between an improvement and a deterioration in the terms of trade
33. Explain the possible effects of an improvement in the terms of trade on the current account balance
34. Explain the significance of deteriorating terms of trade for developing countries
Section V: Development Economics
1.Explain and give examples of common characteristics of developing countries
2. Define and explain dependency ratios
3. Explain and give examples of the diversity that exists between developing countries
4. Explain, and give examples of, sources of economic growth
5. Distinguish between, and give examples of, physical and social capital.
6. Distinguish between, and give examples of, capital widening and capital deepening
7. Explain, and give examples of, consequences of economic growth
8. Explain, and give examples of, sources of economic development
9. Define, explain, and give examples of infrastructure
10. Explain, and give examples of, barriers to economic growth
11. Explain, and give examples of, barriers to economic development
12. Distinguish between relative poverty and absolute poverty
13. Define, explain, give examples of, and illustrate poverty cycles
14. Show awareness of the factors harming economic growth and economic development in a particular developing
country
15. Explain, give examples of, and evaluate different growth models
16. Explain, give examples of, and evaluate different growth strategies
17. Define and explain transfer pricing
18. Explain, and give examples of, different development strategies
19. Define, explain, and give examples of different types of aid
20. Distinguish between humanitarian and development aid
21. Explain the workings of the World Bank Group and the International Monetary Fund
22. Explain, give examples of, and evaluate concerns about aid
23. Explain the role of NGOs in the development process
24. Explain, give examples of, and evaluate the problems of indebtedness in developing countries
25. Define, discuss, and evaluate market-led and interventionist growth strategies
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