How EconAce maps to the 9708 syllabus

Units 1-6: the foundations — scarcity, the price system, government intervention, the macroeconomy and international trade.

1. 1

   Scarcity, Choice & Opportunity Cost

   The fundamental economic problem, positive vs normative statements, and the four factors of production.

   • 1.1Scarcity, choice and opportunity cost
   • 1.2Economic methodology
   • 1.3Factors of production
2. 2

   Economic Systems, PPCs & Goods

   Market, planned and mixed economies; production possibility curves; free, private, public and merit goods.

   • 1.4Resource allocation in different economic systems
   • 1.5Production possibility curves
   • 1.6Classification of goods and services
3. 3

   Demand & Supply

   Individual and market demand and supply, movements along versus shifts of the curves, and their determinants.

   • 2.1Demand and supply curves
4. 4

   Elasticities

   Price, income and cross elasticity of demand, price elasticity of supply, and their effect on revenue.

   • 2.2Price, income and cross elasticity of demand
   • 2.3Price elasticity of supply
5. 5

   Equilibrium, Surplus & the Price Mechanism

   How demand and supply interact to clear a market, plus consumer and producer surplus.

   • 2.4The interaction of demand and supply
   • 2.5Consumer and producer surplus
6. 6

   Government Microeconomic Intervention

   Maximum and minimum prices, taxes, subsidies, transfers, and addressing income and wealth inequality.

   • 3.1Reasons for government intervention in markets
   • 3.2Methods and effects of government intervention in markets
   • 3.3Addressing income and wealth inequality
7. 7

   National Income, Circular Flow & AD/AS

   Measuring national income, the circular flow with injections and withdrawals, and AD/AS analysis.

   • 4.1National income statistics
   • 4.2Introduction to the circular flow of income
   • 4.3Aggregate Demand and Aggregate Supply analysis
8. 8

   Growth, Unemployment & Price Stability

   Actual and potential growth, the business cycle, types and costs of unemployment, and inflation and deflation.

   • 4.4Economic growth
   • 4.5Unemployment
   • 4.6Price stability
9. 9

   Government Macroeconomic Policy

   Policy objectives and the fiscal, monetary and supply-side instruments used to reach them.

   • 5.1Government macroeconomic policy objectives
   • 5.2Fiscal policy
   • 5.3Monetary policy
   • 5.4Supply-side policy
10. 10

    International Trade, Protection & Exchange Rates

    Absolute and comparative advantage, tariffs and quotas, the current account, and exchange rate systems.

    • 6.1The reasons for international trade
    • 6.2Protectionism
    • 6.3Current account of the balance of payments
    • 6.4Exchange rates
    • 6.5Policies to correct imbalances in the current account

Units 7-11: the depth — utility and efficiency, market structures, labour markets, money and banking, development and globalisation.

1. 1

   Utility, Indifference Curves & Budget Lines

   Marginal and total utility, the equi-marginal principle, and income and substitution effects.

   • 7.1Utility
   • 7.2Indifference curves and budget lines
2. 2

   Efficiency, Market Failure & Externalities

   Productive and allocative efficiency, Pareto optimality, and private, external and social costs and benefits.

   • 7.3Efficiency and market failure
   • 7.4Externalities and social costs and benefits
3. 3

   Costs, Revenue & Production

   Short-run and long-run production, returns to scale, and the full family of cost and revenue curves.

   • 7.5Types of cost, revenue and profit; production
4. 4

   Market Structures

   Perfect competition, monopoly, monopolistic competition, oligopoly, contestable markets and price discrimination.

   • 7.6Different market structures
5. 5

   Growth, Survival & Objectives of Firms

   Internal and external growth, integration, why small firms survive, and alternatives to profit maximisation.

   • 7.7Growth and survival of firms
   • 7.8Differing objectives and policies of firms
6. 6

   Efficient Allocation, Equity & Redistribution

   Policies to correct market failure, plus poverty measurement and the redistribution of income and wealth.

   • 8.1Policies to achieve efficient resource allocation
   • 8.2Equity and redistribution of income and wealth
7. 7

   Labour Market Forces & Intervention

   Demand for and supply of labour, wage determination, trade unions, monopsony and minimum wages.

   • 8.3Labour market forces and government intervention
8. 8

   Circular Flow, Growth, Employment & Money

   The multiplier and accelerator, sustainable growth, Keynesian and monetarist views, and money and banking.

   • 9.1The circular flow of income
   • 9.2Economic growth and sustainability
   • 9.3Employment/unemployment
   • 9.4Money and banking
9. 9

   Macro Objectives, Conflicts & Policy Effectiveness

   How macroeconomic objectives interrelate and conflict, and how effective each policy option really is.

   • 10.1Government macroeconomic policy objectives
   • 10.2Links between macroeconomic problems
   • 10.3Effectiveness of policy options
10. 10

    Balance of Payments, Development & Globalisation

    Correcting external disequilibrium, exchange rate policy, economic development indicators and globalisation.

    • 11.1Policies to correct disequilibrium in the balance of payments
    • 11.2Exchange rates
    • 11.3Economic development
    • 11.4Characteristics of countries at different levels of development
    • 11.5Relationship between countries at different levels of development
    • 11.6Globalisation