• Unit 1: Introduction to economics 1.1 What is economics? 1.2 How do economists approach the world? Unit 2: Microeconomics 2.1 Markets – demand 2.2 Markets -supply 2.3 Competitive market equilibrium 2.4 Critique of the maximizing behaviour of consumers and producers (HL) 2.5 Elasticities of demand 2.6 Elasticity of supply 2.7 Role of governments in microeconomies 2.8 Market failure—externalities and common pool or common access resources 2.9 Market failure – public goods 2.10 Market failure – asymmetric information (HL) 2.11 Market failure – market power (HL) Unit 3: Macroeconomics 3.1 Measuring economic activity and illustrating its variations 3.2 Variations in economic activity—aggregate demand and aggregate supply 3.3 Macroeconomic objectives 3.4 Economics of inequality and poverty 3.5 Demand management (demand-side policies): monetary policy 3.6 Demand management (demand-side policies): fiscal policy 3.7 Supply-side policies 3.8 Macroeconomic policies—strengths, limitations and conflicts Unit 4: The global economy 4.1 Benefits of international trade 4.2 Types of trade protection 4.3 Arguments for and against trade control and protection 4.4 Economic integration 4.5 Exchange rates 4.6 Balance of payments 4.7 Sustainable development 4.8 Measuring development 4.9 Barriers to economic growth and/or economic development 4.10 Economic growth and/or economic development strategies

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