Glossary of terms The Nature and Purpose of Economic Activity Positive and Normative Economics Factors of Production Scarcity Opportunity Cost The Production Possibility Frontier (PPF) The Allocation of Resources in Competitive Markets Specialisation and the Division of Labour Short Run and Long Run Economies of Scale Comparative and Absolute Advantage and links The Demand for Goods and Services and links The Supply of Goods and Services The Equilibrium of Demand and Supply and linksy Consumer Surplus Producer Surplus Price Elasticity of Demand Income Elasticity of Demand Cross Price Elasticity of Demand Price Elasticity of Supply Demand and Supply Analysis in Product and Factor Markets: Labour Markets Housing Markets Exchange rates (Money Markets) Entry and Exit of Firms Government Intervention in Markets: Minimum Prices Maximum Prices Agricultural Markets Indirect Taxes Indirect Subsidies An Introduction To Market Failure Externalities - Private and social costs - Market failure and externalities - Externalities and market failure - Negative consumption externalities - Positive externalities - Positive externalities and failure - Technological spillovers Government policies - correcting for externalities - Pollution taxes - Pollution regulation - Extending property rights - Marketable pollution permits - The climate change levy - Coase theorem - Landfill tax - Kyoto treaty - United Nations Convention - Marketable pollution permits: case Study with Questions - Alaskans face thaw - Climate Crisis: All Change in the UK Merit Goods De-merit Goods De-merit goods task Public Goods Indirect Taxes Subsidies Cost Benefit Analysis (CBA) Barriers to Entry Monopolies