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Economics Textbook


Micro Economics
Market Failure
Theory of the Firm and Industrial Economics
Macro Economics
International Economics
Development Economics

Micro Economics
Glossary of terms
Positive and Normative Economics

Factors of Production
Opportunity Cost
The Production Possibility Frontier (PPF)
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
Economic Systems

Market Failure
An Introduction To Market Failure
- 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
Cost Benefit Analysis (CBA)
Barriers to Entry

Theory of the Firm and Industrial Economics
The birth and growth of firms. The motives and methods of growth
Alternative motives for firms and links
Short run and long run.
Diminishing Marginal Returns and Economies of scale.
Perfect competition
Monopolistic competition
Game theory
Comparing efficiency between the market structures.
Monopoly And The Public Interest
Measures of market concentration
Price discrimination in monopoly
Pricing and non-pricing strategies
Contestable markets
Competition policy
Regulation of privatised industries

Macro Economics
Aggregate demand curve
Aggregate supply

- Elasticity of aggregate supply
Equilibrium of aggregate demand and supply
Consumption and savings

- Consumption and savings function
- Trends in the saving ratios
- Consumer confidence
- Wealth and consumer demand
- Friedman's permanent income hypothesis
- Gross and net investment
- Why do firms invest?
- UK Investment In An International Context
- The Marginal Efficiency Of Investment - The Keynesian Theory Of Investment
- The accelerator
- Recent Trends In The Growth Of Consumption And Investment Spending
- Capital base
- Direct investment into the UK
- Inward Investment And The Regional Economic Problem
Government spending
- Government borrowing
- National debt
Exports and Imports
Objectives of government macroeconomic policy
Inflation and its measures and links

- The main causes of inflation
- Inflationary gaps
- Costs and effect of inflation
- Unit labour costs and inflation
- Monetary inflation
- Policies to control inflation
- Inflation targets
- Deflation
- Inflation figures (Excel spreadsheet)
Unemployment - Measuring unemployment
- Economic costs of unemployment
- The main causes of unemployment
- Policies to reduce unemployment
- Changing patterns of unemployment
- Full employment
- Natural rate of unemployment
- Job vacancies
- Long term unemployment
- New Deal
Economic growth and measurement and links
- Benefits and costs of growth
- The economic cycle
- Theories of growth
- Economic resources and long run growth
- Government policies
- Growth and jobs
- USA a model to follow
- The structure of output in an economy
Balance of payments
- The current account
- The UK's current account
- The capital account
- The balance of payments must balance
- Can a country safely ignore a persistent current account deficit?
Conflicts Between Macro Economic Objectives
Demand management or supply side?

International Economics
International exchange.
Types of trading blocs
Examples of trading blocs
Trade liberalisation.
Types of trade protectionism.
Reasons for trade protectionism
Trade creation and trade diversion
Sources of possible conflict between trading blocs
The Common Agricultural Policy
The World Trade Organisation (WTO).
International competitiveness.
The UKs changing international competitive situation.
Balance of payments 
Remedies for a balance of payments disequilibrium.
Exchange rate systems.
What Determines The Value Of An Exchange Rate? 
European Monetary Union.

Development Economics




An Introduction to Forex
E-mail Steve Margetts