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• Contents; How to use this series v; How to use this series vii; Introduction x; Unit 1; The basic economic problem; 1 The nature of the basic economic problem; 2 Factors of production; 3 Opportunity cost; 4 Production possibility curve diagrams; Exam Practice 1; Unit 2; The allocation of resources; 5 The role of markets in allocating resources; 6 Demand; 7 Supply; 8 Price determination; 9 Price changes; 10 Price elasticity of demand (PED); 11 Price elasticity of supply (PES); 12 Market economic system; 13 Market failure; 14 Mixed economic system; Exam practice 2; Unit 3 Microeconomic decision makers; 15 Money and banking; 16 Households; 17 Workers; 18 Firms; 19 Firms and production; 20 Firms' costs, revenue and objectives; 21 Types of markets; Exam practice 3; Unit 4; Government and the macroeconomy; 22 Government macroeconomic intervention; 23 Fiscal policy; 24 Monetary policy; 25 Supply-side policy; 26 Economic growth; 27 Employment and unemployment; 28 Inflation; Exam practice 4; Unit 5; Economic development; 29 Living standards; 30 Poverty; 31 Population; 32 Differences in economic development between countries; Exam practice 5; Unit 6; International trade and globalisation; 33 Specialisation and free tradel; 34 Globalisation and trade restrictions; 35 Foreign exchange rates; 36 Current account of the balance of payments; Exam practice 6

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• Contents; How to use this series v; How to use this series vii; Introduction x; Unit 1; The basic economic problem; 1 The nature of the basic economic problem; 2 Factors of production; 3 Opportunity cost; 4 Production possibility curve diagrams; Exam Practice 1; Unit 2; The allocation of resources; 5 The role of markets in allocating resources; 6 Demand; 7 Supply; 8 Price determination; 9 Price changes; 10 Price elasticity of demand (PED); 11 Price elasticity of supply (PES); 12 Market economic system; 13 Market failure; 14 Mixed economic system; Exam practice 2; Unit 3 Microeconomic decision makers; 15 Money and banking; 16 Households; 17 Workers; 18 Firms; 19 Firms and production; 20 Firms' costs, revenue and objectives; 21 Types of markets; Exam practice 3; Unit 4; Government and the macroeconomy; 22 Government macroeconomic intervention; 23 Fiscal policy; 24 Monetary policy; 25 Supply-side policy; 26 Economic growth; 27 Employment and unemployment; 28 Inflation; Exam practice 4; Unit 5; Economic development; 29 Living standards; 30 Poverty; 31 Population; 32 Differences in economic development between countries; Exam practice 5; Unit 6; International trade and globalisation; 33 Specialisation and free tradel; 34 Globalisation and trade restrictions; 35 Foreign exchange rates; 36 Current account of the balance of payments; Exam practice 6

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• Contents; How to use this series v; How to use this series vii; Introduction x; Unit 1; The basic economic problem; 1 The nature of the basic economic problem; 2 Factors of production; 3 Opportunity cost; 4 Production possibility curve diagrams; Exam Practice 1; Unit 2; The allocation of resources; 5 The role of markets in allocating resources; 6 Demand; 7 Supply; 8 Price determination; 9 Price changes; 10 Price elasticity of demand (PED); 11 Price elasticity of supply (PES); 12 Market economic system; 13 Market failure; 14 Mixed economic system; Exam practice 2; Unit 3 Microeconomic decision makers; 15 Money and banking; 16 Households; 17 Workers; 18 Firms; 19 Firms and production; 20 Firms' costs, revenue and objectives; 21 Types of markets; Exam practice 3; Unit 4; Government and the macroeconomy; 22 Government macroeconomic intervention; 23 Fiscal policy; 24 Monetary policy; 25 Supply-side policy; 26 Economic growth; 27 Employment and unemployment; 28 Inflation; Exam practice 4; Unit 5; Economic development; 29 Living standards; 30 Poverty; 31 Population; 32 Differences in economic development between countries; Exam practice 5; Unit 6; International trade and globalisation; 33 Specialisation and free tradel; 34 Globalisation and trade restrictions; 35 Foreign exchange rates; 36 Current account of the balance of payments; Exam practice 6