•
2.1 Microeconomics and macroeconomics Topic2.1.1 microeconomics2.1.2 macroeconomics GuidanceThe difference between microeconomics and macroeconomics and the decision makers involved in each. 2.2 The role of markets in allocating resources Topic2.2.1 the market system2.2.2 key resources allocation decisions2.2.3 introduction to the price mechanism GuidanceHow a market system works; including buyers, sellers, allocation of scarce resources, market…
•
1.1 The nature of the economic problem Topic1.1.1 finite resources and unlimited wants 1.1.2 economic and free goods Guidance Definition and examples of the economic problem in the contexts of: consumers; workers; producers; and governments. The difference between economic goods and free goods. 1.2 The factors of production Topic1.2.1 definitions of the factors of…