Explain with examples the meaning of opportunity cost as it is faced by individuals, firms and governments.

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Explain with examples the meaning of opportunity cost as it is faced by individuals, firms and governments.

1 Introduction: The Basic Economic Problem

Concepts: Scarcity, Choice, Opportunity Cost, Production Possibility Curves.

2 The Price Mechanism

Describe and explain the effects on equilibrium price and output of changes in demand and supply.

Concepts: Determinants of demand and supply, price elasticity of demand, elasticity of supply

3 Types of Market

Describe and analyse oligopolistic competition with reference to a current example.

Concepts: Characteristics of oligopoly, Kinked demand curve, differentiation.

4 Describe and explain the effect of investment in a large project (the building of dams, bridges, roads, railways, airports, car factories and so on) on an economy of your choice.

Circular Flow of Income, injections, withdrawals, multiplier, national income.

5 Explain the causes of inflation and the effect of high inflation and measures the government can take to control inflation.

Demand-pull, cost-push, monetary. Effects on individuals, firms and the economy.

6 Explain the causes and effects of unemployment.

Structural, Cyclical, Technological, Seasonal. Effects on individuals, firms and the economy.

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Title: Explain with examples the meaning of opportunity cost as it is faced by individuals, firms and governments.
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