OCR Economics AS (H060 )Topic Question

Content of Component 1: Microeconomics (H060/01)

1. Introduction to microeconomics

1.1 The economic problem

1.2 The allocation of resources

1.3 Opportunity cost

2. The role of markets

2.1 Specialisation and trade

2.2 Demand

2.3 Supply

2.4 Consumer and producer surplus

2.5 The interaction of markets

2.6 Elasticity

2.7 Market failure and externalities

2.8 Government intervention

2d. Content of Component 2: Macroeconomics (H060/02)

1. Aggregate demand and aggregate supply

1.1 Circular flow of income

1.2 Aggregate demand

1.3 Aggregate supply

1.4 The interaction of aggregate demand and supply

2. Economic policy objectives

2.1 Economic growth

2.2 Development

2.3 Employment

2.4 Inflation

2.5 Balance of payments

3. Implementing policy

3.1 Fiscal policy

3.2 Monetary policy

3.3 Supply side policy

3.4 Policy conflicts

4. The global context

4.1 International trade

4.2 Exchange rates