SECTION 1: THE NATURE OF ECONOMICS
1.1: define the term "economics". [cite: 1]
[cite_start]1.2: explain the branches of economics. [cite: 1]
[cite_start]1.3: explain the meaning of an economy. [cite: 1]
[cite_start]1.4: describe the main economic agents in an economy. [cite: 1]
[cite_start]1.5: explain the concepts of scarcity, choice and opportunity cost within an economy. [cite: 1]
[cite_start]1.6: use the production possibility frontier to illustrate basic economic concepts, principles and approaches. [cite: 1]
[cite_start]1.7: describe the main factors that affect the decisions made by economic agents. [cite: 1]
SECTION 2: PRODUCTION, ECONOMIC RESOURCES AND RESOURCE ALLOCATION
2.1: explain the difference between production and productivity. [cite: 1]
[cite_start]2.2: describe the factors of production. [cite: 1]
[cite_start]2.3: describe the main sectors in an economy. [cite: 1]
[cite_start]2.4: explain the difference between short run and long run. [cite: 1]
[cite_start]2.5: identify the costs associated with production. [cite: 1]
[cite_start]2.6: calculate the costs associated with production. [cite: 1]
[cite_start]2.7: illustrate the curves associated with the cost of production. [cite: 1]
[cite_start]2.8: explain the difference between goods and services. [cite: 1]
[cite_start]2.9: explain the concept of resource allocation. [cite: 1]
[cite_start]2.10: describe the main types of economic systems. [cite: 1]
[cite_start]2.11: discuss the merits and demerits of each economic system. [cite: 1]
[cite_start]2.12: describe how firms operate under different market structures. [cite: 1]
[cite_start]2.13: explain the concepts of economies of scale and diseconomies of scale. [cite: 1]
SECTION 3: DEMAND AND SUPPLY
3.1: explain the term "market". [cite: 1]
[cite_start]3.2: identify the market forces. [cite: 1]
[cite_start]3.3: use diagrams to describe the relationship between price and demand and price and supply. [cite: 1]
[cite_start]3.4: explain the concept of ceteris paribus. [cite: 1]
[cite_start]3.5: explain the concept of market equilibrium and disequilibrium. [cite: 1]
[cite_start]3.6: illustrate market equilibrium and disequilibrium. [cite: 1]
[cite_start]3.7: use diagrams to explain the non-price determinants of demand and supply. [cite: 1]
[cite_start]3.8: illustrate how changes to the determinants affect equilibrium, price and quantity. [cite: 1]
[cite_start]3.9: explain the concept of price, income and cross-price elasticities of demand. [cite: 1]
[cite_start]3.10: calculate the price, income and cross-price elasticities of demand. [cite: 1]
[cite_start]3.11: interpret the price, income and cross-price elasticities of demand. [cite: 1]
[cite_start]3.12: outline the factors affecting price, income and cross-price elasticities of demand. [cite: 1]
[cite_start]3.13: explain the concept of price elasticity of supply. [cite: 1]
[cite_start]3.14: calculate price elasticity of supply. [cite: 1]
[cite_start]3.15: interpret price elasticity of supply. [cite: 1]
[cite_start]3.16: outline the factors affecting price elasticity of supply. [cite: 1]
SECTION 4: MARKET STRUCTURE AND MARKET FAILURE
4.1: define the term "market structure". [cite: 1]
[cite_start]4.2: describe the main types of market structures. [cite: 1]
[cite_start]4.3: illustrate graphs related to the main market structures. [cite: 1]
[cite_start]4.4: interpret graphs related to the main market structures. [cite: 1]
[cite_start]4.5: define the term "market failure". [cite: 1]
[cite_start]4.6: outline the main causes of market failure. [cite: 1]
[cite_start]4.7: discuss the main consequences of market failure. [cite: 1]
SECTION 5: THE FINANCIAL SECTOR
5.1: explain the concept of the Financial Sector. [cite: 1]
[cite_start]5.2: discuss the role of the Financial Sector. [cite: 1]
[cite_start]5.3: discuss the concept of money. [cite: 1]
[cite_start]5.4: explain the concepts "demand for money" and "money supply". [cite: 1]
[cite_start]5.5: describe the role of the Central Bank. [cite: 1]
[cite_start]5.6: describe the role of financial institutions and arrangements other than the Central Bank. [cite: 1]
[cite_start]5.7: explain the differences among the types of financial instruments. [cite: 1]
SECTION 6: ECONOMIC MANAGEMENT: POLICIES AND GOALS
6.1: discuss the role of government in stabilising the economy. [cite: 1]
[cite_start]6.2: explain the concepts, principles and approaches associated with economic policies and goals. [cite: 1]
[cite_start]6.3: discuss measures used to correct macro-economic problems in an economy. [cite: 1]
[cite_start]6.4: use diagrams to describe the concept of the circular flow of income. [cite: 1]
[cite_start]6.5: discuss the differences among Gross Domestic Product (GDP), Gross National Product (GNP), and National Income (NI). [cite: 1]
6.6: calculate Gross Domestic Product (GDP) and Gross National Product (GNP); [cite_start]National Income (NI). [cite: 1]
6.7: interpret Gross Domestic Product (GDP) and Gross National Product (GNP); [cite_start]National Income (NI). [cite: 1]
[cite_start]6.8: explain the differences among nominal output, real output and potential output. [cite: 1]
[cite_start]6.9: explain the difference between economic growth and economic development. [cite: 1]
[cite_start]6.10: explain the difference between inflation and recession. [cite: 1]
[cite_start]6.11: discuss the main causes, consequences, and solutions associated with inflation and recession in an economy. [cite: 1]
[cite_start]6.12: explain the different types of unemployment. [cite: 1]
[cite_start]6.13: discuss the causes and consequences of, and solutions to the different types of unemployment. [cite: 1]
[cite_start]6.14: explain the role of trade unions in an economy. [cite: 1]
SECTION 7: INTERNATIONAL TRADE
7.1: discuss the meaning of concepts principles and approaches associated with international trade. [cite: 1]
[cite_start]7.2: explain the rationale for international trade. [cite: 1]
[cite_start]7.3: discuss the concepts, principles and approaches associated with balance of payments. [cite: 1]
[cite_start]7.4: calculate balance of payments surpluses and deficits. [cite: 1]
[cite_start]7.5: interpret balance of payments surpluses and deficits. [cite: 1]
[cite_start]7.6: discuss the consequences of and remedies for balance of payments surpluses and deficits. [cite: 1]
[cite_start]7.7: discuss the concepts, principles and approaches associated with exchange rates. [cite: 1]
SECTION 8: CARIBBEAN ECONOMIES IN A GLOBAL ENVIRONMENT
8.1: describe the main characteristics of Caribbean economies. [cite: 1]
[cite_start]8.2: discuss the major economic challenges and possible solutions associated with Caribbean economies. [cite: 1]
[cite_start]8.3: discuss the concepts, principles and approaches associated with Caribbean economies. [cite: 1]
[cite_start]8.4: explain the benefits and costs derived from the participation of CARICOM countries in preferential trade (EU) arrangements. [cite: 1]
[cite_start]8.5: discuss the benefits to be derived from the Caribbean Single Market and Economy (CSME). [cite: 1]
[cite_start]8.6: discuss the concepts, principles, approaches, and issues associated with e-commerce. [cite: 1]