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Economic theory

The models and definitions behind the news, each one defined, explained and used. Built around the A-level specifications, one idea per module, with questions all the way through.

The economic problemScarcity and choice, what a decision costs, and how people actually decide.8 modules · Free: Scarcity and choice MarketsDemand, supply, elasticity and the price a market settles at.11 modules · Free: Demand When markets failSpillovers, public goods, missing information, and what a government can do about them.10 modules · Free: Public goods Firms and competitionCosts, profit, and what changes when a market has one seller rather than many.11 modules · Free: Fixed and variable costs Work and what it paysHow a wage is set, what a union or a minimum wage does to it, and who ends up with what.10 modules · Free: The demand for labour The macroeconomyMeasuring a whole economy, and what moves output, prices and jobs.12 modules · Free: Nominal and real numbers Policy and the financial sectorTax, spending, interest rates and banks, and the conflicts between them.10 modules · Free: What money is for The global economyTrade, exchange rates, the balance of payments and development.10 modules · Free: Absolute and comparative advantage