economics syllabus - mopse.co.zw
TRANSCRIPT
ZIMBABWE
MINISTRY OF PRIMARY AND SECONDARY EDUCATION
ECONOMICS SYLLABUS
FORMS 5 - 6
2015 - 2022
Curriculum Development and Technical ServicesP. O. Box MP 133Mount Pleasant
Harare
© All Rrights Reserved2015
Economics Syllabus Forms 5 - 6
i
ACKNOWLEDGEMENTS
The Ministry of Primary and Secondary Education wishes to acknowledge the following for their valued contribution in the production of this syllabus:
- The National Economics syllabus panellists- Government departments- Representatives from various organisations- Representatives from Universities and Colleges- Publishers- Zimbabwe School Examinations Council (ZIMSEC)- United Nations Children’s Education Fund (UNICEF) - UnitedNationsEducational,ScientificandCulturalOrganisation(UNESCO)
ii
Economics Syllabus Forms 5 - 6
CONTENTSACKNOWLEDGEMENTS ..................................................................................................................i
CONTENTS ........................................................................................................................................ii
1.0 PREAMBLE .................................................................................................................................1
2.0 PRESENTATION OF SYLLABUS ...............................................................................................1
3.0 AIMS ............................................................................................................................................1
4.0 SYLLABUS OBJECTIVES .........................................................................................................1
5.0 METHODOLOGY AND TIME ALLOCATION ...............................................................................2
6.0 TOPICS ........................................................................................................................................2
7.0 SCOPE AND SEQUENCE ...........................................................................................................3
8.0 COMPETENCY MATRIX ..............................................................................................................7
FORM 5 ..............................................................................................................................................7
FORM 6 ..............................................................................................................................................19
9.0 ASSESSMENT .............................................................................................................................28
10.0 CHECKLIST OF ECONOMIC TERMS AND CONCEPTS .........................................................31
1
1.0 PREAMBLE
1.1 Introduction
This economics learning area is a two year syllabus covering Forms 5 and 6. It is designed to expose students to economic principles and theories as useful tools for rational decision –making relating to individuals, business, government and society; and to enhance their understanding and appreciation of economics both as an academicfieldofstudyandapracticalcourse.
1.2 Rationale
The study of Economics enables learners to develop an imaginative, enterprising and creative behaviour. It inculcates in the learner the ability to manage available resourcesefficientlyandsustainably.Thelearnerisintroduced to micro and macroeconomic issues in order to develop enterprising skills in self reliance, employment creation and resource management on a local and international level
1.3 Summary of Content
The syllabus seeks to equip the learner with the economic tools necessary for an understanding and interpretation of economic phenomena experienced by Zimbabwean people and the world over and for commu-nicating intelligently and effectively on economic issues suchas,inflation,employment,foreigntrade,economicgrowth and development, indigenisation and resource managementandefficientutilisationamongothers.Inkeeping with the Curriculum Blueprint, on completion of this learning area, the learner will learn to know, learn to do, learn to be, and learn to live together having been exposed to the values implicit within the human rights and democratic principles.
1.4 Assumptions
It is assumed learners:
• havestudiedEconomics,BusinessStudiesorCommerce from Form 1 - 4
• participateindecisionmakingandinteractwithother economic agents.
• areawareoftheireconomicenvironment• desiretocontributemeaningfullytothecommunity
and nation at large.• haveenterprisingskills.
1.5 Cross - cutting themes
This learning area will address and emphasise the following cross-cutting themes in order to produce a learnerwhohasanexitprofilewhichisbeneficialtosociety:
•Genderequality-Labourmarket•Teamwork-Production•Riskmanagement-Internationaltrade,Finance
and Banking •Safet-Production•Foodsecurity-Production,ResourceManagement and Government Intervention•Technology-DemandandSupplyTheory•Sexuality,HIVandAIDS-NationalIncomeStatis-
tics,EconomicDevelopment•Environmentalissues-ResourceManagement,
Government Intervention•Enterprising-Internationaltrade,SmalltoMedium
Enterprises, Indigenisation
2.0 PRESENTATION OF SYLLABUSThe Economics syllabus is a two year learning area covering Forms 5 – 6. It includes a competency matrix and a suggested list of resources that can be used.
3.0 AIMSThe syllabus aims to enable learners to:
• developathoroughawarenessofeconomictermi-nology, concepts, principles and theories
• comprehend,analyseandevaluateeconomicis-sues peculiar to Zimbabwe and other economies
• developenterprisingskillsthroughutilisationoflocally available resources for socio-economic transformation
• acquirevaluesofUnhu/Ubuntu/Vumunhuwhichwill form the basis of decision making in resource allocation through transparency and accountability
4.0 SYLLABUS OBJECTIVES Learnersshouldbeableto:
• demonstrateknowledgeandunderstandingofeconomic concepts, principles and theories
• applytheorytosolveeconomicproblemsindevel-
Economics Syllabus Forms 5 - 6
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
2
oping and developed economies• applyenterprisingskillstocontributetowardsso-
cio-economic transformation of their economy.• organise,presentandcommunicateeconomic
ideas and make informed judgements in a clear, logical and appropriate form.
• analyseeconomicinformation,arguments,propos-als and policies taking into consideration relevant information, economic theory and societal values.
• evaluatethesocialandenvironmentalimplicationsof a particular course of economic action.
5.0 METHODOLOGY AND TIME ALLOCATION
5.1 Methodology
For the two year Economics learning area objectives to be achieved, a learner centred approach would beapplied.Listedbelowaresomeofthemethodsateacher can use:
• classdiscussions• debate• groupwork• projectwork• problemsolving• research• seminars• simulation• roleplaying• educationaltours• schoolontheshopfloor
It is advisable that the learner be exposed to more than one method in a lesson.
5.2 Time Allocation
For the successful implementation of this syllabus, the following time allocation is recommended:
Form 5 - 6 should be allocated at least 8 periods of 35 minutes each per week.
6.0 TOPICS6.1 Tools of Economic Analysis6.2 Economic Resources6.3DemandTheory
6.4 Supply Theory 6.5 Theory of the Firm6.6TheoryofDistribution6.7 Government Intervention in the Economy6.8 International Trade6.9 Measurement of Economic Performance 6.10MoneyandthePriceLevel6.11 Macroeconomic Problems and Policies
Economics Syllabus Forms 5 - 6
3
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
7.0
SCO
PE A
ND
SEQ
UEN
CE
5
7.0
SCO
PE A
ND S
EQUE
NCE
TOPI
C FO
RM 5
FO
RM 6
To
ols
of E
cono
mic
Ana
lysi
s Ec
onom
ic R
esou
rces
En
terp
risin
g
R
esea
rch
tech
niqu
es in
Eco
nom
ics
M
easu
res
of c
entra
l ten
denc
y
Pres
enta
tion
and
Anal
ysis
of e
cono
mic
dat
a
Fact
ors
of P
rodu
ctio
n
Ren
ewab
le a
nd n
on-re
new
able
reso
urce
s
Relationship
between
societalneeds/wantsand
available
econ
omic
reso
urce
s
Scar
city
Cho
ice
Opportunitycost
Ec
onom
ic s
yste
ms
- m
arke
t eco
nom
y -
plan
ned
econ
omy
- m
ixed
eco
nom
y
C
hara
cter
istic
s of
suc
cess
ful e
ntre
pren
eurs
Sour
ces
of c
apita
l
Busi
ness
org
anis
atio
ns
Bu
sine
ss e
thic
s
Dem
and
Theo
ry
In
divi
dual
and
mar
ket d
eman
d cu
rves
.
Fact
ors
influ
enci
ng d
eman
d
Mov
emen
ts a
long
and
shi
fts o
f a d
eman
d cu
rve
Pr
ice,
inco
me
and
cros
s el
astic
ities
of d
eman
d -
Fact
ors
affe
ctin
g el
astic
ities
of d
eman
d -
Impl
icat
ions
of
elas
ticity
con
cept
s fo
r re
venu
e an
d ot
her b
usin
ess
deci
sion
s.
U
tility
theo
ries
- M
argi
nal U
tility
The
ory
- In
diffe
renc
e cu
rves
The
ory
Supp
ly T
heor
y
In
divi
dual
and
mar
ket s
uppl
y cu
rves
Fact
ors
influ
enci
ng m
arke
t sup
ply
G
row
th o
f firm
s
Surv
ival
of S
mal
l and
Med
ium
Ent
erpr
ises
4
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
6
TOPI
C FO
RM 5
FO
RM 6
M
ovem
ents
alo
ng a
nd s
hifts
of s
uppl
y cu
rves
Equi
libriu
m p
rice
and
quan
tity
C
onsu
mer
sur
plus
and
pro
duce
r sur
plus
Elas
ticity
of s
uppl
y
Determinantsofelasticityofsupply
Sh
ort –
run
and
long
– ru
n pr
oduc
tion
func
tion
Pr
oduc
tion
cost
s
Long
-run
cost
func
tion
- Ec
onom
ies
and
dise
cono
mie
s of
sc
ale,
(in
tern
al
and
exte
rnal
).
G
over
nmen
t sup
port
to S
MEs
Bene
fits
of S
MEs
to s
ocie
ty
The
ory
of th
e Fi
rm:
Objectivesoffirm
s
P
rice
and
outp
ut d
eter
min
atio
n:
- eq
uilib
rium
con
ditio
ns s
uch
as m
argi
nal c
ost =
mar
gina
l re
venu
e)
- Ap
plic
atio
n of
dem
and
and
supp
ly a
naly
sis
M
arke
t stru
ctur
es
- Pe
rfect
com
petit
ion
- M
onop
oly
- M
onop
olis
tic c
ompe
titio
n -
Oligopoly
- C
onte
stab
le m
arke
ts
P
rofit
s an
d lo
sses
-
Nor
mal
pro
fits
- Ab
norm
al p
rofit
s -
Cos
t min
imis
atio
n -
Prof
it m
axim
isat
ion
Econ
omic
effi
cien
cy
- Al
loca
tive
effic
ienc
y -
Prod
uctiv
e ef
ficie
ncy
- Te
chni
cal e
ffici
ency
Pr
ice
disc
rimin
atio
n
Adva
ntag
es a
nd d
isad
vant
ages
of
each
mar
ket
stru
ctur
e
Com
paris
on o
f mar
ket s
truct
ures
Eval
uatio
n of
mar
ket s
truct
ures
Appl
icat
ion
to a
n ec
onom
y
The
ory
of D
istri
butio
n:
Fact
ors
of p
rodu
ctio
n.
Determinantsofsupply
and
demand
ofeachfactorof
prod
uctio
n
Determinationofrewardstofactorsofproduction
- R
ent
- W
ages
-
Inte
rest
-
Prof
it
- Ec
onom
ic re
nt
M
argi
nal R
even
ue P
rodu
ctiv
ity T
heor
y.
Th
eory
of d
eman
d an
d su
pply
of f
acto
rs o
f pr
oduc
tion.
Wag
e di
ffere
ntia
ls
Loanable
Fun
ds T
heor
y
LiquidityPreferenceTh
eory
Appl
icat
ion
and
eval
uatio
n of
theo
ries
of d
istri
butio
n in
dev
elop
ing
coun
tries
suc
h as
Zim
babw
e.
4 5
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
7
TOPI
C FO
RM 5
FO
RM 6
- Tr
ansf
er e
arni
ngs
- Q
uasi
rent
Gov
ernm
ent
Inte
rven
tion
in
the
Econ
omy:
So
urce
s of
mar
ket f
ailu
re
- Pu
blic
goo
ds
- Ex
tern
alitie
s -
Mer
it an
d de
mer
it go
ods
- M
arke
t im
perfe
ctio
ns
So
lutio
ns to
mar
ket f
ailu
re
- Ta
xatio
n -
Pric
e co
ntro
ls -
Subs
idie
s -
Directprovision
-
Prod
uctio
n qu
otas
-
Buffe
r sto
ck
- C
omm
erci
alis
atio
n -
priv
atis
atio
n -
cent
ral p
lann
ing
- w
ages
legi
slat
ion/IncomesPolicy
- Landreformprogram
me
St
reng
ths
and
wea
knes
ses
of s
olut
ions
to
mar
ket
failu
re
Ap
plic
atio
n an
d ev
alua
tion
of e
ach
gove
rnm
ent
inte
rven
tion
mea
sure
in a
n ec
onom
y su
ch a
s Zi
mba
bwe
St
reng
ths
and
wea
knes
ses
of c
entra
l pla
nnin
g
Th
e de
cisi
on-m
akin
g pr
oces
s in
Zim
babw
e
C
ost-b
enef
it an
alys
is
Inte
rnat
iona
l Tra
de
Pr
inci
ples
of a
bsol
ute
and
com
para
tive
adva
ntag
e.
Other
det
erm
inan
ts o
f tra
de fl
ows
such
as
politi
cal f
acto
rs.
Ar
gum
ents
for a
nd a
gain
st fr
ee tr
ade.
Type
s of
pro
tect
ioni
sm.
Ec
onom
ic in
tegr
atio
n.
C
omm
odity
agr
eem
ent.
Ba
lanc
e of
Pay
men
ts (B
OP)
Bala
nce
of P
aym
ents
dis
equi
libriu
m
Te
rms
of tr
ade.
Exch
ange
rate
s
PoliciesdesignedtocorrectBOP
dise
quilib
rium
Mea
sure
men
t of E
cono
mic
Pe
rfor
man
ce
Th
e ci
rcul
ar fl
ow o
f inc
ome
of a
clo
sed
and
ope
n ec
onom
y
Nat
iona
l inco
me
stat
istic
s
GDPdeflator
C
ompa
rison
of l
ivin
g st
anda
rds
N
atio
nal in
com
e de
term
inat
ion
M
ain
scho
ols
of th
ough
t.
Aggr
egat
e de
man
d an
d su
pply
ana
lysi
s.
6
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8
TOPI
C FO
RM 5
FO
RM 6
M
oney
and
the
Pric
e Le
vel
C
hara
cter
istic
s an
d fu
nctio
ns o
f mon
ey
M
oney
mar
ket
C
redi
t cre
atio
n
Su
pply
and
dem
and
for m
oney
Inte
rest
rate
det
erm
inat
ion
In
flatio
n
Mac
ro-e
cono
mic
Pro
blem
s an
d
Polic
ies
Mac
roec
onom
ic p
robl
ems
C
hara
cter
istic
s of
dev
elop
ing
and
deve
lope
d c
ount
ries
C
onfli
ctin
g m
acro
econ
omic
obj
ectiv
es
Objectivesofm
acro
-eco
nom
ic p
olic
y
Fi
scal
pol
icy
M
onet
ary
polic
y
Ex
chan
ge ra
te p
olic
y
6 7
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.0
CO
MPE
TEN
CY
MAT
RIX
8.1
FOR
M 5
8.1.
1 TO
OLS
OF
ECO
NO
MIC
AN
ALY
SIS
9
8.0
COM
PETE
NCY
MAT
RIX
FO
RM 5
TO
OLS
OF
ECO
NOM
IC A
NAL
YSIS
KE
Y CO
NCEP
TS
OBJ
ECTI
VES
Lear
ners
sho
uld
be a
ble
to:
UNIT
CO
NTEN
T (S
kills
, atti
tude
s an
d kn
owle
dge)
SUG
GES
TED
LEA
RNIN
G
ACTI
VITI
ES
SUG
GES
TED
RESO
URCE
S
Rese
arch
tech
niqu
es
Mea
sure
s of
cen
tral
tend
ency
Pr
esen
tatio
n an
d an
alys
is
of e
cono
mic
dat
a
ex
plai
n m
etho
ds o
f col
lect
ing
data
in
eco
nom
ics
com
pare
and
con
trast
met
hods
of
dat
a co
llect
ion
ca
lcul
ate
the
mea
n, m
ode
and
med
ian
com
pile
dat
a
anal
yse
data
in g
raph
ical
, pic
toria
l an
d nu
mer
ical
form
Te
chni
ques
of d
ata
colle
ctio
n -
inte
rvie
ws
-
ques
tionn
aire
s -
surv
eys
- ob
serv
atio
ns
- sa
mpl
ing
-
expe
rimen
ts
St
reng
ths
and
wea
knes
ses
of d
ata
colle
ctio
n te
chni
ques
Mea
sure
s of
cen
tral
tend
ency
-
Mea
n
- M
ode
- M
edia
n
gr
aphs
and
dia
gram
s -
pie
char
ts
- ba
r cha
rts
- fre
quen
cy
poly
gons
-
pict
oria
l dat
a -
line
grap
hs
ta
bles
sche
dule
s
Discussingthetechniquesof
colle
ctin
g da
ta
C
olle
ctin
g da
ta u
sing
the
tech
niqu
es
Draftingaquestionnaire
Com
parin
g an
d co
ntra
stin
g th
e m
etho
ds o
f dat
a co
llect
ion
Distinguishingthestrengthsand
wea
knes
ses
of th
e m
etho
ds
C
ompu
ting
the
mea
n, m
ode
and
med
ian
Drawinggraphsanddiagram
s
Inte
rpre
ting
data
Com
parin
g da
ta v
aria
bles
Com
pilin
g da
ta fr
om g
iven
sc
hedu
le
An
alys
ing
grap
hica
l, pi
ctor
ial
and
num
eric
al d
ata
IC
T to
ols
Cen
tral s
tatis
tic
man
uals
Cha
rts w
ith d
iagr
ams
and
grap
hs
8
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.1.
2 E
CO
NO
MIC
RES
OU
RC
ES
10
ECO
NOM
IC R
ESO
URCE
S KE
Y CO
NCEP
TS
OBJ
ECTI
VES
Lear
ners
sho
uld
be a
ble
to:
UNIT
CO
NTEN
T (S
kills
, atti
tude
s an
d kn
owle
dge)
SUG
GES
TED
LEA
RNIN
G
ACTI
VITI
ES
SUG
GES
TED
RESO
URCE
S
Fact
ors
of P
rodu
ctio
n
Econ
omic
Sys
tem
s
Ente
rpris
ing
ex
plai
n th
e fa
ctor
s of
pro
duct
ion
an
alys
e th
e re
latio
nshi
p be
twee
n w
ants
and
ava
ilabl
e re
sour
ces
(sca
rcity
)
use
prod
uctio
n po
ssib
ility
curv
es
to d
emon
stra
te s
carc
ity, c
hoic
e an
d op
portu
nity
cos
t
com
pare
reso
urce
allo
catio
n in
di
ffere
nt e
cono
mic
sys
tem
s
ex
plai
n th
e ch
arac
teris
tics
of a
su
cces
sful
ent
repr
eneu
r
asse
ss th
e re
quire
men
ts fo
r bu
sine
ss fo
rmat
ion
Fa
ctor
s of
pro
duct
ion
- Land
-
Labour
-
Cap
ital
- En
terp
rise
Ren
ewab
le re
sour
ces
N
onre
new
able
re
sour
ces
Sc
arci
ty
C
hoic
e
Opp
ortu
nity
cos
t
Prod
uctio
n po
ssib
ility
curv
e
Effic
ienc
y
Incr
easi
ng, d
ecre
asin
g an
d co
nsta
nt
oppo
rtuni
ty c
ost
Econ
omic
sys
tem
s -
mar
ket
- pl
anne
d -
mix
ed
Th
e ro
le o
f pric
e
- sig
nallin
g
- rat
ioni
ng
- rew
ardi
ng
C
hara
cter
istic
s su
ch
as
- ris
k ta
kers
-
oppo
rtuni
ty
utilis
atio
n
Discussing
factor
s of
pr
oduc
tion
Ex
plai
ning
the
econ
omic
pr
oble
m o
f sca
rcity
Illust
ratin
g ef
ficie
ncy,
in
effic
ienc
y an
d un
atta
inab
le
poin
ts u
sing
the
Prod
uctio
n Po
ssib
ility
Cur
ve (P
PC)
Illu
stra
ting
diffe
rent
sha
pes
of
the
PPC
Expl
aini
ng d
iffer
ent s
hape
s of
th
e (P
PC).
Com
parin
g an
d co
ntra
stin
g re
sour
ce a
lloca
tion
in
diffe
rent
eco
nom
ic s
yste
ms
An
alys
ing
the
Zim
babw
ean
syst
em
Discussing
the
roleofthe
pric
e
Discussing
char
acte
ristic
s of
a
succ
essf
ul e
ntre
pren
eur
Describingrequirementsfor
busi
ness
form
atio
n
Rec
ogni
sing
bus
ines
s
IC
T to
ols
R
esou
rces
per
sons
Cha
rts s
how
ing
a
P.P.
C
8 9
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
11
KEY
CONC
EPTS
O
BJEC
TIVE
S Le
arne
rs s
houl
d be
abl
e to
: UN
IT C
ONT
ENT
(Ski
lls, a
ttitu
des
and
know
ledg
e)
SUG
GES
TED
LEA
RNIN
G
ACTI
VITI
ES
SUG
GES
TED
RESO
URCE
S
Sour
ces
of c
apita
l
Busi
ness
Org
anis
atio
ns
Bu
sine
ss e
thic
s
Id
entif
y ex
istin
g bu
sine
ss
oppo
rtuni
ties
ex
plai
n so
urce
s of
cap
ital
an
alys
e p
roce
dure
s in
acq
uirin
g ca
pita
l
ex
amin
e an
d se
lect
the
best
type
of
bus
ines
ses
suita
ble
to o
ne’s
en
viro
nmen
t
expl
ain
busi
ness
eth
ics
Id
ea g
ener
atio
n
busi
ness
pro
posa
l
licen
sing
regi
stra
tion
So
urce
s of
cap
ital
such
as:
-
loan
s
- sh
ares
-
leas
ing
-
hire
pur
chas
e -
pers
onal
sav
ings
Bu
sine
ss
orga
nisa
tions
-
sole
trad
er
- pa
rtner
ship
-
coop
erat
ives
-
priv
ate
& pu
blic
lim
ited
Bu
sine
ss e
thic
s
- Unhu/
Ubu
ntu/
Vumunhu
-
acco
unta
bilit
y
- so
cial
resp
onsi
bilit
y -
envi
ronm
enta
l -
cons
ciou
snes
s
oppo
rtuni
ties
and
star
ting
up
a sm
all s
cale
ent
ity
Discussing
sou
rces
of
capi
tal
Id
entif
ying
proc
edur
es to
be
follo
wed
in a
cqui
ring
capi
tal
C
ompa
ring
and
cont
rast
ing
type
s of
bus
ines
s or
gani
satio
ns
Se
lect
ing
the
best
bus
ines
s or
gani
satio
ns s
uita
ble
to
one’
s en
viro
nmen
t
Discussing
bus
ines
s et
hics
10
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.1.
3 D
EMA
ND
TH
EORY
12
DEM
AND
THEO
RY
KEY
CONC
EPTS
O
BJEC
TIVE
S Le
arne
rs s
houl
d be
abl
e to
: UN
IT C
ONT
ENT
(Ski
lls, a
ttitu
des
and
know
ledg
e)
SUG
GES
TED
LEA
RNIN
G
ACTI
VITI
ES
SUG
GES
TED
RESO
URCE
S
Dete
rmin
ants
of
de
man
d
Elas
ticity
con
cept
s
an
alys
e th
e ca
uses
of
mov
emen
ts a
long
the
dem
and
curv
e an
d sh
ifts
of th
e de
man
d cu
rve.
ex
plai
n co
ncep
ts o
f ela
stic
ity o
f de
man
d
calc
ulat
e va
rious
ela
stic
ities
of
dem
and
ev
alua
te th
e im
porta
nce
of
elas
ticity
of d
eman
d
Dem
andcurve
Determinantsof
dem
and
Pr
ice,
inco
me
and
cros
s el
astic
ity o
f dem
and
Im
porta
nce
of e
last
icity
co
ncep
ts t
o :
- Household
s -
Firm
s -
Gov
ernm
ent
Drawingmarketdem
and
curv
es
Ex
plai
ning
the
mov
emen
ts
alon
g an
d sh
ifts
of a
dem
and
curv
e
C
ompu
ting
vario
us
elas
ticitie
s of
dem
and
In
terp
retin
g nu
mer
ical
val
ues
Illu
stra
ting
degr
ees
of
elas
ticitie
s
Asse
ssin
g th
e im
porta
nce
of
elas
ticity
con
cept
s
Res
earc
hing
and
ana
lysin
g
dem
and
patte
rns
in th
eir
imm
edia
te m
arke
ts
IC
T
Prin
t med
ia
El
ectro
nic
med
ia
R
esou
rce
pers
on
10 11
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.1.
4 SU
PPLY
TH
EORY
13
SUPP
LY T
HEO
RY
KEY
CONC
EPTS
O
BJEC
TIVE
S Le
arne
rs s
houl
d be
abl
e to
: UN
IT C
ONT
ENT
(Ski
lls, a
ttitu
des
and
know
ledg
e)
SUG
GES
TED
LEAR
NING
AC
TIVI
TIES
AND
NO
TES
SUG
GES
TED
RESO
URCE
S
Dete
rmin
ants
of
supp
ly
Equi
libriu
m p
rice
and
quan
tity
Pric
e el
astic
ity o
f su
pply
Pr
oduc
tion
cost
s
ex
plai
n th
e de
term
inan
ts o
f su
pply
di
stin
guis
h be
twee
n
mov
emen
ts a
long
and
shi
fts
of th
e su
pply
curv
e
ex
plai
n th
e es
tabl
ishm
ent o
f eq
uilib
rium
pric
e an
d qu
antit
y
dist
ingu
ish
betw
een
cons
umer
su
rplu
s an
d pr
oduc
er s
urpl
us
ca
lcul
ate
pric
e el
astic
ity o
f su
pply
anal
yse
det
erm
inan
ts o
f el
astic
ity o
f sup
ply
expl
ain
shor
t run
and
long
run
perio
ds
calc
ulat
e pr
oduc
tion
cost
s
dist
ingu
ish
betw
een
inte
rnal
an
d ex
tern
al e
cono
mie
s an
d di
seco
nom
ies
of s
cale
Su
pply
cur
ve
Determinantsofsupply
Equi
libriu
m p
rice
and
quan
tity
Con
sum
er s
urpl
us
Pr
oduc
er s
urpl
us
Pr
ice
elas
ticity
of s
uppl
y
Impo
rtanc
e of
ela
stic
ity
of
supp
ly
Pr
oduc
tion
cost
s -
Shor
t run
cos
ts
- Longruncosts
C
osts
-
Tota
l cos
t -
Mar
gina
l cos
t -
Aver
age
cost
s
Econ
omie
s of
sca
le
Diseconom
ies
of s
cale
Drawingmarketsupplycurves
Expl
aini
ng m
ovem
ents
alo
ng
and
shift
s of
a s
uppl
y cu
rve
Illu
stra
ting
equi
libriu
m
Ex
plai
ning
the
diffe
renc
e be
twee
n co
nsum
er s
urpl
us
and
prod
ucer
sur
plus
Ex
plai
ning
det
erm
inan
ts o
f el
astic
ity o
f sup
ply
Ev
alua
ting
the
impo
rtanc
e of
pr
ice
elas
ticity
of s
uppl
y
Discussingsh
ort
run
and
long
ru
n pr
oduc
tion
cost
s
Com
putin
g pr
oduc
tion
cost
s
Anal
ysin
g ec
onom
ies
and
dise
cono
mie
s of
sca
le
IC
T to
ols
Charts/diagram
s
on s
uppl
y cu
rves
Res
ourc
e pe
rson
12
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.1.
5 T
HEO
RY O
F TH
E FI
RM
14
THEO
RY O
F TH
E FI
RM
KEY
CONC
EPTS
O
BJEC
TIVE
S Le
arne
rs s
houl
d be
abl
e to
: UN
IT C
ONT
ENT
(Ski
lls, a
ttitu
des
and
know
ledg
e)
SUG
GES
TED
LEAR
NING
AC
TIVI
TIES
AND
NO
TES
SUG
GES
TED
RESO
URCE
S
Obj
ectiv
es o
f firm
s Pr
ice
and
outp
ut
dete
rmin
atio
n M
arke
t stru
ctur
es
ex
plai
n th
e ob
ject
ives
of f
irms
de
scrib
e th
e eq
uilib
rium
co
nditio
ns o
f the
firm
anal
yse
the
fact
ors
that
in
fluen
ce th
e pr
icin
g an
d ou
tput
dec
isio
ns o
f the
firm
;
ex
plai
n th
e co
ncep
t of m
arke
t st
ruct
ure;
asse
ss th
e ef
ficie
ncy
of fi
rms
in d
iffer
ent m
arke
t stru
ctur
es
Objectivesoffirm
s su
ch
as:
- Pr
ofit
max
imis
atio
n -
Surv
ival
-
Gro
wth
-
Sale
s m
axim
isat
ion
Fi
rm’s
equ
ilibriu
m
cond
itions
(e.g
MC
=MR
)
Appl
icat
ion
of d
eman
d an
d su
pply
ana
lysi
s
Fe
atur
es o
f diff
eren
t m
arke
t stru
ctur
es
- pe
rfect
com
petit
ion
- m
onop
oly
- ol
igop
oly
- m
onop
olis
tic
com
petit
ion
- co
ntes
tabl
e m
arke
ts
An
alys
is o
f mar
ket
stru
ctur
es
- Al
loca
tive
and
prod
uctiv
e ef
ficie
ncy
Discussing
the
obje
ctiv
es o
f th
e fir
m
Dem
onstrating
the
equi
libriu
m
posi
tion
Discussingfactorsthataffect
pric
ing
and
outp
ut d
ecis
ions
of
the
firm
Discussing
char
acte
ristic
s of
m
arke
t stru
ctur
es
C
ompa
ring
and
con
trast
ing
mar
ket s
truct
ures
Eval
uatin
g th
e ef
ficie
ncy
of
firm
s
Iden
tifyin
g th
e ty
pe o
f mar
ket
stru
ctur
es in
thei
r ow
n se
tting
Pr
int m
edia
ICT
tool
s
12 13
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.1.
6 T
HEO
RY O
F D
ISTR
IBU
TIO
N
15
DIST
RIBU
TIO
N TH
EORY
KE
Y CO
NCEP
TS
OBJ
ECTI
VES
Lear
ners
sho
uld
be a
ble
to:
UNIT
CO
NTEN
T (S
kills
, atti
tude
s an
d kn
owle
dge)
SU
GG
ESTE
D LE
ARNI
NG
ACTI
VITI
ES A
ND N
OTE
S SU
GG
ESTE
D RE
SOUR
CES
Fact
ors
of p
rodu
ctio
n De
term
inat
ion
of
rew
ards
for f
acto
rs o
f pr
oduc
tion
Wag
e di
ffere
ntia
ls
ex
plai
n th
e re
war
ds fo
r the
fa
ctor
s of
pro
duct
ion;
dist
ingu
ish
betw
een
econ
omic
re
nt a
nd q
uasi
rent
or t
rans
fer
earn
ings
ap
ply
the
Mar
gina
l R
even
ue
Prod
uctiv
ity T
heor
y(M
RPT
) to
the
dem
and
for l
and,
cap
ital a
nd
labo
ur
ex
plai
n de
term
inat
ion
of re
war
ds
usingDem
andandSu
pply
Theo
ry
expl
ain
the
conc
ept o
f wag
e di
ffere
ntia
ls
ju
stify
the
exis
tenc
e of
wag
e di
ffere
ntia
ls
R
ewar
ds fo
r fac
tors
of
prod
uctio
n.
- R
ent
- in
tere
st,
- w
ages
-
prof
it.
Ec
onom
ic re
nt
Q
uasi
rent
Tran
sfer
ear
ning
s
Theo
ries
of d
istri
butio
n -
MR
PT
- Dem
andandSu
pply
-
LiquidityPreference
Theo
ry
- LoanableFundsT
heor
y
W
age
diffe
rent
ials
-
Econ
omic
theo
ry
- N
on-e
cono
mic
theo
ry
An
alys
ing
the
rew
ards
for
fact
ors
of p
rodu
ctio
n
Expl
aini
ng th
e di
ffere
nce
betw
een
trans
fer e
arni
ngs
and
econ
omic
rent
Dis
cuss
ing
the
th
eorie
s of
dis
tribu
tion
Eval
uatin
g th
e re
ason
s fo
r w
age
diffe
rent
ials
in
Zim
babw
e
Anal
ysin
g im
perfe
ctio
ns in
th
e la
bour
mar
ket
IC
T To
ols
Pr
int m
edia
14
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.1.
7 G
OVE
RN
MEN
T IN
TERV
ENTI
ON
IN T
HE
ECO
NO
MY
16
GO
VERN
MEN
T IN
TERV
ENTI
ON
IN T
HE E
CONO
MY
KEY
CONC
EPTS
O
BJEC
TIVE
S Le
arne
rs s
houl
d be
abl
e to
: UN
IT C
ONT
ENT
(Ski
lls, a
ttitu
des
and
know
ledg
e)
SUG
GES
TED
LEAR
NING
AC
TIVI
TIES
AND
NO
TES
SUG
GES
TED
RESO
URCE
S
Sour
ces
of m
arke
t fa
ilure
So
lutio
ns to
mar
ket
failu
re
ex
plai
n th
e re
ason
s fo
r go
vern
men
t int
erve
ntio
n in
the
mar
ket
expl
ain
met
hods
by
whi
ch
gove
rnm
ents
inte
rven
e in
m
arke
ts
R
easo
ns fo
r gov
ernm
ent
inte
rven
tion:
-
publ
ic g
oods
-
exte
rnal
ities
- m
arke
t im
perfe
ctio
ns
- m
erit
and
dem
erit
good
-
com
mon
pro
perti
es
M
easu
res
used
by
gove
rnm
ent t
o co
ntro
l m
arke
t fai
lure
: -
taxa
tion
- su
bsid
ies
- di
rect
pro
visi
on
- re
gula
tion
- pr
ivat
isat
ion
- co
mm
erci
alis
atio
n -
natio
nalis
atio
n -
cont
rol t
rade
uni
ons
- qu
otas
-
Buffe
r sto
ck
Discussingreasonsfor
gove
rnm
ent i
nter
vent
ion
(m
arke
t fai
lure
)
Expl
aini
ng th
e m
etho
ds o
f go
vern
men
t int
erve
ntio
n to
co
rrect
mar
ket f
ailu
re
Ex
plai
ning
the
sour
ces
of
exte
rnal
ities
Id
entif
ying
mar
ket f
ailu
re
exhi
bite
d in
thei
r env
ironm
ent
Su
gges
ting
poss
ible
sol
utio
ns
to m
arke
t fai
lure
in th
eir
com
mun
ities
Pr
int m
edia
ICT
tool
s
14 15
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.1.
8 IN
TER
NAT
ION
AL
TRA
DE
17
INTE
RNAT
ION
AL T
RAD
E KE
Y CO
NCEP
TS
OBJ
ECTI
VES
Lear
ners
sho
uld
be a
ble
to:
UNIT
CO
NTEN
T (S
kills
, atti
tude
s an
d kn
owle
dge)
SUG
GES
TED
LEA
RNIN
G
ACTI
VITI
ES A
ND N
OTE
S SU
GG
ESTE
D RE
SOUR
CES
Inte
rnat
iona
l Tra
de
theo
ries
Free
trad
e Pr
otec
tioni
sm
Econ
omic
Inte
grat
ion
ex
plai
n ab
solu
te a
nd
com
para
tive
adva
ntag
e th
eorie
s.
ex
plai
n re
ason
s fo
r tra
de.
ju
stify
free
trad
e
ex
plai
n ty
pes
of
prot
ectio
nism
eval
uate
type
s of
pr
otec
tioni
sm
expl
ain
econ
omic
in
tegr
atio
n
asse
ss t
he m
erits
and
de
mer
its o
f eac
h ty
pe o
f ec
onom
ic in
tegr
atio
n
exa
min
e co
mm
odity
ag
reem
ents
Th
eorie
s of
trad
e -
abso
lute
and
- co
mpa
rativ
e -
adva
ntag
e.
Determinantsoftrade
such
as:
- tra
de fl
ows
- po
litica
l fac
tors
.
Argu
men
ts fo
r and
ag
ains
t fre
e tra
de.
Ty
pes
of
Prot
ectio
nism
such
as
- ta
riffs
, quo
tas
etc
Ec
onom
ic in
tegr
atio
n su
ch
as:
- fr
ee tr
ade
area
-
cust
oms
unio
n -
econ
omic
uni
on
C
omm
odity
agr
eem
ents
-
GAT
T -
bila
tera
l agr
eem
ents
Discussingabsoluteand
com
para
tive
adva
ntag
e th
eorie
s
Res
earc
hing
on
Zim
babw
e’s
posi
tion
of tr
ade
in te
rms
of
com
para
tive
adva
ntag
e
An
alys
ing
reas
ons
for t
rade
Discussing
free
trade
As
sess
ing
the
effe
ctiv
enes
s of
m
etho
ds o
f pro
tect
ioni
sm
Distinguishingthetypesof
inte
grat
ion
As
sess
ing
the
bene
fits
of
econ
omic
inte
grat
ion
As
sess
ing
the
usef
ulne
ss o
f co
mm
odity
agr
eem
ents
R
ecom
men
ded
text
book
s
ICT
tool
s
Prin
t med
ia
16
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.1.
9 M
EASU
REM
ENT
OF
ECO
NO
MIC
PER
FOR
MA
NC
E
18
MEA
SURE
MEN
T O
F EC
ONO
MIC
PER
FORM
ANC
E KE
Y CO
NCEP
TS
OBJ
ECTI
VES
Lear
ners
sho
uld
be a
ble
to:
UNIT
CO
NTEN
T (S
kills
, atti
tude
s an
d kn
owle
dge)
SUG
GES
TED
LEA
RNIN
G
ACTI
VITI
ES A
ND N
OTE
S SU
GG
ESTE
D RE
SOUR
CES
Circ
ular
flow
of n
atio
nal i
ncom
e
Nat
iona
l inc
ome
stat
istic
s
GD
P de
flato
r
ex
plai
n th
e flo
w o
f nat
iona
l in
com
e
ca
lcul
ate
natio
nal in
com
e
usin
g di
ffere
nt a
ppro
ache
s
com
pare
nat
iona
l inco
me
stat
istic
s be
twee
n co
untri
es
and
with
in th
e sa
me
coun
try
calc
ulat
e th
e re
al in
com
e usingGDPdeflator
di
stin
guis
h be
twee
n no
min
al a
nd re
al in
com
e
Th
e ci
rcul
ar fl
ow o
f inc
ome
-
clos
ed e
cono
my
- op
en e
cono
my
Nat
iona
l inco
me
stat
istic
s -
Outputapproach
- In
com
e ap
proa
ch
- Ex
pend
iture
app
roac
h -
GDP
- G
NP
- N
NP
- Pe
r cap
ita in
com
e
GDPdeflator
N
omin
al a
nd R
eal
C
ompa
rison
of l
ivin
g st
anda
rds
An
alys
ing
the
flow
of i
ncom
e
Com
putin
g n
atio
nal in
com
e
Gat
herin
g na
tiona
l inco
me
stat
istic
s
Anal
ysin
g na
tiona
l inco
me
stat
istic
s
Asse
ssin
g th
e us
eful
ness
of
natio
nal in
com
e st
atis
tics
C
onve
rting
nom
inal
inco
me
into
real
inco
me
Ex
plai
ning
the
diffe
renc
e be
twee
n no
min
al a
nd re
al
inco
me
Pr
int m
edia
ICT
tool
s
ZIM
STAT
Pub
licat
ions
16 17
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.1.
10 M
ON
EY A
ND
TH
E PR
ICE
LEVE
L
19
MO
NEY
AND
THE
PRIC
E LE
VEL
KEY
CONC
EPTS
O
BJEC
TIVE
S Le
arne
rs s
houl
d be
abl
e to
: UN
IT C
ONT
ENT
(Ski
lls, a
ttitu
des
and
know
ledg
e)
SUG
GES
TED
LEAR
NING
AC
TIVI
TIES
AND
NO
TES
SUG
GES
TED
RESO
URCE
S
Cha
ract
eris
tics
and
func
tions
of m
oney
M
oney
mar
ket
Cre
dit c
reat
ion
ex
plai
n ch
arac
teris
tics
of
mon
ey
ex
amin
e th
e fu
nctio
ns
of
mon
ey
ex
plai
n th
e fu
nctio
ns a
nd
role
of m
oney
mar
ket
inst
itutio
ns in
an
econ
omy
ca
lcul
ate
the
mon
ey
mul
tiplie
r
illust
rate
how
ban
ks c
reat
e m
oney
disc
uss
the
impa
ct o
f cre
dit
crea
tion
in a
n ec
onom
y
M
oney
-
Cha
ract
eris
tics
- Fu
nctio
ns
M
oney
mar
ket i
nstit
utio
ns
- C
entra
l ban
k -
Com
mer
cial
ban
ks
- Bu
ildin
g so
ciet
ies
-
Mer
chan
t ban
ks
C
redi
t cre
atio
n -
Mon
ey m
ultip
lier
An
alys
ing
char
acte
ristic
s an
d fu
nctio
ns o
f mon
ey.
Discuss
ing
the
func
tions
of
mon
ey m
arke
t ins
titut
ions
Visitingmoneym
arke
t in
stitu
tions
C
ompu
ting
the
mon
ey
mul
tiplie
r
Dem
onstratingtheuseof
mon
ey m
ultip
lier t
o de
term
ine
mon
ey s
uppl
y
Discussingtheeffectof
cred
it cr
eatio
n in
an
econ
omy
Pr
int m
edia
ICT
tool
s
Res
ourc
e pe
rson
s
18
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.1.
11 M
AC
RO
-EC
ON
OM
IC P
RO
BLE
MS
AN
D P
OLI
CIE
S
20
MAC
RO-E
CONO
MIC
PRO
BLEM
S AN
D PO
LICI
ES
KEY
CONC
EPTS
O
BJEC
TIVE
S Le
arne
rs s
houl
d be
abl
e to
: UN
IT C
ONT
ENT
(Ski
lls, a
ttitu
des
and
know
ledg
e)
SUG
GES
TED
LEA
RNIN
G
ACTI
VITI
ES A
ND N
OTE
S SU
GG
ESTE
D RE
SOUR
CES
Mac
roec
onom
ic
prob
lem
s Deve
lopi
ng a
nd
Deve
lope
d ec
onom
ies
an
alys
e ca
uses
of
mac
roec
onom
ic
prob
lem
s
asse
ss th
e ef
fect
s of
m
acro
econ
omic
pr
oble
ms
dist
ingu
ish
betw
een
deve
lopi
ng a
nd
deve
lope
d ec
onom
ies
M
acro
econ
omic
pr
oble
ms
such
as:
-
Une
mpl
oym
ent
- In
flatio
n -
BOPandExchangerates
Cha
ract
eris
tics
of d
evel
opin
g an
d de
velo
ped
coun
tries
Ex
plai
ning
cau
ses
of m
acro
-ec
onom
ic p
robl
ems
Discussingtheeffectsof
mac
roec
onom
ic p
robl
ems
Id
entif
ying
effe
cts
of
unem
ploy
men
t and
infla
tion
in th
eir s
ocie
ty
Com
parin
g de
velo
ping
and
de
velo
ped
econ
omie
s
IC
T to
ols
Pr
int m
edia
18 19
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.2
FOR
M 6
8.2.
1 D
EMA
ND
TH
EORY
21
FORM
6
DEM
AND
THEO
RY
KEY
CONC
EPTS
OBJ
ECTI
VES
Lear
ners
sho
uld
be a
ble
to:
UNIT
CO
NTEN
T
(Ski
lls, a
ttitu
des
and
know
ledg
e)
SUG
GES
TED
LEAR
NING
AC
TIVI
TIES
SU
GG
ESTE
D RE
SOUR
CES
Mar
gina
l util
ity
Indi
ffere
nce
curv
es
theo
ry
ex
plai
n th
eorie
s of
dem
and
ex
amin
e th
e re
leva
nce
of th
e th
eorie
s of
dem
and
di
stin
guis
h be
twee
n no
rmal
an
d in
ferio
r goo
ds u
sing
the
subs
titut
ion
and
inco
me
effe
cts
M
argi
nal u
tility
theo
ry
- Diminishing
marginal
utilit
y -
Equi
-mar
gina
l prin
cipl
e -
Limitationsofm
arginal
utilit
y th
eory
Indi
ffere
nce
curv
e an
alys
is
- Su
bstit
utio
n an
d in
com
e ef
fect
s -
Nor
mal
goo
ds
- In
ferio
r goo
ds
Ex
plai
ning
theo
ries
of d
eman
d
Asse
ssin
g th
e re
leva
nce
of
theo
ries
of d
eman
d
Ex
plai
ning
the
diffe
renc
es
betw
een
norm
al a
nd in
ferio
r go
ods
usin
g th
e su
bstit
utio
n an
d in
com
e ef
fect
s
IC
T to
ols
C
harts
with
dia
gram
s illu
stra
ting
utilit
y an
d in
diffe
renc
e cu
rves
Prin
t med
ia
20
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.2.
2 SU
PPLY
TH
EORY
22
SUPP
LY T
HEO
RY
KEY
CONC
EPTS
OBJ
ECTI
VES
Lear
ners
sho
uld
be a
ble
to:
UNIT
CO
NTEN
T (S
kills
, atti
tude
s an
d kn
owle
dge)
SUG
GES
TED
LEAR
NING
AC
TIVI
TIES
SU
GG
ESTE
D RE
SOUR
CES
Gro
wth
of f
irms
Su
rviv
al o
f SM
Es
ex
plai
n th
e re
ason
s fo
r gr
owth
of f
irms
an
alys
e th
e m
etho
ds o
f gr
owth
of f
irms
as
sess
the
bene
fits
of la
rge
firm
s to
the
econ
omy
just
ify s
urvi
val
of S
mal
l to
M
ediu
m E
nter
pris
es (S
MEs
)
anal
yse
reas
ons
for
gove
rnm
ent i
nvol
vem
ent i
n th
e cr
eatio
n of
SM
Es
G
row
th o
f firm
s
- In
tegr
atio
n -
Mer
gers
-
Diversification
M
ultin
atio
nal f
irms
Sm
all t
o M
ediu
m
Ente
rpris
es
G
over
nmen
t inv
olve
men
t in
the
crea
tion
of S
MEs
Ben
efits
of S
MEs
Discussing
reas
ons
for g
row
th
of fi
rms
Ex
plai
ning
met
hods
of
grow
th
of fi
rms
Ev
alua
ting
bene
fits
and
cost
s of
la
rge
firm
s to
soc
iety
An
alys
ing
the
gove
rnm
ent
invo
lvem
ent i
n SM
Es c
reat
ion
Discussingsurvivalofsmall
firm
s
Eval
uatin
g be
nefit
s of
SM
Es in
th
eir i
mm
edia
te e
nviro
nmen
t
IC
T To
ols
R
esou
rce
Pers
ons
from
SM
Es
Pr
int m
edia
20 21
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.2.
3 TH
EORY
OF
THE
FIR
M
23
THEO
RY O
F TH
E FI
RM
KEY
CONC
EPTS
O
BJEC
TIVE
S Le
arne
rs s
houl
d be
abl
e to
: UN
IT C
ONT
ENT
(S
kills
, atti
tude
s an
d kn
owle
dge)
SUG
GES
TED
LEAR
NING
AC
TIVI
TIES
AND
NO
TES
SUG
GES
TED
RESO
URCE
S
Prof
its a
nd lo
sses
Econ
omic
effi
cien
cy
Pr
ice
disc
rimin
atio
n
ex
plai
n th
e ty
pes
of p
rofit
s ea
rned
by
firm
s
as
sess
the
effic
ienc
y of
firm
s in
diff
eren
t mar
ket s
truct
ures
expl
ain
pric
e di
scrim
inat
ion
an
alys
e co
nditio
ns fo
r
pric
e di
scrim
inat
ion.
Pr
ofits
and
loss
es
- N
orm
al p
rofit
s -
Abno
rmal
pro
fits
- C
ost m
inim
isat
ion
- Pr
ofit
max
imis
atio
n
Econ
omic
effi
cien
cy
- Al
loca
tive
effic
ienc
y -
Prod
uctiv
e ef
ficie
ncy
- Te
chni
cal e
ffici
ency
Pr
ice
disc
rimin
atio
n
Con
ditio
ns fo
r pric
e di
scrim
inat
ion
An
alys
ing
the
type
s of
pro
fits
Ev
alua
ting
effic
ienc
y of
di
ffere
nt m
arke
t stru
ctur
es
An
alys
ing
the
sim
ilarit
ies
and
diffe
renc
es b
etw
een
mar
ket
stru
ctur
es
An
alys
ing
the
effe
cts
of p
rice
disc
rimin
atio
n in
thei
r com
mun
ity
Ev
alua
ting
cond
itions
for
p
rice
disc
rimin
atio
n.
Pr
int m
edia
ICT
tool
s
Fina
ncia
l mag
azin
es
N
ewsp
aper
s
22
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.2.
4 T
HEO
RY O
F D
ISTR
IBU
TIO
N
24
DIST
RIBU
TIO
N TH
EORY
KE
Y CO
NCEP
TS
OBJ
ECTI
VES
Lear
ners
sho
uld
be a
ble
to:
UNIT
CO
NTEN
T
(Ski
lls, a
ttitu
des
and
know
ledg
e)
SUG
GES
TED
LEAR
NING
AC
TIVI
TIES
AND
NO
TES
SUG
GES
TED
RESO
URCE
S
Theo
ries
of d
istri
butio
n In
tere
st ra
te
dete
rmin
atio
n
ap
ply
theo
ries
of d
istri
butio
n to
the
econ
omy
eval
uate
the
appl
icab
ility
of
theLoanableFundsand
LiquidityP
refe
renc
e Th
eorie
s in
det
erm
inin
g in
tere
st ra
tes
in th
eir
econ
omy
M
argi
nal R
even
ue
Prod
uctiv
ity T
heor
y.
TheoryofD
eman
d an
d Su
pply
of f
acto
rs o
f pr
oduc
tion.
LoanableFundsT
heor
y
LiquidityPreferenceTh
eory
As
sess
ing
the
appl
icat
ion
of
econ
omic
theo
ries
to th
e ec
onom
y
An
alys
ing
inte
rest
rate
de
term
inat
ion
in th
e ec
onom
y
Eval
uatin
g th
eorie
s of
di
strib
utio
n
Pr
int m
edia
ICT
tool
s
22 23
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.2.
5 G
OVE
RN
MEN
T IN
TERV
ENTI
ON
IN T
HE
ECO
NO
MY
25
GO
VERN
MEN
T IN
TERV
ENTI
ON
IN T
HE E
CONO
MY
KEY
CONC
EPTS
O
BJEC
TIVE
S Le
arne
rs s
houl
d be
abl
e to
: UN
IT C
ONT
ENT
(S
kills
, atti
tude
s an
d kn
owle
dge)
SUG
GES
TED
LEAR
NING
AC
TIVI
TIES
AND
NO
TES
SUG
GES
TED
RESO
URCE
S
Solu
tions
to m
arke
t fa
ilure
Ce
ntra
l pla
nnin
g De
cisi
on m
akin
g
an
alys
e th
e ef
fect
iven
ess
of
gove
rnm
ent i
nter
vent
ion
in
an e
cono
my
as
sess
the
effe
ctiv
enes
s of
ce
ntra
l pla
nnin
g in
an
econ
omy
an
alys
e th
e de
cisi
on m
akin
g pr
oces
s in
Zim
babw
e
anal
yse
the
appl
icab
ility
of
CBA
as
a d
ecis
ion
mak
ing
tool
So
lutio
ns to
mar
ket f
ailu
re
- st
reng
ths
-
wea
knes
ses
Gov
ernm
ent i
nter
vent
ion
in a
n ec
onom
y su
ch a
s Zi
mba
bwe
C
entra
l pla
nnin
g
- st
reng
ths
-
wea
knes
ses
Th
e de
cisi
on-m
akin
g pr
oces
s in
Zim
babw
e
Cos
t-Ben
efit
Anal
ysis
Ev
alua
ting
the
effe
ctiv
enes
s of
go
vern
men
t int
erve
ntio
n in
an
econ
omy
D
iscu
ssin
g th
e ef
fect
iven
ess
of
cent
ral p
lann
ing
in a
n ec
onom
y
Ev
alua
ting
CBA
as
a de
cisi
on
mak
ing
tool
Res
earc
hing
on
the
deci
sion
m
akin
g pr
oces
s in
Zim
babw
e
Pr
int m
edia
ICT
tool
s
24
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.2.
6 IN
TER
NAT
ION
AL
TRA
DE
26
IN
TERN
ATIO
NAL
TR
ADE
KEY
CONC
EPTS
O
BJEC
TIVE
S Le
arne
rs s
houl
d be
abl
e to
: UN
IT C
ONT
ENT
(Ski
lls, a
ttitu
des
and
know
ledg
e)
SUG
GES
TED
LEA
RNIN
G
ACTI
VITI
ES A
ND N
OTE
S SU
GG
ESTE
D RE
SOUR
CES
Bala
nce
of P
aym
ents
(B
OP)
BO
P Di
sequ
ilibr
ium
Tr
ade
Polic
ies
Term
s of
trad
e (T
OT)
Ex
chan
ge ra
tes
ex
amin
e th
e componentsofBOP
as
sess
the
type
s of
BOP
dise
quilib
rium
eval
uate
pol
icy
mea
sure
s to
cor
rect
BOP
dise
quilib
rium
ca
lcul
ate
term
s of
trad
e
asse
ss th
e op
erat
ions
of
exch
ange
rate
s
Ba
lanc
e of
pay
men
ts(BOP)
-
Cur
rent
acc
ount
-
Cap
ital a
ccou
nt
- Ba
lanc
e of
offi
cial
fin
anci
ng
Ba
lanc
e of
pay
men
ts
dise
quilib
rium
-
Surp
lus
- Deficit
Tr
ade
polic
ies
- Ex
chan
ge ra
te
- Im
port
subs
titut
ion
- Pr
otec
tioni
sm
- Ex
port
prom
otio
n -
LookE
ast
Te
rms
of tr
ade
- Im
port
pric
e in
dex
- Ex
port
pric
e in
dex
Ex
chan
ge ra
te re
gim
es
- Fi
xed
- Fl
oatin
g -
Man
aged
An
alys
ing
the
com
pone
nts
of
BOP
CalculatingBO
P
Col
lect
ing
and
anal
ysin
g da
ta
on Z
imba
bwe’
s co
mpo
sitio
n an
d va
lue
of e
xpor
ts a
nd
impo
rts
An
alys
ing
poss
ible
op
portu
nitie
s in
the
expo
rt m
arke
t
AnalysingBO
Psurplus
and
de
ficit
Discussingpolicymeasuresto
corre
ctBOPdisequilibrium
An
alys
ing
term
s of
trad
e
Discussing
oper
atio
ns o
f ex
chan
ge ra
tes
Pr
int m
edia
ICT
tool
s
24 25
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.2.
7 M
EASU
REM
ENT
OF
ECO
NO
MIC
PER
FOR
MA
NC
E
27
MEA
SURE
MEN
T O
F EC
ONO
MIC
PER
FORM
ANC
E KE
Y CO
NCEP
TS
OBJ
ECTI
VES
Lear
ners
sho
uld
be a
ble
to:
UNIT
CO
NTEN
T (S
kills
, atti
tude
s an
d kn
owle
dge)
SUG
GES
TED
LEA
RNIN
G
ACTI
VITI
ES A
ND N
OTE
S SU
GG
ESTE
D RE
SOUR
CES
Nat
iona
l inc
ome
de
term
inat
ion
Mai
n sc
hool
s of
thou
ght
Aggr
egat
e de
man
d a
nd s
uppl
y an
alys
is
ex
plai
n na
tiona
l inco
me
dete
rmin
atio
n
disc
uss
the
mai
n sc
hool
s of
thou
ght
an
alys
e th
e co
mpo
nent
s of
agg
rega
te d
eman
d an
d su
pply
N
atio
nal in
com
e de
term
inat
ion
- C
onsu
mpt
ion
- In
vest
men
t -
Gov
ernm
ent
expe
nditu
re
- N
et e
xpor
ts
M
ain
scho
ols
of th
ough
t. -
Keyn
esia
ns
- M
onet
aris
ts
Aggr
egat
e de
man
d an
d su
pply
anal
ysis
.
An
alys
ing
natio
nal in
com
e de
term
inat
ion
Illu
stra
ting
equi
libriu
m n
atio
nal
inco
me
Ex
plai
ning
infla
tiona
ry a
nd
defla
tiona
ry g
aps
Discussingthemainschools
of th
ough
t.
Ex
plai
ning
the
com
pone
nts
of
aggr
egat
e de
man
d an
d su
pply.
Pr
int m
edia
ICT
tool
s
26
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.2.
8 M
ON
EY A
ND
TH
E PR
ICE
LEVE
L
28
MO
NEY
AND
THE
PRIC
E LE
VEL
KE
Y CO
NCEP
TS
OBJ
ECTI
VES
Lear
ners
sho
uld
be a
ble
to:
UNIT
CO
NTEN
T (S
kills
, atti
tude
s an
d kn
owle
dge)
SUG
GES
TED
LEAR
NING
AC
TIVI
TIES
AND
NO
TES
SUG
GES
TED
RESO
URCE
S
Dem
and
and
supp
ly
for m
oney
In
tere
st ra
te
dete
rmin
atio
n In
flatio
n
ex
plai
n th
e de
term
inan
ts o
f m
oney
dem
and
and
supp
ly
exam
ine
the
use
of e
cono
mic
th
eorie
s in
exp
lain
ing
inte
rest
ra
te d
eter
min
atio
n
expl
ain
how
inf
latio
n is
m
easu
red
expl
ain
the
rela
tions
hip
betw
een
mon
ey s
uppl
y an
d pr
ice
leve
l
Determinantso
f mon
ey
dem
and
Determinantsofm
oney
su
pply
In
tere
st ra
te d
eter
min
atio
n -
LoanableFunds
Theo
ry
- LiquidityP
refe
renc
e Th
eory
-
Non
- eco
nom
ic
dete
rmin
ants
Con
sum
er P
rice
Inde
x &
Ret
ail P
rice
Inde
x
In
flatio
n -
Qua
ntity
Th
eory
of
M
oney
-
Cau
ses
of in
flatio
n -
Effe
cts
of in
flatio
n -
Con
trollin
g in
flatio
n
An
alys
ing
the
dete
rmin
ants
of
mon
ey d
eman
d an
d su
pply
Discussinginte
rest
rate
de
term
inat
ion
Anal
ysin
g th
e re
latio
nshi
p be
twee
n m
oney
sup
ply
and
the
pric
e le
vel
Discussingtheeffectivenessof
mea
sure
s us
ed to
con
trol
infla
tion
Pr
int m
edia
Mul
timed
ia
IC
T to
ols
26 27
Econ
omic
s Sy
llabu
s Fo
rms
5 - 6
8.2.
9 M
AC
RO
-EC
ON
OM
IC P
RO
BLE
MS
AN
D P
OLI
CIE
S
29
MAC
RO-E
CONO
MIC
PRO
BLEM
S AN
D PO
LICI
ES
KEY
CONC
EPTS
O
BJEC
TIVE
S Le
arne
rs s
houl
d be
abl
e to
: UN
IT C
ONT
ENT
(Ski
lls, a
ttitu
des
and
know
ledg
e)
SUG
GES
TED
LE
ARNI
NG
ACTI
VITI
ES A
ND N
OTE
S SU
GG
ESTE
D RE
SOUR
CES
Mac
roec
onom
ic
Obj
ectiv
es
Conf
lictin
g m
acro
econ
omic
ob
ject
ives
M
acro
econ
omic
po
licie
s
ex
plai
n th
e m
acro
econ
omic
ob
ject
ives
ex
amin
e th
e re
latio
nshi
p am
ong
mac
roec
onom
ic
obje
ctiv
es
an
alys
e m
acro
econ
omic
po
licie
s
M
acro
econ
omic
obj
ectiv
es
-
Pric
e st
abilit
y -
F
ull e
mpl
oym
ent
-
Eco
nom
ic g
row
th a
nd
deve
lopm
ent
-
Equ
ity
C
onfli
ctin
g m
acro
econ
omic
obje
ctiv
es s
uch
as:
-
Pric
e st
abilit
y ve
rsus
u
nem
ploy
men
t
Mac
roec
onom
ic p
olic
ies
- fis
cal p
olic
y -
mon
etar
y po
licy
-
exch
ange
rate
pol
icy
C
onfli
ctin
g po
licy
obje
ctiv
es
Discussing
the
rele
vanc
e of
m
acro
econ
omic
obj
ectiv
es in
an
eco
nom
y
Anal
ysin
g th
e tra
de o
ff am
ong
obje
ctiv
es
Ev
alua
ting
effe
ctiv
enes
s of
m
acro
econ
omic
pol
icie
s (w
ith
emph
asis
bei
ng o
n th
e Zi
mba
bwea
n ec
onom
y)
Pr
int m
edia
ICT
tool
s
9.0
ASSE
SSM
ENT
a)
ASSE
SSM
ENT
OBJ
ECTI
VES
By
the
end
of th
e le
arni
ng a
rea
lear
ners
sho
uld
be a
ble
to;
Ex
plai
n ec
onom
ic c
once
pts,
prin
cipl
es a
nd th
eorie
s,
Illu
stra
te k
now
ledg
e an
d un
ders
tand
ing
of e
cono
mic
var
iabl
es,
28
9.0 ASSESSMENT
a) ASSESSMENT OBJECTIVES
By the end of the learning area learners should be able to;
• Explaineconomicconcepts,principlesandtheories,• Illustrateknowledgeandunderstandingofeconomicvariables,• Interpretandcommentoneconomicphenomenapresentedinspecificscenariostoascertaincauseandeffect,• Applytheorytosolveeconomicproblemsindevelopinganddevelopedeconomies,• Organise,presentandcommunicateeconomicideasandmakeinformedjudgementsinaclear,logicaland
appropriate form,• Analyseeconomicinformation,arguments,proposalsandpoliciestakingintoconsiderationrelevantinformation,
economic theory and social values,• Evaluatethesocialandenvironmentalimplicationsofaparticularcourseofeconomicactionguidedbytheval-
uesofUnhu/Ubuntu/Vumunhu.
b) SCHEME OF ASSESSMENT
The syllabus scheme of assessment is grounded on the principle of inclusivity. Arrangements, accommodation and modificationsmustbevisibleinbothcontinuousandsummativeassessmentstoenablecandidateswithspecialneedsto access assessments and receive accurate performance measurement of their ability
30
Interpret and comment on economic phenomena presented in specific scenarios to ascertain cause and effect,
Apply theory to solve economic problems in developing and developed economies,
Organise, present and communicate economic ideas and make informed judgements in a clear, logical and appropriate form,
Analyse economic information, arguments, proposals and policies taking into consideration relevant information, economic theory and social values,
Evaluate the social and environmental implications of a particular course of economic action guided by the values of Unhu/Ubuntu/Vumunhu.
b) SCHEME OF ASSESSMENT
The syllabus scheme of assessment is grounded on the principle of inclusivity. Arrangements, accommodation and modifications must be visible in both continuous and summative assessments to enable candidates with special needs to access assessments and receive accurate performance measurement of their ability
FORM OF ASSESSMENT WEIGHTING CONTINUOUS 30% SUMMATIVE 70% TOTAL 100%
CONTINUOUS ASSESSMENT
LEVEL ASSESSMENT TASKS WEIGHTING FORM5 1 ASSIGNMENT PER TERM
1THEORYTESTPERTERM 1PRACTICALASSIGNMENTPERYEAR
10%
FORM6 1 ASSIGNMENT PER TERM 1THEORYTESTPERTERM 1PRACTICALASSIGNMENTPERYEAR
20%
TOTAL 30% N.B. All assignments and tests should be marked out of 100 Soft skills should be assessed as learners do the continuous assessment tasks SUMMATIVE ASSESSMENT
Economics Syllabus Forms 1 - 4
29
31
PAPER TYPE OF PAPER DURATION MARKS WEIGHTING 1 Multiple choice 1hr 30mins 40 20% 2 Dataresponse 1 hr 15mins 40 20% 3 Essays 3hrs 100 30% TOTAL 70%
Assessment of learner performance in ECONOMICS
Assessment of learner performance in ECONOMICS 100%
Continuous assessment 30%
Summative Assessment 70%
Paper 1 20%
Paper 2
25%
Form 5 10%
Form 6 20%
Profiling
Continuous assessment Mark= 30%
Examination Mark= 70%
Profile
Paper 2 20% 25%
Paper 3 30%
Assessment of learner performance in ECONOMICS 100%
Continuous assessment 30%
Summative Assessment 70%
Paper 1 20%
Form 5 10%
Form 6 20%
Profiling
Continuous assessment Mark= 30%
Examination Mark= 70%
Profile
Paper 2 20% 25%
Paper 3 30%
Assessment of learner performance in Economics
Assessment of learner performance in Economics 100%
Continuous assessment30%
Continuous assessment30%
Summative Assessment70%
Examination mark70%
FINAL MARKS 100%
Profiling
Profille
Exit Profile
Form 5 10%
Form 620%
Paper 1 20%
Paper 220%
Paper 330%
Economics Syllabus Forms 1 - 4
30
PAPER 1 PAPER 2 PAPER 31. Tools of economic analysis2. Economic Resources3. Demandtheory4. Supply Theory 5. Theoryofthefirm6. Theory of distribution7. Government intervention in the
economy8. International Trade9. Measurement of Economic Performance 10. Money and the Price level11. Macroeconomic Problems and Policies
1. Tools of economic analysis2. Economic Resources3. Demandtheory4. Supply Theory 5. Theoryofthefirm6. Theory of distribution7. Government intervention in the
economy8. International Trade9. Measurement of Economic Per-
formance10. Money and the Price level11. Macroeconomic Problems and
Policies
1. Economic Resources2. Demandtheory3. Supply Theory 4. Theoryofthefirm5. Theory of distribution6. Government intervention in the
economy7. International Trade8. Measurement of Economic Per-
formance 9. Money and the Price level10. Macroeconomic Problems and
Policies
33
PAPER 1 PAPER 2 PAPER 3
1. Tools of economic analysis 2. Economic Resources 3. Demandtheory 4. Supply Theory 5. Theory of the firm 6. Theory of distribution 7. Government intervention in
the economy 8. International Trade 9. Measurement of Economic
Performance 10. Money and the Price level 11. Macroeconomic Problems
and Policies
1. Tools of economic analysis 2. Economic Resources 3. Demandtheory 4. Supply Theory 5. Theory of the firm 6. Theory of distribution 7. Government intervention in the economy 8. International Trade 9. Measurement of Economic Performance
10. Money and the Price level
11. Macroeconomic Problems and Policies
1. Economic Resources
2. Demandtheory
3. Supply Theory
4. Theory of the firm
5. Theory of distribution
6. Government intervention in the economy
7. International Trade
8. Measurement of Economic Performance
9. Money and the Price level
10. Macroeconomic Problems and Policies
SKILL DISTRIBUTION SKILL PAPER 1 PAPER 2 Paper 3
1. Knowledge and understanding 20-25% 20% 28% 2. Interpretation and application 50-55% 40% 16% 3. Analysis 20-25% 30% 20% 4. Evaluation ------- 36%
34
5. Organisation, Presentation andCommunication
------- 10%
DESCRIPTION OF PAPERS Paper 1 Multiple Choice The paper consist of 40 items with 4 options per question A,B, C or D.Candidatesarerequiredtoselectthemostappropriateoptioninadurationof1 hr 30 minutes. The paper will carry 20% of the marks for the learning area. Paper 2 Data Response The paper will consist of two compulsory questions each carrying 20 marks testing particular knowledge, understanding and problem solving skills. The time duration of the paper is 1hr 15minutes. The paper will carry 20% of the marks for the learning area. Paper 3 Theory Essays This paper will consist of 12 questions and candidates will be required to attempt 4 questions. The time duration of the paper will be 3hrs. The paper will carry 30% of the marks. Paper 4 Continuous Assessment The continuous assessment will be based on assignments, tests and practical assignments. These will be spread over the 2 year period for the learning area. It will carry 30% of the marks. 10.0 CHECKLIST OF ECONOMIC TERMS AND CONCEPTS NB A checklist such as this is neither exhaustive nor prescriptive: unless it is indicated as `not required', the omission of an item from this list does not mean that examiners will not refer to it, while teachers may find if helpful or desirable in their learning areas to introduce terms and concepts even if they lie outside the scope of the examined syllabus. abnormal profit average propensity absolute advantage average revenue accelerator average variable cost active balances balance for official financing ad valorem tax balance of payments aggregate demand balance of trade aggregate expenditure balanced Budget aggregate supply balancing item allocative efficiency Bank Rate appreciation (exchange rate) barriers to entry
DESCRIPTION OF PAPERS
Paper 1 Multiple ChoiceThepaperconsistof40itemswith4optionsperquestionA,B,CorD.Candidatesarerequiredtoselectthemostappropriate option in a duration of 1 hr 30 minutes. The paper will carry 20% of the marks for the learning area.
Paper 2 Data ResponseThe paper will consist of two compulsory questions each carrying 20 marks testing particular knowledge, understand-ing and problem solving skills. The time duration of the paper is 1hr 15minutes. The paper will carry 20% of the marks for the learning area.
Paper 3 Theory EssaysThis paper will consist of 12 questions and candidates will be required to attempt 4 questions. The time duration of the paper will be 3hrs. The paper will carry 30% of the marks.
Paper 4 Continuous AssessmentThe continuous assessment will be based on assignments, tests and practical assignments. These will be spread over the 2 year period for the learning area. It will carry 30% of the marks.
Economics Syllabus Forms 1 - 4
31
10.0 CHECKLIST OF ECONOMIC TERMS AND CONCEPTS
NB A checklist such as this is neither exhaustive nor prescriptive: unless it is indicated as `not required’, the omission ofanitemfromthislistdoesnotmeanthatexaminerswillnotrefertoit,whileteachersmayfindifhelpfulordesirablein their learning areas to introduce terms and concepts even if they lie outside the scope of the examined syllabus.
abnormalprofit averagepropensityabsolute advantage average revenueaccelerator average variable costactivebalances balanceforofficialfinancingad valorem tax balance of paymentsaggregate demand balance of tradeaggregate expenditure balanced Budgetaggregate supply balancing itemallocativeefficiency BankRateappreciation (exchange rate) barriers to entryat constant prices barriers to exitat current prices barterat factor cost base dateat market prices bilateral tradeautomatic stabilisers birth rateautonomous broad money supplyaverage cost budget lineaveragefixedcostaverage product canons of taxation cross-elasticity of demandcapital current account of Balance of Paymentscapital account of Balance of Payments customs unionscapital: output ratio death ratecartels deficitcashratio deficitfinancingcashratio depositsdeflationcentralbank deflationarygapceteris paribus demandchange in demand demand conditionschange in quantity demanded demand cuvecheques demand-deficiencyunemploymentinfrastructure marketinjections market economyintegration market failureinterest market systeminterest rate marketing economiesintermediation,financial Marshaall-LernerConditioninternal economies of scale maximisationinvestment measure of valueinvisible balance medium of exchangeJ-curvemenu costsofinflationKeynesian merit goodsLabour microeconomicslaissez-faire migrationland MinimumLendingRatelaw (economic) mixed economy
Economics Syllabus Forms 1 - 4
32
law of demand mobility of labourlaw of supply Monetarismleakages monetary policyliquidity moneyliquidity preference money supplyliquidity ratio monopolistic competitionliquidity trap monopolyloanable funds theory monopsonyLomeConvention multilateraltradelong run multinationalsMaastricht, Treaty of multiplierMacroeconomic narrow money supplymanagedfloating NationalDebtmarginal cost nominal incomenatural increasenatural rate of unemployment perfectly inelasticnatural monopoly Phillips Curvenear-money planned economynegative externalities point elasticitynet advantage positive externalitiesnet domestic product positive statementnet national product poverty trapnet property income from abroad precautionary demand for moneynominal price agreementsnon-excludability price competitionnon-pecuniary advantages price discriminationnon-price competition price elasticity of demandnon-rivalness price leadershipnormal goods price mechanismnormalprofit primarysectornormative statement principle of multiples in economies of scaleoccupationalmobility privatebenefitsofficialfinancing privatecostsoligopoly private goodsopen economy private sector liquidityopen market operations privatisationopportunity cost producers’ surplusoptimum output production possibility curveoptimumpopulation productiveefficiencyoptimum resource allocation productivityotherthingsbeingequal profitparadoxofthrift profitmaximisationparadox of value progressive taxationPareto optimality proportional taxationPatents protectionismpaternalism PSBRpecuniaryadvantages PSDRpensions public goodsperfect competition purchasing power parityperfectly elastic quality of lifeQuantity Theory of Money specific tax
Economics Syllabus Forms 1 - 4
33
quasi-rent speculative demand for moneyquotas standard of deferred paymentsrate of interest standard of livingrationing store of wealthreal structural unemploymentrectangular hyperbola subsidyreflation substitutegoodsregional policies substitution effectregressivetaxation supernormalprofitrent supplyreserve currencies supply conditionsresources supply curveRestrictive Practices Court supply-side economiesretail banks surplusRetail Prices Index sustainabilityRevaluation tariffsrisk-bearing economies of scale taxationsales maximization technical economiessales revenue maximisation technical unemploymentsatisficingprofits termsoftradesaving tertiary sectorscarcity totalcurrencyflowseasonal unemployment total revenuesecond best theory trade creationsecondary sector trade cycleservices trade diversionshares trade unionsshoeleathercostofinflation tradingpossibilitycurveshort run transactions demand for moneySmith, Adam transfer earningssocialbenefits transferpaymentssocial costs Treasury Billsspecial deposits unemploymentSpecialDrawingRights unitofaccountSpecialization unitary elasticityunstable equilibriumurbanisationvariable costsvariable proportionsvelocity of circulationvertical integrationvisible balancevoluntary unemploymentwage differentialswage driftwagesweightswithdrawalsworking capitalyield
Economics Syllabus Forms 1 - 4