economics business games pace it 1 The basic economic problem The nature of the basic economic problem→ Factors of production→ Opportunity cost→ Production possibility curve (PPC)→ 2 The allocation of resources The role of markets in allocating resources→ Demand→ Supply→ Price determination→ Price changes→ Price elasticity of demand→ Price elasticity of supply→ Market economic system→ Market failure→ Mixed economic system→ 3 Microeconomic decision-makers Money and banking→ Households and Workers→ Firms→ Firms and production→ Firms’ costs, revenue and objectives→ Types of markets→ 4 Government and the macroeconomy Government macroeconomic intervention→ Fiscal policy→ Monetary policy→ Supply-side policy→ Economic growth→ Employment and unemployment→ Inflation→ 5 Economic development Living standards and Poverty→ Population and economic development→ 6 International trade and globalisation Specialisation and free trade→ Globalisation and trade restrictions→ Foreign exchange rates→ Current account of the balance of payments→
