Your journey to excellence inEconomics
By Revision Genie
Economics as a social science
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Economic models and assumptions
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Ceteris paribus
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Limits of experiments in economics
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Positive and normative statements
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Positive vs normative
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Value judgements
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The economic problem
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Scarcity and choice
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Renewable vs non-renewable resources
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Opportunity cost
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Production possibility frontiers
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Opportunity cost and marginal analysis
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Efficient vs inefficient allocation
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Economic growth or decline (removal)
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Capital vs consumer goods
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Specialisation, division of labour and money
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Adam Smith and division of labour
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Benefits and costs of specialisation
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Specialisation for trade
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Functions of money
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Economic systems
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Free market, mixed and command economies
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Advantages and disadvantages (free market vs command)
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Role of the state in a mixed economy
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Rational decision making
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Utility maximisation
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Profit maximisation
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Demand
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Movements vs shifts (demand)
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Conditions of demand
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Diminishing marginal utility
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Price, income and cross elasticities of demand
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PED, YED, XED calculations
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Interpreting elasticity values
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Determinants of elasticities
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Uses of elasticity (firms and government)
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PED and total revenue
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Supply
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Movements vs shifts (supply)
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Conditions of supply
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Price elasticity of supply
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PES calculation and interpretation
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Determinants of PES
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Short run vs long run (PES)
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Price determination
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Equilibrium price and quantity
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Excess demand and excess supply
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Market adjustment to equilibrium
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Shifts in supply and demand (applications)
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The price mechanism
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Rationing
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Incentives
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Signalling
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Price mechanism in local, national and global markets
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Consumer and producer surplus
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Consumer surplus
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Producer surplus
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Surplus changes from shifts
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Indirect taxes and subsidies
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Indirect taxes: impact and incidence
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Subsidies: impacts and welfare areas
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Role of elasticities in tax/subsidy outcomes
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Alternative views of consumer behaviour
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Social influences
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Habit formation
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Bounded rationality (computation limits)
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Types of market failure
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Externalities
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Under-provision of public goods
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Information gaps
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Externalities
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Private vs external vs social costs
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Private vs external vs social benefits
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Negative production externalities (welfare loss)
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Positive consumption externalities (welfare gain)
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Impacts on economic agents
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Public goods
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Public vs private goods
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Non-rivalry and non-excludability
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Free rider problem
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Information gaps
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Symmetric vs asymmetric information
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Resource misallocation from imperfect info
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Government intervention in markets
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Indirect taxation (specific and ad valorem)
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Subsidies
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Maximum and minimum prices
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Tradable pollution permits
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State provision of public goods
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Provision of information
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Regulation
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Government failure
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Distorted price signals
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Unintended consequences
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Administrative costs
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Information gaps
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Economic growth measures
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Real GDP growth
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Real vs nominal
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Total vs per capita
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Value vs volume
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Gross national income (GNI)
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International comparisons and PPPs
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Limits of GDP for living standards
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National wellbeing and happiness
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Inflation
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Inflation, deflation and disinflation
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CPI calculation
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CPI limitations
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RPI as alternative
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Causes of inflation (demand-pull, cost-push, money supply)
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Effects of inflation
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Employment and unemployment
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Claimant count vs ILO measures
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Unemployment vs under-employment
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Employment, unemployment and inactivity rates
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Causes of unemployment (structural, frictional, seasonal, cyclical, wage inflexibility)
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Migration, skills and labour market outcomes
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Effects of unemployment
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Balance of payments (UK context)
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Current account and trade in goods/services
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Current account deficits and surpluses
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Links to macroeconomic objectives
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Interdependence through trade
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Aggregate demand (AD)
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AD components (C+I+G+(X−M))
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AD curve and shifts vs movements
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Consumption (C)
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Disposable income
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Saving vs consumption relationship
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Interest rates, confidence and wealth effects
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Investment (I)
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Gross vs net investment
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Growth, expectations and animal spirits
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Exports, interest rates and credit conditions
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Government and regulation impacts
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Government expenditure (G)
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Trade cycle effects
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Fiscal policy drivers
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Net trade (X−M)
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Real income effects
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Exchange rates
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World economy
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Protectionism
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Non-price competitiveness factors
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Aggregate supply (AS)
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AS curve and shifts vs movements
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Short-run vs long-run AS
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Short-run AS factors
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Raw material and energy costs
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Exchange rates
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Tax rates
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Long-run AS
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Keynesian vs classical LRAS
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Technology
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Productivity
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Education and skills
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Regulation
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Demographics and migration
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Competition policy
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National income
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Circular flow of income
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Income vs wealth
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Injections and withdrawals
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Effects on circular flow
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Equilibrium real national output
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Equilibrium output concept
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AD/AS shifts and equilibrium changes
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The multiplier
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Multiplier ratio and process
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Marginal propensities (MPC, MPS, MPT, MPM)
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Multiplier calculations (1/(1−MPC), 1/MPW)
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Multiplier and shifts in AD
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Causes of economic growth
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Growth drivers
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Actual vs potential growth
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Export-led growth
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Output gaps
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Trend growth vs actual growth
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Positive vs negative output gaps
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Output gap diagrams (AD/AS)
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Trade (business) cycle
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Boom characteristics
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Recession characteristics
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Impacts of economic growth
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Benefits and costs for consumers, firms and government
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Living standards (current and future)
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Macroeconomic objectives
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Economic growth
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Low unemployment
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Low and stable inflation
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Current account balance
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Balanced government budget
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Environmental protection
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Greater income equality
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Demand-side policies
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Monetary vs fiscal policy
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Interest rates
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Quantitative easing
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Government spending and taxation
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Budget deficit vs surplus
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Direct vs indirect taxation
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AD/AS policy diagrams
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Bank of England and MPC
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Great Depression and 2008 crisis policy responses
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Strengths and weaknesses of demand-side policies
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Supply-side policies
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Market-based vs interventionist approaches
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Incentives
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Competition
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Labour market reforms
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Skills and training
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Infrastructure
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AD/AS policy diagrams
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Strengths and weaknesses of supply-side policies
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Conflicts and trade-offs
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Objective conflicts
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Short-run Phillips curve
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Policy trade-offs
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Sizes and types of firms
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Reasons firms stay small or grow
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Principal–agent problem
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Public vs private sector organisations
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Profit vs not-for-profit organisations
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Business growth
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Organic growth
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Vertical integration (forward/backward)
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Horizontal integration
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Conglomerate integration
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Benefits and costs of growth methods
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Constraints on growth (market size, finance, objectives, regulation)
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Demergers
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Reasons for demergers
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Impacts on firms, workers and consumers
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Business objectives
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Profit maximisation
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Revenue maximisation
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Sales maximisation
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Satisficing
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Objectives diagrams and formulae
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Revenue
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Total, average and marginal revenue
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PED and revenue (calculations)
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Costs
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Fixed vs variable costs
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Total, average and marginal cost
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Short-run cost curves and diminishing marginal productivity
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SRAC vs LRAC
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Economies and diseconomies of scale
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Types of economies of scale
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Types of diseconomies of scale
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Minimum efficient scale
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Internal vs external economies
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Profits and losses
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Profit maximisation condition
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Normal profit
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Supernormal profit
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Losses
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Short-run vs long-run shut-down points
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Efficiency
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Allocative efficiency
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Productive efficiency
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Dynamic efficiency
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X-inefficiency
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Efficiency across market structures
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Perfect competition
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Characteristics
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Short-run equilibrium
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Long-run equilibrium
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Monopolistic competition
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Characteristics
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Short-run equilibrium
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Long-run equilibrium
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Oligopoly
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Key characteristics (concentration, interdependence, barriers, differentiation)
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Concentration ratios (n-firm)
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Collusive vs non-collusive behaviour
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Cartels and price leadership
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Game theory (prisoner’s dilemma)
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Price competition (wars, predatory, limit)
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Non-price competition
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Monopoly
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Characteristics
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Profit maximising equilibrium
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Third-degree price discrimination
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Monopoly costs and benefits (stakeholders)
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Monopsony
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Conditions for monopsony
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Costs and benefits (stakeholders)
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Contestable markets
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Characteristics
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Barriers to entry and exit
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Sunk costs and contestability
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Behavioural implications
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Demand for labour
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Determinants of labour demand
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Derived demand
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Supply of labour
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Determinants of labour supply
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Labour market immobility (geographical and occupational)
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Wage determination
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Competitive labour markets (equilibrium)
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Non-competitive labour markets
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Current labour market issues
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Labour market intervention (min/max wages, public pay, mobility policies)
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Elasticities of labour demand and supply
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Government intervention (product markets)
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Merger control
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Monopoly regulation (price, profit, quality, targets)
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Promoting competition (small business, deregulation, tendering, privatisation)
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Protecting suppliers and employees (monopsony restrictions, nationalisation)
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Impacts and limits of intervention
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Prices, profits, efficiency, quality, choice
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Regulatory capture
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Asymmetric information
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Globalisation
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Characteristics of globalisation
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Drivers of globalisation (last 50 years)
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Impacts on stakeholders and environment
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Specialisation and trade
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Absolute advantage
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Comparative advantage (numerical and diagrammatic)
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Assumptions and limits of comparative advantage
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Trade benefits and costs
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Pattern of trade
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Comparative advantage and trade flows
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Emerging economies and trade
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Trading blocs and bilateral agreements
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Exchange rate effects on trade
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Terms of trade
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Terms of trade calculations
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Determinants of terms of trade
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Impacts of terms of trade changes
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Trading blocs and the WTO
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Free trade areas
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Customs unions
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Common markets
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Monetary unions (Eurozone conditions)
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Costs and benefits of regional trade agreements
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WTO role in liberalisation
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Conflicts between RTAs and WTO
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Restrictions on free trade
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Reasons for protectionism
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Tariffs
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Quotas
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Subsidies to domestic producers
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Non-tariff barriers
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Impacts of protectionism (stakeholders, living standards, equality)
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Balance of payments (global)
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Current account
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Capital and financial accounts
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Causes of current account imbalances
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Policies to reduce imbalances
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Global trade imbalances
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Exchange rates
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Floating, fixed and managed systems
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Appreciation vs revaluation
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Depreciation vs devaluation
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Determinants of floating exchange rates
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Currency market intervention (FX transactions, interest rates)
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Competitive devaluation/depreciation
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Impacts on current account (Marshall–Lerner, J-curve)
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Impacts on growth, employment, inflation and FDI
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International competitiveness
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Relative unit labour costs
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Relative export prices
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Determinants of competitiveness
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Benefits and costs of competitiveness
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Poverty
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Absolute poverty
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Relative poverty
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Poverty measures
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Causes of poverty changes
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Inequality
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Income vs wealth inequality
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Lorenz curve
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Gini coefficient
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Causes of inequality (within and between countries)
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Development and inequality
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Capitalism and inequality
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Development measures
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Human development index (dimensions and construction)
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HDI strengths and limitations
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Other development indicators
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Factors influencing growth and development
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Primary product dependency
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Commodity price volatility
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Savings gap (Harrod–Domar)
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Foreign currency gap
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Capital flight
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Demographics
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Debt
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Access to credit and banking
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Infrastructure
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Education and skills
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Property rights
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Non-economic factors
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Development strategies
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Market-oriented strategies
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Interventionist strategies
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Other strategies (industrialisation/Lewis, tourism, primary industries, fairtrade, aid, debt relief)
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International institutions and NGOs (World Bank, IMF, NGOs)
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Role of financial markets
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Saving facilitation
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Lending to businesses and individuals
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Payments and exchange of goods/services
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Forward markets (currencies and commodities)
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Equity markets
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Market failure in the financial sector
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Asymmetric information
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Externalities
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Moral hazard
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Speculation and bubbles
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Market rigging
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Role of central banks
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Monetary policy implementation
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Banker to government
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Lender of last resort
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Banking regulation role
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Public expenditure
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Capital vs current spending vs transfer payments
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Changing size and composition of public spending
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Spending/GDP impacts (growth, living standards, crowding out, taxation, equality)
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Taxation
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Progressive, proportional and regressive taxes
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Incentives to work
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Laffer curve and tax revenues
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Income distribution effects
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Output and employment effects
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Price level effects
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Trade balance effects
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FDI flow effects
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Public sector finances
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Automatic stabilisers vs discretionary fiscal policy
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Fiscal deficit vs national debt
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Structural vs cyclical deficits
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Determinants of deficits and debts
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Significance of deficit and debt levels
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Macroeconomic policies in a global context
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Policy mix across countries (fiscal, monetary, exchange rate, supply-side, controls)
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Reducing deficits and debts
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Tackling poverty and inequality
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Interest rates and money supply changes
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Raising international competitiveness
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Responding to external shocks
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Regulating transnational companies (transfer pricing, limits to control)
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Policy challenges (info, risk, external shocks)
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