Course Description

Course Content

1. The basic economic problem

• 1.1 The nature of the economic problem
• 1.2 The factors of production
• 1.3 Opportunity cost
• 1.4 Production possibility curve (PPC) diagrams

2. The allocation of resources

• 2.1 Microeconomics and macroeconomics
• 2.2 The role of markets in allocating resources
• 2.3 Demand
• 2.4 Supply
• 2.5 Price determination
• 2.6 Price changes
• 2.7 Price elasticity of demand (PED)
• 2.8 Price elasticity of supply (PES)
• 2.9 Market economic system
• 2.10 Market failure
• 2.11 Mixed economic system

3. Microeconomic decision makers

• 3.1 Money and banking
• 3.2 Households
• 3.3 Workers
• 3.4 Trade unions
• 3.5 Firms
• 3.6 Firms and production
• 3.7 Firms’ costs, revenue and objectives
• 3.8 Market structure

4. Government and the macroeconomy

• 4.1 The role of government
• 4.2 The macroeconomic aims of government
• 4.3 Fiscal policy
• 4.4 Monetary policy
• 4.5 Supply-side policy
• 4.6 Economic growth
• 4.7 Employment and unemployment
• 4.8 Inflation and deflation

5. Economic development

• 5.1 Living standards
• 5.2 Poverty
• 5.3 Population

6. International trade and globalization

• 6.1 International specialization and trade
• 6.2 Globalization, free trade and protection
• 6.3 Foreign exchange rates
• 6.4 Balance of payments

Learning Objectives

By the end of the Cambridge O Level Economics (2281) course with Eduva, students will be able to:

1. Acquire and Apply Core Economic Knowledge (AO1)

• Demonstrate knowledge and understanding of economic terminology, concepts, and theories across microeconomics and macroeconomics.
• Explain the basic economic problem of scarcity, choice, and opportunity cost, and the role of the factors of production.
• Define and explain key concepts related to market functioning, including demand, supply, price determination, and the functions of money.

2. Use and Interpret Economic Information (AO2)

• Use basic economic numeracy to perform relevant calculations (e.g., price elasticity of demand/supply) and interpret the results.
• Interpret and use economic data presented in numerical, graphical (e.g., PPC diagrams), or written form to identify trends, patterns, and relationships.
• Analyze economic events and developments by applying the tools of economic analysis (e.g., supply and demand diagrams).

3. Analyze and Evaluate Economic Issues (AO3)

• Apply economic understanding to various current economic issues and problems, distinguishing between facts and value judgements.
• Analyze the behavior of key microeconomic agents (households, workers, firms) and macroeconomic aggregates (economic growth, unemployment, inflation).
• Evaluate the impact and effectiveness of different government policies (fiscal, monetary, supply-side) on the national and international economy.

4. Communicate Economic Ideas

• Express economic ideas logically, clearly, and concisely in a written form, using appropriate economic terminology.
• Communicate the impact of global issues, such as international trade, protectionism, and globalization, on national economies.
• Develop reasoned arguments and reach informed judgements and conclusions based on economic analysis.