Economics and Markets

1.1 Explain the role of statistical analysis in economic decision making
1.2 Discuss the differences between quantitative and qualitative data
1.3 Describe the different methods of collecting data and information
1.4 Explain the different sampling methods, including random, cluster, snowballing, judgement and stratified sampling
1.5 Explain the levels of data intervals
1.6 Select the most appropriate method for presenting data in a visual format
1.7 Explain the measures of central tendency and measures of variability
1.8 Explain the difference between the shapes of a normal distribution, uniform distribution, exponential distribution and binomial distribution
1.9 Explain the difference between grouped and ungrouped data
1.10 Interpret the mean, median and mode from a given set of grouped and ungrouped data
1.11 Interpret the range, standard deviation and variance from a given set of data
1.12 Explain the difference between the sample and population standard deviation
1.13 Explain the meaning of kurtosis and skewness

2.1 Define 'economics'
2.2 Explain the difference between wants and needs
2.3 Explain how consumers allocate resources
2.4 Define scarcity of resources
2.5 Explain the law of marginal utility
2.6 Define a market
2.7 Apply the theory of absolute and comparative advantage between products and countries
2.8 Describe the factors of production
2.9 Explain production, productivity and the production possibility frontier

3.1 Explain the concepts of demand and supply
3.2 Interpret the difference between a movement along the demand curve and a shift in the demand curve
3.3 Explain the difference between normal and inferior goods
3.4 Explain the difference between individual and market demand
3.5 Demonstrate the difference between the short and long run supply curve
3.6 Demonstrate the difference between a movement along the supply curve and a shift in the supply curve
3.7 Define market equilibrium price and quantity
3.8 Explain how an equilibrium price is achieved
3.9 Explain the use of price legislation and the impact of pricing ceilings and floors using demand and supply curves
3.10 Explain the concepts of price elasticity, cross price elasticity and income elasticity of demand, and price elasticity of supply
3.11 Calculate the elasticity of demand and elasticity of supply
3.12 Define demand curves for necessities and luxury goods

4.1 Explain the relationship between marginal cost, total cost, total revenue, marginal revenue, average revenue and price in both the long term and short term
4.2 Determine the break-even point and analyse the concepts of marginal revenue product, marginal product, total product, total cost and marginal cost
4.3 Explain the demand for factors of production
4.4 Explain the concept of diminishing returns for a factor of production
4.5 Explain how a firm can attain an optimal combination of factors of production
4.6 Explain the determinants of elasticity of a factor demand curve
4.7 Demonstrate the difference between economies of scale and diseconomies of scale

5.1 Demonstrate the difference between perfect competition, monopolistic competition, monopoly, and oligopoly, using demand and supply curves
5.2 Demonstrate oligopsony using the supply curve
5.3 Compare and contrast the approaches to competition
5.4 Evaluate why monopolistic firms can allocate or misallocate scarce resources
5.5 Explain the pricing approach for a monopolistic firm compared to perfect competition

6.1 Distinguish between public goods and private goods
6.2 Evaluate the impact of taxes and subsidies on the pricing mechanism
6.3 Analyse the implications of externalities using a demand and supply analysis

7.1 Distinguish between economic growth and economic development
7.2 Calculate Gross Domestic Product and Gross National Product
7.3 Explain the circular flow of income
7.4 Perform calculations relevant to the national income equation
7.5 Apply the multiplier to determine national income
7.6 Evaluate how the marginal propensity to save and the marginal propensity to consume affect national income
7.7 Evaluate the impact of tax, savings and subsidies on national income
7.8 Explain the relationship between full employment and national income

8.1 Describe different types of unemployment
8.2 Describe the causes of inflation and its impact on an economy
8.3 Illustrate the relationship between rates of employment and the performance of an economy using the Phillips curve
8.4 Explain the different types of money
8.5 Explain the structure of interest rates
8.6 Analyse the factors affecting the movement of interest rates
8.7 Explain the Keynesian and Classical theories of money

9.1 Identify government policy to address the redistribution of income
9.2 Analyse the impact of interest rates on the natural rate of employment and inflation
9.3 Explain the purpose of monetary policy and the implications of holding cash balances
9.4 Calculate the credit multiplier
9.5 Illustrate how fiscal policy stimulates aggregate demand as well as impacts national income and the rate of employment
9.6 Demonstrate the relationship between interest rates, monetary policy, employment and national income using the Expectations-Augmented Phillips Curve
9.7 Analyse the role of monetary authorities (Reserve Banks/Central Banks) in the control of money

10.1 Explain how the government may intervene regarding the allocation of resources
10.2 Analyse approaches for redressing income inequalities
10.3 Describe the concept of income distribution and the Lorenz curve
10.4 Apply appropriate measures to income inequality

11.1 Develop a frequency distribution from a given set of data
11.2 Explain class range and class midpoint and relative frequency and cumulative frequency
11.3 Define the concept of probability
11.4 Explain the different ways of assigning probability
11.5 Apply marginal, union, joint and conditional probabilities to a given data set
11.6 Explain the use of probability matrices to solve probability problems

12.1 Explain the concept of hypothesis testing
12.2 Construct null and alternative hypotheses
12.3 Explain type I and type II errors
12.4 Test the hypothesis about the population mean using one-tail and two-tail tests
12.5 Test the hypothesis about population proportion
12.6 Interpret the probability value (p-value) in hypothesis testing

13.1 Interpret the coefficient of correlation and the coefficient of determination
13.2 Calculate the equation of a simple regression line from a sample of data
13.3 Interpret the slope and intercept of an equation
13.4 Predict estimated values of the dependent variable using the regression line