All subjectsSocial science · 68 topics
Economics
Micro and macroeconomics, development and the Ethiopian economy.
Unit 1: Introduction to economics
- Definition and scope of economics
- Scarcity, choice and opportunity cost
- Production possibility frontier
- Positive and normative economics
- Basic economic questions
Unit 2: Economic systems
- Traditional economy
- Command economy
- Market economy
- Mixed economy
- Ethiopia's economic system
Unit 3: Demand, supply and market equilibrium
- Law of demand and demand curve
- Law of supply and supply curve
- Shifts vs movements
- Market equilibrium
- Price controls: ceilings and floors
Unit 4: Elasticity
- Price elasticity of demand
- Income and cross elasticity
- Price elasticity of supply
- Applications of elasticity
Unit 5: Theory of consumer behaviour
- Utility and marginal utility
- Law of diminishing marginal utility
- Indifference curves
- Budget line and consumer equilibrium
Unit 6: Theory of production and cost
- Factors of production
- Short-run and long-run production
- Law of diminishing returns
- Fixed, variable and total cost
- Average and marginal cost
- Revenue and profit maximisation
Unit 7: Market structures
- Perfect competition
- Monopoly
- Monopolistic competition
- Oligopoly
- Comparing market structures
Exam tips
- • Draw and label demand and supply curves — diagrams earn marks.
- • Define every economic term before applying it in your answer.
- • Learn the formulas for elasticity, multiplier and CPI.