Core economics provides learners with an overview of economics, including core concepts, core demand, core resources, core supply, and core market.
• Identify limited (scarce/finite) means that individuals possess.
• Understand why scarcity (limited or finite means relative to unlimited or infinite wants) is the central concern of Economics.
• Understand who must make choices (decisions) and that all decisions have an opportunity cost.
• Define opportunity cost and be able to identify the opportunity cost of a decision.
• Recognise the difference between various economic concepts — free goods and economic goods, needs and wants, producers and consumers, capital goods and consumer goods.
• Define the terms demand, demand schedule or curve, ceteris paribus and the law of demand.
• Recognise reasons for the law of demand and what causes an increase (decrease) in quantity demanded.
• Define the terms factors of production, natural resources, human resources, capital resources and entrepreneurship.
• Identify different factors of production and factor rewards (or incomes).
• Define the terms supply, supply schedule or curve, ceteris paribus and the law of supply.
• Recognise reasons for the law of supply and what causes an increase (decrease) in quantity supplied.
• Define the terms market, market demand, market supply, equilibrium, shortage (excess demand) and surplus (excess supply).
• Recognise how the equilibrium is restored when there is a shortage or surplus.