IMS Content 1.2 <langstring xml:lang="en-US">WinEcon - Economics for Schools</langstring> A fully interactive economics course to complement the school syllabus at GCSE, AS/A2, AVCE, BTEC National Diploma/Certificate or HNC level. Interactive economics course for schools WinEcon - Economics for Schools Economic Issues Introduction to Economic Issues Introduction Key Ideas in Economics Introduction Introduction to Economics The Economic Approach - Rationality Objectives and Actions: The Squash Club Objectives and Actions: Allocating a Health Budget Objectives and Actions: Looking Ahead Economic Modelling Summary Production Limit for an Economy Introduction The Five Assumptions for the PPF Production Possibilities The Production Possibility Frontier Production Not at the Frontier Changing the PPF Summary Rational Consumer Decisions Introduction Consumption Decisions Summary Summary of Economic Issues Summary Demand and Supply Introduction to Demand and Supply Introduction Demand Curves Introduction Factors Affecting Demand The Demand Curve of an Individual Shifts in an Individual's Demand Curve The Product Demand Curve Shifts in the Product Demand Curve Summary Supply Curves Introduction Factors Affecting Supply The Supply Curve of a Firm Shifts in the Supply Curve of a Firm The Product Supply Curve Shifts in the Product Supply Curve Summary Using Supply and Demand Curves Introduction Market Equilibrium Comparative Statics Agricultural Support Government Intervention Summary Elasticity and Responsiveness to Change Introduction The Concept of Elasticity Elasticity and Smoking Price Elasticity of Demand Price Elasticity and Total Revenue Factors Affecting PED Income Elasticity of Demand Cross Elasticity of Demand Elasticity of Supply Ruby Earrings and PES Price Elasticity of Supply Price Elasticity and the Slope of the Supply Curve Factors Affecting PES Summary Consumer Surplus and Utility Analysis Introduction Understanding Consumer Surplus Market Consumer Surplus Total & Marginal Utility Utility and Demand Choice of Goods Summary Summary of Demand and Supply Summary Production and Cost Relationships Production and Cost Relationships : an Introduction Introduction Production Relationships in the Short-Run Introduction Production and Factor Inputs The Short-Run Production Function Diminishing Returns in Production The Law of Variable Proportions Modern Production Methods Modern Production Methods: an example Short-Run Production Functions: a numerical example Marginal and Average Physical Product of Labour: a numerical example Mathematics of the Marginal Product Summary Short-Run Costs Introduction Short-Run Costs and Labour Productivity Short-Run Cost Definition Drawing Short-Run Cost Curves Positioning Short-Run Cost Curves Deriving the Short-Run Average Fixed (AFC) and Average Variable Cost (AVC) Curves The Shape of the Average Total Cost (AC) Curve The Shape of the Marginal Cost (MC) Curve Deriving the Short-Run MC and AC Curves: a numerical example Mathematics of Marginal Cost Summary of Short-Run Costs Summary Costs, Revenue, Sales and Profit Introduction Cost Volume Profit (CVP) Analysis Cost Volume Profit Assumptions CVP: graphical analysis CVP: algebraic analysis Equation Showing CVP Required Output Level CVP: an illustration CVP: a numerical example Summary of Cost Volume Profit (CVP) Analysis The Long Run and Economies of Scale Introduction The Long-Run Production Function Output against Labour Curve as Capital is Increased Economies of Scale: definitions Long-Run Average Costs in Practice Economies of Scale and Market Structure Summary Production and Costs : a Summary Summary Market Structures Introduction to Market Structures Introduction Market Structures and Profit Maximisation Introduction Characteristics of Different Market Structures Profit Maximisation Marginal Cost and Revenue at Profit Maximisation Normal and Supernormal Profit Summary Perfectly Competitive Markets Introduction Four Key Assumptions in Perfect Competition Firm and Industry Demand in Perfect Competition Demand Curve of a Firm in Perfect Competition Profit Maximisation in Perfect Competition Profit Maximising Output for a Firm in Perfect Competition Fixed and Variable Costs Short Run Supply Profits and Losses in the Short-run Summary Price and Output under Monopoly Introduction Two Key Assumptions in Monopoly Barriers to Entry A Monopolist's Revenue A Monopolist's Demand and Marginal Revenue Profit Maximisation by a Monopolist Profit Maximisation for a Monopolist using MC and MR Monopoly and Supply Summary Markets under Monopolistic Competition Introduction Key Assumptions in Monopolistic Competition Short Run Equilibrium of a Monopolistic Firm Adjustment to Long-run Equilibrium Quiz on Monopolistic Competition Summary Oligopolistic Markets Introduction The Key Assumptions of Oligopoly Interdependence in Oligopoly Collusive Oligopoly Cartels Cartel Disintegration A Cartel Example - OPEC Collusion in Practice Non Collusive Oligopoly Equilibrium in Non Collusive Oligopoly Models of Non-collusive Oligopoly Assumptions of Cournot's Oligopoly Model Cournot's Model of Duopoly The Kinked Demand Curve Other Explanations for Stable Prices Non - Price Competition Advertising The Economics of Advertising The Advertising Elasticity of Demand Game Theory Prisoners' Dilemma Game: an example A Duopoly Game Based on the Prisoner's Dilemma Summary Comparing Market Structures Introduction Perfect Competition and Monopoly Compared Main Differences between Perfect Competition and Monopoly The Case for Imperfect Competition Differences Within Imperfect Competition Summary Summary of Market Structures Summary Economics and Social Welfare Introduction to Economics and Social Welfare Introduction Criteria for Efficiency & Equity Introduction Allocative Efficiency for Society Net Social Benefit Types of Efficiency - Quiz The Pareto Principle Pareto Optimality Equity & Efficiency Summary Characteristics of Public & Merit Goods Introduction Public versus Private Goods Key Characteristics of a Public Good How much of a public good to produce? Externalities and Public Goods Key Characteristics of a Merit Good Summary Types of Taxes Introduction Types of Tax in the U.K. Sources of Tax Revenue Progressive, Regressive & Proportional Taxes Requirements of a Good Tax System Summary Achieving Allocative Efficiency Introduction Allocative Efficiency Marginal Private Cost & Benefit Social Surplus Perfect Competition & Allocative Efficiency The Six Competitive Market Assumptions Summary Summary of Economics and Social Welfare Summary Market Failure and Regulation Introduction to Market Failure and Regulation Introduction Analysing Market Failure Introduction Reasons for Market Failure Monopoly Power & Allocative Inefficiency Externalities & Allocative Inefficiency Summary Consequences of Monopoly Power Introduction Price, Output & Profit in Competition & Monopoly Efficiency in Competition & Monopoly Changes Resulting from Monopolisation The Emergence of a Natural Monopoly Pricing Policy - Problems under Natural Monopolies Summary Impact of Externalities Introduction Production Externalities Consumption Externalities Finding Marginal Social Cost & Benefit What are Social Costs and Externalities? Summary Regulation by Government Introduction Examples of Regulation Regulation of Privatised Utilities Advantages/Disadvantages of Taxes & Subsidies Summary Competition Policy Introduction UK regulation of Private Monopolies & Oligopolies UK Merger Policy Regulation due to Membership of the European Union Summary Summary of Market Failure and Regulation Summary Labour and Capital Markets Introduction to Labour and Capital Markets Introduction Factor Markets and the Impact of the Minimum Wage Introduction Factor Markets: an overview Minimum Wage Summary Transfer Earnings and Economic Rent Introduction The Market for Skilled Labour - TV weather presenters The Market for Unskilled Labour - bar staff The Market for City Centre Office Space Economic Rent and Transfer Earnings Summary of Economic Rent and Transfer Earnings Summary of Labour and Capital Markets Summary Analysing Macroeconomic Data Introduction to Analysing Macroeconomic Data Introduction Macroeconomic Indicators Introduction Trended and Non-Trended Variables The Behaviour of Real and Nominal Variables Nominal and Real Interest Rates Positive and Negative Real Interest Rates Real Interest Rates in Various Countries Hyperinflations Summary Measurement of Macroeconomic Variables Introduction Measuring the Price Level and Inflation Real and Nominal GDP The Output Approach GDP and Economic Welfare The Balance of Payments Devaluation and the Balance of Payments GVA in Current Prices Output by Sector Summary Summary of Analysing Macroeconomic Data Summary National Income and Expenditure National Income and Expenditure : an Introduction Introduction Circular Flow Diagram Introduction Developing an Accounting Framework The Household Sector The Productive Sector The Circular Flow of Income Investment and Saving Why Saving Equals Investment The Simple Circular Flow of Income and Expenditure The Full Circular Flow of Income and Expenditure Accounting Identities in the Circular Flow Planned Versus Actual Flows Summary Households and Consumer Expenditure Introduction The Consumption Function Consumption and Income in Selected Countries Marginal Propensities to Consume and Save Average Propensity to Consume The Consumption Function Diagram Consumption, Taxation and Saving Taxation Saving Summary Keynesian Cross Diagram Introduction Aggregate Demand in the Goods Market Constructing the Aggregate Demand Function The Firms Sector Aggregate Supply: Equation & Diagram Goods Market Equilibrium Keynesian Cross Diagram Formal Model: Diagrams Summary Multiplier Effect of Changes Introduction A Change in Injections A Change in Injections: a numerical example The Multiplier Summary Implications for Employment Policy Introduction Unemployment and Macroeconomic Policy Equilibrium and Full Employment Policy Implications: A Few Cautions Summary Summary of National Income and Expenditure Summary Money and Banking Introduction to Money and Banking Introduction Money and the Money Supply Introduction Money Supply and Demand: Introduction Functions of Money The Money Stock: Aggregate Measures Summary Banks and Credit Creation Introduction The Banking System: The Role of the Central Bank Assets and Liabilities The Banking System Banking Operations A Multi Bank System Loans and the Banking System The Minimum Reserve Ratio Loan Expansion and the Bank Deposit Multiplier Summary Summary of Money and Banking Summary Aggregate Demand and Quantity Theory Aggregate Demand and Quantity Theory : an Introduction Introduction Money and Aggregate Demand Introduction The Quantity Theory of Money The Classical Loanable Funds Market The Quantity Theory and Aggregate Demand The Monetarist Transmission Mechanism Policy Implications Summary International Trade and Arbitrage Introduction International Trade: An Example Fixed Exchange Rates Flexible Exchange Rates Summary: Trade and Exchange Rates Summary Summary of Aggregate Demand and Quantity Theory Summary Aggregate Supply Introduction to Aggregate Supply Introduction Production, Employment and Aggregate Supply Introduction The Aggregate Production Function The Aggregate Demand for Labour Labour Supply and Unemployment Summary Aggregate Supply - Classical Theory Introduction Classical Aggregate Supply at a Glance Classical Labour Supply Theory Are You Prone to Money Illusion? Classical Model: Employment Determination The Classical Aggregate Supply Curve AS Curve Shifts: Technology Shocks AS Curve Shifts: Income Tax Changes Unemployment in the Classical Model Classical Aggregate Supply: A Summary Summary Aggregate Supply - Monetarist Model Introduction Monetarist Aggregate Supply at a Glance The Phillips Curve Monetarist Aggregate Supply: A Summary Summary Summary of Aggregate Supply Summary Business Cycles Business Cycles : An Introduction Introduction Describing Business Cycles Introduction Measuring a Cycle Cycles Terminology An Actual Cycle Aggregate Demand and Supply Shocks Effects of Shocks and Persistence Summary Shocks and Cycles Introduction Theories of Cycles: Overview Classical Model: AD Shock Classical Model: AS Shock Stabilising Prices in the Classical Model Monetarist Model: AD Shock Monetarist Model: AD Shocks Monetarist Model: AS Shock Monetarist Model: AS Shocks Summary Economic Analysis of Development Introduction to Economic Analysis of Development Introduction The Distribution of World Income Introduction The Distribution of Income Countries by Income Categories Distribution of Income - The Lorenz Curve Countries with the Lowest Income Lorenz Curves for Different Countries Summary Development Performance Introduction Development - Concepts and Measurements GNP Per Capita and Life Expectancy at Birth Countries Classified by Development Indicators The Human Development Index The Human Development Index for Selected Countries Increasing the Value of the Human Development Index Countries Classified by the Human Development Indicator Basic Development Indicators Summary Development Issues and Achievements Introduction The Last Three Development Decades The Development of Various Regions over Three Decades Summary Summary of Economic Analysis of Development Summary