Know the basics. Question everything else. 

1. Economic methodology and the economic problem

• Economic methodology

• Scarcity, choice and opportunity cost

• Factors of production

• Production possibility diagrams

• Specialisation and division of labour

2. Individual economic decision-making

• Rational decision-making and utility

• Imperfect information

• Behavioural economics

• Behavioural policies and nudges

3. Price determination

• Demand and supply

• Price elasticity of demand (PED)

• Income elasticity of demand (YED)

• Cross elasticity of demand (XED)

• Price elasticity of supply (PES)

• Equilibrium and market prices

• Interrelationships between markets

4. Production, costs and revenue

• Production and productivity

• Returns to production and diminishing returns

• Costs of production

• Economies and diseconomies of scale

• Revenue and profit

• Technological change

5. Market structures

• Market structures and firm objectives

• Perfect competition

• Monopolistic competition

• Oligopoly

• Monopoly

• Price discrimination

• Competition and contestability

• Efficiency and economic welfare

6. Labour markets

• Demand for labour

• Supply of labour

• Wage determination

• Imperfect labour markets and monopsony

• Trade unions

• National Minimum Wage

• Wage differentials and discrimination

7. Income and wealth

• Income and wealth distribution

• Inequality

• Poverty

• Government policies to reduce inequality and poverty

8. Market failure and government intervention

• The price mechanism

• Market failure

• Public goods

• Externalities

• Merit and demerit goods

• Information failure

• Government intervention

• Government failure

• Competition policy, regulation and privatisation

9. Macroeconomic performance

• Macroeconomic objectives

• Measuring economic performance

• GDP and national income

• Inflation and price indices

• Unemployment

• Living standards

10. Aggregate demand and aggregate supply

• Circular flow of income

• Aggregate demand

• The multiplier

• Short-run aggregate supply

• Long-run aggregate supply

• AD/AS analysis

11. Economic growth and the economic cycle

• Short-run and long-run economic growth

• Costs and benefits of growth

• Economic cycles

• Output gaps

• Demand-side and supply-side shocks

• Cyclical instability

12. Employment and unemployment

• Measuring unemployment

• Types of unemployment

• Causes of unemployment

• Natural rate of unemployment

• Consequences of unemployment

• Policies to reduce unemployment

13. Inflation and deflation

• Inflation, deflation and disinflation

• Demand-pull and cost-push inflation

• Inflation expectations

• Quantity theory of money

• Consequences of inflation and deflation

14. Conflicts between macroeconomic objectives

• Inflation vs unemployment

• Growth vs inflation

• Growth vs the current account

• Growth vs environmental objectives

• Output gaps

• Phillips Curve

• Short-run and long-run policy conflicts

15. Financial markets and monetary policy

• Money and financial markets

• Commercial and investment banks

• Central banks

• Monetary policy

• Interest rates and the exchange rate

• Quantitative easing

• Financial regulation and systemic risk

16. Fiscal policy

• Government spending

• Taxation

• Budget deficits and surpluses

• National debt

• Fiscal policy and aggregate demand

• Fiscal policy and aggregate supply

• Redistribution and taxation

17. Supply-side policies

• Free-market supply-side policies

• Interventionist supply-side policies

• Productivity and potential output

• Unemployment and the natural rate

• Growth and competitiveness

18. Globalisation

• Causes and characteristics of globalisation

• Multinational corporations

• Effects of globalisation on economies

19. International trade

• Absolute and comparative advantage

• Specialisation and trade

• Benefits and costs of international trade

• Protectionism

• Tariffs and quotas

• Customs unions and the Single Market

• WTO

20. Balance of payments

• Structure of the balance of payments

• Current account

• Causes of current-account imbalances

• Investment flows

• Policies to correct imbalances

• Consequences of current-account deficits and surpluses

21. Exchange rates

• Determination of exchange rates

• Floating and fixed exchange rates

• Government intervention

• Exchange rates and macroeconomic objectives

• Currency unions

22. Economic growth and development

• Economic growth vs economic development

• Measuring development

• Characteristics of less-developed economies

• Barriers to development

• Policies for development

• Aid and trade

• Market-based vs interventionist strategies