Advanced Higher Economics

The short-run and long-run pricing and output decisions of firms at either end of the competition spectrum.

Two market structures between perfect competition and monopoly, and why oligopoly prices are often unusually stable.

How positive and negative externalities in production and consumption create a welfare loss or gain compared to the social optimum.

How governments correct externalities and monopoly power, and the roles of regulators and the Competition and Markets Authority.

The key statistics used to judge the health of the UK economy, and how they relate to each other.

How each policy type is transmitted through the economy, and what determines its effectiveness.

The shared characteristics of developed economies, and the distinct economic problems many of them currently face.

What distinguishes emerging economies from developing ones, and how their growth affects the UK.

The factors driving globalisation, and its wider consequences for consumers, workers, and firms.

The distinct roles of the World Trade Organisation, the World Bank, and the International Monetary Fund.