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What's covered, in curriculum order. Titles and summaries are free to browse; the full section, with worked examples, unlocks with a free account.
1. The Economic Problem
How scarcity, choice, and opportunity cost apply to individuals, firms, and governments alike.
2. Production Possibility Diagrams
How a production possibility diagram shows the trade-offs an economy faces, and the difference between technical and economic efficiency.
3. The Theory of Demand
How marginal utility explains why demand curves slope downwards, and how income and substitution effects reinforce this.
4. Determinants of Demand
The factors, other than a good's own price, that shift the whole demand curve.
5. Price Elasticity of Demand
How responsive quantity demanded is to a price change, and why this matters for a firm's or government's revenue.
6. The Theory & Determinants of Supply
How the supply curve is derived, and what causes it to shift.
7. Markets & the Price Mechanism
How the price mechanism allocates scarce resources by bringing demand and supply into balance.
8. Production & Costs
How specialisation and the division of labour affect productivity, and how a firm's costs change as output grows.
9. Market Structures & Market Failure
The characteristics of perfect competition and monopoly, and why markets sometimes fail to allocate resources efficiently.
10. Taxation & Government Spending
How the UK government raises and spends money, and what it means for its budget to be in deficit, surplus, or balance.
11. Inflation
The causes of inflation, and how demand-pull and cost-push inflation differ.
12. Unemployment
The different types of unemployment, and their effects on individuals, firms, and the wider economy.
13. Economic Growth
What causes economic growth, and how it relates to standards of living.
14. Government Economic Policies
How fiscal, monetary, and supply-side policies are used to pursue the government's economic aims.
15. National Income
How the circular flow of income works, and how a simple multiplier shows the wider effect of a change in spending.
16. Scotland's Place in the UK Economy
The economic powers devolved to the Scottish Parliament, and how UK-wide policy affects Scotland.
17. Understanding Global Trade
Why countries specialise and trade, and the case for and against free trade and trade barriers.
18. Multinational Companies
Why multinationals choose particular locations, and the effects on both their home and host countries.
19. Exchange Rates
What causes a currency's exchange rate to change, and the effects on individuals, firms, and trade.
20. The Balance of Payments
How the current account records a country's trade and income with the rest of the world, and how a deficit can be reduced.
21. Developing, Emerging & Developed Economies
The characteristics of different types of economy worldwide, and the role of the major global institutions.
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