ECONOMICS A TEXTBOOK - WELCOME IGCSE

ECONOMICS

A TEXTBOOK

SKANDA Kumarasingam

? Skanda Kumarasingam 2009

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In memory of my father

Viswalingam Kumarasingam

? Skanda Kumarasingam 2009

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Contents in Brief

Introduction

About the Author

Part 1- Micro Economics

Chapter 1- Basic Concepts and Ideas of Economics

Chapter 2- Price Theory

Chapter 3- Price Elasticity and Marginal Revenue

Chapter 4- Cost of Production

Chapter 5- Product Price and Output in Pure Competition

Chapter 6- Product Price and Output in a Pure Monopoly

Chapter 7- The Prices and Employment of Resources

Part 2- Macro Economics

Chapter 8- National Income Accounting

Chapter 9- Macroeconomic Analysis- Aggregate Demand and Aggregate Supply

Chapter 10- National Income Analysis

Chapter 11- International Trade and Balance of Payments

Chapter 12- Money and Banking: Fiscal and Monetary Policy

? Skanda Kumarasingam 2009

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Contents in Detail

Introduction

About the Author

Part 1- Micro Economics

Chapter 1- Basic Concepts and Ideas of Economics

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Problem of scarcity

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Needs and wants

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Resources or factors of production

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Goods and services

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Efficient economies

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Production possibilities

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Law of increasing opportunity cost

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Efficient and inefficient points on the production possibilities curve

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Circular flow diagram

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The economic questions

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Review (chapter summary)

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Answers to review questions

Chapter 2- Price Theory

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Demand

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Law of demand

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Differences between demand and quantity demanded( compiling the determinants of

demand)

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Supply

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Law of supply

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Differences between supply and quantity supplied( compiling determinants of supply)

? Skanda Kumarasingam 2009

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?

Demand and supply( finding the market equilibrium for an individual product)

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Changes in the equilibrium

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Review( chapter summary)

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Answers to review questions

Chapter 3- Price Elasticity and Marginal Revenue

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Elasticity and its calculation

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Revenue

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Elasticity of supply

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Marginal revenue

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Review( chapter summary)

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Answers to review questions

Chapter 4- Cost of Production

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Economic costs and economic profits

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Cost schedules and curves

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Marginal cost and marginal product

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law of diminishing returns

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Average costs

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Long run cost curves

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Review (chapter summary)

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Answers to review questions

Chapter 5- Product Price and Output in Pure Competition

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Features of perfect competition and assumptions

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Short run cost of production

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The firm¡¯s supply curve

? Skanda Kumarasingam 2009

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