| Explains the basic concepts of economics and the differences between microeconomics and macroeconomics. |
| Interprets changes in market equilibrium price and quantity using the concepts of supply, demand and elasticity. |
| Explains consumer and producer decisions using the concepts of utility, production and cost; compares the basic characteristics of different market structures. |
| Calculates national income, inflation and unemployment indicators at a basic level and interprets their economic meaning. |
| Explains the differences between economic growth and development, income distribution, and the functions of financial markets in the economy. |