Economics — Grade 12

The economy as one system — aggregates, the four sectors & the circular flow.

Measuring output — GDP, GNP & the three ways to add up a nation's income.

What we spend and what we set aside — the consumption function & MPC.

Equilibrium output — aggregate demand, the multiplier & the output gap.

Taxes, spending & deficits — how the government steers the economy.

Trade beyond borders — exchange rates, the balance of payments & capital flows.

Scarcity, choice & opportunity cost — the ideas beneath every economic decision.

Utility, indifference curves & the law of demand — how buyers decide.

From inputs to output — returns to scale and the family of cost curves.

Price-takers at work — revenue, profit maximisation & the supply curve.

Where supply meets demand — equilibrium price, shortages & surpluses.