LC Economics study plan
LC Economics · Give each week a clear focus.
8 weeks · About 6 hours per week
Demand, supply and market equilibrium; elasticity of demand and supply; price controls and market intervention & Consumer and producer behaviour; utility; costs of production; economies and diseconomies of scale; market structures and competition
Derive and interpret price elasticity of demand and supply, income elasticity, and cross elasticity using numerical examples and graphs.
Analyse the effects of price ceilings, price floors, taxes, and subsidies on consumer and producer surplus, deadweight loss, and market equilibrium.
Explain the law of diminishing marginal utility and derive an individual demand curve from utility maximisation.
Distinguish between short-run and long-run cost curves, and calculate total, average, and marginal costs from a cost schedule.
Identify sources of economies and diseconomies of scale and relate them to market structure and competition.
Your checkpoint
A 1,500-word summary sheet with worked examples on elasticity, price controls, utility, and cost curves, plus a self-made table comparing market structures.
National income accounting and measurement; circular flow; economic growth and the business cycle & Money, banking and financial institutions; inflation and its measurement; monetary policy and the role of central banks
Construct the circular flow of income for a four-sector economy and explain injections and withdrawals.
Calculate GDP using expenditure, income, and output approaches, and distinguish nominal from real GDP and GDP from GNP.
Explain the phases of the business cycle and identify causes of economic growth using historical and contemporary examples.
Describe the functions of money, the role of central banks, and the process of credit creation by commercial banks.
Calculate inflation using a price index and distinguish between demand-pull and cost-push inflation.
Your checkpoint
A set of 10 calculation problems (GDP, real vs nominal, inflation) with full solutions, plus a diagram of the circular flow and a one-page summary of monetary policy tools.
Scarcity, choice and the economic problem; factors of production; opportunity cost; production possibility frontier & Fiscal policy; government revenue and expenditure; taxation; budget balance; public debt
Define scarcity, choice, and opportunity cost, and apply them to production possibility frontiers (PPF) including shifts and movements.
Classify factors of production and evaluate factor rewards and mobility.
Distinguish between progressive, proportional, and regressive taxes and evaluate their incidence and effects on incentives.
Explain the components of government revenue and expenditure and calculate the budget balance.
Assess the causes and consequences of public debt and the meaning of fiscal stance.
Your checkpoint
A 1,000-word essay plan on 'Using the PPF and budget balance concepts, evaluate the opportunity cost of government spending on healthcare' with diagrams and numerical examples.
Unemployment; labour markets; income distribution and poverty; demographic change & International trade; balance of payments; exchange rates; globalisation; economic development; European Union economic policy
Distinguish between types of unemployment (frictional, structural, cyclical, seasonal) and calculate the unemployment rate.
Explain labour market equilibrium and the effects of minimum wages and trade unions.
Interpret measures of income distribution (Lorenz curve, Gini coefficient) and evaluate policies to reduce poverty.
Analyse the causes and consequences of demographic change for labour markets and public finances.
Explain the balance of payments accounts and the determination of exchange rates in floating and fixed regimes.
Your checkpoint
A comparative table of unemployment types with policy remedies, and a 500-word analysis of a real-world balance of payments or exchange rate case.
International trade; balance of payments; exchange rates; globalisation; economic development; European Union economic policy & Economic data, research and applied investigation; interpretation of tables, charts and case material
Evaluate arguments for and against international trade, including comparative advantage and protectionism.
Explain the stages and effects of globalisation and distinguish between economic growth and economic development.
Describe key European Union economic policies (single market, competition policy, monetary union) and their implications.
Interpret tables, charts, and case material to extract economic information and identify trends.
Evaluate the reliability of economic data and distinguish between correlation and causation.
Your checkpoint
A data-response exercise: given a table and a short case study (provided by you), answer 5 structured questions with calculations and written evaluation.
Demand, supply and market equilibrium; elasticity of demand and supply; price controls and market intervention & Consumer and producer behaviour; utility; costs of production; economies and diseconomies of scale; market structures and competition
Re-derive elasticity and cost concepts from memory and apply them to unfamiliar scenarios.
Compare perfect competition, monopolistic competition, oligopoly, and monopoly in terms of efficiency and pricing.
Explain price discrimination and evaluate its effects on consumers and producers.
Analyse how firms achieve growth through mergers and evaluate the role of competition policy.
Solve 20 multiple-choice questions on demand, supply, and market structures under timed conditions.
Your checkpoint
A timed 45-minute practice paper (25 MCQs + 2 short answers) on Domains 2 and 3, self-marked with error log.
National income accounting and measurement; circular flow; economic growth and the business cycle & Money, banking and financial institutions; inflation and its measurement; monetary policy and the role of central banks & Fiscal policy; government revenue and expenditure; taxation; budget balance; public debt
Synthesise the links between monetary and fiscal policy in influencing aggregate demand and inflation.
Evaluate the effectiveness of monetary policy in different economic conditions (liquidity trap, inflation targeting).
Calculate and interpret the multiplier and its effect on national income.
Assess the sustainability of public debt and the use of automatic stabilisers.
Answer a 25-mark essay question on a policy conflict (e.g., inflation vs unemployment) with a clear conclusion.
Your checkpoint
A full essay answer to a past-paper style question on macroeconomic policy, marked against a self-generated rubric.
Scarcity, choice and the economic problem; factors of production; opportunity cost; production possibility frontier & Unemployment; labour markets; income distribution and poverty; demographic change & Economic data, research and applied investigation; interpretation of tables, charts and case material
Review all domains using a spaced-repetition schedule and a personal formula sheet.
Practise data-response and case-study questions under exam conditions.
Complete a full mock exam (all domains) within time limits.
Identify and close remaining knowledge gaps through targeted revision.
Finalise a one-page summary of key diagrams and definitions for last-minute review.
Your checkpoint
A completed mock exam with self-assessment and a personalised list of 10 weak areas to revisit before the exam.
Milestones
Week 2: Can you calculate GDP, real vs nominal, and inflation from given data without notes, and explain the circular flow and monetary policy tools accurately?
Week 4: Can you analyse a case study on unemployment or exchange rates using correct terminology and diagrams, and calculate the unemployment rate and Gini coefficient?
Week 6: Score at least 70% on the timed practice paper for Domains 2 and 3, and explain elasticity and cost concepts to a peer without prompts.
Week 8: Complete the full mock exam within time, achieving at least 65% overall and identifying specific areas for final revision.