MATSEC SEC Economics study plan

Define the central problem of scarcity and opportunity cost, and apply both terms to three everyday Maltese examples such as choosing between work and further study.

Distinguish between microeconomics and macroeconomics, and classify ten given statements into the correct branch.

Construct and label a production possibility frontier, then explain points inside, on, and outside the curve in writing.

Calculate opportunity cost from simple numerical tables showing alternative output combinations.

State the law of demand and the law of supply, and list three determinants of each that shift the curves.

Draw demand and supply diagrams showing equilibrium, surplus, and shortage, and identify the new equilibrium after a stated shift.

Compute price elasticity of demand using the formula and classify results as elastic, inelastic, or unitary.

Relate elasticity to total revenue and predict the revenue effect of a price rise in two contrasting markets.

Explain consumer surplus and producer surplus on a demand-and-supply diagram and identify the welfare loss from a price control.

Analyse the effects of a maximum price and a minimum price, each with a diagram and two consequences.

Describe market failure sources: externalities, public goods, merit and demerit goods, and monopoly power.

Evaluate one government intervention (tax, subsidy, or regulation) aimed at correcting a negative externality.

Define the factors of production and classify ten given resources into land, labour, capital, and enterprise, noting rewards for each.

Explain the division of labour and list two advantages and two disadvantages for firms and workers.

Distinguish between fixed and variable costs, and compute total, average, and marginal cost from a cost schedule.

Interpret economies and diseconomies of scale using a long-run average cost curve.

Compare the four main market structures (perfect competition, monopolistic competition, oligopoly, monopoly) on number of firms, product type, and barriers to entry.

Explain how a profit-maximising firm sets output where marginal cost equals marginal revenue, using a diagram.

Describe price discrimination and give one real-world example with the conditions required.

Assess the case for and against government regulation of monopolies.

Define GDP and distinguish it from GNP, and list what GDP excludes.

Explain the circular flow of income and identify injections and withdrawals.

Calculate GDP using the expenditure approach from given data, and compute the multiplier from a marginal propensity to consume.

Distinguish between real and nominal GDP and explain why the distinction matters for growth comparisons.

Explain demand-pull and cost-push inflation with a diagram for each, and list two consequences of inflation.

Define unemployment, classify frictional, structural, seasonal, and cyclical types, and match five scenarios to the correct type.

Describe the functions of money and the role of a central bank in setting interest rates.

Evaluate one fiscal and one monetary policy response to a recession, stating a strength and a limitation of each.

Explain the benefits and costs of international trade and define comparative advantage with a two-country numerical example.

Describe the purpose of tariffs, quotas, and trade blocs, and state one effect of each on consumers and producers.

Interpret balance of payments current account surpluses and deficits and link them to exchange rate movements.

Synthesise the whole syllabus into a revision map linking scarcity, markets, market failure, market structures, and macroeconomic policy.