NSSCO Economics (6145) study guide
NSSCO Economics (6145) · Work through your exam, one topic at a time.
NSSCO Economics (6145) is the Ordinary Level Economics subject in Namibia's senior secondary curriculum, normally taken in Grade 11 and examined by the national examinations authority. It suits learners who want a grounding in how households, firms and governments make choices about scarce resources, and it is often a stepping stone to AS/A Level Economics, commercial studies or further vocational training. The NSSCO Economics (6145) study guide has 10 sections and about 3,214 words.
01The Basic Economic Problem and Economic Systems
Domain 1 tests the foundation of the syllabus: why choices must be made, what they cost, and how different societies organise production. Expect questions on scarcity, opportunity cost, the production possibility curve (PPC) and the main economic systems.
375 words, about 2 min02Demand, Supply and Market Equilibrium
Domain 2 tests whether you can distinguish a movement along a curve from a shift of the curve, and whether you can locate and interpret market equilibrium. The law of demand states that, ceteris paribus, a rise in price reduces quantity demanded, giving a downward-sloping curve.
327 words, about 2 min03Elasticity and Its Applications
Domain 3 tests numerical calculation of elasticity and, more importantly, your ability to use elasticity to predict revenue, tax incidence and policy outcomes. Price elasticity of demand (PED) = percentage change in quantity demanded divided by percentage change in price.
339 words, about 2 min04Production, Costs, Revenue and Profit
Domain 4 tests your grasp of short-run cost behaviour, the shape of cost curves and the difference between accounting and economic profit. The short run has at least one fixed factor; the long run allows all factors to vary.
340 words, about 2 min05Market Structures and the Firm
Domain 5 tests the characteristics, pricing and efficiency of the four main market structures, and the profit-maximising rule. Perfect competition: many small firms, identical products, free entry, price takers with a horizontal demand curve; long-run equilibrium gives normal profit only.
310 words, about 2 min06Money, Banking and Financial Institutions
Domain 6 tests the functions and characteristics of money, the structure of the banking system and the role of the Bank of Namibia. Money serves as a medium of exchange, unit of account, store of value and standard of deferred payment.
312 words, about 2 min07National Income and Macroeconomic Objectives
Domain 7 tests measurement of national income, the circular flow, and the objectives governments pursue. Households supply factors of production and receive incomes; firms produce goods and services.
307 words, about 2 min08Inflation, Unemployment and Macroeconomic Policy
Domain 8 tests the causes and consequences of inflation and unemployment, and the policy tools used against them. Inflation is a sustained rise in the general price level, measured by the consumer price index.
290 words, about 1 min09International Trade, Balance of Payments and Exchange Rates
Domain 9 tests why countries trade, how trade is recorded and what moves exchange rates. Absolute advantage compares output per unit of input; comparative advantage compares opportunity costs.
307 words, about 2 min10Economic Development and the Namibian Economy
Domain 10 tests the distinction between growth and development and applies it to Namibia's structural features and policies. Growth is a rise in real GDP; development is broader, covering income, health, education and inequality.
307 words, about 2 min