Economics

{"examination": "CAPE Economics", "syllabus_topics": {"Unit 1: Microeconomics": ["Module 1 - Methodology: Demand and Supply: This module introduces the central problem of economics, including scarcity, opportunity cost, and the Production Possibilities Frontier (PPF) [1, 2]. It covers the theory of consumer demand using marginal utility and indifference curve approaches, alongside price, income, and cross elasticities [3, 4]. Additionally, it addresses the theory of supply (production functions, short-run and long-run costs, producer surplus) and market equilibrium, including the effects of price controls, taxes, and subsidies [5-9].", "Module 2 - Market Structure, Market Failure and Intervention: Candidates study the goals of firms and the characteristics of market structures such as perfect competition, monopoly, and oligopoly, including measures of industrial concentration like the Herfindahl Index [10-12]. The module explores the concepts of Pareto efficiency, social vs. private costs/benefits, and causes of market failure like externalities and asymmetric information [13-15]. It also evaluates government and private sector measures used to correct market failure [15].", "Module 3 - Distribution Theory: This module focuses on factor markets, applying marginal productivity theory to the demand for land, labour, and capital [16, 17]. It addresses wage differentials, labour mobility, and the roles of trade unions and government in labour pricing [18, 19]. Further study includes the measurement of income inequality using the Lorenz curve and Gini coefficient, distinctions between absolute and relative poverty, and government strategies for poverty alleviation [20-22]."], "Unit 2: Macroeconomics": ["Module 1 - Models of the Macroeconomy: Topics include National Income Accounting (circular flow, real vs. nominal GDP, price deflators) and its limitations as a measure of well-being [23, 24]. The module compares Classical models of aggregate demand and supply with basic Keynesian models, including the consumption function and the simple multiplier [24-28]. It also examines the theory of investment, focusing on the marginal efficiency of capital and the accelerator theory [29, 30].", "Module 2 - Macroeconomic Problems and Policies: Focuses on the causes, measurement, and costs of unemployment and inflation, including the trade-off represented by the Phillips curve [31-34]. It details monetary theory and policy (money creation, the central bank's role, tools of control) and fiscal policy (budgeting, balanced budget multipliers, discretionary measures) [34-37]. Additionally, it addresses the nature, burden, and management of national debt in the Caribbean context [37-39].", "Module 3 - Growth, Sustainable Development and Global Relations: Candidates distinguish between growth and sustainable development, analyzing the structural characteristics and vulnerabilities of Caribbean economies [40, 41]. The module covers international trade theories like comparative advantage, protectionism versus trade liberalisation, and the terms of trade [41-43]. It also evaluates Balance of Payments accounts, exchange rate regimes, regional integration (CARICOM, CSME), and the roles of international institutions like the WTO and IMF [43-47]."], "School-Based Assessment (SBA)": ["Research Project: A compulsory investigation into a specific economic problem where candidates must demonstrate skills in research, analysis, and evaluation [48]. The project requires the application of economic theories, concepts, and models to actual problems, documented in a report of 2000–2500 words [49, 50].", "Methodology and Communication: Candidates must develop a sound research design, collect and analyze data using appropriate presentation tools like graphs and tables, and present reasoned conclusions [50, 51]. Assessment criteria emphasize the grasp of economic principles, logic in arguments, and the use of proper referencing styles [51, 52]."]}}