CSEC Economics exam format, paper structure, profile dimensions, section weightings, and study approach for Papers 01, 02, and the SBA.

Economics as a social science, scarcity and the central economic problem, free and economic goods, branches of economics, the three economic agents, opportunity cost, and the production possibility frontier.

The four factors of production and their rewards, characteristics of land, labour, capital, and entrepreneurship, division of labour and specialisation, and the three sectors of economic activity.

Short-run and long-run production, total and marginal product, fixed and variable costs, average and marginal cost, cost curves, economies and diseconomies of scale.

The central resource allocation questions, traditional, command, market, and mixed economic systems, their characteristics, merits, and demerits, and the distinction between goods and services.

The concept of a market, laws of demand and supply, demand and supply schedules, non-price determinants, ceteris paribus, market equilibrium and disequilibrium, and the effects of shifts in demand and supply.

Price elasticity of demand, income elasticity, cross-price elasticity, and price elasticity of supply: formulas, calculations, interpretation, and the factors that determine each.

Definition and characteristics of market structures, perfect competition, monopoly, monopolistic competition, and oligopoly: features, barriers to entry, short-run and long-run equilibrium, and advantages and disadvantages.

Definition and causes of market failure, public goods and the free-rider problem, merit goods, positive and negative externalities, monopoly as market failure, and the consequences of market failure.

History and development of money, features and functions of money, money supply, the financial sector, roles of financial institutions including the central bank, and types of financial instruments.