Economics

Definitions of economics, scarcity, choice, scale of preference, opportunity cost, and the Production Possibility Curve (PPC).

How different economic systems answer the fundamental questions: what to produce, how to produce, and for whom to produce; Ghana as a mixed economy.

The law of demand, demand schedules and curves, determinants of demand, shifts vs. movements along the curve, and exceptional demand.

The law of supply, supply schedules and curves, determinants of supply, shifts vs. movements, and determination of equilibrium price and quantity.

Price elasticity of demand (PED), income elasticity (YED), cross elasticity (XED), price elasticity of supply (PES), calculations, and applications.

Factors of production, short run vs. long run, law of diminishing marginal returns, fixed costs, variable costs, marginal cost, and average cost.

Characteristics of perfect competition, monopoly, monopolistic competition, and oligopoly; price and output determination; profit maximization (MR = MC).

Concepts of GDP, GNP, NNP, national income measurement methods (Output, Income, Expenditure), and measurement difficulties in developing economies like Ghana.

Evolution and functions of money, commercial bank functions and credit creation, the Bank of Ghana, monetary policy tools, and controlling inflation.

Government revenue and expenditure, direct vs. indirect taxes, fiscal policy, balance of payments (BOP), exchange rates, and international trade.

Malthusian population theory, demographic transition theory, age distribution, dependency burden, and labor force development in Ghana.

Demand and supply of labor, marginal revenue productivity theory, trade unions, minimum wage legislation, and wage differentials in Ghana.

Types of inflation (demand-pull, cost-push, imported), Consumer Price Index (CPI), redistribution of wealth, and monetary/fiscal anti-inflationary policies.

Frictional, structural, cyclical, seasonal, and disguised unemployment; economic consequences; and strategies for tackling youth unemployment in Ghana.

Free trade vs. protectionism, commercial trade barriers (tariffs, quotas, subsidies, embargoes), infant industry argument, and the Terms of Trade.

Growth vs. development, indicators (GDP per capita, HDI), determinants of growth, the vicious circle of poverty, and sustainable development.

Development planning in Ghana, short vs. medium vs. long-term plans, the IMF, World Bank Group, and the African Development Bank (AfDB).