Economics is a social science that studies how individuals, businesses, governments, and societies allocate scarce resources. It is divided into microeconomics, which focuses on individual decision-making, and macroeconomics, which looks at the economy as a whole. In this article, we will provide revision notes for economics that can help you prepare for your exams.


Microeconomics is the study of how individuals and firms make decisions in the market. The key concepts you need to know include:

• Supply and demand


• Elasticity


• Consumer and producer surplus


• Market structure


• Externalities


• Public goods

Macroeconomics is the study of the economy as a whole. The key concepts you need to know include:

• Gross Domestic Product (GDP)


• Inflation


• Unemployment


• Monetary policy


• Fiscal policy


• International trade

International trade is the exchange of goods and services between countries. The key concepts you need to know include:

• Comparative advantage


• Protectionism


• Balance of trade


• Exchange rates


• Trade agreements

Development economics is the study of how countries can improve their economic and social well-being. The key concepts you need to know include:

• Poverty


• Income inequality


• Human development


• Sustainable development


• Foreign aid

These are some of the key concepts you need to know for economics. Remember to practice past exam questions and seek help if you need it. With these revision notes, you should be well on your way to acing your economics exams.