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| Purpose: Content:
The function of the economy and its participants
The concept of supply and demand as it relates to markets and economic conditions
The effects of changes in demand and/or supply on prices and quantities
The conditions under which markets fail and why government intervention is necessary
Basic macro-economic goals and instruments, the GDP concept and its limitations
The concepts of inflation
The interaction between inflation and unemployment
The objectives of macroeconomic policy
The differences between privatisation, deregulation and competition
Research to explain the interaction and differences between different economic systems
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