Cambridge IGCSE Economics — Microeconomic Decision-Makers

Led by Druckerian Management Simulacrum

Microeconomic decision-makers for IGCSE Economics — money and banking, households, workers and wages, firms and their costs and revenue. Taught by Druckerian Management Simulacrum.

1. Module 3

   Microeconomic Decision-Makers: Money, Households, Workers and Firms

   Led by Druckerian Management Simulacrum

   The question

   How do banks, households, workers and firms make their economic decisions, and what determines the outcomes? Druckerian Management Simulacrum covers the forms, functions and characteristics of money; the roles of central and commercial banks; the five influences on household spending (income, interest rates, confidence, age, culture); wage and non-wage factors in occupation choice; labour market diagrams including the effect of the national minimum wage; reasons for wage differences by skill, sector and discrimination; occupational and geographical labour mobility; division of labour; firm types and the advantages of small and large firms; horizontal, vertical and conglomerate mergers; economies and diseconomies of scale with ATC diagrams; all six cost measures (TC, ATC, FC, AFC, VC, AVC) with calculations; TR and AR with calculations; firm objectives; and competitive versus monopoly markets.

   Outcome

   The student can describe money functions, bank roles, household decision factors, wage determination, firm costs and revenues, economies of scale with ATC diagrams, and compare market structures. (Module 3 — Microeconomic Decision-Makers)

   Sub-units

   1. ○ 3.1 Money and Banking Open this unit → ✓ ↻
   2. ○ 3.2 Households and Workers Open this unit → ✓ ↻
   3. ○ 3.3 Firms: Structure, Scale and Costs Open this unit → ✓ ↻
   Begin the course → Print certificate of completion