Causes of a shift in the budget line - Analyzing factors that cause shifts in the budget line.

Income, substitution and price effects for normal, inferior and Giffen goods - Explaining income, substitution, and price effects for different types of goods.

Limitations of the model of indifference curves - Discussing the limitations of the indifference curve model.

Definitions of productive efficiency and allocative efficiency - Defining productive and allocative efficiency.

Conditions for productive efficiency and allocative efficiency - Analyzing conditions required for productive and allocative efficiency.

Pareto optimality - Introducing Pareto optimality as a state where it is impossible to make one person better off without making someone else worse off.

Definition of dynamic efficiency - Defining dynamic efficiency as the long-run efficiency of the economy.

Definition of market failure - Defining market failure as a situation where the free market fails to allocate resources efficiently.

Reasons for market failure - Identifying common reasons for market failure.

Definition and calculation of social costs (SC) as the sum of private costs (PC) and external costs (EC), including marginal social costs (MSC), marginal private costs (MPC) and marginal external costs (MEC) - Defining and calculating social costs, private costs, external costs, and their marginal counterparts.

Definition and calculation of social benefits (SB) as the sum of private benefits (PB) and external benefits (EB), including marginal social benefits (MSB), marginal private benefits (MPB) and marginal external benefits (MEB) - Defining and calculating social benefits, private benefits, external benefits, and their marginal counterparts.

Definition of positive externality and negative externality - Defining positive and negative externalities.