Nature and definition of public goods - Defining public goods as non-excludable and non-rival.

Nature and definition of merit goods: under-consumption as a result of imperfect information in the market - Explaining merit goods as goods with positive externalities and under-consumption due to incomplete information.

Nature and definition of demerit goods: over-consumption as a result of imperfect information in the market - Defining demerit goods as goods with negative externalities and over-consumption due to incomplete information.

Effective demand - Defining effective demand as the ability and willingness to purchase a good or service.

Individual and market demand and supply - Explaining the concepts of individual and market demand and supply.

Determinants of demand - Identifying factors that influence demand for a good or service.

Determinants of supply - Identifying factors that influence supply of a good or service.

Causes of a shift in the demand curve (D) - Explaining factors that cause shifts in the demand curve.

Causes of a shift in the supply curve (S) - Explaining factors that cause shifts in the supply curve.

Distinction between the shift in the demand or supply curve and the movement along these curves - Differentiating between shifts in curves and movements along curves.

Definition of price elasticity, income elasticity and cross elasticity of demand (PED, YED, XED) - Defining the concepts of price elasticity of demand, income elasticity of demand, and cross elasticity of demand.

Formulae for and calculation of price elasticity, income elasticity and cross elasticity of demand - Presenting formulae and calculating PED, YED, and XED.