Edexcel A Level Economics Exam Revision Notes

Concise resources for the Edexcel A Level Economics course.

Want one-to-one support?

Specialist A Level Economics tutoring with Umar from UDoEcon — AQA, Edexcel, OCR & IB.

Apply for Tutoring

1.1 Nature of economics

1.1 Nature of economics

Economics as a Social Science Free market economies, mixed economy and command economy Positive and Normative Economic Statements Production possibility frontiers Specialisation and the division of labour The Basic Economic Problem

1.2 How markets work

1.2 How markets work

Consumer & Producer Surplus Demand Elasticity of supply Indirect Taxes & Subsidies Market Equilibrium & Price Price determination Price mechanism Price, income and cross elasticities of demand Rational decision making Supply

1.3 Market failure

1.3 Market failure

Externalities Information gaps Public goods Types of Market Failure

1.4 Government intervention

1.4 Government intervention

Government failure Government intervention

2.1 Measures of Economic Perfo...

2.1 Measures of Economic Performance

Balance of Payments Economic Growth Inflation Unemployment

2.2 Aggregate Demand

2.2 Aggregate Demand

The Characteristics of AD Consumption (C)Investment (I)Government Expenditure (G)Net trade (X-M)

2.3 Aggregate Supply

2.3 Aggregate Supply

Aggregate Supply Long-run AS Short-run AS The characteristics of AS

2.4 National Income

2.4 National Income

Circular Flow of Income Equilibrium levels of real national output Multiplier National Income

2.5 Economic Growth

2.5 Economic Growth

Causes of growth Output gaps Trade (business) cycle The impact of economic growth

2.6 Macroeconomic Objectives

2.6 Macroeconomic Objectives

Conflicts and tradeoffs between objectives and policies Possible macroeconomic objectives Supply-side Policies Demand-side policies

3.1 Business Growth

3.1 Business Growth

Business Growth Business objectives Demergers Sizes & Types of Firms

3.3 Revenues, costs and profit...

3.3 Revenues, costs and profits

Costs Economies & Diseconomies of Scale Normal profits, supernormal profits and losses Revenue

3.4 Market structures

3.4 Market structures

Contestability Efficiency Monopolistic competition Monopoly Monopsony Oligopoly Perfect competition

3.5 Labour Market

3.5 Labour Market

Demand for Labour Supply of Labour Wage determination in competitive and non-competitive markets

3.6 Government intervention

3.6 Government intervention

Government intervention The impact of government intervention

4.1 International economics

4.1 International economics

Balance of payments Exchange rates Globalisation International competitiveness Pattern of trade Restrictions on free trade Specialisation and trade Terms of trade Trading blocs and the World Trade Organisation (WTO)

4.2 Poverty and inequality

4.2 Poverty and inequality

Absolute and relative poverty Inequality

4.3 Emerging and developing ec...

4.3 Emerging and developing economies

Factors influencing growth and development Measures of development Strategies influencing growth and development

4.4 The financial sector

4.4 The financial sector

Market failure in the financial sector Role of central banks Role of financial markets

4.5 Role of the state in the m...

4.5 Role of the state in the macroeconomy

Macroeconomic policies in a global context Public Sector Finances Public expenditure Taxation