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A Level
Economics
Exam Revision Notes
Concise resources for the A Level Economics course.
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
Demand-side Policies
Possible macroeconomic objectives
Supply-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