Revision Notes

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

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

Externalities Information gaps Public goods Types of Market Failure

Government failure Government intervention

Balance of Payments Economic Growth Inflation Unemployment

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

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

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

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

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

Business Growth Demergers Sizes & Types of Firms Business objectives

3.2 Business objectives

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

Contestability Efficiency Monopolistic competition Monopoly Monopsony Oligopoly Perfect competition

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

Government intervention The impact of government intervention

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)

Absolute and relative poverty Inequality

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

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

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

Revision Notes

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

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

Externalities Information gaps Public goods Types of Market Failure

Government failure Government intervention

Balance of Payments Economic Growth Inflation Unemployment

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

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

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

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

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

Business Growth Demergers Sizes & Types of Firms Business objectives

3.2 Business objectives

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

Contestability Efficiency Monopolistic competition Monopoly Monopsony Oligopoly Perfect competition

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

Government intervention The impact of government intervention

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)

Absolute and relative poverty Inequality

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

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

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

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Aggregate Supply | Edexcel A Level Economics | UDoEcon

Aggregate Supply

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