My Revision Notes: AQA A Level Economics Third Edition
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Description
Contents
Reviews
Language
English
ISBN
9781398312135
Cover
Title Page
Copyright
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Introduction
Paper 1 Markets and market failure
1 Economic methodology and the economic problem
Economic methodology
The nature and purpose of economic activity
Economic resources
Scarcity, choice and the allocation of resources
2 Individual economic decision making
Consumer behaviour
Imperfect information
Aspects of behavioural economic theory
Behavioural economics and economic policy
3 Price determination in a competitive market
The meaning of a competitive market
The determinants of the demand for goods and services
Price, income and cross elasticities of demand
The determinants of the supply of goods and services
Price elasticity of supply (PES)
The determination of equilibrium market prices
The interrelationship between markets
4 Production, costs and revenue
Production and productivity
Specialisation, division of labour and exchange
Costs of production
The law of diminishing returns and returns to scale
Costs of production in the long run
Economies and diseconomies of scale
Average revenue, total revenue and profit
Market structure and marginal and average revenue
Technological change
5 Perfect competition, imperfectly competitive markets and monopoly
Market structures
The objectives of firms
Perfect competition
Monopolistic competition
Oligopoly
Monopoly and monopoly power
Price discrimination, consumer and producer surplus
The competitive market process
Contestable and non-contestable markets
Market structure, static efficiency, dynamic efficiency and resource allocation
6 The labour market
The demand for labour
Influences on the supply of labour to different markets
Wage differentials
The determination of relative wage rates and levels of employment in perfectly competitive labour markets
The determination of relative wage rates and levels of employment in imperfectly competitive labour markets
The influence of trade unions in determining wages and levels of employment
The National Minimum Wage (NMW)
Discrimination in the labour market
7 The distribution of income and wealth: poverty and inequality
The distribution of income and wealth
The problem of poverty
Government policies to alleviate poverty and to influence the distribution of income and wealth
8 The market mechanism, market failure and government intervention in markets
How markets and prices allocate resources
The meaning of market failure
Public goods, private goods and quasi-public goods
Externalities
Marginal analysis of externalities for A-level
Environmental market failure and the tragedy of the commons
Merit and demerit goods
Market imperfections
An inequitable distribution of income and wealth
Government intervention in markets
Competition policy
Public ownership, privatisation, regulation and deregulation of markets
Government failure
Paper 2 National and international economy
9 The measurement of macroeconomic performance
The objectives of government economic policy
Macroeconomic indicators
Uses of national income data
Evaluation of GDP data in determining living standards
10 How the macroeconomy works
The circular flow of income
Aggregate demand and aggregate supply
Aggregate demand and aggregate supply analysis
11 Economic performance
Economic growth
Employment and unemployment
Inflation and deflation
Possible conflicts between macroeconomic policy objectives
12 Financial markets and monetary policy
The structure of financial markets and financial assets
Commercial banks and investment banks
Central banks and monetary policy
Monetary policy
The regulation of the financial system
13 Fiscal and supply-side policies
Fiscal policy
Supply-side policies
14 The international economy
Globalisation
Trade
The balance of payments
Exchange rate systems
Economic growth and development
Glossary
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