1. Introduction to Markets and Market Failure

1.1 Nature of Economics

Economics as a Social Science

Positive & Normative Economic Statements

The Economic Problem

Production Possibility Frontiers

Specialisation & the Division of Labour

Free Market Economies, Mixed Economy & Command Economy

1.2 How Markets Work

Rational Decision Making

Demand

Price, Income & Cross Elasticities of Demand

Supply

Elasticity of Supply

Price Determination

Price Mechanism

Producer & Consumer Surplus

Indirect Taxes & Subsidies

Alternative Views of Consumer Behaviour

1.3 Market Failure

Types of Market Failure

Externalities

Public Goods

Information Gaps

1.4 Government Intervention

Government Intervention in Markets

Government Failure

2. The UK Economy: Performance & Policies

2.1 Measures of Economic Performance

Economic Growth

Inflation

Employment & Unemployment

Balance of Payments

2.2 Aggregate Demand (AD)

The Characteristics of Aggregate Demand

Consumption (C)

Investment (I)

Government Expenditure (G)

Net Trade (X-M)

2.3 Aggregate Supply (AS)

Characteristics of Aggregate Supply

Short-Run Aggregate Supply

Long-Run Aggregate Supply

2.4 National Income

National Income

Injections & Withdrawals

Equilibrium Levels of Real National Output

The Multiplier

2.5 Economic Growth

Causes of Growth

Output Gaps

Trade (Business) Cycle

The Impact of Economic Growth

2.6 Macroeconomic Objectives & Policies

Possible Macroeconomic Objectives

Demand-Side Policies

Supply-Side Policies

Conflicts & Trade-Offs Between Objectives & Policies

3. Business Behaviour & the Labour Market

3.1 Business Growth

Size & Types of Firms

Business Growth

Demergers

3.2 Business Objectives

Business Objectives

3.3 Revenues, Costs & Profits

Revenue

Costs

Economies & Diseconomies of Scale

Normal Profits, Supernormal Profits & Losses

3.4 Market Structures

Efficiency

Perfect Competition

Monopolistic Competition

Oligopoly

Monopoly

Monopsony

Contestability

3.5 Labour Market

Demand for Labour

Supply of Labour

Wage Determination in Competitive & Non-Competitive Markets

3.6 Government Intervention

Government Intervention

The Impact of Government Intervention

4. A Global Perspective

4.1 International Economics

Globalisation

Specialisation & Trade

Pattern of Trade

Terms of Trade

Trading Blocs & the World Trade Organisation (WTO)

Restrictions on Free Trade

Balance of Payments

Exchange Rates

International Competitiveness

4.2 Poverty & Inequality

Absolute & Relative Poverty

Inequality

4.3 Emerging & Developing Economies

Measures of Development

Factors Influencing Growth & Development

Strategies Influencing Growth & Development

4.4 The Financial Sector

Role of Financial Markets

Market Failure in the Financial Sector

Role of Central Banks

4.5 Role of the State in the Macroeconomy

Public Expenditure

Taxation

Public Sector Finances

Macroeconomic Policies in a Global Context

5.Exam Technique

5.1 The Exam Papers

Paper 1 Guidance

Paper 2 Guidance

Paper 3 Guidance

5.2 Economics A Level Skills

Skills You Need To Demonstrate

5.3 Structuring Your Responses

Answering 1-Mark MCQs

Answering 2-Mark Questions

Answering 4-Mark Questions

Answering 5-Mark Questions

Answering 8-Mark Questions

Answering 10-Mark Questions

Answering 12-Mark Questions

Answering 15-Mark Questions

Answering 25-Mark Questions

Exam boards

• AQA A Level Economics

Study tools

• Edexcel A Level Economics A · Exam Questions
• Edexcel A Level Economics A · Flashcards
• Edexcel A Level Economics A · Past Papers

Related links

• A Level Economics · Revision Notes
• A Level Economics · Exam Questions
• A Level Economics · Flashcards
• A Level Economics · Past Papers