AS, A2 & IB Economics Revision Notes

This is a new, comprehensive collection of free revision notes to support core topics on your AS, A2 or International Baccaleaurate Economics courses. Click on the relevant tab to find suitable notes.

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AS Markets & Market Systems

Economic Resources	Scarcity & Choice in Resource Allocation
Production Possibility Frontier	Specialisation & Trade
Positive and Normative Statements	Theory of Demand
Theory of Supply	Market Equilibrium Price
Price Elasticity of Demand	Price Elasticity of Supply
Income Elasticity of Demand	Cross Price Elasticity of Demand
Price Mechanism	Price Volatility in Markets
Inter-relationships Between Markets	Consumer Surplus
Producer Surplus	Example - Market for Oil
Example - Market for Copper	Example - Market for Rhodium
Example - Market for Coffee

AS Macroeconomics / International Economy

Introduction to the UK Economy	UK Economic Cycle
Measuring National Income	Macroeconomic Objectives
Using Index Numbers	Aggregate Demand
Consumer Spending & Saving	Capital Investment & Spending
Aggregate Supply	Macroeconomic Equilibrium
Macroeconomic Cycle	Multiplier and Accelerator Effects
Economic Growth	Inflation
Employment & Unemployment	International Trade
Balance of Payments	Macroeconomic Policy
Monetary Policy	Exchange Rates
Fiscal Policy	Government Borrowing / Budget Deficit
Supply-side Policies	Objectives & Trade-offs

AS Market Failure

Production and Costs	Economies and Diseconomies of Scale
Importance of Productivity	Economic Efficiency
Market Failure	Competition, Monopoly & Allocation of Resources
Negative Externalities	Positive Externalities
Government intervention and Externalities	Public Goods and Private Goods
Merit Goods	Demerit goods
Factor Immobility	Imperfect Information
Poverty & Inequality in Resource Allocation	Government Intervention in the Market
Indirect Taxation	Producer Subsidies
Maximum Prices	Minimum Prices
Buffer Stock Schemes	Economics of Farm Support – the CAP
Government Failure	Economics of Health Care

A2 Markets (Business Economics)

Short Run and Long Run Production	Background to Supply - Short Run Costs
Long Run Costs: Economies & Diseconomies of Scale	Business Revenues
Profits	Objectives of Businesses
Divorce between Ownership and Control	Technological Change, Costs & Supply in Long-run
The Growth of Firms	Perfect Competition
Dynamics of Competition and Competitive Market Processes	Monopoly
Price Discrimination	Monopoly and Economic Efficiency
Oligopoly - Overview	Oligopoly - Game Theory
Consumer and Producer Surplus
Contestable Markets	Price Takers and Price Makers – Pricing Power
Market Structures – A Summary	Market Failure - Introduction
Government Failure	Market Failure – Externalities - Overview
Market Failure - Externalities - Policy Options
Market Failure - Public Goods	Market Failure – Universities and Tuition Fees
Competition Policy	Privatisation and Deregulation
Cost Benefit Analysis
Demand for Labour	The Labour Force
Supply of Labour to Different Markets	Wage Determination in Competitive Markets
Trade Unions and Monopsony Employers	Labour Market - Discrimination
Labour Market - Migration	Labour Market – The Ageing Population
The Distribution of Income and Wealth	Government Policies towards Poverty

A2 Macroeconomics / Global Economy

Nature and Causes of Fluctuations in Economic Activity	Consumer spending and saving
Capital investment spending	Cyclical fluctuations - demand and supply-side shocks
Theories of Economic Growth	Economic Growth – Costs and Benefits
National Income and Changes in Living Standards	Unemployment
The Natural Rate of Unemployment	Flexible Labour Markets
The Phillips Curve	Measuring Inflation
Causes of Inflation	Consequences of Inflation
Deflation	Monetarism and the Quantity Theory of Money
Government Macroeconomic Policy	Monetary Policy
The Exchange Rate	Fiscal Policy - Taxation and Public Expenditure
Direct and Indirect Taxation	Economic Effects of Fiscal Policy
The Pattern of International Trade
Trade and Development - Introduction	Trade and Development - Trade Agreements
Trade and Development - BRICS	Globalisation & Africa
Globalisation - Introduction	Globalisation - Effects
Trade and the law of Comparative Advantage	Protectionism
Balance of Payments - Introduction	Balance of Payments - Deficits
Balance of Payments - National Income
European Monetary Union

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