AQA A LEVELS ECONOMICS

My revision planner Paper 1 The operation of 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 upon 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 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 The national economy in a global context 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 Now test yourself answers Glossary Exam practice answers and quick quizzes at