- 68 pages of revision notes for AQA AS economics.
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Unit 1 – Markets and Market Failure
- Nature of Economics
- Economic Objectives
- Scarcity / Choice / Opportunity Cost
- Production Possibility Frontiers
- Positive / Normative Economics
- Specialisation and division of labour
- Types of Goods
- Market Equilibrium
- Interrelationship between markets
- Economies / diseconomies of Scale
- Inequalities in income / wealth
- Market Failure
- Demerit / Merit goods
- Public Goods
- Immobilities of factors of production
- Government Intervention (price controls, buffer stocks, pollution permits, state provision, regulation
- Impact of Government Intervention
- Taxes and Subsidies
- Government Failure
Unit 2 – The National Economy
- Macro economic Objectives
- Economic Indicators
- Economic Cycle
- Aggregate Demand
- Aggregate Supply
- Economic Growth
- Costs and benefits of growth
- Comparison of Living Standards
- Measures of Economic Development
- Inflation and Deflation
- Supply side policies
- Fiscal Policy
- Multiplier Effect
- Monetary Policy
- Exchange Rates
- Balance of Payments on Current Account