Microeconomic topics
- Consumer and producer surplus
- Demand
- Economies of scale
- Elasticity
- Market equilibrium
- Production possibility frontiers
- Positive and normative statements
- Opportunity cost
- Specialisation and division of labour
- Market failure
- Positive externalities – the benefit to a third party.
- Negative externalities – cost imposed on a third party.
- Merit goods – People underestimate the benefit of good, e.g. education
- Demerit goods – People underestimate costs of good, e.g. smoking
- Public Goods – Goods which are non-rival and non-excludable
- Information failure – lack of information
- Government failure
- Government intervention
- Behavioural economics – Examining the many factors influencing how agents make decisions
A-level Micro topics
- Objectives of firms
- Costs
- Diminishing returns
- Efficiency
- Labour markets
- Market structure
- Price discrimination
- Pricing strategies
- Privatisation
Post A-level topics
- Isoquant and isocosts
- Adverse selection explained
- Asymmetric information problem
- Expected Utility Theory
- Marginal utility theory
- Indifference curves and budget lines
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