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WJEC A-level economics revision guide

Specific WJEC A-level economics revision guide (units 1,2,3,4) – just £8.95
Updated for the new WJEC economics syllabus. Last updated June 2022.
E-book (comes in pdf format shortly after purchase.)
Also suitable for Eduqas. Eduqas is part of WJEC and it is the same syllabus.
Trademark simplicity and clarity of presentation.
Significantly expanded on previous version, with not just required knowledge, but also examples of evaluation for each topic.
For schools – See: Network License – A-level WJEC Economics (£105.00) (allowing unlimited use)

Inelastic supply

Supply is price inelastic if a change in price causes a smaller percentage change in supply. (PES of less than one) Example of inelastic supply – Price of rents falls by 20%; Q.Supply declines by 1%. PES = 0.05 Diagram of inelastic supply In this case, an increase in price from £30 to £40 has …

Pareto efficiency

Definition of Pareto efficiency Pareto efficiency is said to occur when it is impossible to make one party better off without making someone worse off. A Pareto improvement is said to occur when at least one individual becomes better off without anyone becoming worse off. Pareto efficiency will occur on a production possibility frontier. When …

Definition of Rational expectations – an economic theory that states – when making decisions, individual agents will base their decisions on the best information available and learn from past trends. Rational expectations are the best guess for the future. Rational expectations suggest that although people may be wrong some of the time, on average they …

UK Company Profits

Level of Company Gross Profit in the UK Profitability of companies – ONS In 2016, Gross profit by UK non-financial companies was £2,993,446 million or £2,993 bn Cash reserves of companies have increased. In 2014, the Bank of England estimated cash reserves of UK firms at £284 billion See: Cash reserves PNFC – Private non-financial companies. …

What caused the Wall Street Crash of 1929?

The 1929 stock market crash was a result of an unsustainable boom in share prices in the preceding years. The boom in share prices was caused by the irrational exuberance of investors, buying shares on the margin, and over-confidence in the sustainability of economic growth. Some economists argue the boom was also facilitated by ‘loose …

In a recent post, we looked at the advantages of free movement of labour. But, what about the problems which might arise from free movement of labour? Firstly, free movement of labour depends on the area in question. To make an easy contrast, initially, the EU was free movement of workers between 12 / 15 …

Definition of knowledge economy The sector of the economy which is increasingly based on knowledge-intensive activities, creating a greater reliance on intellectual capital rather than physical inputs. The OECD state the knowledge economy is associated with: High-tech manufacturing (computer, electronics, aerospace), Service sector industries, such as education healthcare and software design Business services such as …

WJEC A-level economics revision guide

Inelastic supply

Pareto efficiency

Rational expectations

UK Company Profits

What caused the Wall Street Crash of 1929?

Problems of free movement of labour

The knowledge economy