A2 WJEC Revision Guide
- (e-book)
- WJEC A2 level (units 3-4)
- All content for A2 macro and A2 micro economics
- Last updated June 2022
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Price Stability in Oligopoly
Readers Question: To what extent does the kinked demand curve model explain price rigidity in oligopoly? Often prices appear to be relatively stable in oligopolistic markets. There are different models to explain periods of price stability. The most predominant one being the kinked demand curve model, though this has received substantial criticism and economists have …
Components of Aggregate Demand
Aggregate Demand is the total demand in the economy. AD = C + I + G + (X-M) C= Consumer spending (Household consumption) I = Investment (gross fixed capital formation) G= Government spending (Government investment and Government consumption) X-M = Net Exports (exports – imports). Components of Aggregate Demand A graph showing components of AD …
Tips for memorising economics and other items
It is getting close to the summer exams, and one reader asked if I had any tips for memorising information. Some things that worked for me Read then close book. I used to read a book, then close and try to remember was is in the closed book. If I couldn’t remember, I’d check and …
Adaptive expectations
Adaptive expectations is an economic theory which gives importance to past events in predicting future outcomes. A common example is for predicting inflation. Adaptive expectations state that if inflation increased in the past year, people will expect a higher rate of inflation in the next year. A simple formula for adaptive expectations is Pe = …
IB Economics revision guide
- Specific IB Economics revision guide (Sections1,2,3,4) – just £8.95
- Updated for current IB Economics syllabus
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- Significantly expanded on the previous version, with not just required knowledge, but also examples of evaluation for each topic.
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- Sample (3 pages) IB Revision Guide
Investment – definition and explanation
Definition of investment: Investment is the addition to Capital Stock of the economy – e.g. factories, machines, or any item that is used to produce other goods and services Note saving money in a bank is not investment in economic terminology The value of capital stock depreciates over time as it wears out and is …
Ability to Pay
Ability to pay refer to whether individuals have the effective income to be able to purchase a good. The ability to pay is often used as the justification for a fair tax. A good tax should have various attributes one of which is equality. A fair tax should reflect the ability to pay. For example, …