Diagram of Monopoly

monopoly-diagram-2017

Monopoly Graph A monopolist will seek to maximise profits by setting output where MR = MC This will be at output Qm and Price Pm. Compared to a competitive market, the monopolist increases price and reduces output Red area = Supernormal Profit (AR-AC) * Q Blue area = Deadweight welfare loss (combined loss of producer …

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The Role of Profit in an Economy

importance-of-profit

Profit is the surplus revenue after a firm has paid all its costs. Profit can be seen as the monetary reward to shareholders and owners of a business. In a capitalist economy, profit plays an important role in creating incentives for business and entrepreneurs. For an incumbent firm, the reward of higher profit will encourage …

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CIE A level economics revision guide

CIE-A-Level-Economics-Revision-Guide-2015-V1
  • Specific Cambridge International (CIE) A-level economics revision guide (units 1,2,3,4) – just £8.95
  • Updated for current CIE economics syllabus.
  • E-book (comes in pdf format shortly after purchase.)
  • 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 CIE Economics (£105.00) (allowing unlimited use)

WJEC A-level economics revision guide

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)

Keynes Bibliography

Due to lack of space in the book, we have published full bibliography on this website. Bibliography Chapter 1 Is it OK to be selfish? Frank, R H (1988) Passions Within Reason: The Strategic Role of the Emotions, p. xi. New York: W W Norton & Co. Galbraith, J K (1982) “Recession economics”, The New …

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Fairness and Reciprocity in economics

free-rational-water-gift-honesty

In behavioural economics, studies have suggested individuals value the concept of reciprocity. If people are kind to us, we have a greater tendency to respond in kind – behaving more altruistically than self-interest theory suggests. Reciprocity can also work in a negative sense, with agents willing to ‘punish’ those who abuse the ‘rules of the …

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New Trade Theory

New trade theory (NTT) suggests that a critical factor in determining international patterns of trade are the very substantial economies of scale and network effects that can occur in key industries. These economies of scale and network effects can be so significant that they outweigh the more traditional theory of comparative advantage. In some industries, …

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A2 WJEC Revision Guide

A2 WJEC
  • (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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