These topics are examined in the IAL Unit 1 for Edexcel Economics.
You can find notes for Unit 1 here:
The Nature of Economics
- a) Scarcity
- b) Production possibility frontiers (PPFs)
- c) Specialisation, the division of labour, and the role of money
- d) Free market and mixed economies
- e) Positive and normative economics
Demand and Consumer Behaviour
Supply
Price Determination
- a) Determination of market equilibrium
- b) Consumer and producer surplus
- c) Functions of the price mechanism
- d) Indirect taxes and subsidies
