AS Microeconomics

This topic is examined in AS Component 1 and Component 2 for WJEC (England) Economics. You can find notes for it below:

• Contextual Analysis

Scarcity and Choice

• a) Scarcity, choice and opportunity cost
• b) Production Possibility Frontiers (PPFs)
• c) Specialisation, division of labour and exchange

Demand and Supply in Product Markets

• a) Factors influencing demand and supply in product markets
• b) The determination of equilibrium price and output in a freely competitive market
• c) Consumer and producer surplus
• d) Price, income and cross price elasticities of demand and supply

Demand and Supply in Labour Markets

• a) Wage determination
• b) Labour market issues

Resource Allocation

• a) How resources are allocated in a free market economy

Market Failure

• a) Understanding market failure
• b) Why and how governments intervene
• c) The effects of government intervention