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