This topic is examined in AS Paper 1 for AQA Economics. You can find notes for it below:
Economic Methodology and the Economic Problem
- a) Economic methodology
- b) The nature and purpose of economic activity
- c) Economic resources
- d) Scarcity, choice and the allocation of resources
- e) Production possibility diagrams
Price Determination in a Competitive Market
- a) The determinants of the demand for goods and services
- b) Price, income and cross elasticities of demand
- c) The determinants of the supply of goods and services
- d) Price elasticity of supply
- e) The determination of equilibrium market prices
- f) The interrelationship between markets
Production Costs and Revenues
- a) Production and productivity
- b) Specialisation, division of labour and exchange
- c) Costs of production
- d) Economies and diseconomies of scale
- e) Average revenue, total revenue and profit
Competitive and Concentrated Markets
- a) Market structures
- b) The objectives of firms
- c) Competitive markets
- d) Monopoly and monopoly power
- e) The competitive market process
Market Mechanism, Market Failure and Government Intervention in Markets
- a) How markets and prices allocate resources
- b) The meaning of market failure
- c) Public goods, private goods and quasi-public goods
- d) Positive and negative externalities in consumption and production
- e) Merit and demerit goods
- f) Market imperfections
- g) An inequitable distribution of income wealth
- h) Government intervention in markets
- i) Government failure
