This topic is examined in A-Level Paper 1 for AQA Economics. You can find notes for it below:
Notes
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
Individual Economic Decision Making
- a) Consumer behaviour
- b) Imperfect information
- c) Aspects of behavioural economic theory
- d) Behavioural economics and economic policy
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) The law of diminishing returns and returns to scale
- d) Costs of production
- e) Economies and diseconomies of scale
- f) Marginal, average and total revenue
- g) Profit
- h) Technological change
Perfect Competition, Imperfectly Competitive Markets and Monopoly
- a) Market structures
- b) The objectives of firms
- c) Perfect competition
- d) Monopolistic competition
- e) Oligopoly
- f) Monopoly and monopoly power
- g) Price discrimination
- h) Dynamics of competition and competitive market processes
- i) Contestable and non-contestable markets
- j) Market structure, static and dynamic efficiency, resource allocation
- k) Consumer and producer surplus
The Labour Market
- a) The demand for labour, marginal productivity theory
- b) Influences upon the supply of labour to different markets
- c) The determination of relative wage rates and levels of employment in perfectly competitive labour markets
- d) The determination of relative wage rates and levels of employment in imperfectly competitive labour markets
- e) The influence of trade unions in determining wages and levels of employment
- f) The national minimum wage
- g) Discrimination in the labour market
Distribution of Income and Wealth, Poverty and Inequality
- a) The distribution of income and wealth
- b) The problem of poverty
- c) Government policies to alleviate poverty and to influence the distribution of income and wealth
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) Competition policy
- h) Public ownership, privatisation, regulation and deregulation of markets
- i) Government intervention in markets
- j) Government failure
