This topic is examined in A-Level Component 1, Component 2 and Component 3 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
Demand and Supply in Labour Markets
Resource Allocation
Costs, Revenues and Profits
Market Structures
- a) Background to market structures
- b) Business objectives
- c) Perfect competition
- d) Monopolistic competition
- e) Monopoly
- f) Oligopoly
- g) Competition policy
- h) Privatisation
