Economics A (8EC0)

10 sections available · 46 chapters available

Free Economics A (8EC0) revision notes for Pearson Edexcel AS Level students. Each chapter covers a key topic with worked examples and practice prompts you can take straight into the thinka app.

Nature of economics

Economics as a social science

Positive and normative economic statements

The economic problem

Production possibility frontiers

Specialisation and the division of labour

Free market economies, mixed economy and command economy

How markets work

Rational decision making

Demand

Price, income and cross elasticities of demand

Consumer and producer surplus

Indirect taxes and subsidies

Alternative views of consumer behaviour

Market failure

Types of market failure

Externalities

Public goods

Information gaps

Government intervention

Government failure

Measures of economic performance

Economic growth

Inflation

Employment and unemployment

Balance of payments

Aggregate demand (AD)

The characteristics of AD

Consumption (C)

Investment (I)

Government expenditure (G)

Net trade (X-M)

Aggregate supply (AS)

The characteristics of AS

Short-run AS

Long-run AS

National income

Injections and withdrawals

Equilibrium levels of real national output

The multiplier

Economic growth

Causes of growth

Output gaps

Trade (business) cycle

The impact of economic growth

Macroeconomic objectives and policies

Possible macroeconomic objectives

Demand-side policies

Supply-side policies

Conflicts and tradeoffs between objectives and policies

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