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Economics (9640)
9 sections available · 72 chapters available
Free Economics (9640) study notes for Oxford AQA International A-level students. Each chapter covers a key topic with examples and practice prompts you can continue inside the thinka app.
Unit 1 (AS): The economic problem, demand and supply
The nature and purpose of economic activity
Economic resources
Scarcity, choice and the allocation of resources
Production possibility diagrams
Economic methodology
The demand for goods and services
Price, income and cross elasticities of demand
The supply of goods and services and price elasticity of supply
Unit 1 (AS): Prices, production and competitive markets
The determination of market prices
The interrelationship between markets
How markets and prices allocate resources
Production and productivity
Specialisation, division of labour and exchange
Costs of production, economies and diseconomies of scale
Average revenue, total revenue and profit
Market structures and the objectives of firms (AS)
Unit 1 (AS): Competition, market failure and government intervention
Competitive markets (AS)
Monopoly, monopoly power and the competitive market process (AS)
The meaning of market failure
Private goods, public goods and quasi-public goods
Positive and negative externalities in consumption and production
Merit and demerit goods
Market imperfections and an inequitable distribution of income and wealth
Government intervention in markets and government failure
Unit 2 (AS): Measuring performance and how the macroeconomy works
The objectives of government economic policy
Macroeconomic indicators
The circular flow of income
Aggregate demand and aggregate supply analysis
Determinants of aggregate demand
Aggregate demand and the level of economic activity
Determinants of short-run aggregate supply
Determinants of long-run aggregate supply
Unit 2 (AS): Economic performance and macroeconomic policy
Economic growth and the economic cycle
Employment and unemployment
Inflation and deflation
The balance of payments on current account
Possible conflicts between macroeconomic policy objectives
Monetary policy
Fiscal policy
Supply-side policies
Unit 3 (A2 only): Business objectives, costs, revenue and profits
Rational decision making and behavioural influences
The objectives of firms
The growth of firms
The law of diminishing returns and returns to scale
Short-run and long-run cost curves
Marginal, average and total revenue curves
Profit
Technological change
Unit 3 (A2 only): Market structures, competition and efficiency
Market structures (A2)
Perfect competition
Monopolistic competition
Oligopoly
Monopoly, monopoly power and price discrimination
Contestable markets and the dynamics of competition
Static and dynamic efficiency, consumer and producer surplus
Competition policy, privatisation and regulation
Unit 3 (A2 only): The labour market, poverty and inequality
The demand for labour, marginal productivity theory
The supply of labour to different labour markets
Wages and employment in perfectly competitive labour markets
Wages and employment in imperfectly competitive labour markets
Discrimination in the labour market
Minimum wage laws
The distribution of income and wealth within an economy
Government policies on poverty and the distribution of income and wealth
Unit 4 (A2 only): Economic development and the global economy
Globalisation
Trade, comparative advantage and protectionism
The balance of payments
Exchange rates
Financial markets
Measuring economic growth, development and living standards
Factors that affect economic development
Policies to promote development
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