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Economics A (8EC0)
14 sections available · 46 chapters available
Free Economics A (8EC0) study notes for Pearson Edexcel AS Level students. Each chapter covers a key topic with examples and practice prompts you can continue inside 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
How markets work: demand and supply
Rational decision making
Demand
Price, income and cross elasticities of demand
Supply
Elasticity of supply
Market failure
Prices, surplus and market outcomes
Price determination
Price mechanism
Consumer and producer surplus
Indirect taxes and subsidies
Alternative views of consumer behaviour
Government intervention
Market failure and government intervention
Types of market failure
Externalities
Public goods
Information gaps
Government intervention
Government failure
Aggregate demand (AD)
Measures of economic performance
Economic growth
Inflation
Employment and unemployment
Balance of payments
Aggregate supply (AS)
Aggregate demand and aggregate supply
The characteristics of AD
Consumption (C)
Investment (I)
Government expenditure (G)
Net trade (X-M)
The characteristics of AS
Short-run AS
Long-run AS
National income
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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