A-Level Economics Revision Notes

This revision guide covers the entire Year 1 and Year 2 syllabus for the EDEXCEL AS/A-Level Economics specification. The detailed notes have been written by an experienced tutor who reads Economics at the University of Cambridge. Notes can be applied to all exam boards, as the topics covered are very similar.

This condensed guide contains all of your A-Level Economics revision needs:

• Detailed explanations on Microeconomics and Macroeconomics
• Graphs, diagrams and figures
• Exam tips

The topics covered in these comprehensive notes are as follows:

Microeconomics Theme 1

Types of Economic Statements
Economics as social science
Basic Economic Problem
Factors of Production and Types of Goods
Illustrating opportunity cost: Production Possibility Curve
Specialisation
Division of labour
Functions of Money
Rationality
Law of diminishing marginal utility
Free market economy
Command economy
Mixed economy
Famous Economists
Demand
Supply
Price determination
Roles and functions of the price mechanism
Consumer and producer surplus
Price Elasticity of Demand
Income Elasticity of Demand
Cross Price Elasticity of Demand
Price Elasticity of Supply
Indirect Taxes
Subsidies
Market Failure and government intervention
Carbon trading schemes
Extension of property rights
Government Failure

Microeconomics Theme 3

Costs facing firms
Costs in the short run
Long Run Cost Curves
Economies of Scale
Revenue Curves
Birth and growth of firms
Cost and Revenue Diagram
Objectives of firms
Efficiencies
Market Structure
Monopoly
Natural Monopoly
Perfect Competition
Monopolistic competition
Oligopoly
Game Theory
Cooperative strategy
Price discrimination
Other pricing strategies (price competition)
Monopsony
Contestable markets
Labour Market
Government Intervention to control mergers
Government Intervention to promote competition and contestability
Government Intervention to protect suppliers and employees

Macroeconomics Theme 2

UK Government Objectives
Price Level
Inflation
Economic Growth
The Circular Flow of Income
Trade Cycle
Unemployment
Balance of Payments
Aggregate Demand
Aggregate Supply
Demand side policies: Monetary Policy
Demand side policies: Fiscal policy
Great Depression

Global Financial Crisis

Macroeconomics Theme 4

Financial markets
Public expenditure
Public Taxation
Public sector finances
Macroeconomic policies in a global context
Problems facing policymakers
External shocks
Globalisation
International trade
Terms of trade
Patterns of trade
Protectionism
Trading Blocs
World Trade Organisation
International Competitiveness
Policy Instruments
Poverty
Inequality
Measures of development
Factors constraining growth and development
Strategies influencing growth and development

There are also Essay Question Essay Structures included at the end of the Revision pack to help you succeed in the exam.

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© Bytes of Intelligence Economics A–Level Revision Notes