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Subjects
C
Cambridge
E
Pearson Edexcel
AQA
AQA
OCR
OCR
Competitive
Log in
Create free account
Revision Notes
Practice Questions
Topical Questions
Past Papers
Resources
Revision Notes
Practice Questions
Topical Questions
Past Papers
AS Level Data Response and Essays
/
The Price System and the Microeconomy
Contents
Price Elasticity of Supply: Meaning and Calculation
Practise The Price System and the Microeconomy
Contents
All chapters
Economics · 9708
AS Level Data Response and Essays
Chapter 02 · The Price System and the Microeconomy
Price Elasticity of Supply
Price Elasticity of Supply: Meaning and Calculation
01
Basic Economic Ideas and Resource Allocation
Scarcity and Resource Allocation
2
Scarcity, Choice and Opportunity Cost
What, How and For Whom to Produce
Economic Models and Time Horizons
2
Economic Claims and Assumptions
Short Run, Long Run and Very Long Run
Production Resources and Specialisation
3
Four Factors of Production and Their Rewards
Human Capital and Physical Capital
Division of Labour, Specialisation and Enterprise
Allocation Systems
2
Market and Planned Resource Allocation
Mixed Economies and Allocation Choices
Production Possibility Curves
3
Production Possibility Curves: Meaning and Positions
Production Possibility Curves: Opportunity Cost
Production Possibility Curves: Shifts and Capacity
Types of Goods
3
Free, Economic and Private Goods
Pure Public Goods
Merit and Demerit Goods
02
The Price System and the Microeconomy
Demand and Supply
4
Effective Demand and Market Schedules
Demand and Supply Curves at Different Prices
Demand Determinants and Curve Shifts
Supply Determinants and Curve Shifts
Demand Elasticities
4
Price Elasticity of Demand: Sign and Size
Income and Cross Elasticity of Demand
PED Along a Straight Line and Total Expenditure
Using Demand Elasticities in Decisions
Price Elasticity of Supply
2
Price Elasticity of Supply: Meaning and Calculation
Supply Response Time and Firm Decisions
Market Equilibrium and Price Signals
4
Market Equilibrium, Shortages and Surpluses
Demand and Supply Shifts: New Equilibria
How Different Markets Are Linked
What Prices Do in a Market
Consumer and Producer Surplus
3
Consumer and Producer Surplus: Meaning and Areas
How Market Changes Affect Surplus
Elasticity and the Size of Surplus Changes
03
Government Microeconomic Intervention
Reasons for Government Intervention
1
Why Governments Intervene in Markets
Government Intervention Methods
6
Specific Indirect Taxes
Producer Subsidies
Direct Provision
Maximum and Minimum Prices
Buffer Stock Schemes
Provision of Information
Income, Wealth and Inequality
5
Income and Wealth
Reading the Gini Coefficient
Economic Causes of Inequality
Minimum Wages and Transfers
Taxes and Public Services
04
The Macroeconomy
National Income Statistics
5
What National Income Statistics Measure
GDP and GNI
Basic and Market Prices
Gross and Net National Income
National Income Account Bridges
The Circular Flow of Income
4
The Two Circular-Flow Money Arrows
Open-Economy Injections and Leakages
Circular-Flow Equilibrium and Change
Circular Flow in a Paper 2 Explanation
Aggregate Demand and Aggregate Supply
6
Aggregate Demand: Meaning and Components
The AD Curve: Movement and Shifts
Short-Run Aggregate Supply
Vertical and Three-Section LRAS
AD/AS Equilibrium and Movement
AD/AS Shocks and Exam Use
Economic Growth
4
Economic Growth: Meaning and Measurement
Nominal versus Real GDP Growth
Causes of Economic Growth
Consequences of Economic Growth
Unemployment
5
What Unemployment Means
Unemployment Rate and Measurement Limits
Cyclical, Frictional and Seasonal Unemployment
Structural and Technological Unemployment
Consequences of Unemployment
Price Stability
5
Inflation, Deflation and Disinflation
Consumer Price Index and Measurement
Nominal and Real Values
Demand-Pull and Cost-Push Inflation
Consequences of Inflation
05
Government Macroeconomic Intervention
Macroeconomic Policy Objectives
2
Three Macroeconomic Policy Objectives
Matching Macro Problems to Policy
Fiscal Policy
6
Government Budget, Deficit and Surplus
National Debt: Stock and Significance
Direct, Indirect and Tax Rate Patterns
Marginal and Average Tax Rates
Capital and Current Government Spending
Expansionary and Contractionary Fiscal Policy
Monetary Policy
4
Monetary Policy and Interest Rates
Money Supply and Credit Regulations
Expansionary and Contractionary Monetary Policy
Monetary Policy in the AD/AS Model
Supply-Side Policy
3
Supply-Side Policy: Meaning and Goals
Supply-Side Policy Tools
Supply-Side Policy in AD/AS
06
International Economic Issues
International Trade
5
Absolute and Comparative Advantage
Specialisation, Free Trade and Trading Possibilities
Exports, Imports and Terms of Trade
Terms of Trade: Causes and Effects
Trade Theory: Limits and Judgement
Protectionism
5
Protectionism: Meaning and Tools
Tariffs and Their Effects
Import Quotas and Licence Rent
Export Subsidies, Embargoes and Administrative Burdens
Arguments For and Against Protectionism
The Current Account
5
Four Parts of the Current Account
Calculating Current-Account Balances
Causes of Current-Account Imbalances
Effects of Current-Account Deficits
Effects of Current-Account Surpluses
Exchange Rates
4
Exchange-Rate Quotes and Conversion
The Floating Exchange-Rate Market
Causes of Appreciation and Depreciation
Exchange Rates in AD/AS
Current-Account Policies
5
Current-Account Stability and Diagnosis
Fiscal Policy and the Current Account
Monetary Policy and the Current Account
Supply-Side Policy, Protection and the Current Account
Choosing Current-Account Policies
07
Essay and Data Response Skills
Written Answer Methods
6
Read and Plan Written Answers
Develop Economic Analysis
Use Extract Evidence
Evaluate and Reach a Judgement
Write an Economics Essay
Write a Data Response
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