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Cambridge
E
Pearson Edexcel
AQA
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OCR
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Competitive
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Revision Notes
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Revision Notes
Practice Questions
Topical Questions
Past Papers
AS Level Multiple Choice
/
The Price System and the Microeconomy
Contents
Supply Response Time and Firm Decisions
Practise The Price System and the Microeconomy
Contents
All chapters
Economics · 9708
AS Level Multiple Choice
Chapter 02 · The Price System and the Microeconomy
Price Elasticity of Supply
Supply Response Time and Firm Decisions
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
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