Economics Revision Notes

Scroll down for A-level, IB and other international qualifications.

 

How Markets Work

The Law of Demand

The Law of Supply

Equilibrium

Price Elasticity of Demand (PED)

Income Elasticity of Demand (YED)

Cross Elasticity of Demand (XED)

Price Elasticity of Supply (PES)

Price Mechanism & Resource Allocation

Consumer & Producer Surplus

Taxes & Subsidies

Oil, Agriculture, Transport and Housing Markets - Applied Demand/Supply

 

How Markets Fail

Intro to Market Failure

Externalities

Merit & Demerit Goods

Public Goods

Monopolies

Factor Immobility

Imperfect Information

Unstable Commodity Markets

Inequality

 

How Governments Intervene

Taxation

Subsidies

Maximum & Minimum Price

Buffer Stocks

State Provision

Regulation

Pollution Permits

Privatisation

Deregulation

 

How Governments Fail

What is Government Failure?

Real Examples of Government Failure (which you can use in your essays as evidence points)

 

Theory of the firm

Short-run Production Theory

Short-run Cost Theory

Economies/Diseconomies of Scale

Returns to Scale

Revenue

Profit

Objectives of Firms

Growth of Firms

 

Market Structures

Barriers To Entry

Monopolies

Perfect Competition

Oligopoly

Game Theory Pt.1

Game Theory Pt.2

Monopolistic Competition

Contestable Markets

Price Discrimination

 

The labour market

Labour Demand

Labour Supply

Labour Market Wages

Imperfect Labour Market: Monopsony Employers

Trade Unions

Wage Discrimination

Labour Market Discrimination

Labour Market Imperfections

Minimum, Maximum and Living Wages

Segmented Labour Markets

Changing Demographics

The Informal Labour Market

Labour Force Flexibility

Labour Market Incentives

Pensions and Participation Rates

Taxes, Benefits, Legislation

Migration