| Microeconomics |
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Revise the graphs of elasticities |
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Basics include scarcity, the factors of production and opportunity costs
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Explains the differences between positive and normative statements |
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Examines the Production Possibility Frontier and how this is useful |
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Shifting the PPF curve and Diminishing Returns |
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How to make a workforce more productive |
| Specialisation |
Absolute and Comparative Advantage |
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The differences between command economies or free market economies |
| Demand |
Law of demand and determinants of demand |
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An effect whereby demand increases as price does |
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What they are and their representation on a graph |
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How the price of a good affects demand and why demand would shift |
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What they are and their graphs |
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Explains the consumer surplus and how shifts in the demand curve affect this |
| Price Elasticity of Demand (PED) |
What it is, how to calculate it and determinants. Also including point elasticity and arc elasticity and their calculations. |
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Graphs representing price inelasticity, unit elasticity and elasticity in demand |
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What it is and how to calculate it |
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What it is and how to calculate it |
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The law of supply, shifts and movements |
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Explains producer surplus and what it looks like |
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What it is and how to calculate it |
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Graphs showing supply curves and how to tell their elasticities |
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How shifts in the demand and supply curve affect the price and quantity supplied of a good |
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Why the law of one price exists |
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Incidence of Taxation and the effect of Price Elasticity |
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Graphical interpretations of subsidies
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What primary commodities are and the market failure |
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Explanation, graph and advantages and disadvantages to minimum pricing |
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The market for labour, supply, migration, equilibrium and shifts |
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Government intervention in the form of unemployment benefits, trade unions and the national minimum wage
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Introduction to market failures, merit and demerit goods |
| Externalities |
Positive and Negative Externalities on the Production and Consumption side. Explanation of methods to solve the issue of externalities (internalisation) and also Pollution Permits, Property Rights and Government Regulation |
Buffer Stock Scheme
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What it is, advantages and disadvantages of the scheme |
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How to analyse the costs and benefits of a project |
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Asymmetric and Symmetric Information |
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Public goods, private goods and the free rider problem |
Government Intervention and Failure
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Ways in which the government can intervene in markets and the types of failure it can incur
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Labour immobility, occupational immobility and geographical immobility |
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A quiz to test your knowledge of Unit 1 |
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Provides definitions of key terms for microeconomics |
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An explanation of productivity and the link with the aftermath of the global financial crisis (2008) |
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How to deal with index numbers and percentage changes
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Traditional and new macroeconomic objectives |
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Income Distribution, the Lorenz curve, Gini Index and Kuznets curve |
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The differences between absolute and relative poverty |
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Causes, Demand-Pull, Cost-Push, Costs, Desirable Effects and the difference between anticipated and unanticipated inflation |
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What it is |
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The difference between the claimant count and the ILO measurement and why unemployment occurs |
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The graph and shifts |
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How it is measured and problems associated with its use |
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A brief overlook of HDI, GDP per Capita and GNP |
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An overview of the Current, Capital and Financial accounts |
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The circular flow model and what it tells us about GDP |
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The basics of AD; the formula, the graph and why AD is downward sloping |
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Consumption and the effect of house prices on AD |
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The difference between income and wealth and the wealth effect |
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Why firms invest and the effect of this on AD |
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Forms of government spending and its effect on AD |
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Why exports and imports matter |
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The exchange rate, how it changes, why it changes, and the effect of this on the economy |
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An explanation of the Keynesian multiplier effect |
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How the aggregate supply curve is formed and the 3-step LRAS curve |
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The argument between monetarist and Keynesian's on the long run aggregate supply curve |
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Why shifts would occur and how they would look |
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How equilibrium is achieved between aggregate demand and aggregate supply |
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Economic Growth, Constraints on growth and benefits and costs of growth |
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Fiscal and Monetary Policy and the Transmission Mechanism |
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How central banks are trying to manipulate the effective interest rate even lower with the use of QE |
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What it is and how the government is using it |
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Labour Market Supply-Side Policies and Product Market Supply-Side Policies |
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An explanation of the graph and the theory |
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A diagrammatic view of the transmission mechanism |
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A flow chart showing how various models show the economy in the short run: the Keynesian Cross allows us to create the IS curve which, when coupled with the LM curve, allows us to create an aggregate demand curve. The LM curve is derived from the theory of money preferences, but could alternately be substituted with an MP curve or a Taylor rule curve. Any change in IS or LM causes a shift of the AD curve. The AD curve itself is constituted through the Keynes and Pigou effects. If we add the aggregate supply curve - itself constituted through a mixture of imperfect information, sticky wages and sticky prices - then we can create our model of the economy in the short run. |
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Provides definitions of key terms for macroeconomics
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Business Economics
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What firms are for |
Price Discrimination
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What it is and the conditions that must exist for this to occur
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Types of Growth, Integration, Mergers, Conglomerates and Globalisation |
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Costs, SRAC, LRAC, MES and Diminishing Marginal Returns |
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The different types of Economies of Scale and Diseconomies of Scale |
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How to maximise profit (and an explanation of what profit is, along with economic cost), revenue and sales along with a guide to satisficing behaviour |
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What the principal agent problem is and an explanation of market concentration |
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X-Inefficiency, Productive Efficient and Allocative Efficiency |
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A brief overview of the different types of market strucure |
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Assumptions and analysis in the long and short run |
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Conditions, differences between the long and short run, efficiencies and a comparison with perfect competition |
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Conditions, short run, long run, efficiencies |
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What they are, kinked demand curve theory, game theory, price stability theory, collusion, and price v.s. non-price competition |
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An explanation of contestable markets |
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Learn what a monopsonist is |
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What competition policy is, how the government intervenes, differing cost conditions, analysis between markets, how concentration affects policy, globalisation, PPPs and PFIs |
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How the privatised industries are regulated |
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Provides definitions of key terms for business economics |
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Fill in this table to test your knowledge on market structure |
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A table of the different market structures with information |
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A quiz to test your knowledge of Unit 3 |
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Unit 3 Key Words |
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Competition Quiz |
A quiz to test your knowledge on competition and government intervention |
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Notes on Globalisation |
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Notes of the benefits and disadvantages of free trade |
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Notes on the EU from a economic integration perspective |
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What is globalisation? |
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Explanation of comparative advantage |
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Tariffs, Quotas and Non-Tariff barriers to entry |
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The World Trade Organisation |
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The types of economic integration and an analysis of the European Union |
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Different measures of international competitiveness |
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Foreign Direct Investment and External Shocks |
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Problems arising from the Balance of Payments and the Twin-Deficit Hypothesis |
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The different exchange rate regimes |
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The Millennium Development Goals and the different ways of measuring poverty |
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What causes economic growth? An explanation of theories including; Rostow, Dependency, Lewis and Harrod-Domar |
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What are the limits to economic growth? |
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The macroeconomic objectives and how they can conflict with each other |
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Why unemployment occurs, how to remedy it and Okuns Law |
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A revisit of the Phillips Curve, including the Expected Augmented Phillips Curve |
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Key words for unit 4 |
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Other |
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A resource (not created by us) to explain the different multipliers and how to calculate them. |
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A list of S2 definitions required for the Edexcel exam |
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A list of D1 definitions required for the Edexcel exam
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A list of D2 definitions required for the Edexcel exam |
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How to integrate and hence prove E(X) for continuous uniform variables |
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How to integrate and hence prove Var(X) for continuous uniform variables
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An introduction to game theory |
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The classic game theory example of Prisoners Dilemma |
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When a game would result in players 'playing safe' |
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Explains how to achieve equilibrium in a game |
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How and when to reduce a pay-off matrix |
