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

Page last updated on 28/03/18