Economics Revision

Free revision notes, summary sheets, definitions, and mind maps from PMT — organized by exam board and topic.

A-level — AQA

AS Macroeconomics

• 1. The measurement of macroeconomic performance
• 2. How the macroeconomy works
• 3. Economic performance
• 4. Macroeconomic policy
• Contextual Analysis
• a) Economic growth and the economic cycle
• a) Monetary policy
• a) The circular flow of income
• a) The objectives of government economic policy
• b) Aggregate demand and aggregate supply analysis
• b) Employment and unemployment
• b) Fiscal policy
• b) Macroeconomic indicators
• c) Inflation and deflation
• c) Supply side policies
• c) The determinants of aggregate demand
• c) Uses of index numbers
• d) Aggregate demand and the level of economic activity
• d) The balance of payments on current account
• e) Determinants of SRAS
• e) Possible conflicts between macroeconomic policy objectives
• f) Determinants of LRAS

AS Microeconomics

• 1. Economic methodology and the economic problem
• 2. Price determination in a competitive market
• 3. Production costs and revenues
• 4. Competitive and concentrated markets
• 5. The market mechanism, market failure and government intervention in markets
• Contextual Analysis
• Definitions Topic 5 The market mechanism, market failure and government intervention in markets AQA Economics AS level
• a) Economic methodology
• a) How markets and prices allocate resources
• a) Market structures
• a) Production and productivity
• a) The determinants of the demand for goods and services
• b) Price, income and cross elasticities of demand
• b) Specialisation, division of labour and exchange
• b) The meaning of market failure
• b) The nature and purpose of economic activity
• b) The objectives of firms
• c) Competitive markets
• c) Costs of production
• c) Economic resources
• c) Public goods, private goods and quasi public goods
• c) The determinants of the supply of goods and services
• d) Economies and diseconomies of scale
• d) Monopoly and monopoly power
• d) Positive and negative externalities in consumption and production
• d) Price elasticity of supply
• d) Scarcity, choice and the allocation of resources
• e) Average revenue, total revenue and profit
• e) Merit and demerit goods
• e) Production possibility diagrams
• e) The competitive market process
• e) The determination of equilibrium market prices
• f) Market imperfections
• f) The interrelationship between markets
• g) An inequitable distribution of income wealth
• h) Government intervention in markets
• i) Government failure

Macroeconomics

• 1. The measurement of macroconomic performance
• 2. How the macroeconomy works
• 3. Economic performance
• 4. Financial markets and monetary policy
• 5. Fiscal policy and supply side policies
• 6. The international economy
• Contextual Analysis
• NEW c) Central banks and monetary policy
• a) Economic growth and the economic cycle
• a) Fiscal policy
• a) Globalisation
• a) The circular flow of income
• a) The structure of financial markets and financial assets
• a) the objectives of government economic policy
• b) Aggregate demand and aggregate supply analysis
• b) Commercial banks and investment banks
• b) Employment and unemployment
• b) Macroeconomic indicators
• b) Supply side policies
• b) Trade
• c) Central banks and monetary policy
• c) Inflation and deflation
• c) The balance of payments
• c) The determinants of aggregate demand
• c) Uses of index numbers
• d) Aggregate demand and the level of economic activity
• d) Exchange rate systems
• d) Possible conflicts between macroeconomic policy objectives
• d) The regulation of the financial system
• d) Uses of national income data
• e) Determinants of SRAS
• e) Economic growth and development
• f) Determinants of LRAS

Microeconomics

• 1. Economic methodology and the economic problem
• 2. Individual economic decision making
• 3. Price determination in a competitive market
• 4. Production costs and revenues
• 5. Perfect competition, imperfectly competitive markets and monopoly
• 6. The labour market
• 7. The distribution of income and wealth
• 8. The market mechanism, market failure and government intervention in markets
• Contextual Analysis
• a) How markets and prices allocate resources
• a) Market structures
• a) Consumer behaviour
• a) Economic methodology
• a) Production and productivity
• a) The demand for labour, marginal productivity theory
• a) The determinants of the demand for goods and services
• a) The distribution of income and wealth
• b) The meaning of market failure
• b) The objectives of firms
• b) Imperfect information
• b) Influences upon the supply of labour to different markets
• b) Price, income and cross elasticities of demand
• b) Specialisation, division of labour and exchange
• b) The nature and purpose of economic activity
• b) The problem of poverty
• c) Perfect competition
• c) Public goods, private goods and quasi public goods
• c) Aspects of behavioural economic theory
• c) Economic resources
• c) Government policies to alleviate poverty and to influence the distribution of income and wealth
• c) The determinants of the supply of goods and services
• c) The determination of relative wage rates and levels of employment in perfectly competitive labour markets
• c) The law of diminishing returns and returns to scale
• d) Monopolistic competition
• d) Positive and negative externalities in consumption and production
• d) Behavioural economics and economic policy
• d) Costs of production
• d) Price elasticity of supply
• d) Scarcity, choice and the allocation of resources
• d) The determination of relative wage rates and levels of employment in imperfectly competitive labour markets
• e) Merit and demerit goods
• e) Oligopoly
• e) Economies and diseconomies of scale
• e) Production possibility diagrams
• e) The determination of equilibrium market prices
• e) The influence of trade unions in determining wages and levels of employment
• f) Market imperfections
• f) Monopoly and monopoly power
• f) Marginal, average and total revenue
• f) The interrelationship between markets
• f) The national minimum wage
• g) Competition policy
• g) Price discrimination
• g) Discrimination in the labour market
• g) Profit
• h) Dynamics of competition and competitive market processes
• h) Public ownership, privatisation, regulation and deregulation of markets
• h) Technological change
• i) Contestable and non contestable markets
• i) Government intervention in markets
• j) Government failure
• j) Market structure, static and dynamic efficiency, resource allocation
• k) Consumer and producer surplus

A-level — OCR

AS Macroeconomics

• 1. Aggregate Demand and Aggregate Supply
• 1.1 Circular flow of income
• 1.2 Aggregate demand (AD)
• 1.3 Aggregate supply (AS)
• 1.4 The interaction of aggregate demand and supply
• 2. Economic Policy Objectives
• 2.1 Economic growth
• 2.2 Development
• 2.3 Employment
• 2.4 Inflation
• 2.5 Balance of payments
• 2.6 Trends in macroeconomic indicators
• 3. Implementing Policy
• 3.1 Fiscal policy
• 3.2 Monetary policy
• 3.3 Supply side policy
• 3.4 Policy conflicts
• 4. The Global Context
• 4.1 International trade
• 4.2 Exchange rates
• Contextual Analysis
• NEW 3.1 Fiscal Policy
• NEW 3.2 Monetary policy
• NEW 3.2 Supply side policy

AS Microeconomics

• 1. Introduction to Microeconomics
• 1.1 The economic problem
• 1.2 The allocation of resources
• 1.3 Opportunity cost
• 2. The Role of Markets
• 2.1 Specialisation and trade
• 2.2 Demand
• 2.3 Supply
• 2.4 Consumer and producer surplus
• 2.5 The interaction of markets
• 2.6 Elasticity
• 2.7 Market failure and externalities
• 2.8 Government Intervention
• Contextual Analysis
• Environment an example of market failure

Macroeconomics

• 1. Aggregate Demand and Aggregate Supply
• 1.1 Circular flow of income
• 1.2 Aggregate demand (AD)
• 1.3 Aggregate supply (AS)
• 1.4 The interaction of aggregate demand and supply
• 1.5 The multiplier and the accelerator
• 2. Economic Policy Objectives
• 2.1 Economic growth
• 2.2 Development
• 2.3 Employment
• 2.4 Inflation
• 2.5 Balance of payments
• 2.6 Trends in macroeconomic indicators
• 2.7 Income distribution and welfare
• 2.8 The Phillips Curve
• 3. Implementing Policy
• 3.1 Fiscal policy
• 3.2 Monetary policy
• 3.3 Supply side policy
• 3.4 Policy conflicts
• 4. The Global Context
• 4.1 International trade
• 4.2 Exchange rates
• 4.3 Globalisation
• 4.4 Trade policies and negotiations
• 5. The Financial Sector
• 5.1 Money and interest rates
• 5.2 The financial sector
• 5.3 Financial regulation
• Contextual Analysis
• NEW 3.1 Fiscal Policy
• NEW 3.2 Monetary Policy
• NEW 3.3 Supply side policy

Microeconomics

• 1. Introduction to Microeconomics
• 1.1 The economic problem
• 1.2 The allocation of resources
• 1.3 Opportunity cost
• 2. The Role of Markets
• 2.1 Specialisation and trade
• 2.10 Public goods
• 2.11 Government intervention
• 2.2 Demand
• 2.3 Supply
• 2.4 Consumer and producer surplus
• 2.5 The interaction of markets
• 2.6 Elasticity
• 2.7 The concept of the margin
• 2.8 Market failure and externalities
• 2.9 Information failure
• 3. Business Objectives
• 3.1 Business objectives
• 3.2 Costs and economies of scale
• 3.3 Revenue and profit
• 4. Market Structures
• 4.1 Perfect competition
• 4.2 Monopoly
• 4.3 Monopolistic competition
• 4.4 Oligopoly
• 4.5 Contestable markets
• 5. The Labour Market
• 5.1 Demand for labour
• 5.2 Supply of labour
• 5.3 The interaction of labour markets
• Contextual Analysis
• Environment an example of market failure