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AS Economics – Markets

Economic Resources Scarcity & Choice in Resource Allocation Production Possibility Frontier Specialisation & Trade Positive and Normative Statements Theory of Demand Theory of Supply Market Equilibrium Price Price Elasticity of Demand Price Elasticity of Supply Income Elasticity of Demand Cross Price Elasticity of Demand Price Mechanism Price Volatility in Markets Interrelationships Between Markets Consumer Surplus Producer Surplus Example – Market for Oil Example – Market for Copper Example – Market for Rhodium  Example – Market for Coffee

AS Economics – Market Failure

Production and Costs Economies and Diseconomies of Scale Importance of Productivity Economic Efficienc  Market Failure Competition, Monopoly & Allocation of Resources  Negative Externalities Positive Externalities
Government intervention and Externalities Public Goods and Private Goods Merit Goods Demerit goods  Factor Immobility Imperfect Information
Poverty & Inequality in Resource Allocation Government Intervention in the Market Indirect Taxation Producer Subsidies Maximum Prices Minimum Prices
Buffer Stock Schemes Economics of Farm Support – the CAP Government Failure Economics of Health Care

AS Economics – National & International Economy

Introduction to the UK Economy UK Economic Cycle\ Measuring National Income Macroeconomic Objectives Using Index Numbers Aggregate Demand
Consumer Spending & Saving Capital Investment & Spending Aggregate Supply Macroeconomic Equilibrium Macroeconomic Cycle Multiplier and Accelerator Effects Economic Growth Inflation Employment & Unemployment International Trade Balance of Payments Macroeconomic Policy Monetary Policy Exchange Rates Fiscal Policy Government Borrowing / Budget Deficit Supply-side Policies Objectives & Trade-offs 
A2 Economics – Business Economics 
Short Run and Long Run Production Background to Supply – Short Run Costs
Long Run Costs: Economies & Diseconomies of Scale Business Revenues Profits Objectives of Businesses Divorce between Ownership and Control Technological Change, Costs & Supply in Long-run The Growth of Firms Perfect Competition Monopoly Monopoly and Economic Efficiency Price Discrimination Consumer and Producer Surplus Oligopoly – Overview Oligopoly – Game Theory Contestable Markets Price Takers and Price Makers – Pricing Power Market Structures – A Summary Market Failure – Introduction Government Failure Market Failure – Externalities – Overview Market Failure – Externalities – Policy Options Market Failure – Public Goods Competition Policy Privatisation and De regulationCost Benefit Analysis Demand for Labour The Labour Force
Supply of Labour to Different Markets Wage Determination in Competitive Markets Trade Unions and Monopsony Employers The Distribution of Income and Wealth
A2 Economics – Macroeconomics
 Nature and Causes of Fluctuations in Economic Activity Consumer spending and saving Capital investment spending Demand and supply-side shocks The Credit Crunch Keynesian Economics Theories of Economic Growth Economic Growth – Costs and Benefits National Income and Changes in Living Standards Measuring the Standard of Living Unemployment The Natural Rate of Unemployment Flexible Labour Markets The PhillipsCurve Measuring Inflation Causes of Inflation Consequences of Inflation Deflation Monetarism and the Quantity Theory of Money Government Macroeconomic Policy Monetary Policy The Exchange Rate Fiscal Policy – Overview Direct and Indirect Taxation Fiscal Policy – Effects The Pattern of International Trade Trade and Development – Trade Agreements Trade and the law of Comparative Advantage Exchange Rate – Determination European Monetary Union Protectionism  Greece Debt Crisis Balance of Payments  – Overview Balance of Payments – Managing Deficits

A2 Economics – Development Economics & the Global Economy

Development Economics – Introduction Development Economics – Millenium Goals
Development Economics – Wealth & Inequality Development Economics – Human Development Index
Development Economics – Role of the Private Sector Development Economics – Role of State Intervention
Development Economics – Overseas Aid, Remittances and Debt Relief Development Economics – Micro Finance & Fair Trade
Growth – Country Cases Growth – Social & Human Capital
Growth – Costs and Benefits Growth – Constraints
Growth – Prebisch-Singer Hypothesis Growth – Productivity & Development
Growth – Sustainable Development Growth – Competitiveness
Growth – Labour Migration
Globalisation – Introduction Globalisation – Effects

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