Theme 1: Introduction to markets and market faliure

01 AS Level

THEME 1

Markets and market failure

Understand how markets allocate scarce resources, why markets can fail and how governments may intervene.

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22 published topics AS Level course content

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1.1

Nature of economics

6 published topics

1.1.1 Economics as a social science 1.1.2 Positive and normative economic statements 1.1.3 The economic problem 1.1.4 Production possibility frontiers 1.1.5 Specialisation and the division of labour 1.1.6 Free market economies, mixed economy and command economy
1.2

How markets work

10 published topics

1.2.1 Rational decision making 1.2.2 Demand 1.2.3 Price, income and cross elasticities of demand 1.2.4 Supply 1.2.5 Elasticity of supply 1.2.6 Price determination 1.2.7 Price mechanism 1.2.8 Consumer and producer surplus 1.2.9 Indirect taxes and subsidies 1.2.10 Alternative views of consumer behaviour
1.3

Market failure

4 published topics

1.3.1 Types of market failure 1.3.2 Externalities 1.3.3 Public goods 1.3.4 Information gaps
1.4

Government intervention

2 published topics

1.4.1 Government intervention in markets 1.4.2 Government failure

THEMES 1 & 2

AS Edexcel Economics Revision Guide

Continue with more detailed coverage of Themes 1 and 2, organised topic by topic with relevant economic diagrams.

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