AQA A-level Economics

Title Page......Page 2
Copyright......Page 3
Get the most from this book......Page 4
My revision planner......Page 6
Economic methodology......Page 9
The nature and purpose of economic activity......Page 12
Economic resources......Page 13
Scarcity, choice and the allocation of resources......Page 14
Consumer behaviour......Page 21
Imperfect information......Page 24
Aspects of behavioural economic theory......Page 27
Behavioural economics and economic policy......Page 35
The meaning of a competitive market......Page 42
The determinants of the demand for goods and services......Page 43
Price, income and cross elasticities of demand......Page 46
The determinants of the supply of goods and services......Page 50
Price elasticity of supply (PES)......Page 53
The determination of equilibrium market prices......Page 57
The interrelationship between markets......Page 61
Production and productivity......Page 67
Specialisation, division of labour and exchange......Page 68
Costs of production......Page 73
The law of diminishing returns and returns to scale......Page 77
Costs of production in the long run......Page 78
Economies and diseconomies of scale......Page 79
Average revenue, total revenue and profit......Page 84
Market structure and marginal and average revenue......Page 86
Technological change......Page 89
Market structures......Page 92
The objectives of firms......Page 94
Perfect competition......Page 102
Monopolistic competition......Page 106
Oligopoly......Page 109
Monopoly and monopoly power......Page 114
Price discrimination, consumer and producer surplus......Page 121
The competitive market process......Page 124
Contestable and non-contestable markets......Page 126
Market structure, static efficiency, dynamic efficiency and resource allocation......Page 129
The demand for labour......Page 131
Influences upon the supply of labour to different markets......Page 134
Wage differentials......Page 135
The determination of relative wage rates and levels of employment in perfectly competitive labour markets......Page 136
The determination of relative wage rates and levels of employment in imperfectly competitive labour markets......Page 137
The influence of trade unions in determining wages and levels of employment......Page 139
The National Minimum Wage......Page 142
Discrimination in the labour market......Page 143
The distribution of income and wealth......Page 146
The problem of poverty......Page 153
Government policies to alleviate poverty and to influence the distribution of income and wealth......Page 157
How markets and prices allocate resources......Page 160
The meaning of market failure......Page 161
Public goods, private goods and quasi-public goods......Page 162
Externalities......Page 166
Marginal analysis of externalities for A-level......Page 170
Environmental market failure and the tragedy of the commons......Page 175
Merit and demerit goods......Page 177
Market imperfections......Page 180
An inequitable distribution of income and wealth......Page 184
Government intervention in markets......Page 185
Competition policy......Page 194
Public ownership, privatisation, regulation and deregulation of markets......Page 199
Government failure......Page 204
The objectives of government economic policy......Page 207
Macroeconomic indicators......Page 216
Uses of national income data......Page 225
Evaluation of GDP data in determining living standards......Page 228
The circular flow of income......Page 229
Aggregate demand and aggregate supply......Page 235
Aggregate demand and aggregate supply analysis......Page 243
Economic growth......Page 247
Employment and unemployment......Page 253
Inflation and deflation......Page 260
Possible conflicts between macroeconomic policy objectives......Page 269
The structure of financial markets and financial assets......Page 276
Commercial banks and investment banks......Page 283
Central banks and monetary policy......Page 292
Monetary policy......Page 293
The regulation of the financial system......Page 302
Fiscal policy......Page 309
Supply-side policies......Page 326
Globalisation......Page 335
Trade......Page 339
The balance of payments......Page 348
Exchange rate systems......Page 358
Economic growth and development......Page 363
Now test yourself answers......Page 371
Glossary......Page 387