Edexcel A-Level Notes

A-Level Economics revision notes made for the Edexcel exam boards. This covers all the topics and modules for all specifications including 9EC0.

Topics that are covered includes Theme 1: Introduction to markets and market failure; Theme 2: The UK economy – performance and policies; Theme 3: Business behaviour and the labour market; Theme 4: A global perspective;

Theme 1: Introduction to markets and market failure:

• 1.1.1 Economics as a social science
• 1.1.1 Economics as a social science
• 1.1.2 Positive and normative economic statements
• 1.1.2 Positive and normative economic statements
• 1.1.3 The economic problem
• 1.1.3 The economic problem
• 1.1.4 Production possibility frontier
• 1.1.4 Production possibility frontiers
• 1.1.5 Specialisation and the division of labour
• 1.1.5 Specialization and the division of labor
• 1.1.6 Free market economies, mixed economy and command economy
• 1.1.6 Free market economies, mixed economy and command economy
• 1.2.1 Rational decision making
• 1.2.1 Rational decision making
• 1.2.10 Alternative views of consumer behavior
• 1.2.10 Alternative views of consumer behaviour
• 1.2.3 Price, income and cross elasticities of demand
• 1.2.3 Price, income and cross elasticizes of demand
• 1.2.4 Supply
• 1.2.4 Supply
• 1.2.5 Elasticity of supply
• 1.2.5 Elasticity of supply
• 1.2.6 Price determination
• 1.2.6 Price determination
• 1.2.7 Price mechanism
• 1.2.7 Price mechanism
• 1.2.8 Consumer and producer surplus
• 1.2.8 Consumer and producer surplus
• 1.2.9 Indirect taxes and subsidies
• 1.2.9 Indirect taxes and subsidies
• 1.3.1 Types of market failure
• 1.3.1 Types of market failure
• 1.3.2 Externalities
• 1.3.2 Externalities
• 1.3.3 Public goods
• 1.3.3 Public goods
• 1.3.4 Information gaps
• 1.3.4 Information gaps
• 1.4.1 Government intervention in markets
• 1.4.1 Government intervention in markets
• 1.4.2 Government failure
• 1.4.2 Government failure

Theme 2: The UK economy – performance and policies:

• 2.1.1 Economic growth
• 2.1.2 Inflaton
• 2.1.3 Employment and unemployment
• 2.2.1 The characteristcs of AD
• 2.2.2 Consumpton (C)
• 2.2.3 Investment (I)
• 2.2.4 Government expenditure (G)
• 2.2.5 Net trade (X-M)
• 2.3.1 The characteristcs of AS
• 2.3.2 Short-run AS
• 2.3.3 Long-run AS
• 2.4.1 National income
• 2.4.2 Injectons and withdrawals
• 2.4.3 Equilibrium levels of real natonal output
• 2.4.4 The multplier
• 2.5.1 Causes of growth
• 2.5.2 Output gaps
• 2.5.3 Trade(business) cycle
• 2.5.4 The impact of economic growth
• 2.6.1 Possible macroeconomic objectves
• 2.6.3 Supply-side policies
• 2.6.4 Conflicts and tradeoffs between objectves and policies

Theme 3: Business behaviour and the labour market:

• 3.1.1 Sizes and types of firms
• 3.1.1 Sizes and types of firms
• 3.1.2 Business growth
• 3.1.2 Business growth
• 3.1.3 Trading blocs
• 3.1.3 Demergers
• 3.1.3 Demergers
• 3.2.1 Business objectives
• 3.2.1 Business objectives
• 3.3.1 Revenue
• 3.3.1 Revenue
• 3.3.2 Costs
• 3.3.2 Costs
• 3.3.3 Economies and diseconomies of scale
• 3.3.3 Economies and diseconomies of scale
• 3.3.4 Normal profits, supernormal profits and losses
• 3.3.4 Normal profits, supernormal profits and losses
• 3.4.1 Efficiency
• 3.4.1 Efficiency
• 3.4.2 Perfect competition
• 3.4.2 Perfect competition
• 3.4.3 Monopolistic competition
• 3.4.3 Monopolistic competition
• 3.4.4 Oligopoly
• 3.4.4 Oligopoly
• 3.4.5 Monopoly
• 3.4.5 Monopoly
• 3.4.6 Monopsony
• 3.4.6 Monopsony
• 3.4.7 Contestability
• 3.4.7 Contestability
• 3.5.1 Demand for labour
• 3.5.1 Demand for labour
• 3.5.2 Supply of labour
• 3.5.2 Supply of labour
• 3.5.3 Wage determination in competitive and non-competitive markets
• 3.5.3 Wage determination in competitive and non-competitive markets
• 3.6.1 Government intervention
• 3.6.1 Government intervention
• 3.6.2 The impact of government intervention
• 3.6.2 The impact of government intervention

Theme 4: A global perspective:

• 4.1.1 Globalisaton
• 4.1.2 Specialisaton and trade
• 4.1.3 Pattern of trade
• 4.1.4 Terms of trade
• 4.1.5 Trading blocs and the World Trade Organisaton (WTO)
• 4.1.6 Restrictons on free trade
• 4.1.7 Balance of payments
• 4.1.8 Exchange rates
• 4.1.9 Internatonal compettveness
• 4.2.1 Absolute and relatve poverty
• 4.2.2 Inequality
• 4.3.1 Measures of development
• 4.3.2 Factors influencing growth and development
• 4.3.3 Strategies influencing growth and development
• 4.4.1 Role of financial markets
• 4.4.2 Market failure in the financial sector
• 4.4.3 Role of central banks
• 4.5.1 Public expenditure
• 4.5.2 Taxation
• 4.5.3 Public sector fnances
• 4.5.4 Macroeconomic policies in a global context