Notes for the OCR A-Level Economics module: How Competitive Markets Work. These have been made according to the specification and cover all the relevant topics for examination in May/June.
OCR A-Level How Competitive Markets Work Notes:
- A Change in Demand due to a Change in Non-Price Factors
- A Change in Supply due to a Change in Non-Price Factors
- Allocative Efficiency
- Calculation of Total Expenditure and Total Revenue
- Consumer Surplus
- Demand
- Demand is being met, and there are no unsold products, so neither side will have any reason to want to change
- Effects of a Change in Demand or Supply on the Equilibrium Position
- Elasticity
- Other Factors Affecting Demand
- Other Factors Affecting Supply
- Producer Surplus
- Relationship Between price and Quantity Demanded
- Relationship between price and Quantity Supplied
- Supply
- The Demand Curve
- The Supply Curve
- What is a ‘Competitive Market’?