Economics — Cambridge A-Level

profit satisficing

Differing Objectives and Policies of Firms

basic questions of resource allocation

Scarcity, Choice and Opportunity Cost

sustainable economic growth: definition of sustainable economic growth

Economic Growth and Sustainability

difference between expenditure-switching and expenditure-reducing policies

📊 Policies to Correct Disequilibrium in the Balance of Payments

impact of economic growth on the environment and climate change

Economic Growth & Sustainability 🌱

Profit maximisation as the main objective of a firm

Types of Cost, Revenue and Profit

Short-run and long-run production

Types of Cost, Revenue and Profit

between countries

Economic Development: Comparing Countries 🌍

role of a central bank

💰 Money & Banking – The Role of a Central Bank

The concept of static and dynamic efficiency

Efficiency and Market Failure

changes in the balance of payments

Money and Banking: Changes in the Balance of Payments

relationships between different markets: joint demand (complements)

📈 Interaction of Demand and Supply

significance of relative percentage changes, the size and sign of the coefficient of: cross elasticity of demand

Price Elasticity of Demand 📈

addressing the over-consumption of demerit goods and the under-consumption of merit goods

Reasons for Government Intervention in Markets

significance of relative percentage changes, the size and sign of the coefficient of: income elasticity of demand

📚 Cambridge A‑Level Economics 9708 – Elasticity of Demand

resource allocation in these economic systems

📚 Resource Allocation in Different Economic Systems

Causes of market failure: missing markets

Efficiency and Market Failure

Measure of Economic Welfare (MEW)

📈 Economic Development: Measure of Economic Welfare (MEW)

provision of information

🏛️ Government Policies to Achieve Efficient Resource Allocation and Correct Market Failure

average and marginal rates of tax (art and mrt)

The Circular Flow of Income

calculation of effect of changing AD on national income using the multiplier

The Circular Flow of Income

sales maximisation

📈 Differing Objectives and Policies of Firms: Sales Maximisation

actual growth versus potential growth in national output

Economic Growth & Sustainability 🚀🌱

meaning of an indifference curve and a budget line

Indifference Curves and Budget Lines 📈

role of the International Monetary Fund (IMF)

Relationship Between Countries at Different Levels of Development

direct provision

Direct Provision: Government Supplies Goods and Services 🚀

natural rate of unemployment: definition

Natural Rate of Unemployment 📈

classification of economies in terms of their level of national income

📚 Economic Development: Classifying Economies by National Income

relationship between price elasticity of demand and total expenditure on a product

Price Elasticity of Demand 📈

price controls

Government Policies to Achieve Efficient Resource Allocation and Correct Market Failure

effective demand

Demand and Supply Curves: Effective Demand

formulae for and calculation of price elasticity, income elasticity and cross elasticity of demand

📈 Price Elasticity of Demand (PED)

formulae for and calculation of multiplier in a closed and open economy, with and without a government sector

📚 Circular Flow of Income – A Quick Guide

derivation of an individual firm’s demand for labour using marginal revenue product

Labour Market Forces and Government Intervention

holding or providing cash, securities, loans, deposits, equity

💰 Money & Banking – A Quick Guide

other pricing policies: limit pricing

Differing Objectives and Policies of Firms

factors affecting the supply of labour to a firm or to an occupation: wage and non-wage factors

Labour Market Forces and Government Intervention

influence of monopsony employers on wage determination and employment in a labour market

Labour Market Forces and Government Intervention

monopolistic competition

Monopolistic Competition 🍔

relationship between the internal value of money and the external value of money

Links Between Macroeconomic Problems and Their Interrelatedness

effects of shifts in demand and supply curves on equilibrium price and quantity

The Interaction of Demand and Supply

income distribution: calculation of Gini coefficient and Lorenz curve analysis

Characteristics of Countries at Different Levels of Development

need to make choices at all levels (individuals, firms, governments)

Scarcity, Choice & Opportunity Cost

price discrimination – first, second and third degree: conditions for effective price discrimination

Differing Objectives and Policies of Firms

external growth (mergers and acquisitions): horizontal, vertical and lateral integration

Growth and Survival of Firms: External Growth

indicators of living standards and economic development: monetary indicators including real per capita national income statistics (GDP, GNI, NNI) and purchasing power parity

📈 Economic Development: Measuring Living Standards

predatory pricing

Differing Objectives and Policies of Firms – Predatory Pricing

components of Aggregate Demand (AD) and their determinants: consumption function: autonomous and induced consumer expenditure

The Circular Flow of Income 📊

definition of money supply

Money and Banking: Definition of Money Supply

wage determination in imperfect markets: influence of trade unions on wage determination and employment in a labour market

Labour Market Forces and Government Intervention

Short-run and long-run costs

Types of Cost, Revenue and Profit

addressing the non-provision of public goods

Reasons for Government Intervention in Markets

mobility of labour: forms of labour mobility: geographical and occupational

📈 Mobility of Labour

factors affecting: income elasticity of demand

Price Elasticity of Demand 📈

nature and definition of public goods

Classification of Goods and Services

controlling prices in markets

Reasons for Government Intervention in Markets: Controlling Prices

formula for and calculation of price elasticity of supply

📈 Price Elasticity of Supply

causes of changes in the money supply in an open economy: commercial banks as sources of credit creation and the bank credit multiplier

Money and Banking 📈

significance of relative percentage changes, the size and sign of the coefficient of price elasticity of supply

📈 Price Elasticity of Supply

nature and definition of opportunity cost, arising from choices

Scarcity, Choice and Opportunity Cost

measurement of exchange rates: distinction between nominal and real exchange rates

📈 Exchange Rates: Measuring the Value of Money

the multiplier process: definition of the multiplier

📈 The Circular Flow of Income

government failure in microeconomic intervention: definition of government failure

Government Policies to Achieve Efficient Resource Allocation and Correct Market Failure

role of the entrepreneur in contemporary economies: risk and organisation of the other factors of production

Factors of Production

net exports (exports minus imports)

Circular Flow of Income: Net Exports

savings function: autonomous and induced savings

📚 The Circular Flow of Income: Savings Function

distinction between the shift in the demand or supply curve and the movement along these curves

Demand and Supply Curves

trade creation and trade diversion