Cambridge International as and a level Economics Ebook

Document Outline

• Cover
• Title
• Copyright
• Contents
• Preface
• The authors
• Introduction
  • Learning objectives
  • The key features of the book
  • What is Economics?
  • The economist’s toolkit
  • Data skills
  • How and why economists make forecasts
  • How to write in a clear and effective way
  • Cambridge International AS and A Level Economics
• 1 Basic economic ideas and resource allocation (AS Level)
  • Learning objectives
  • One economic problem or many?
  • The fundamental economic problem
  • Scarce resources
  • Production and consumption
  • Unlimited wants
  • Choice and opportunity cost
  • Basic questions: what to produce, how and for whom?
  • Meaning of the term ‘ceteris paribus’
  • The margin
  • The time dimension
  • Positive and normative statements in economics
  • Specialisation and exchange
  • The division of labour
  • Resource allocation in different economic systems and issues of transition
  • Issues of transition when central planning in an economy is reduced
  • Role of enterprise in the modern economy
  • Production possibility curves
  • Money: its functions and characteristics
  • Classification of goods and services
  • Merit goods, demerit goods and information failure
  • Exam-style questions
• 2 The price system and the microeconomy (AS Level)
  • Learning objectives
  • Introduction
  • Demand
  • Supply
  • The concept of elasticity
  • Price elasticity of demand
  • Income elasticity of demand
  • Cross elasticity of demand
  • Business relevance of demand elasticities
  • Price elasticity of supply
  • Interaction of demand and supply– markets in equilibrium and disequilibrium
  • Shifts in the market demand curve
  • Shifts in the market supply curve
  • Changes in the equilibrium
  • The workings of the price mechanism – final thoughts
  • Consumer surplus
  • Producer surplus
  • Exam-style questions
• 3 Government microeconomic intervention (AS Level)
  • Learning objectives
  • Government intervention: introduction
  • Maximum and minimum price controls
  • Taxes – direct and indirect
  • Other taxation issues
  • Subsidies
  • Transfer payments
  • Direct provision of goods and services
  • Nationalisation and privatisation
  • Exam-style questions
• 4 The macroeconomy (AS Level)
  • Learning objectives
  • The macroeconomy
  • Aggregate demand
  • Aggregate supply
  • Interaction of aggregate demand and aggregate supply
  • Inflation
  • Deflation and disinflation
  • The balance of payments
  • Definition and measurement of exchange rates
  • The terms of trade
  • Absolute and comparative advantage
  • The benefits of free trade
  • Trade blocs
  • Trade creation and trade diversion
  • Protectionism
  • Exam-style questions
• 5 Government macro intervention (AS Level)
  • Learning objectives
  • The aims of macro economic policy
  • Types of policy
  • Policies to correct balance of payments disequilibrium
  • Exam-style questions
• 6 Basic economic ideas and resource allocation (A Level)
  • Learning objectives
  • Introduction
  • Productive efficiency
  • Allocative efficiency
  • Pareto optimality
  • Dynamic efficiency
  • Market failure
  • Externalities
  • Use of cost–benefit analysis in decision making
  • Exam-style questions
• 7 The price system and the microeconomy (A Level)
  • Learning objectives
  • Introduction
  • Utility and marginal utility
  • Are consumers rational?
  • Budget lines
  • Indifference curves – representing what consumers want
  • Effect of a change in income on consumer choice
  • Income and substitution effects of a price change using in difference curves
  • Types of cost, revenue and profit, short-run and long-run production
  • The firm’s revenue
  • Profits
  • Firms and industries
  • Market structures
  • Oligopoly
  • Monopoly
  • Contestable markets
  • Growth and survival of firms
  • Integration
  • Cartels
  • Differing objectives of a firm
  • Behaviour of oligopolistic firms
  • Pricing policy
  • Exam-style questions
• 8 Government microeconomic intervention (A Level)
  • Learning objectives
  • Introduction
  • Deadweight loss
  • Government intervention to correct externalities
  • Behavioural insights and ‘nudge’ theory
  • Price and output decisions under nationalisation and privatisation
  • Equity and policies towards income and wealth redistribution
  • Government policies to redistribute income and wealth
  • Labour market forces and government intervention
  • Wage determination in perfect markets
  • Wage determination in imperfect markets
  • Monopsony in the labour market
  • Government failure in microeconomic intervention
  • Exam-style questions
• 9 The macroeconomy (A Level)
  • Learning objectives
  • The macroeconomy
  • Economic growth, economic development and sustainability
  • Actual and potential economic growth
  • National income statistics
  • Gross domestic product, gross national product and gross national income
  • Other indicators of living standards and economic development
  • The characteristics of developed, developing and emerging economies
  • Influences on the size and composition of the labour force
  • Labour productivity
  • Unemployment
  • The circular flow of income
  • The multiplier
  • Aggregate expenditure
  • Income determination
  • The Quantity Theory of Money
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