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Notes

Unit 1
Scarcity

Understand the proble


and non-renewable re

Production Possibility Frontier

Use production possib


Marginal analysis is re
outwards or inwards.

Specialisation

Understand the advan

Division of Labour

Understand the advan

Free Market and Mixed


Economies

Understand the advan

Positive and Normative


Statements

Distinguish between o

Demand Curve - Movements and Understand how a cha


Shifts
complementary goods
PED

Explain price, income


numerical values of pr
XED
firms and government
YED (Normal and Inferior Goods) See Revision Sheet
Supply Curve - Movements and
Shifts

Understand how a cha


introduction of new te
specific and ad valore

PES

Explain price elasticity


supply.Students may

Equilibrium

Explain equilibrium pr
demand and supply cu

Consumer and Producer Surplus

Distinguish between c

consumer and produc


Functions of the Price
Mechanism

Understand the ration


markets.

Price Mechanisms

Apply the price mecha


market shares, oil, pre

Indirect Tax and Subsidies

Use supply and deman


demand and supply, fo

Labour Demand and Supply

Understand the factor


influencing the supply

Market Failure

Define and understand


considered at AS leve

Externalities

Illustrate external cos


illustrate the external
infrastructure improve

Public Goods

Explain why public go

Imperfect Market Information

Distinguish between s
alcohol.

Labour Immobility

Understand geographi
labour and the skills s

Unstable Commodity Markets

Understand the cause


diagrammatic analysis
income elasticity of de

Methods of Government
Intervention

Understand the differe


provision and regulati
in various contexts, fo

Government Failure

Define and explain dif


Students should unde