Economics

The following notes on economics have been created in accordance to the British A-Level system for taking into consideration the OCR specification. The notes cover both Year 1 (AS Level) as well as Year 2 (A-Level) content including both microeconomics and macroeconomics. 

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The notes cover the following topics: 

 

Microeconomics:

Part 1 – How Competitive Markets Work

• Chapter 1 – The Economic Problem and Opportunity Cost

• Chapter 2 – The Allocation of Resources, Specialisation and Trade

Part 2 – The Role of Markets

• Chapter 3 – Demand

• Chapter 4 – Supply

• Chapter 5 – Elasticity

• Chapter 7 – Price, resource Allocation and The Concept of Margin

• Chapter 8 – Market Failure and Externalities

• Chapter 9 – Market Failure: Information Failure and Public Goods

• Chapter 10 – Government Intervention and Government Failure

Part 3 – Business Objectives

• Chapter 11 – Costs, Economies of Scale, Revenue and Profit

• Chapter 12 – Objectives of Business

Part 4 – Market Structures

• Chapter 13 – Market Structure: Perfect Competition

• Chapter 14 – Market Structure: Monopoly

• Chapter 15 – Monopolistic Competition, Oligopoly and Contestable Markets

Part 5 – The Labour Market

• Chapter 16 – The Demand of Labour

• Chapter 17 – The Supply of Labour

• Chapter 18 – The Interaction of Labour Markets

 

Macroeconomics:

Part 6 - Aggregate Demand and Aggregate Supply

• Chapter 19 – The Circular Flow of Income and Aggregate Demand

• Chapter 20 – Aggregate Supply and the Interaction of Aggregate Demand and Supply

• Chapter 21 – The Multiplier and The Accelerator

  • The Multiplier Effect​

  • The Accelerator

  • The Output Gap

Part 7 – Economic Policy Objectives

• Chapter 22 – Economic Growth

• Chapter 23 – Development

• Chapter 24 – Employment

• Chapter 25 – Inflation

• Chapter 26 – The Balance of Payments

• Chapter 27 – Exchange Rates

• Chapter 28 – Trends in Macroeconomic Indicators

• Chapter 29 – Income Distribution and Welfare

Part 8 – Implementing Policy

• Chapter 30 – Fiscal Policy

• Chapter 31 – Monetary Policy

• Chapter 32 – Supply-Side Policy

• Chapter 33 – The Philips Curve and Negotiations

Part 9 – The Global Context

• Chapter 37 – Money and Interest Rates

• Chapter 38 – The Financial Sector

• Chapter 39 – The Central Bank and Financial Regulation

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A PDF copy of the checklist and OCR Specification can be found below.