Edexcel · A-Level
Your journey to excellence inEconomics
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Start with the first Economics lesson.
Thinking like an economist: models and assumptions
1Thinking like an economist: models and assumptionsRead next2Using ceteris paribus in economic modelsRead next3Why economists can’t run true scientific experimentsRead next4Positive statementsRead next5Value judgements in economic decision-makingRead next6Scarcity, choice and the economic problemRead next7Renewable vs non-renewable resourcesRead next8Opportunity cost for consumers, firms and governmentRead next9Reading a production possibility frontier (PPF)Read next10Opportunity cost on a PPF using marginal analysisRead next11Economic growth and decline on a PPFRead next12Efficiency vs inefficiency on a PPFRead next13Movements along vs shifts of a PPFRead next14Capital goods vs consumer goods on a PPFRead next15Specialisation and division of labour (Adam Smith)Read next16Pros and cons of specialisation in productionRead next17Specialisation for trade: pros and consRead next18The functions of moneyRead next19Free market, mixed and command economiesRead next20Hayek, Smith and Marx: different views of the economyRead next21Pros and cons of free marketsRead next22Pros and cons of command economiesRead next23The role of the state in a mixed economyRead next
Rational decision-making: utility maximisation
1Rational decision-making: utility maximisationRead next2Rational decision-making: profit maximisationRead next3Demand: movements along vs shiftsRead next4Conditions of demand (causes of demand shifts)Read next5Diminishing marginal utility and the demand curveRead next6Supply: movements along vs shiftsRead next7Conditions of supply (causes of supply shifts)Read next8Price, income and cross elasticity: what they measureRead next9Calculating price elasticity of demand (PED)Read next10Interpreting PED values (elastic/inelastic/unitary/perfect)Read next11Factors affecting PEDRead next12PED and total revenue (including calculations)Read next13Calculating income elasticity of demand (YED)Read next14Interpreting YED values (inferior/normal/luxury)Read next15Calculating cross elasticity of demand (XED)Read next16Interpreting XED values (substitutes/complements/unrelated)Read next17Elasticity of supply: what it measuresRead next18Calculating price elasticity of supply (PES)Read next19Interpreting PES values (elastic/inelastic/perfect)Read next20Factors affecting PESRead next21Short run vs long run and elasticity of supplyRead next22Equilibrium price and equilibrium quantityRead next23Excess demand and excess supply on diagramsRead next24How market forces restore equilibriumRead next25Shifts in supply/demand and new equilibria (real contexts)Read next26Price mechanism: rationing functionRead next27Price mechanism: incentive functionRead next28Price mechanism: signalling functionRead next29Price mechanism in local, national and global marketsRead next30Consumer surplus on a supply and demand diagramRead next31Producer surplus on a supply and demand diagramRead next32How shifts change consumer and producer surplusRead next33Indirect taxes: impact on consumers, firms and governmentRead next34Tax incidence and elasticity (who bears the burden?)Read next35Subsidies: impact on consumers, firms and governmentRead next36Showing producer subsidy and consumer subsidy on diagramsRead next37Behavioural economics: why consumers aren’t always rationalRead next38Social influence on consumer choicesRead next39Habitual behaviour and demandRead next40Consumer weakness at computationRead next
What market failure means
1What market failure meansRead next2Externalities: private vs external vs social costsRead next3Externalities: private vs external vs social benefitsRead next4Negative production externalities diagram (MSC/MSB approach)Read next5Welfare loss from negative production externalitiesRead next6Positive consumption externalities diagramRead next7Welfare gain from positive consumption externalitiesRead next8Externalities: impacts on different economic agentsRead next9Public goods vs private goods (non-rivalry/non-excludability)Read next10The free rider problemRead next11Information gaps and misallocation of resourcesRead next12Symmetric vs asymmetric informationRead next
Why governments intervene (fixing market failure)
1Why governments intervene (fixing market failure)Read next2Indirect taxation: specific vs ad valoremRead next3Using tax diagrams to show welfare effectsRead next4Subsidies as a policy tool (diagram + evaluation)Read next5Minimum prices: impacts and evaluationRead next6Tradeable pollution permits: how they workRead next7State provision of public goodsRead next8Provision of information (e.g. labelling, campaigns)Read next9Regulation: pros and consRead next10What government failure means (net welfare loss)Read next11Government failure: distorted price signalsRead next12Government failure: unintended consequencesRead next13Government failure: admin costsRead next14Government failure: information gapsRead next
Real GDP growth as a measure of economic growth
1Real GDP growth as a measure of economic growthRead next2Real vs nominal (and why it matters)Read next3Total vs per capita and volume measuresRead next4Gross National Income (GNI)Read next5Comparing countries and timeRead next6Purchasing Power Parities (PPPs) in comparisonsRead next7Limits of GDP for living standards comparisonsRead next8National wellbeing and “happiness” measuresRead next9Inflation vs deflation vs disinflationRead next10Calculating inflation using CPIRead next11Limitations of CPIRead next12RPI as an alternative and why it differsRead next13Causes of inflation: demand-pullRead next14Causes of inflation: cost-pushRead next15Causes of inflation: money supply growthRead next16Effects of inflation on consumersRead next17Effects of inflation on firmsRead next18Effects of inflation on governmentRead next19Effects of inflation on workersRead next20Unemployment measures: claimant countRead next21Unemployment measures: ILO/Labour Force SurveyRead next22Unemployment vs under-employmentRead next23Employment, unemployment and inactivity ratesRead next24Structural unemploymentRead next25Frictional unemploymentRead next26Seasonal unemploymentRead next27Cyclical/demand-deficient unemploymentRead next28Real wage inflexibility and unemploymentRead next29Migration, skills and labour market outcomesRead next30Effects of unemployment on consumersRead next31Effects of unemployment on firmsRead next32Effects of unemployment on workers and societyRead next33Components of the balance of payments (current account focus)Read next34Balance of trade in goods vs servicesRead next35Current account deficits vs surplusesRead next36Current account imbalances and macro objectivesRead next37Interconnectedness through international tradeRead next
Components of AD: C + I + G + (X − M)
1Components of AD: C + I + G + (X − M)Read next2Relative importance of AD componentsRead next3The AD curveRead next4Movement along AD vs shift of ADRead next5Disposable income and consumptionRead next6The savings–consumption relationshipRead next7Consumer confidence and consumptionRead next8Wealth effects and consumptionRead next9Gross vs net investmentRead next10Growth expectations and investmentRead next11Business confidence and investmentRead next12Keynes’ “animal spirits”Read next13Exports and investmentRead next14Interest rates and investmentRead next15Access to credit and investmentRead next16Regulation/government influence on investmentRead next17The trade cycle and government spendingRead next18Fiscal policy and government spendingRead next19Real income and net tradeRead next20Exchange rates and net tradeRead next21World economy and net tradeRead next22Protectionism and net tradeRead next23Non-price competitiveness and net tradeRead next
The AS curve
1The AS curveRead next2Movement along AS vs shift of ASRead next3Short-run AS vs long-run ASRead next4Short-run AS: raw material and energy costsRead next5Short-run AS: exchange rate changesRead next6Short-run AS: tax rate changesRead next7Long-run AS: Keynesian shapeRead next8Long-run AS: classical shapeRead next9Long-run AS: technology and productivityRead next10Long-run AS: education and skillsRead next11Long-run AS: regulation and business environmentRead next12Long-run AS: demographics and migrationRead next13Long-run AS: competition policyRead next
The circular flow of income model
1The circular flow of income modelRead next2Income vs wealthRead next3Injections into the circular flowRead next4Withdrawals from the circular flowRead next5What equilibrium national output meansRead next6AD/AS shifts and equilibrium outputRead next7The multiplier: what it isRead next8The multiplier process step-by-stepRead next9Effects of the multiplier on the economyRead next10MPC, MPS, MPT and MPMRead next11Calculating the multiplier using 1/(1−MPC)Read next12Calculating the multiplier using 1/MPWRead next13Why the multiplier matters for AD changesRead next
Sources of economic growth
1Sources of economic growthRead next2Actual vs potential growthRead next3Export-led growth and tradeRead next4Trend growth vs actual growth ratesRead next5Positive vs negative output gapsRead next6Why output gaps are hard to measureRead next7The LRAS curve and growthRead next8The trade (business) cycleRead next9Boom characteristicsRead next10Recession characteristicsRead next11Benefits of growth for consumersRead next12Benefits of growth for firms and governmentRead next13Costs of growth (short and long run)Read next14Growth and current vs future living standardsRead next
The main macroeconomic objectives (overview)
1The main macroeconomic objectives (overview)Read next2Economic growth as an objectiveRead next3Low unemployment as an objectiveRead next4Low and stable inflation as an objectiveRead next5Current account balance as an objectiveRead next6Balanced government budget as an objectiveRead next7Environmental protection as an objectiveRead next8Greater income equality as an objectiveRead next9Monetary policy vs fiscal policyRead next10Interest rates as a monetary policy toolRead next11Quantitative easing (asset purchases)Read next12Government spending and taxation as fiscal toolsRead next13Budget deficit vs budget surplusRead next14Direct vs indirect taxes (examples and impacts)Read next15Using AD/AS to show demand-side policyRead next16Bank of England: role and purposeRead next17Monetary Policy Committee: how it operatesRead next18Demand-side policy in the Great Depression (overview)Read next19Demand-side policy in the 2008 financial crisis (UK vs US)Read next20Strengths and weaknesses of demand-side policyRead next21Market-based vs interventionist supply-side policyRead next22Supply-side: incentives and entrepreneurshipRead next23Supply-side: competition and contestabilityRead next24Supply-side: labour market reformsRead next25Supply-side: skills and human capitalRead next26Supply-side: infrastructureRead next27Using AD/AS to show supply-side policy effectsRead next28Strengths and weaknesses of supply-side policyRead next29Trade-offs between macro objectivesRead next30The short-run Phillips curveRead next31Policy conflicts and trade-offs in practiceRead next
Why some firms stay small
1Why some firms stay smallRead next2Why firms grow: incentives and market opportunitiesRead next3Divorce of ownership and controlRead next4The principal-agent problemRead next5Public vs private sector organisationsRead next6Profit vs non-profit objectivesRead next7Organic growth: what it isRead next8Vertical integration: forward vs backwardRead next9Horizontal integrationRead next10Conglomerate integrationRead next11Pros and cons of organic growthRead next12Pros and cons of vertical integrationRead next13Pros and cons of horizontal integrationRead next14Pros and cons of conglomerate integrationRead next15Constraints on growth: market sizeRead next16Constraints on growth: access to financeRead next17Constraints on growth: owner objectivesRead next18Constraints on growth: regulationRead next19Why firms demergeRead next20Impacts of demergers (firms, workers, consumers)Read next
Profit maximisation as an objective (why firms choose it)
1Profit maximisation as an objective (why firms choose it)Read next2Revenue maximisation as an objectiveRead next3Sales maximisation as an objectiveRead next4Satisficing as an objectiveRead next5Profit maximisation on diagramsRead next6Revenue maximisation on diagrams and formulaeRead next7Sales maximisation on diagrams and formulaeRead next
Total, average and marginal revenue (definitions)
1Total, average and marginal revenue (definitions)Read next2Calculating and linking TR, AR and MRRead next3PED and revenue (linking elasticity to TR changes)Read next4Total, fixed and variable costs (definitions)Read next5AC, MC, AFC and AVC (calculations)Read next6Marginal cost (definition and calculation)Read next7Deriving SR cost curves from diminishing marginal productivityRead next8Short-run vs long-run average costsRead next9Internal economies of scale (types)Read next10External economies of scale (types)Read next11Diseconomies of scale (types)Read next12Minimum efficient scaleRead next13Condition for profit maximisation (MR = MC)Read next14Normal vs supernormal profit vs lossesRead next15Shutdown points in the short run and long run (diagrams)Read next
Allocative efficiency (what it means in markets)
1Allocative efficiency (what it means in markets)Read next2Productive efficiency (what it means in markets)Read next3Dynamic efficiency (innovation and investment)Read next4X-inefficiency and its causesRead next5Comparing efficiency across market structuresRead next6Perfect competition: key characteristicsRead next7Perfect competition: short-run equilibrium (diagram)Read next8Perfect competition: long-run equilibrium (diagram)Read next9Monopolistic competition: key characteristicsRead next10Monopolistic competition: short-run equilibrium (diagram)Read next11Monopolistic competition: long-run equilibrium (diagram)Read next12Oligopoly: key characteristicsRead next13Concentration ratios: calculating n-firm ratiosRead next14What concentration ratios tell usRead next15Collusion vs competition in oligopolyRead next16Overt vs tacit collusionRead next17Cartels and price leadershipRead next18Game theory: prisoner’s dilemma (simple model)Read next19Price wars in oligopolyRead next20Predatory pricingRead next21Limit pricingRead next22Non-price competition methodsRead next23Monopoly: key characteristicsRead next24Monopoly: profit-maximising equilibrium (diagram)Read next25Third-degree price discrimination: conditionsRead next26Third-degree price discrimination: diagram and outcomesRead next27Price discrimination: winners and losersRead next28Monopoly: costs and benefits (stakeholders)Read next29Natural monopoly and why it occursRead next30Monopsony: conditions and characteristicsRead next31Monopsony: costs and benefits (stakeholders)Read next32Contestable markets: defining featuresRead next33Contestability and firm behaviourRead next34Barriers to entry and barriers to exitRead next35Sunk costs and contestabilityRead next
Demand for labour: key influences
1Demand for labour: key influencesRead next2Derived demand for labourRead next3Supply of labour: key influencesRead next4Labour market failure: occupational immobilityRead next5Labour market failure: geographical immobilityRead next6Competitive equilibrium (diagram)Read next7Non-competitive labour markets (overview)Read next8Current labour market issues (using real examples)Read next9Minimum wages: impacts and evaluationRead next10Maximum wages: impacts and evaluationRead next11Public sector wage settingRead next12Policies to reduce labour immobilityRead next13Elasticity of demand for labour (why it matters)Read next14Elasticity of supply of labour (why it matters)Read next
Controlling mergers: reasons and methods
1Controlling mergers: reasons and methodsRead next2Regulating monopolies: price regulationRead next3Regulating monopolies: profit regulationRead next4Regulating monopolies: quality standards and targetsRead next5Promoting competition and small businessRead next6Deregulation: aims and risksRead next7Competitive tendering for public contractsRead next8Privatisation: aims and outcomesRead next9Protecting suppliers and employees: limiting monopsony powerRead next10Nationalisation: aims and outcomesRead next11Impacts of intervention on pricesRead next12Impacts of intervention on profitsRead next13Impacts of intervention on efficiencyRead next14Impacts of intervention on qualityRead next15Impacts of intervention on choiceRead next16Limits of intervention: regulatory captureRead next17Limits of intervention: asymmetric informationRead next
What globalisation looks like in practice
1What globalisation looks like in practiceRead next2Drivers of globalisation over the last 50 yearsRead next3Globalisation: impacts on governmentsRead next4Globalisation: impacts on producers and consumersRead next5Globalisation: impacts on workersRead next6Globalisation: impacts on the environmentRead next7Absolute advantage (with simple calculations)Read next8Comparative advantage: assumptions and limitsRead next9Comparative advantage using numbersRead next10Comparative advantage using diagramsRead next11Pros and cons of specialisation and tradeRead next12What shapes trade patterns between countriesRead next13Emerging economies and shifting trade flowsRead next14Trading blocs and bilateral agreementsRead next15Exchange rates and trade flowsRead next16Calculating terms of tradeRead next17Factors that change terms of tradeRead next18Effects of improving/worsening terms of tradeRead next19Free trade areas vs customs unions vs common marketsRead next20Monetary unions and the Eurozone: conditions for successRead next21Costs and benefits of regional trade agreementsRead next22The WTO and trade liberalisationRead next23Regional trade deals vs WTO: potential conflictsRead next24Why countries restrict free tradeRead next25Tariffs: impacts and evaluationRead next26Quotas: impacts and evaluationRead next27Subsidies to domestic producers: impacts and evaluationRead next28Non-tariff barriers: impacts and evaluationRead next29Protectionism and living standards/equality effectsRead next30Balance of payments: current, capital and financial accountsRead next31Causes of current account deficitsRead next32Causes of current account surplusesRead next33Policies to reduce current account imbalancesRead next34Global trade imbalances and their significanceRead next35Exchange rate systems: floating, fixed, managedRead next36Appreciation vs revaluationRead next37Depreciation vs devaluationRead next38Factors affecting floating exchange ratesRead next39How governments intervene in FX marketsRead next40Competitive devaluation/depreciation and consequencesRead next41Exchange rates and the current account (Marshall–Lerner)Read next42The J-curve effectRead next43Exchange rates and growth/employmentRead next44Exchange rates and inflationRead next45Exchange rates and FDI flowsRead next46International competitiveness: key measuresRead next47Relative unit labour costs and competitivenessRead next48Relative export prices and competitivenessRead next49Factors that influence competitivenessRead next50Benefits of being competitive internationallyRead next51Problems of being uncompetitive internationallyRead next
Absolute poverty vs relative poverty
1Absolute poverty vs relative povertyRead next2Measuring absolute povertyRead next3Measuring relative povertyRead next4Why poverty measures change over timeRead next5Wealth inequality vs income inequalityRead next6The Lorenz curve (interpretation)Read next7The Gini coefficient (what it shows)Read next8Causes of inequality within countriesRead next9Causes of inequality between countriesRead next10Development and inequality: how they interactRead next11Capitalism and inequality (arguments for and against)Read next
The three dimensions of the HDI
1The three dimensions of the HDIRead next2How HDI components are measured and combinedRead next3Strengths of HDI for comparing developmentRead next4Limitations of HDIRead next5Other development indicators (overview)Read next6Primary product dependency and developmentRead next7Commodity price volatility and developmentRead next8The savings gap and the Harrod–Domar modelRead next9The foreign currency gapRead next10Capital flight and developmentRead next11Demographic factors and developmentRead next12Debt and developmentRead next13Access to credit and bankingRead next14Infrastructure and growthRead next15Education/skills and human capitalRead next16Property rights and investment incentivesRead next17Non-economic factors shaping developmentRead next18Trade liberalisation as a development strategyRead next19Promoting FDI as a development strategyRead next20Removing subsidies: winners and losersRead next21Floating exchange rates as a strategyRead next22Microfinance schemes: aims and limitsRead next23Privatisation as a development strategyRead next24Human capital investment as a strategyRead next25Protectionism for development: pros and consRead next26Managed exchange rates for developmentRead next27Infrastructure-led development strategiesRead next28Joint ventures with global companiesRead next29Buffer stock schemesRead next30Industrialisation and the Lewis modelRead next31Tourism-led developmentRead next32Developing primary industriesRead next33Fairtrade schemes: aims and evaluationRead next34Aid: types and effectivenessRead next35Debt relief: pros, cons and conditionsRead next36The World Bank: role in developmentRead next37The IMF: role in developmentRead next38NGOs: roles and limitationsRead next
Why financial markets matter for saving
1Why financial markets matter for savingRead next2Financial markets and lending to households/firmsRead next3Financial markets and facilitating transactionsRead next4Forward markets in currencies and commoditiesRead next5Financial securities and annuitiesRead next6Financial market failure: asymmetric informationRead next7Financial market failure: externalitiesRead next8Financial market failure: moral hazardRead next9Financial market failure: speculation and bubblesRead next10Financial market failure: market riggingRead next11Central banks and monetary policyRead next12Central banks as banker to the governmentRead next13Central banks as lender of last resortRead next14Central banks and banking regulationRead next
Capital vs current public spending vs transfer payments
1Capital vs current public spending vs transfer paymentsRead next2Why public spending size and composition changesRead next3Public spending and productivity and growthRead next4Public spending and living standardsRead next5Crowding out: when and why it happensRead next6Public spending and the tax burdenRead next7Public spending and equalityRead next8Progressive vs proportional vs regressive taxesRead next9Direct vs indirect tax changes and work incentivesRead next10The Laffer curve and tax revenuesRead next11Taxes and income distributionRead next12Taxes and real output/employmentRead next13Taxes and the price levelRead next14Taxes and the trade balanceRead next15Taxes and FDI flowsRead next16Automatic stabilisers vs discretionary fiscal policyRead next17Fiscal deficit vs national debtRead next18Structural vs cyclical deficitsRead next19What drives fiscal deficitsRead next20What drives national debtRead next21Why deficits and debt levels matterRead next22Global macro policy mixes (fiscal/monetary/ER/supply-side/controls)Read next23Policies to reduce fiscal deficits and debt (global examples)Read next24Policies to reduce poverty and inequality (global examples)Read next25Monetary policy differences across countriesRead next26Policies to raise international competitivenessRead next27Responding to external shocks (policy options)Read next28Regulating transfer pricing (global companies)Read next29Limits on controlling global companiesRead next30Policymaking with imperfect informationRead next31Policymaking under risk and uncertaintyRead next32Policy limits when shocks are externalRead next
Ratios and fractions in economic contexts
1Ratios and fractions in economic contextsRead next2Percentages, percentage changes and percentage point changesRead next3Mean, median and relevant quantilesRead next4Constructing and interpreting graphsRead next5Calculating and interpreting index numbersRead next6Cost, revenue and profit calculations (marginal/average/total)Read next7Converting money values into real termsRead next8Calculating and interpreting elasticity valuesRead next9Interpreting written, graphical, tabular and numerical informationRead next10Level vs rate of changeRead next11Composite indicators (what they are and how to use them)Read next12Seasonally adjusted figures (what they mean)Read next