WJEC · A-Level
Your journey to excellence inEconomics
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Start with the first Economics lesson.
Scarcity, Choice and Opportunity Cost
1Scarcity, Choice and Opportunity CostRead next2Economic Goods and Free GoodsRead next3What, How and For Whom to ProduceRead next4Opportunity Cost for IndividualsRead next5Opportunity Cost for FirmsRead next6Opportunity Cost for GovernmentsRead next7Reading a Production Possibility FrontierRead next8Attainable and Unattainable CombinationsRead next9Productive Efficiency on a PPFRead next10Inefficiency and Unused Resources on a PPFRead next11Increasing Opportunity Cost on a Concave PPFRead next12Why a Straight-Line PPF Is DifferentRead next13Movements Along a PPFRead next14Outward Shifts in a PPFRead next15Inward Shifts in a PPFRead next16Short-Run Growth on a PPFRead next17Long-Run Growth on a PPFRead next18Skewed Shifts in a PPFRead next19Specialisation and the Division of LabourRead next20Advantages of SpecialisationRead next21Disadvantages of SpecialisationRead next22Productivity and How It Is IncreasedRead next23Exchange and Why Specialisation Requires TradeRead next24Linking PPFs to LRASRead next
What a Product Market Is
1What a Product Market IsRead next2Consumer Utility and Rational ChoiceRead next3Why Firms Aim to Maximise ProfitRead next4Marginal Utility and the Demand CurveRead next5Diminishing Marginal UtilityRead next6Why Demand Curves Slope DownwardRead next7The Income EffectRead next8The Substitution EffectRead next9Factors That Shift DemandRead next10Movements Along a Demand CurveRead next11Why Supply Curves Slope UpwardRead next12Profit Incentives and SupplyRead next13Rising Marginal Cost in the Short RunRead next14Factors That Shift SupplyRead next15Movements Along a Supply CurveRead next16Market Equilibrium PriceRead next17Market Equilibrium OutputRead next18Excess Demand and Market ShortageRead next19Excess Supply and Market SurplusRead next20How Markets Return to EquilibriumRead next21Consumer SurplusRead next22Producer SurplusRead next23Why Total Surplus Is Maximised at EquilibriumRead next24Price Elasticity of DemandRead next25Calculating PEDRead next26Interpreting PED ValuesRead next27Determinants of PEDRead next28PED Along a Straight-Line Demand CurveRead next29PED and Total RevenueRead next30Income Elasticity of DemandRead next31Normal Goods and Inferior GoodsRead next32Cross Elasticity of DemandRead next33Complements and SubstitutesRead next34Price Elasticity of SupplyRead next35Determinants of PESRead next36Elasticity and Tax IncidenceRead next37Elasticity and Subsidy IncidenceRead next38Why Elasticity Matters for Business DecisionsRead next39Why Elasticity Matters for Government PolicyRead next
What a Labour Market Is
1What a Labour Market IsRead next2Demand for LabourRead next3Supply of LabourRead next4Equilibrium Wage RateRead next5Equilibrium EmploymentRead next6Factors That Shift Labour DemandRead next7Factors That Shift Labour SupplyRead next8Elasticity of Demand for LabourRead next9Elasticity of Supply of LabourRead next10Wage Differentials Between OccupationsRead next11Wage Differentials Between RegionsRead next12Non-Monetary Reasons for Wage DifferencesRead next13Human Capital and WagesRead next14Trade Union Power and Labour Market FlexibilityRead next15Regulation and Labour Market FlexibilityRead next16Welfare Benefits and Incentives to WorkRead next17Income Tax Rates and Work IncentivesRead next18The Statutory National Minimum WageRead next19Winners and Losers from a Minimum WageRead next20Minimum Wage DiagramsRead next21Migration and Labour SupplyRead next22Migration and Wage EffectsRead next23Migration and Employment EffectsRead next24Labour Market Flexibility and the Supply SideRead next25The Case for a Regional Minimum Wage in WalesRead next
The Price Mechanism
1The Price MechanismRead next2The Signalling Function of PricesRead next3The Incentive Function of PricesRead next4The Rationing Function of PricesRead next5The Role of Profit in Resource AllocationRead next6How Profits Pull Resources into MarketsRead next7How Losses Push Resources out of MarketsRead next8Interdependence Between Product and Factor MarketsRead next9Why Free Markets Need CompetitionRead next10Why Free Markets Need InformationRead next11The Assumption of Rational BehaviourRead next12Why Real Consumers Are Not Always RationalRead next13Why Real Firms May Not Always Behave SimplyRead next14How a Change in One Market Affects AnotherRead next
What Market Failure Means
1What Market Failure MeansRead next2Efficiency at the Free Market EquilibriumRead next3Consumer Surplus, Producer Surplus and EfficiencyRead next4Welfare Loss from Market FailureRead next5Public GoodsRead next6Non-Rivalry and Non-ExcludabilityRead next7Why Public Goods Are UnderprovidedRead next8Merit GoodsRead next9Why Merit Goods Are UnderconsumedRead next10Demerit GoodsRead next11Why Demerit Goods Are OverconsumedRead next12External Costs of ProductionRead next13External Costs of ConsumptionRead next14External Benefits of ProductionRead next15External Benefits of ConsumptionRead next16Private Costs, External Costs and Social CostsRead next17Private Benefits, External Benefits and Social BenefitsRead next18Socially Efficient OutputRead next19Welfare Loss from Negative ExternalitiesRead next20Welfare Loss from Positive ExternalitiesRead next21Monopoly Power as a Source of Market FailureRead next22Information Gaps and Asymmetric InformationRead next23Absence of Property RightsRead next24Income Inequality as Market FailureRead next25Volatile Prices and Market InstabilityRead next26Why Governments Intervene in MarketsRead next27Indirect TaxesRead next28Specific Taxes and Ad Valorem TaxesRead next29SubsidiesRead next30State ProvisionRead next31RegulationRead next32Maximum PricesRead next33Minimum PricesRead next34Road PricingRead next35Tradeable Pollution PermitsRead next36Government Policy to Reduce Income InequalityRead next37Welsh Examples of Government InterventionRead next38Government FailureRead next39Market Distortion from InterventionRead next40Evaluating Intervention Against FailureRead next
The Circular Flow of Income
1The Circular Flow of IncomeRead next2Injections and WithdrawalsRead next3National Income EquilibriumRead next4The Multiplier ProcessRead next5Why the Multiplier WorksRead next6The Limits of the MultiplierRead next7The Components of Aggregate DemandRead next8Consumption in ADRead next9Investment in ADRead next10Government Spending in ADRead next11Net Exports in ADRead next12Factors Affecting ConsumptionRead next13Factors Affecting InvestmentRead next14Why the AD Curve Slopes DownwardRead next15The Real Balance EffectRead next16The Interest Rate EffectRead next17The Trade EffectRead next18Shifts in Aggregate DemandRead next19The Keynesian LRAS CurveRead next20Full Employment OutputRead next21What Shifts LRASRead next22AD and AS EquilibriumRead next23Equilibrium Output, Prices and EmploymentRead next24Short-Run Aggregate SupplyRead next25Why SRAS Slopes UpwardRead next26What Shifts SRASRead next27Neo-Classical and Monetarist SRAS AssumptionsRead next28Keynesian LRAS Versus Neo-Classical LRASRead next29The Neo-Classical Adjustment to Full EmploymentRead next30Why Keynesians Disagree About Automatic AdjustmentRead next31Sticky Wages and Sticky MarketsRead next32The Short-Run Phillips CurveRead next33Inflation-Unemployment Trade-OffsRead next34The Long-Run Phillips CurveRead next35Inflation ExpectationsRead next36The Natural Rate of UnemploymentRead next37NAIRURead next38Supply-Side Shifts in the Phillips CurveRead next
The Main Government Macroeconomic Objectives
1The Main Government Macroeconomic ObjectivesRead next2Low InflationRead next3Low UnemploymentRead next4Sustainable Economic GrowthRead next5Equilibrium on the Current AccountRead next6Conflicts Between Macroeconomic ObjectivesRead next7Actual Growth and Potential GrowthRead next8Output GapsRead next9Positive Output GapsRead next10Negative Output GapsRead next11The Business CycleRead next12What a Recession IsRead next13Causes of Economic GrowthRead next14Productivity and GrowthRead next15Technology and GrowthRead next16Factor Quality and GrowthRead next17Factor Quantity and GrowthRead next18Labour Market Flexibility and GrowthRead next19Benefits of Growth for HouseholdsRead next20Benefits of Growth for FirmsRead next21Benefits of Growth for GovernmentsRead next22Costs of GrowthRead next23Sustainability of GrowthRead next24Uneven Distribution of GrowthRead next25Measuring UnemploymentRead next26Problems with Measuring UnemploymentRead next27Economically Active and InactiveRead next28The Labour ForceRead next29Types of UnemploymentRead next30Cyclical UnemploymentRead next31Structural UnemploymentRead next32Frictional UnemploymentRead next33Seasonal UnemploymentRead next34Real Wage UnemploymentRead next35Demand-Side Causes of UnemploymentRead next36Supply-Side Causes of UnemploymentRead next37Occupational ImmobilityRead next38Geographical ImmobilityRead next39Lack of Incentives to WorkRead next40Costs of Unemployment for IndividualsRead next41Costs of Unemployment for FirmsRead next42Costs of Unemployment for GovernmentsRead next43Costs of Unemployment for the EconomyRead next44Demand-Side Solutions to UnemploymentRead next45Supply-Side Solutions to UnemploymentRead next46Measuring InflationRead next47Weighted Price IndicesRead next48CPI and Other Inflation MeasuresRead next49Calculating Simple Price IndicesRead next50Demand-Pull InflationRead next51Cost-Push InflationRead next52The Quantity Theory of MoneyRead next53Expectations and the Wage-Price SpiralRead next54Redistributive Costs of InflationRead next55Macroeconomic Costs of InflationRead next56Efficiency Costs of InflationRead next57Fiscal Policy to Tackle InflationRead next58Monetary Policy to Tackle InflationRead next59Supply-Side Policies to Tackle InflationRead next60Direct Controls on Wages and PricesRead next61What Deflation IsRead next62Supply-Side DeflationRead next63Demand-Side DeflationRead next64Why Demand Deflation Is DangerousRead next65Deflationary SpiralsRead next66The Balance of PaymentsRead next67Why the Balance of Payments Sums to ZeroRead next68The Current AccountRead next69The Financial and Capital AccountsRead next70Current Account DeficitsRead next71Current Account SurplusesRead next72Structural Deficits on the Current AccountRead next73Causes of Current Account ImbalancesRead next74Productivity and Trade PerformanceRead next75Exchange Rates and the Current AccountRead next76Industrial Structure and Trade PerformanceRead next77Commodity Prices and the Current AccountRead next78Comparative Advantage and Trade PerformanceRead next79Terms of TradeRead next80Calculating a Terms of Trade IndexRead next81Consequences of Current Account DeficitsRead next82Consequences of Current Account SurplusesRead next83Policy Options for Current Account DeficitsRead next
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The Government Budget
1The Government BudgetRead next2Government RevenueRead next3Government ExpenditureRead next4Current Spending and Capital SpendingRead next5Direct Taxes and Indirect TaxesRead next6Demand-Side Fiscal PolicyRead next7Expansionary Fiscal PolicyRead next8Contractionary Fiscal PolicyRead next9Fiscal Policy and AD/ASRead next10Keynesian Views on Fiscal PolicyRead next11Fiscal Policy in a DownturnRead next12The Laffer CurveRead next13Supply-Side Fiscal PolicyRead next14Tax and Work IncentivesRead next15Tax and Investment IncentivesRead next16Public Infrastructure SpendingRead next17Evaluating Fiscal PolicyRead next18Side Effects of Fiscal PolicyRead next19Public Sector Debt and Fiscal PolicyRead next20The Bank of England and Monetary StabilityRead next21The Bank of England and Financial StabilityRead next22Lender of Last ResortRead next23The Inflation TargetRead next24The Symmetrical Nature of the Inflation TargetRead next25Interest Rates as a Policy ToolRead next26How Rate Changes Affect ConsumersRead next27How Rate Changes Affect FirmsRead next28How Rate Changes Affect Saving and BorrowingRead next29How Rate Changes Affect InflationRead next30How Rate Changes Affect Exchange RatesRead next31Evaluating Interest Rate PolicyRead next32Exchange Rates in a Free-Float SystemRead next33Demand for a CurrencyRead next34Supply of a CurrencyRead next35Currency AppreciationRead next36Currency DepreciationRead next37Causes of Exchange Rate ChangesRead next38Exchange Rates and Macroeconomic ObjectivesRead next39Exchange Rates and FirmsRead next40Exchange Rates and HouseholdsRead next41Managed Floating Exchange RatesRead next42Holding a Currency Above Market ValueRead next43Holding a Currency Below Market ValueRead next44Evaluating Exchange Rate PolicyRead next45Supply-Side Policies to Raise LRASRead next46Supply-Side Policies and ProductivityRead next47Supply-Side Policies and Product Market FlexibilityRead next48Supply-Side Policies and Labour Market FlexibilityRead next49Evaluating Supply-Side PoliciesRead next50Budget Deficits and Public Sector DebtRead next51Structural Deficits and Cyclical DeficitsRead next52Discretionary and Automatic Causes of DeficitsRead next53Why Governments Worry About High DebtRead next54Interest Payments as an Opportunity CostRead next55Credit Ratings and ConfidenceRead next56Crowding OutRead next57Should Governments Tighten Fiscal Policy in a Downturn?Read next58Quantitative EasingRead next59How QE Is Supposed to WorkRead next60Risks of QERead next61Reversing QERead next62Direct Monetary InterventionRead next63Funding for LendingRead next64The Growing Importance of the Financial SectorRead next65Asset BubblesRead next66The 2007–08 Financial Crisis as a Case StudyRead next67The Purpose of Financial RegulationRead next68Is the Financial Sector Good for the Real Economy?Read next
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The Gains from International Trade
1The Gains from International TradeRead next2Trade from the Perspective of ConsumersRead next3Trade from the Perspective of FirmsRead next4Trade from the Perspective of GovernmentsRead next5Comparative AdvantageRead next6Absolute Advantage and Comparative AdvantageRead next7Numerical Comparative AdvantageRead next8Graphical Comparative AdvantageRead next9Free Trade and Its BenefitsRead next10Free Trade and Its CostsRead next11Protectionism and Its RationaleRead next12TariffsRead next13QuotasRead next14Subsidies as ProtectionRead next15Exchange Rate ManipulationRead next16Administrative and Regulatory BarriersRead next17Tariff DiagramsRead next18Evaluating ProtectionismRead next19What Globalisation MeansRead next20Globalisation and SpecialisationRead next21Globalisation and FDIRead next22Globalisation and Labour MobilityRead next23Costs and Benefits of GlobalisationRead next24The UK’s Major Export SectorsRead next25Is a More Integrated World Economy Good for the UK?Read next26The Role of the WTORead next27Terms of Trade and Trade PerformanceRead next
Why Economists Use Non-UK Case Studies
1Why Economists Use Non-UK Case StudiesRead next2Typical Problems in MEDCsRead next3Typical Problems in Emerging EconomiesRead next4Typical Problems in LEDCsRead next5The European UnionRead next6Advantages of EU MembershipRead next7Disadvantages of EU MembershipRead next8Enlargement of the EURead next9Who Gains from EU Expansion?Read next10The Economic and Monetary UnionRead next11Benefits of EMU MembershipRead next12Drawbacks of EMU MembershipRead next13The Eurozone and Monetary PolicyRead next14The European Central BankRead next15What an Optimal Currency Area IsRead next16Is the EMU an Optimal Currency Area?Read next
Economic Growth and Economic Development
1Economic Growth and Economic DevelopmentRead next2Why National Income Is an Incomplete Measure of DevelopmentRead next3GDP, GNP and DevelopmentRead next4Purchasing Power ParityRead next5The Human Development IndexRead next6How the HDI Is BuiltRead next7Strengths of the HDIRead next8Weaknesses of the HDIRead next9Economic Structure as a Measure of DevelopmentRead next10Health Indicators of DevelopmentRead next11Education Indicators of DevelopmentRead next12Internet Access and Mobile Access as Development IndicatorsRead next13Development and Quality of LifeRead next14Why LEDCs May Struggle to DevelopRead next15The Resource CurseRead next16Health and DevelopmentRead next17Education and Human CapitalRead next18Life Expectancy and DevelopmentRead next19Trade Barriers Imposed by Richer CountriesRead next20Infrastructure GapsRead next21Low Capital AvailabilityRead next22Technology GapsRead next23Institutional WeaknessRead next24Poor GovernanceRead next25Public Sector Debt in Developing EconomiesRead next26Rapid Population GrowthRead next27Internal LiberalisationRead next28External LiberalisationRead next29International AidRead next30Debt ReliefRead next31Import-Substituting IndustrialisationRead next32Export-Substituting IndustrialisationRead next33Encouraging FDIRead next34Government Intervention for DevelopmentRead next35Evaluating Different Development StrategiesRead next36Why Development Paths Differ Between CountriesRead next
The Law of Diminishing Returns
1The Law of Diminishing ReturnsRead next2Total ProductRead next3Average ProductRead next4Marginal ProductRead next5Diminishing Marginal ProductRead next6The Link Between Marginal Product and Marginal CostRead next7Fixed CostsRead next8Variable CostsRead next9Short Run and Long RunRead next10Total CostRead next11Average CostRead next12Marginal CostRead next13Total RevenueRead next14Average RevenueRead next15Marginal RevenueRead next16Calculating Revenue and Cost MeasuresRead next17Short-Run Cost CurvesRead next18Long-Run Average CostRead next19Deriving the LRAC CurveRead next20Internal Economies of ScaleRead next21Technical EconomiesRead next22Managerial EconomiesRead next23Purchasing EconomiesRead next24Financial EconomiesRead next25Marketing EconomiesRead next26Risk-Bearing EconomiesRead next27Internal Diseconomies of ScaleRead next28External Economies of ScaleRead next29External Diseconomies of ScaleRead next30Profit Maximisation at MR = MCRead next31Normal ProfitRead next32Abnormal ProfitRead next33Accounting Profit and Economic ProfitRead next34Why Firms GrowRead next35Internal GrowthRead next36External GrowthRead next37Horizontal IntegrationRead next38Vertical IntegrationRead next39Conglomerate IntegrationRead next40Costs and Benefits of GrowthRead next41Productive EfficiencyRead next42Allocative EfficiencyRead next43Dynamic EfficiencyRead next44Pareto EfficiencyRead next
What Determines Market Structure
1What Determines Market StructureRead next2Number of Firms in a MarketRead next3ContestabilityRead next4Structural Barriers to EntryRead next5Behavioural Barriers to EntryRead next6Why Regulators Matter for ContestabilityRead next7Profit Maximisation as a Business ObjectiveRead next8Revenue MaximisationRead next9Market Share MaximisationRead next10Survival as a Business ObjectiveRead next11Social and Community ObjectivesRead next12SatisficingRead next13Stakeholder ObjectivesRead next14Perfect Competition AssumptionsRead next15Short-Run Equilibrium in Perfect CompetitionRead next16Long-Run Equilibrium in Perfect CompetitionRead next17Industry Adjustment in Perfect CompetitionRead next18Efficiency in Perfect CompetitionRead next19Monopolistic Competition AssumptionsRead next20Product DifferentiationRead next21Advertising and Non-Price CompetitionRead next22Short-Run Equilibrium in Monopolistic CompetitionRead next23Long-Run Equilibrium in Monopolistic CompetitionRead next24Efficiency in Monopolistic CompetitionRead next25Monopoly AssumptionsRead next26Pure MonopolyRead next27Monopoly Versus Perfect CompetitionRead next28Monopoly Output and PriceRead next29Monopoly and EfficiencyRead next30Natural MonopolyRead next31Economies of Scale and MonopolyRead next32Monopoly Power and International CompetitivenessRead next33Price DiscriminationRead next34Oligopoly FeaturesRead next35InterdependenceRead next36Price Competition in OligopolyRead next37Non-Price Competition in OligopolyRead next38Price LeadershipRead next39CollusionRead next40Price WarsRead next41Concentration RatiosRead next42Oligopoly and EfficiencyRead next43Game Theory BasicsRead next44Payoff MatricesRead next45Nash EquilibriumRead next46Competition PolicyRead next47Why Governments Worry About Market PowerRead next48Competition Authorities and RegulatorsRead next49Competition and ContestabilityRead next50PrivatisationRead next51How Privatisation Can Increase CompetitionRead next52Privatisation and EfficiencyRead next53Privatisation and PricesRead next54Privatisation and the Wider EconomyRead next55Arguments for RenationalisationRead next