A Level Micro Economics EDEXCEL

Perfect and brief revision notes based on the specification.

Covering the following spec points:

1.1 Nature of economics
• 1.1.1 Economics as a social science
1.2 How markets work
• 1.2.1 Rational decision making
• 1.2.2 Demand
• 1.2.3 Price, income and cross elasticities of demand
• 1.2.4 Supply
• 1.2.5 Elasticity of supply
• 1.2.6 Price determination
• 1.2.7 Price mechanism
1.3 Market failure
• 1.3.1 Types of market failure
• 1.3.2 Externalities
1.4 Government intervention
• 1.4.1 Government intervention in markets
• 1.4.2 Government failure

Theme 3: Business behaviour and the labour market
3.1 Business growth
• 3.1.2 Business growth
3.2 Business objectives
• 3.2.1 Business objectives
3.3 Revenues, costs and profits
• 3.3.1 Revenue
• 3.3.2 Costs
• 3.3.3 Economies and diseconomies of scale
• 3.3.4 Normal profits, supernormal profits and losses
3.4 Market structures
• 3.4.1 Efficiency
• 3.4.4 Oligopoly
• 3.4.5 Monopoly
• 3.4.7 Contestability
3.5 Labour market
• 3.5.2 Supply of labour
3.6 Government intervention
• 3.6.1 Government intervention