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Unit 1 A* A-Level Edexcel Economics Revision PowerPoint $11.60
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  2.  
  3. PEARSON (PEARSON)
  4.  
  5. Economics A
  6.  
  7. Unit 1 - Introduction to markets and market failure

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Unit 1 A* A-Level Edexcel Economics Revision PowerPoint

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  • Course
  • Unit 1 - Introduction to markets and market failure
  • Institution
  • PEARSON (PEARSON)

The PowerPoint was made by an A* student as revision notes. It follows closely to the exam specification and was their main source of knowledge for achieving high grades in their A-Level Edexcel Economics exam.

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Document information

  • June 15, 2023
  • 75
  • 2022/2023
  • Presentation
  • Unknown

Subjects

  • economics
  • a level
  • revision
  • powerpoint
  • edexcel
  • exam specification
  • a
  • notes

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  • A/AS Level
  • PEARSON (PEARSON)
  • Economics A
  • Unit 1 - Introduction to markets and market failure
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Content preview

Theme 1
Microeconomics

,1.1 Nature of Economics
• 1.1.1 Economics as a Social Science
• 1.1.2 Positive and Normative Statements
• 1.1.3 The Economic Problem
• 1.1.4 Production Possibility Frontiers
• 1.1.5 Specialisation and the Division of Labour
• 1.1.6 Free Market Economies, Mixed Economy and Command
Economy

,1.1.1 (a) Thinking like an economist: the process of deve
models in economics, including the need to make assum

• The purpose of theories and models explain why the economy
behaves as it is
• Models can be used to show what has happened in the past or wha
will happen in the future
• Due to the huge amount of variables that can change when modeli
graphs, economists have to make assumptions

, 1.1.1 (b) The use of the ceteris
paribus assumption in building
models
• Economists use the term ‘ceteris paribus’ meaning ‘all other things
remaining equal’
• For example, an increase costs of production will cause a decrease
supply, ceteris paribus

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