Summary ECONOMICS EDEXCEL A LEVEL PAPER 3 REVISION - micro/macro
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Course
Paper 3 revision
Institution
PEARSON (PEARSON)
Micro and macro causes/factors/effects(change in price,quantity or growth,current account etc?)/reasons: different key themes such fiscal policy, monetary policy, exchange rates,protectionsim,subisdies,privatisation,nationalisation and MANY MORE...
, MICRO EFFECTS: D/S, ELASTICITY, PRODUCER REVENUE, CONSUMER BURDEN, HIGH PRODUCER
SURPLUS, GOVERNMENT REVENUE, FAILURE
MACRO EFFECTS: GOV REVENUE, INCOME INEQUALITY DUE TO REGRESSIVE TAX, COST,
UNINTENEDED CONSEQUENCES SUCH AS EXCESSIVE REGULATION LOW PROFITABILITY LOW
INVESTEMENT, LESS FDI,MORE LEAVING COUNTRY,PRODUCTIVE CAPACITY
EXCHANGE RATE CHANGES: WIDEC OR SPICED
MACRO EFFECTS: AS/AD, GROWTH, UNEMPLOYMENT, INFLATION, CURRENT ACCOUNT
MICRO EFFECTS: ELASTICITY OF DEMAND FOR IMPORTS AND EXPORTS OR EVEN SUPPLY, WIDEC OR
SPICED ☹
KEY STAKEHOLDERS, LIVING STANDARDS DROP
PROTECTIONIST POLICIES:
MICRO: WORKERS, DOM AND FOREIGN REVENUES, ELASTICITY OF D/S, C/P SURPLUS,
INEFFICIENCY AND WELFARE LOSSES
MACRO: INFLATION, AS/AD, GROWTH, UNEMPLOYMENT, CURRENT ACCOUNT, GOV FINANCES
FISCAL POLICY: CHANGES IN GOVERNMENT SPENDING AND TAXATION TO REACH GOV OBJECTIVES,
CONTRACTIONARY AND EXPANSIONARY
MICRO: INCOME INEQUALITY REGRESSIVE, INCENTIVES ON WORKERS, CORPS,BUSINESS, IMPACT
ON DIFFERENT STAKEHOLDERS
MARKET STRUCTURES:
MICRO EFFECTS: PROD, ALLO, X EFFICIENCY IN NON-CONCENTRATED MARKETS, CONCNETRATED
ANTI COMPETITIVE PRICES, PRICE DISCRIMINIATION
MACRO EFFECTS: DYNAMIC EFFICIENCY BOOSTS LRAS, JOB CREATION, PROD EFFICICENCY BOOSTS
LRAS, COMPETITVE MARKETS MEANS PRICES ARE LOW DUE TO PERFECT INFORMATION CAN
CAUSE POVERTY ALLEVIATION
TRADE UNION:
MICRO EFFECTS: WAGES&EMPLOYMENT, WORKERS RIGHTS AND PROTECTION, MONOPSONY
LABOUR MARKET IMPROVEMENT, COST TO FIRMS,WAGE DISCRIMINATION
MACRO EFFECTS: RAISE UNEMPLOYMENT IN TRADE LABOUR MARKET, REDUCE IT IN MONOPSONY,
HIGHER INFLATION, LESS INTERNATIONAL COMPETITIVENESS, TRADE AND CURRENT ACCOUNT
LESS FDI
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