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Economics

A* level revision tool constructed by a London School of Economics student covering the A Level macroeconomics topic of the domestic economy and microeconomics topics of market failure and price determination in competitive markets

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Microeconomics: Price determination in competitive markets

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Demand (types of demand, demand curve - factors that cause movements along and shifts of the demand curve) Supply (law of supply, supply curve - factors that cause movements along and shifts of the supply curve) Equilibrium (excess supply, excess demand, shifts in demand and supply) Price elastic...

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Microeconomics: Market Failure

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Positive + negative externalities Merit + demerit goods Public + private goods (quasi-public goods) Tragedy of the commons Government failure Government intervention (indirect taxation, subsidies, regulation, state provision, pollution permits, minimum prices, maximum prices) Environmental + ...

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Macroeconomics: Domestic Economy

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Macroeconomic objectives Circular flow of income Aggregate demand Aggregate supply Multiplier and accelerator effect Macroeconomic equilibrium Output gaps Economic cycle Economic growth Inflation Fiscal, monetary, and supply-side policies

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