Document containing all the revision notes and a variety of essay plans for the AQA Economics A-Level (Including Paper 1, 2 and 3). Made following the 2022 Advanced Information published.
📖 Paper 1: Microeconomics
🗺 Paper 2: Macroeconomics
🎯 Untitled Database
Paper 2
4.2.2.5 Determinants of SRAS R
4.2.2.6 Determinants of LRAS R
Paper 3
4.2.4.4 Regulation of the financial system R
Microeconomics
4.1.4.8 Technological Changes
4.1.5.1 Market structures
4.1.5.2 The objectives of firms
4.1.5.5 Oligopoly
4.1.5.6 Monopoly
4.1.5.8 The dynamics of competition and competitive mark processes
4.1.5.9 Contestable and non-contestable markets
4.1.5.10 Market structure, static efficiency, dynamic efficiency and resource allocation
4.1.6.1 The demand for labour, marginal productive theory
4.1.6.2 Influences upon the supply of labour to different markets
4.1.6.3 The determination of relative wage rates and levels of employment in perfectly
competitive labour markets
4.1.6.4 The determination of relative wage rates and levels of employment in imperfectly
competitive labour markets
4.1.6.5 The influence of trade unions in determining wages and levels of employment
4.1.6.6 The National Minimum Wage
Economics 1
, 4.1.6.7 Discrimination in the labour market
4.1.7.1 The distribution of income and wealth
4.1.7.2 The problem of poverty
4.1.7.3 Government policies to alleviate poverty and to influence the distribution of income
and wealth
4.1.8.1 How markets and prices allocate resources
4.1.8.2 The meaning of market failure
4.1.8.3 Public goods, private goods and quasi-public goods
4.1.8.4 Positive and negative externalities in consumption and production
4.1.8.5 Merit and demerit goods
4.1.8.6 Market imperfections
4.1.8.8 Public ownership, privatization, regulation and deregulation of markets
4.1.8.9 Government intervention in markets
4.1.8.10 Government failure
Macroeconomics
4.2.1 Measurement of macroeconomic performance
4.2.1.1 Objectives of government policy
4.2.1.2 Macroeconomic indicators
4.2.1.3 Uses of index numbers
4.2.1.4 Uses of national income data
4.2.2 How the macroeconomy works
4.2.2.1 Circular flow of income
4.2.2.2 AD and AS analysis
4.2.2.3 Determinants of AD
4.2.2.4 AD and level of economic activity
4.2.2.5 Determinants of SRAS
4.2.2.6 Determinants of LRAS
4.2.3 Economic Performance
4.2.3.1 Economic growth and economic cycle
4.2.3.2 Employment and unemployment
4.2.3.3 Inflation and deflation
4.2.3.4 Conflicts between marco policy objectives
4.2.4 Financial markets and monetary policy
4.2.4.3 Central banks and monetary policy
4.2.5 Fiscal and supply-side policies
4.2.5.1 Fiscal policy
4.2.5.2 Supply-side policy
4.2.6 The international economy
4.2.6.1 Globalisation
4.2.6.2 Trade
4.2.6.3 Balance of Payments
4.2.6.4 Exchange rate system
Economics 2
, 4.2.6.5 Economic growth and development
Paper 3
Microeconomics
4.1.1.1 Economic Methodology
4.1.1.5 Production possibility diagrams
4.1.2.1 Consumer Behaviour
4.1.2.4 Behavioral economics and economic policy
4.1.3.2 Determinants of Demand
4.1.3.2 Price, income and cross elasticities of demand
4.1.3.4 Price elasticity of supply
4.1.3.6 Interrelationships between markets
4.1.4.7 Profit
4.1.5.3 Perfect competition
4.1.5.4 Monopolistic competition
4.1.4.7 Price discrimination
4.1.5.11 Consumer and producer surplus
Macroeconomics
4.2.4.1 Structure of financial markets and financial assets
4.2.4.2 Commercial banks and investment banks
4.2.4.4 Regulation of the financial system
General knowledge and supporting evidence
Interest Rates:
Record low interest rates (find year)
Bank of England’s quantitative easing program
Economic Growth:
Unemployment:
Inflation:
Microeconomics
4.1.4.8 Technological Changes
Widely regarded as the dominant source of growth in middle and high-income
countries - expands GDP and increases welfare by improving productivity, more
output with same resources, further innovation and development.
Difference between invention and innovation
Economics 3
, Invention process of creating a new product or a new way to make a product
Innovation act of improving or contributing to existing products
Effect on production
Efficiency & productivity improvements, lower cost of production, quality of goods
and services may improve
Development of new products development of new markets and may destroy
others (kDVDs destroyed market for VHS video tape)
Creative destruction linked to technological changes
Schumpeter’s proposed idea
New entrepreneurs are innovative, which challenges existing firms, more
productive firms will grow, least productive forced to leave marker, results in
expansion of economy’s productive potential
Influence the structure of markets
Monopolies no initiative to innovate as have no competition
Oligopolies tend to have more incentive to innovate, earning supernormal profits
and attempting to get ahead of competitors
Technological change quite fast in oligopolies
Efficiency Analysis
Allocative Productive Dynamic X
Re-investment of
Maximizing
Where D = S, supernormal Production with
Type output at lowest
price = MC profit R + D, new no waste
point on AC
tech, fall LRAC
Resources Lower prices, New products,
follow consumer high consumer lower prices in Low prices, high
Consumer demand, low surplus, full LR, high consumer
prices, high exploitation of consumer surplus
choice EoS surplus
More production LR profit max,
Retain/increase
at lower AC, lower costs over Lowers costs =
market share,
higher profit, time, rise profits, lower
Producer stay ahead of
lower prices retain/increase prices = rise
rivals, rise
increase market market share, market share
profits
share ahead of rivals
Economics 4
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