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Summary Edexcel A Level Economics Paper 3 Exam Notes £17.99   Add to cart
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  3. PEARSON (PEARSON)
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  5. Economics A
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  7. Paper 3 - Microeconomics and Macroeconomics

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Summary Edexcel A Level Economics Paper 3 Exam Notes
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This document is vital for Edexcel A-level Economics Paper 3 revision, offering a comprehensive summary of both micro and macroeconomic principles. It covers microeconomic concepts such as market structures, including perfect competition, monopoly, and oligopoly, along with government intervention ...

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  • September 12, 2024
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  • 2021/2022
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A Level Economics Paper 3 Revision Doc

Price elasticity of demand
Responsiveness of quantity demanded relative to a change in the price




What impacts PED
Substitutes (more substitutes = more elastic)
Percentage of income (costs more of income = more elastic
Luxury (more luxury = more elastic)
Addictive (more addictive = more inelastic)
Time (over time may change from peak vs off peak times)


Eg cigarettes very price inelastic

,Income elasticity of demand
The responsiveness of quantity demanded relative to a change in income




YED > 1 = demand income is elastic = luxury goods
YED = 0-1 = demand income inelastic = staple goods


YED < 0 = inferior good
YED > 0 = normal good


Cross elasticity of demand
Responsiveness of quantity demanded of one good relative to the change in price of another good

,Externalities
- Private costs and benefits are costs and benefits that are borne solely by the individuals involved in the
transaction
- An externality is a cost or benefit that accrues to someone who is not the buyer (demander) or the seller
(supplier)
- If externalities exist, it means that those involved in the demand and supply of the market are not considering
all the costs and benefits when making their market decisions As a result, the market fails to yield optimal
results


Private benefit
- The benefit of an economic activity to the individual firm / consumer
Social benefit
- The benefit of an economic activity enjoyed by the whole society
External benefit
- Positive externalities - the benefit of an activity enjoyed by the rest of society (those not part of the activity)


Externality diagrams

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