AQA • Economics

Production and productivity -Production converts inputs, or the services of factors of production such as capital and labour, into final output. -The meaning of productivity, including labour productivity. Specialisation, division of labour and exchange -The benefits of specialisation and division of labour. -Why specialisation necessitates an efficient means of exchanging goods and services, such as the use of money as a medium of exchange. Costs of production -The difference...

How markets and prices allocate resources -The rationing, incentive and signalling functions of prices in allocating resources and coordinating the decisions of buyers and sellers in a market economy. -The price mechanism is the way in which the basic economic problem is resolved in a market economy.

Price, income and cross elasticities of demand -Be able to calculate price, income and cross elasticities of demand. -The relationship between income elasticity of demand and normal and inferior goods. -The relationship between cross elasticity of demand and substitute and complementary goods. -The relationships between price elasticity of demand and firms’ total revenue (total expenditure). -The factors that influence these elasticities of demand. Price elasticity of supply -Be a...

Consumer behaviour -Rational economic decision making and economic incentives. -Utility theory: total and marginal utility, and the hypothesis of diminishing marginal utility. -Utility maximisation. -The importance of the margin when making choices. The determinants of the demand for goods and services -A demand curve shows the relationship between price and quantity demanded. -The causes of shifts in the demand curve. The determinants of the supply of goods and services -A su...

Economic methodology -Economics as a social science. -Similarities to and differences in methodology from natural and other -sciences. -The difference between positive and normative statements. -How value judgements influence economic decision making and policy. -People’s views concerning the best option are influenced by the positive consequences of different decisions and by moral and political judgements. The nature and purpose of economic activity -The central purpose of econo...

This document contains a model exam answer to a 25-mark essay from a past AQA A-Level Economics paper on how monetary policy can influence the UK economy.

This document contains a model exam answer to a 15-mark essay from a past AQA A-Level Economics paper on causes of a economic Recession.

This document contains a model exam answer to a 25-mark essay from a past AQA A-Level Economics paper on how a floating exchange rate can be helpful to achieve macroeconomic stability.

AQA A-Level Economics Model Answer on Supply Side Policies and how it affect the UK balance of trade. This is a thoroughly written 25 marker packed with chains of analysis, real world examples and plenty of evaluation. This essay also include diagrams.

This document is a comprehensive and structured summary of all key Year 13 content required for the AQA A-Level Economics (7136) specification. It’s designed to support revision, consolidate understanding, and help you make links across topics. Topics Covered: -Individuals, Firms, Markets and Market Failure (Paper 1 continuation) Perfect competition, monopoly, oligopoly Labour markets, wage determination Government intervention and market failure - The National and Internation...