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Microeconomics A-level full notes following AQA Specification R177,18   Add to cart
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Microeconomics A-level full notes following AQA Specification
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  • The national and international economy
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Full 2 year detailed notes following Microeconomics AQA Specification, for A-levels 2020 so notes up to date. Written over space of two years, key terms and diagrams included

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Document information

  • April 28, 2020
  • 86
  • 2019/2020
  • Study guide

Subjects

  • micro
  • a level
  • aqa
  • specification
  • detailed
  • notes

Written for

  • A/AS Level
  • AQA
  • Economics
  • The national and international economy
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Tilly Salmon
Microeconomics


Microeconomics

Module 1
Economic Methodology and Problems

1.1 Economic Methodology

The difference between positive and normative statements

- Normative statement
- A valued judged that cannot be tested

- Positive statements
- A statement/ fact that can be scientifically tested (accepted/rejected)


Economics as a social science




1.2 Purpose of economic activity

The central purpose of economic activity is the production of goods and services to satisfy
needs and wants

- Needs
- Something people cannot do without (eg. air, water, food, shelter)

- Want
- Something people would like to have but is not essential for survival (eg fashionable
clothes)
- Economic Welfare
- Economic well-being of individuals within an economy (quality of life, nice views)


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