Chapter 1: Market Theory and Applications Introduction page Production possibilities (1) Production possibilities (2) Demand and supply How prices change Price elasticity of demand (1) Price elasticity of demand (2) Other Elasticities Minimum price controls Maximum price controls Parallel markets Labour markets The minimum wage Answers Revision Checklist " " Chapter 2 Costs, Competition, Monopoly and Market Failure Introduction page Diminishing returns and short run costs Economies of scale and long run costs Costs, revenue and profit Alternative pricing strategies Short run and long run equilibrium under perfect competition Economic efficiency Competition and monopoly (1) Competition and monopoly (2) Imperfect competition: Monopolistic competition, Oligopoly Price discrimination Monopoly and competition policy Market failure and welfare economics Public goods, merit goods Answers Revision Checklist Chapter 3: Macroeconomic Issues and Policies Introduction page Micro, Macro, the circular flow of income Macroeconomic indicators Traditional aims of macroeconomic policy Supply side: Micro Environment of Macro Policy Rules-based budgetary policy Inflation targeting, interest rate policy, output gaps Relationships in macro theory GDP, AD and AS in the UK Uses and limitations of GDP league tables Underlying concepts: saving, investment, multiplier Economic growth and sustainability Definitions and measures of inflation Consequences (costs) of Inflation Demand Pull and Cost push inflation Causes of Unemployment Consequences (costs) of unemployment Measures of Unemployment Stop-go policies The Simple Phillips Curve Trade-off Expectations-augmented Phillips Curve The Nature and importance of International trade Free Trade versus protection Fixed and Floating exchange rates EU Expansion and political integration Potential costs and benefits of UKmembership of the Euro The Eurozone's growth and stability pact International institutions Answers Revision Checklist Chapter 4: Cross-cutting Themes Introduction page Globalisation The single European Market Economic Development Emerging and Transitional Economies Transport Health Housing Sport and Leisure Welfare economics, income distribution, poverty The Environment, environmental policy Answers Revision Checklist Chapter 5: Resources Intro page Command Words Level of Response marking Revision Developing evaluation skills Exam Guidance Glossary
