AQA - revision site for teachers of Economics (limited number of worksheets) and additional website links*1*UNIT 1 - MARKETS AND MARKET FAILURE*2*Glossary of terms*4*Positive and Normative Economics*4*Factors of Production*4*Scarcity*4*Opportunity Cost*4*The Production Possibility Frontier (PPF)*4*Specialisation and the Division of Labour*4*Short Run and Long Run*4*Economies of Scale*4*Comparative and Absolute Advantage and links*4*The Demand for Goods and Services and links*4*The Supply of Goods and Services*4*The Equilibrium of Demand and Supply and links*4*Consumer Surplus*4*Producer Surplus*4*Price Elasticity of Demand*4*Income Elasticity of Demand*4*Cross Price Elasticity of Demand*4*Price Elasticity of Supply*4*Labour Markets*4*Housing Markets*4*Exchange rates (Money Markets)*4*Entry and Exit of Firms*4*Minimum Prices*4*Maximum Prices*4*Agricultural Markets*4*Indirect Taxes*4*Indirect Subsidies*4**4*Externalities*4*- Private and social costs*4*- Market failure and externalities*4*- Externalities and market failure*4*- Negative consumption externalities*4*- Positive externalities*4*- Positive externalities and failure*4*- Technological spillovers*4**4*Government policies - correcting for externalities*4*- Pollution taxes*4*- Pollution regulation*4*- Extending property rights*4*- Marketable pollution permits*4*- The climate change levy*4*- Coase theorem*4*- Landfill tax*4*- Kyoto treaty*4*- United Nations Convention*4*- Marketable pollution permits- case Study with Questions*4*- Alaskans face thaw*4*- Climate Crisis- All Change in the UK*4**4*Merit Goods*4*De-merit Goods*4*De-merit goods task*4*Public Goods *4*Indirect Taxes*4*Subsidies*4*Cost Benefit Analysis (CBA)*4*Barriers to Entry*4*Monopolies*4**1*UNIT 2 - THE NATIONAL ECONOMY*2*Aggregate demand curve*4**4*Aggregate supply*4*- Elasticity of aggregate supply*4**4*Equilibrium of aggregate demand and supply*4**4*Consumption and savings*4*- Consumption and savings function*4*- Trends in the saving ratios*4*- Consumer confidence*4*- Wealth and consumer demand*4*- Friedmans permanent income hypothesis*4**4*Investment*4*- Gross and net investment*4*- Why do firms invest*4*- UK Investment In An International Context*4*- The Marginal Efficiency Of Investment - The Keynesian Theory Of Investment*4*- The accelerator*4*- Recent Trends In The Growth Of Consumption And Investment Spending*4*- Capital base*4*- Direct investment into the UK*4*- Inward Investment And The Regional Economic Problem*4**4*Government spending*4*- Government borrowing*4*- National debt*4**4*Exports and Imports*4*Objectives of government macroeconomic policy*4**4*Inflation and its measures and links*4*- The main causes of inflation*4*- Inflationary gaps*4*- Costs and effect of inflation*4*- Unit labour costs and inflation*4*- Monetary inflation*4*- Policies to control inflation*4*- Inflation targets*4*- Deflation*4*- Inflation figures (Excel spreadsheet)*4**4*Unemployment - Measuring unemployment*4*- Economic costs of unemployment*4*- The main causes of unemployment*4*- Policies to reduce unemployment*4*- Changing patterns of unemployment*4*- Full employment*4*- Natural rate of unemployment*4*- The NAIRU*4*- Job vacancies*4*- Long term unemployment*4*- New Deal*4**4*Economic growth and measurement and links*4*- Benefits and costs of growth*4*- The economic cycle*4*- Theories of growth*4*- Economic resources and long run growth*4*- Government policies*4*- Growth and jobs*4*- USA a model to follow*4*- The structure of output in an economy*4**4*Balance of payments*4*- The current account*4*- The UKs current account*4*- The capital account*4*- The balance of payments must balance*4*- Can a country safely ignore a persistent current account deficit*4**4*Conflicts Between Macro Economic Objectives*4*Demand management or supply side *4**1*UNIT 3 - MARKETS AT WORK*2*The Housing Market*4**4*Externalities*4*- Private and social costs*4*- Market failure and externalities*4*- Externalities and market failure*4*- Negative consumption externalities*4*- Positive externalities*4*- Positive externalities and failure*4*- Technological spillovers*4**4*Government policies - correcting for externalities*4*- Pollution taxes*4*- Pollution regulation*4*- Extending property rights*4*- Marketable pollution permits*4*- The climate change levy*4*- Coase theorem*4*- Landfill tax*4*- Kyoto treaty*4*- United Nations Convention*4*- Marketable pollution permits- case Study with Questions*4*- Alaskans face thaw*4*- Climate Crisis - All Change in the UK*4**4*Merit Goods*4*De-merit Goods*4*De-merit goods task*4*Public Goods *4*Indirect Taxes*4*Subsidies*4*Cost Benefit Analysis (CBA)*4*Barriers to Entry*4*Monopolies*1*UNIT 5 - BUSINESS ECONOMICS AND THE DISTRIBUTION OF INCOME*2*The birth and growth of firms. The motives and methods of growth*4*Costs*4*Revenue.*4*Profit.*4*Alternative motives for firms and links*4*Short run and long run.*4*Diminishing Marginal Returns and Economies of scale.*4*Perfect competition*4*Monopoly*4*Monopolistic competition*4*Game theory*4*Oligopoly*4*Cartels*4*Comparing efficiency between the market structures.*4*Monopoly And The Public Interest*4*Measures of market concentration*4*Price discrimination in monopoly*4*Pricing and non-pricing strategies*4*Contestable markets*4*The Labour Markets*4*Competition policy*4*Regulation of privatised industries*4*Cost Benefit Analysis (CBA)*1*UNIT 6 - GOVERNMENT POLICY, THE NATIONAL AND INTERNATIONAL ECONOMY*2*Aggregate demand curve*4**4*Aggregate supply*4*- Elasticity of aggregate supply*4**4*Equilibrium of aggregate demand and supply*4**4*Consumption and savings*4*- Consumption and savings function*4*- Trends in the saving ratios*4*- Consumer confidence*4*- Wealth and consumer demand*4*- Friedmans permanent income hypothesis*4**4*Investment*4*- Gross and net investment*4*- Why do firms invest*4*- UK Investment In An International Context*4*- The Marginal Efficiency Of Investment - The Keynesian Theory Of Investment*4*- The accelerator*4*- Recent Trends In The Growth Of Consumption And Investment Spending*4*- Capital base*4*- Direct investment into the UK*4*- Inward Investment And The Regional Economic Problem*4**4*Government spending*4*- Government borrowing*4*- National debt*4**4*Exports and Imports*4*Objectives of government macroeconomic policy*4**4*Inflation and its measures and links*4*- The main causes of inflation*4*- Inflationary gaps*4*- Costs and effect of inflation*4*- Unit labour costs and inflation*4*- Monetary inflation*4*- Policies to control inflation*4*- Inflation targets*4*- Deflation*4*- Inflation figures (Excel spreadsheet)*4**4*Unemployment - Measuring unemployment*4*- Economic costs of unemployment*4*- The main causes of unemployment*4*- Policies to reduce unemployment*4*- Changing patterns of unemployment*4*- Full employment*4*- Natural rate of unemployment*4*- The NAIRU*4*- Job vacancies*4*- Long term unemployment*4*- New Deal*4**4*Economic growth and measurement and links*4*- Benefits and costs of growth*4*- The economic cycle*4*- Theories of growth*4*- Economic resources and long run growth*4*- Government policies*4*- Growth and jobs*4*- USA a model to follow*4*- The structure of output in an economy*4**4*Balance of payments*4*- The current account*4*- The UKs current account*4*- The capital account*4*- The balance of payments must balance*4*- Can a country safely ignore a persistent current account deficit*4**4*Conflicts Between Macro Economic Objectives*4*Demand management or supply side*4*International exchange.*4*Types of trading blocs*4*Examples of trading blocs*4*Types of trade protectionism.*4*Reasons for trade protectionism*4*Trade creation and trade diversion*4*Sources of possible conflict between trading blocs*4*International competitiveness.*4*The UKs changing international competitive situation.*4*Balance of payments*4* Remedies for a balance of payments disequilibrium.*4*Exchange rate systems.*4*What Determines The Value Of An Exchange Rate *4*European Monetary Union.