Edexcel (IAL) AS Economics Unit 1

Unit 1 Markets in Action

1.3.1 The nature of economics [Revision Summary | Revision Video]

1.3.2 Demand and consumer behaviour [Revision Summary | Revision Video]

  • The demand curve
  • Price, income and cross elasticities of demand
  • Consumer behaviour

1.3.3 Supply [Revision Summary | Revision Video]

  • The supply curve
  • Price elasticity of supply

1.3.4 Price determination [Revision Summary | Revision Video]

  • Determination of market equilibrium
  • Consumer and producer surplus
  • Functions of the price mechanism
  • Indirect taxes and subsidies

1.3.5 Wage determination in labour markets [Revision Summary | Revision Video]

  • The demand for labour
  • The supply of labour
  • Determination of wage rates

1.3.6 Market failure [Revision Summary | Revision Video]

  • Types of market failure
  • Externalities
  • Public goods
  • Imperfect market information
  • Labour immobility

1.3.7 Government intervention in markets [Revision Summary | Revision Video]

  • Methods of government intervention
  • Government Failure

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