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AQA A-level Economics For A-level Year 1 and AS 1 Ray Powell James Powell Feel confident about the new specifications with the leading A-level Economics publisher. We will support you and your students with comprehensive and up-to- date teaching and learning resources, from popular and trusted textbooks and revision guides, to topical student magazines and specialist-led CPD. This sample chapter is taken from AQA A-level Economics Book 1 To pre-order, or request an Inspection Copy, please visit www.hoddereducation.co.uk/ALevelEconomics/AQA AQA A-level Economics Build economics knowledge through active learning with the latest Powell textbook, featuring quantative skills practice and brand new case studies. Titles in this series: ▶ AQA A-level Economics Book 1 by Ray Powell & James Powell (9781471829789 March 2015, £24.99) AQA ▶ AQA A-level Economics Book 2 by Ray Powell & James Powell (9781471829840 June 2015, £24.99) A Level These titles have been selected for AQA’s official approval process. conomics E 2 ALSO AVAILABLE: AQA A-level Economics Dynamic Learning l l e ow y P a R Dynamic Learning is an online subscription solution that supports teachers and James Powell students with high-quality content and unique tools. Dynamic Learning incorporates Teaching and Learning resources, Whiteboard and Student eTextbook elements that all work together to give you the ultimate classroom and homework resource. Publication date: April 2015 Sign up for a free 30 day trial – visit www.hoddereducation.co.uk/dynamiclearning Student Guides Reinforce students’ understanding throughout their course; clear topic summaries with sample questions and answers to improve exam technique. Price: £9.99 per copy Student Workbooks Create confident, literate and well-prepared students with skills-focused, topic-specific workbooks. Price: £5.99 per copy To sign up for inspection copies visit www.hoddereducation.co.uk/ALevelEconomics/AQA Economics Review magazines Philip Allan magazines are the ideal resource to deepen subject knowledge and prepare students for their exams. Visit www.hoddereducation.co.uk/economicreview to find out more and to trial the archive, free for 30 days. Philip Allan Events Ensure that you are fully prepared for the upcoming changes to the A-level specifications by attending one of our ‘Implementing the New Specification’ courses. For more information and to book your place visit www.philipallanupdates.co.uk Contents Introduction Breakdown of the exam Part 1 Microeconomics 1 Economic methodology and the economic problem 1.1 Economic methodology 1.2 The nature and purpose of economic activity 1.3 Economic resources 1.4 Scarcity, choice and the allocation of resources 1.5 Production possibility diagrams 1.6 Value judgements, positive and normative statements 2 Price determination in a competitive market 2.1 The determinants of the demand for goods and services 2.2 Price, income and cross elasticities of demand 2.3 The determinants of the supply of goods and services 2.4 Price elasticity of supply 2.5 The determination of equilibrium market prices 2.6 Applications of demand and supply analysis to particular markets 2.7 The interrelationship between markets 3 Production, costs and revenue 3.1 Production and productivity 3.2 Specialisation, division of labour and exchange 3.3 Costs of production 3.4 Economics and diseconomies of scale 3.5 Average revenue, total revenue and profit 4 Competitive and concentrated markets 4.1 Market structures 4.2 The objectives of firms 4.3 Competitive markets 4.4 Monopoly and monopoly power 4.5 The competitive market process 5 The market mechanism, market failure and government intervention in markets 5.1 How markets and prices allocate resources 5.2 The meaning of market failure 5.3 Public goods, private goods and quasi-public goods 5.4 Positive and negative externalities in consumption and production 5.5 Merit and demerit goods 5.6 Market imperfections 5.7 An inequitable distribution of income and wealth 5.8 Government intervention in markets 5.9 Government failure Microeconomic key terms Microeconomic practice questions Part 2 Macroeconomics 6 The measurement of macroeconomic performance 6.1 The objectives of government economic policy 6.2 Macroeconomic indicators 6.3 Uses of index numbers 7 How the macroeconomy works: the circular flow of income, AD/AS analysis, and related concepts 7.1 The circular flow of income 7.2 Aggregate demand (AD) and aggregate supply (AS) analysis 7.3 The determinants of aggregate demand 7.4 Aggregate demand and the level of economic activity 7.5 Determinants of short-run aggregate supply 7.6 Determinants of long-run aggregate supply 8 Economic performance 8.1 Economic growth and the economic cycle 8.2 Employment and unemployment 8.3 Inflation and deflation 8.4 The balance of payments on current account 8.5 Possible conflicts between macroeconomics policy objectives 9 Macroeconomic policy 9.1 Monetary policy 9.2 Fiscal policy 9.3 Supply-side policies Macroeconomic key terms Macroeconomic practice questions Index
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