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CIE AS & A-Level Economics Revision

May 10, 2025

CIE AS & A-Level Economics Papers 1 & 2 Revision - PMT

Overview

  • Resource for CIE AS & A-Level Economics revision, focusing on Papers 1 & 2.
  • Material includes notes and videos to aid in understanding key topics in both microeconomics and macroeconomics.
  • Available resources include past papers, revision notes, and videos.
  • Offers a range of subjects beyond Economics, including Science, Maths, English, and more.
  • Additional support available through tutoring services and specialized courses.

Key Economics Topics

Basic Economic Ideas and Resource Allocation

  • Scarcity, choice, and opportunity cost
    • Understanding the fundamental economic problem of scarcity and choices made to allocate resources.
  • Positive and Normative Statements
    • Differentiating between objective and subjective economic statements.
  • Factors of Production
    • Resources needed for production: land, labor, capital, and entrepreneurship.
  • Resource Allocation in Economic Systems
    • How different systems (e.g., market, mixed, command) allocate resources and transition issues.
  • Production Possibility Curves
    • Graphical representation of choices and opportunity costs.
  • Money
    • Functions and forms of money in an economy.
  • Classification of Goods and Services
    • Public vs. private goods, and their implications in economics.

Price System and the Microeconomy

  • Demand and Supply Curves
    • Understanding how these curves determine price and quantity in markets.
  • Elasticity
    • Price, income, and cross elasticity of demand, and price elasticity of supply.
  • Market Equilibrium
    • Interaction of demand and supply to determine market price and quantity.
  • Consumer and Producer Surplus
    • Measuring economic welfare benefits in transactions.

Government Microeconomic Intervention

  • Price Controls
    • Maximum and minimum prices and their economic effects.
  • Taxes and Subsidies
    • Impact of direct and indirect taxes, and subsidies on markets.
  • Transfer Payments
    • Government redistribution of income.
  • Direct Provision and Ownership
    • Government provision of goods/services, nationalisation vs. privatisation.

The Macroeconomy

  • Aggregate Demand and Supply
    • Analysis of overall demand and supply in the economy.
  • Inflation and Exchange Rates
    • Causes, effects, and management of inflation; factors affecting exchange rates.
  • Balance of Payments and Trade
    • Understanding the national accounts and the terms of trade.
  • Comparative Advantage
    • Principles of absolute and comparative advantage in trade.
  • Protectionism
    • Arguments for and against trade protection.

Government Macroeconomic Intervention

  • Economic Policies
    • Types of policy: fiscal, monetary, and supply-side.
  • Correcting Economic Issues
    • Policies to address balance of payments, inflation, and deflation.

Additional Resources

  • Online courses and tutoring for deeper understanding and confidence building.
  • Engagement through various platforms including social media and video content for comprehensive support.
  • A well-rounded approach to prepare for exams through various study aids and expert support.