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.