Paper 1: Markets and market failure
Economic methodology and the economic problem
Individual economic decision making
Price determination in a competitive market
Production, costs and revenue
Perfect competition, imperfectly competitive markets and monopoly
The labour market
The distribution of income and wealth: poverty and inequality
The market mechanism, market failure and government intervention in markets
Paper 2: National and international economy
The measurement of macroeconomic performance
How the macroeconomy works: the circular flow of income, aggregate demand/aggregate supply analysis and related concepts
Economic performance
Financial markets and monetary policy
Fiscal policy and supply-side policies
The international economy
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Memes
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Laugh now. Cry in the exam hall later. Then come back and do a past paper.
Draw a labelled diagram
Write ‘it depends’ and leave
Drawing supply and demand🧠
Shifting the curve the right way🧠
Knowing what PED actually means🧠
Writing ‘it depends’ and getting full marks for it🧠
Mum 💖
did you revise economics today?? 🥰
the opportunity cost was too high
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