Economics Revision Pack

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Alexandrina Hutchinson
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1 Economics Revision Pack Unit 1 Scarcity Unit 2 Factors of Production Unit 3 Opportunity Cost Unit 4 Market and Mixed Economies Unit 5 Equilibrium Price Unit 6 Changes in Demand The nature of scarcity, The continuing nature of scarcity, The economic problem, Evidence of the Existence of scarcity. Page no 3,4,5,6 What are the factors of Production, Land, Capital, Labour, Enterprise, Page no 7, 8, 9, 10, 11, 12, 1314, 15 Opportunity cost, Opportunity cost and Consumer, Workers, Producers, Government, Economic goods and free goods, Production possibility Curves, Page no 16, 17, 18, 19, 20, 21, The three main Economic Systems, Different economics systems, A market economy, Advantages and disadvantages of a market economy, A mixed economy, Examples of the different economic system, Changes in economic systems. Page no 29, 30, 31, 32, 33, 34, 35, 36, 37, 38 Equilibrium Price, Demand, Individual and Market demand, A demand schedule, A demand Curve, The effect of a change in price on demand, Supply, Individual and market supply, a supply schedule, The effect of a change in price on supply, Equilibrium price, How is equilibrium price achieved? Page no 39, 40, 41, 42, 43, 44, 45, 46, 4748, 49 A change in demand, Causes of changes in demand, The effect of changes in demand,

2 Unit 7 Changes in Supply Unit 8 Price elasticity of demand Unit 9 Price elasticity of supply Unit 10 Merits of the market system Unit 11 Market Failure Unit 12 Use of resources Unit 13 Public expenditure versus Page no 50, 51, 52, 53, 54, 55, 56, 57, 58 Changes in supply, Shifts in the Supply curve, Causes of changes in supply, The effect of changes in supply, Changes in demand and supply. Page no 59, 60, 61, 62, 63, 64, 65, 66, 67 Importance of changes in price, definition of PED, calculating PED, interpretation of PED, elastic and inelastic demand, factors determining the degree of elasticity, differences in PED, other degree of elasticity, changes in PED, Page no: 68, 69, 70, 71, 72, 73, 74, 75, 76, 77. Definition of PES, calculating PES, interpretation of PES, factors influencing PES, other degree of PES, changes in PES, Page no 78, 79, 80, 81, 82, 83, 84 Reallocation of resources, The importance of competition and incentives, Advantages of a market system. Page no 85, 86, 87, 90, 92, 93 The nature of a market failure, failure to take into account, all cost and benefits, information failure, merits goods, demerits goods, public goods. Page no 94, 95, 96, 97, 98, 99, 100, 104 Conflicts in the use of resources, private cost and benefits, external cost and benefits, social cost and benefits. Page no 105, 106, 107, 108, 109, 110 Public expenditure, uses, Financing,

3 private expenditure Unit 14 Specialization, exchange and money Unit 15 Banks Unit 16 Stock exchange Unit 17 Choice of occupation Unit 18 Differences in earning Unit 19 Changes in earnings Unit 20 Trade Union Unit 21 motives of spending, saving Government influence on private sector expenditure, Comparison of expenditures by public and private sector. Page no 111, 112, 113, 114, 115, 116 The meaning of specialization, specialization of countries, firms, workers, individuals. The extent of specialization, the function of money, the types of money. Page no 139, 140, 141, 141, 142, 143, 144, 145, 146. Banking, commercial bank, main functions, aims, Central banks, functions, independence. Page no 147, 148, 149, 150, 151, 154, The nature of stock exchange, functions of stock exchange Page no 155, 156, 161 Key factors, wage factors, non-wage factors, occupational choice and opportunity cost Page no 162, 163, 164, 165, 166, 167, 168, 169 Wage determination, demand and supply, government policy. Page no 170, 171, 172, 173, 177 Why earnings of occupation change, the extent to which earnings change, other influencing factors. Page no 178, 179, 180, 181, 182, 183, 186 Types of trade union, role of trade union, factors affecting the strength of a trade union. Page no 188, 189, 190, 195, Expenditure, forms of saving, borrowing

4 and borrowing Page no 196, 197, 198, 199, 200, 201, 202 Unit 22 Differences in expenditure Income, pattern of expenditure, saving, pattern borrowing Page no203, 204, 205, 206, 207, 208, 209 Unit 23 Types of business organization The level of production, the stages of production, business organizations, Sole proprietor, partnerships, Public limited company, private limited company, multinational, cooperatives, public corporation, privatization. Page no 227, 228, 229, 230, 231, 232, 233, 234, 235, 236, 237, 238, 239. Unit 25 Cost of production Total and average cost, fixed cost, Variable cost, average cost. Page no 248, 249, 250, 251, 252, 253, Unit 26 Principles of profit maximization Unit 27 Pricing and output strategies Unit 28 Different size of firms and integration Unit 29 Economies of scale 253, 254, 255. The nature of profit, revenue, goals of firms, profit maximizations. Page no 256, 257, 258, 259, 260, 261, 262, 263, 264 Market structure, characteristics of perfect competition, definition of monopoly, characteristics of monopoly. Page no 265, 266, 267, 272. The factors influencing of firms size, growth of firms, horizontal, vertical, conglomerate integration, advantages of small firms. Page no 273, 274, 275, 276, 277, 278, 279, 280 The economies and diseconomies of scale, Internal and external economies and diseconomies of scale, Types of internal economies of scale, Internal diseconomies of scale, External

5 economies of scale, external diseconomies of scale. Page no 281, 282, 283, 284, 285, 286, 287, 288 *Revise all the topics and solve activities and MCQ questions in each chapter. * Practice past paper- May /June 2014 and 2015, Oct/ Nov 2014 and 2015 (Paper 1 and Paper 2- Section A & B)- Including Variant papers.

Notes Revised Case study application 1. The economic problem

Notes Revised Case study application 1. The economic problem (a) Factors of production Understand the nature of + identify egs of land, labour, capital and enterprise. (b) Scarcity, choice and opportunity cost Appreciate the basic economic problems of scarcity,