Edexcel A Level Economics A:复习笔记1.2.4 Supply
Supply Supply is the amount of a good/service that a producer is willing and able to supply at a given price in a given time period A supply curve is a graphical representation of the price and qua...
Edexcel A Level Economics A:复习笔记1.2.3 Price, Income & Cross Elasticities of Demand
Price Elasticity of Demand (PED) The law of demand states that when there is an increase in price, there will be a fall in quantity demanded Economists are interested by how much the quantity deman...
Edexcel A Level Economics A:复习笔记1.2.2 Demand
Demand Demand is the amount of a good/service that a consumer is willing and able to purchase at a given price in a given time period If a consumer is willing to purchase a good, but cannot afford ...
Edexcel A Level Economics A:复习笔记1.2.1 Rational Decision Making
Rational Decision Making When analysing markets, a range of assumptions are made about the rationality of economic agents involved in the transactions In classical economic theory, the word ...
Edexcel A Level Economics A:复习笔记1.1.6 Free Market Economies, Mixed Economy and Command Economy
Free Market, Mixed & Command Economies In order to solve the basic economic problem of scarcity, economic systems emerge or are created by different economic agents within the economy Th...
Edexcel A Level Economics A:复习笔记1.1.5 Specialisation & the Division of Labour
Specialisation & The Division of Labour Scotsman Adam Smith is often referred to as the 'father of Economics' He published 'The Wealth of Nations' in March 1776 and explained many fundam...
Edexcel A Level Economics A:复习笔记1.1.4 Production Possibility Frontiers
Production Possibility Frontiers The Production Possibility Frontiers (PPF) model is an economic model that considers the maximum possible production (output) that a country can generate if ...
Edexcel A Level Economics A:复习笔记1.1.3 The Economic Problem
The Basic Economic Problem: Scarcity The basic economic problem is that resources are scarce There are finite resources available in relation to the infinite wants and needs that humans have...
Edexcel A Level Economics A:复习笔记1.1.2 Positive & Normative Economic Statements
Positive & Normative Statements Positive economics is concerned with objective statements of how a market or an economy works These positive economic statements are based on empirical ev...
