Course Content – AQA Syllabus (7136)
Unit 1 – Individuals, Firms, Markets and Market Failure
- Economic methodology
- The nature and purpose of economic activity
- Economic resources
- Consumer behaviour
- Imperfect information
- Bounded rationality
- Biases
- Behavioural economics and economic policy
- Demand and price
- Price, income and cross elasticities of demand
- Income elasticity of demand (YED)
- Composite and competitive supply
- Price elasticity of supply
- Production costs and revenue
- Law of diminishing returns
- Economies and diseconomies of scale
- Profit
- Barriers to entry
- Advantages and disadvantages of monopoly
- The competitive market process
- The Labour Market
- Influences upon the supply of labour
- Distribution of wealth
- Poverty
- Public goods, private goods and quasi-public goods
- Privatisation
- Subsidies
- Minimum and maximum prices
- Public ownership
Unit 2 – The National and International Economy
- The national economy in a global context
- Inflation
- Unemployment
- The circular flow of income
- Aggregate demand and aggregate supply analysis
- The Keynesian LRAS Curve
- Economic performance and cycles
- Employment and unemployment
- Inflation and deflation
- Quantity theory of money
- Consequences of inflation
- The Phillips Curve
- Financial markets and monetary policy
- Commercial banks and investment banks
- Assets of commercial banks
- Credit creation
- Central banks and monetary policy
- The regulation of the financial system
- Bank failure and moral hazard
- Liquidity and capital ratios
- Systemic risk
- Fiscal policy and supply-side policies
- Progressive, regressive and proportional taxation
- Main taxes used in the UK
- Principles of taxation
- Public expenditure
- Supply-side policy
- Causes of globalisation
- Economic growth and development
Exam Preparation
- Paper 1
- Paper 2
- Paper 3
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