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Price system and Microeconomy

Topics covered in this Unit

All candidates study these AS Level topics

  • Demand and supply curves
  • Price elasticity, income elasticity and cross-elasticities of demand
  • Price elasticity of supply
  • Interaction of demand and supply
  • Market equilibrium and disequilibrium
  • Consumer and producer surplus

A Level candidates also study these additional topics

  • Law of diminishing marginal utility
  • Indifference curves
  • Budget lines
  • Types of cost, revenue and profit, short-run and long-run production
  • Different market structures
  • Growth and survival of firms
  • Differing objectives of a firm

 

Revision Notes Article Count:  30
Interactive quizzes Article Count:  6

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