Economics (AS & A Level) revision notes

One chapter for each section of the 9708 syllabus, with worked examples. Read a chapter, then practise it with real past-paper questions.

1. 1Basic economic ideas and resource allocation (AS)Scarcity, choice and opportunity cost, positive and normative statements and economic methodology, the factors of production, economic systems, production possibility curves and the classification of goods.7 min readDownload PDF
2. 2The price system and the microeconomy (AS)Demand and supply curves and what shifts them, price, income and cross elasticity of demand, price elasticity of supply, how demand and supply interact to set prices, and consumer and producer surplus.8 min readDownload PDF
3. 3Government microeconomic intervention (AS)Why governments intervene in markets, the methods and effects of taxes, subsidies, price controls, regulation and direct provision, and ways of addressing income and wealth inequality.7 min readDownload PDF
4. 4The macroeconomy (AS)National income statistics (real and nominal GDP, GNI, per head and PPP), the circular flow, aggregate demand and supply analysis, economic growth, unemployment and price stability (inflation measures and effects).10 min readDownload PDF
5. 5Government macroeconomic intervention (AS)Government macroeconomic policy objectives and conflicts between them, fiscal policy, monetary policy and supply-side policy, with their effects and limitations.6 min readDownload PDF
6. 6International economic issues (AS)Why countries trade (absolute and comparative advantage), protectionism, the current account of the balance of payments, exchange rates and policies to correct current-account imbalances.7 min readDownload PDF
7. 7The price system and the microeconomy (A Level)Utility, indifference curves and budget lines, efficiency and market failure, externalities, costs, revenue and profit, market structures (perfect competition, monopoly, monopolistic competition, oligopoly, contestable markets), and the growth, survival and objectives of firms.16 min readDownload PDF
8. 8Government microeconomic intervention (A Level)Policies to correct market failure and improve efficiency (taxes, subsidies, regulation, privatisation, competition policy, cost–benefit analysis), equity and redistribution of income and wealth, and labour market forces with government intervention.8 min readDownload PDF
9. 9The macroeconomy (A Level)The circular flow and multiplier effect, the Keynesian and classical views, economic growth and sustainability, unemployment and the Phillips curve, and money and banking including the role of central banks.12 min readDownload PDF
10. 10Government macroeconomic intervention (A Level)Macroeconomic policy objectives in more depth, the links and conflicts between macroeconomic problems, and the effectiveness of fiscal, monetary and supply-side policy options in meeting all the objectives.5 min readDownload PDF
11. 11International economic issues (A Level)Policies to correct balance of payments disequilibrium, exchange rate systems and their effects, economic development and its measurement, the characteristics of countries at different levels of development, relationships between countries and globalisation.11 min readDownload PDF