Revise Theme 1 with interactive flashcards written to the Edexcel A (9EC0) specification. Flip each card to check yourself, rate how well you knew it, and the deck will bring back the cards you found hard — a study technique with strong evidence behind it. Every card is cross-checked against our full revision notes, and each one links to the page that teaches it in depth.
95 cards · 22 topics · Edexcel A Theme 1: Introduction to Markets and Market Failure
What does ceteris paribus mean, and why do economists rely on it?
Ceteris paribus — a Latin phrase meaning ‘all other things being equal’ or ‘all other factors held constant’.
Economists cannot run laboratory experiments, so they isolate the effect of one variable by assuming all others stay constant.
State the formula for price elasticity of demand.
Because demand curves slope downwards, PED is negative — interpret its absolute size: elastic if greater than 1, inelastic if less than 1.
Sketch a PPF and mark an efficient point, an inefficient point and an unattainable point. Where is opportunity cost shown?
Points on the frontier (A, C, D, B) are productively efficient — all resources are fully employed. E, inside the frontier, is inefficient; F, outside it, is currently unattainable. Moving from C to D gains consumer goods at the opportunity cost of the capital goods given up.
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