AQA A-Level Microeconomics — Individuals, Firms, Markets and Market Failure

Positive vs normative, economic models, assumptions

• 1.1.1 Economic Methodology
• 1.1.2 The Nature and Purpose of Economic Activity
• 1.1.3 Economic Resources
• 1.1.4 Scarcity, Choice and the Allocation of Resources
• 1.1.5 Production Possibility Diagrams

Rationality, behavioural economics, demand theory

• 1.2.1 Consumer Behaviour
• 1.2.2 Imperfect Information
• 1.2.3 Aspects of Behavioural Economic Theory
• 1.2.4 Behavioural Economics and Economic Policy

Demand, supply, equilibrium, elasticities

• 1.3.1 The Determinants of the Demand for Goods and Services
• 1.3.2 Price, Income and Cross Elasticities of Demand
• 1.3.3 The Determinants of the Supply of Goods and Services
• 1.3.4 Price Elasticity of Supply
• 1.3.5 The Determination of Equilibrium Market Prices
• 1.3.6 The Interrelationship between Markets

Costs, revenues, economies of scale, efficiency

• 1.4.1 Production & Productivity
• 1.4.2 Specialisation, Division of Labour and Exchange
• 1.4.3 The Law of Diminishing Returns and Returns to Scale
• 1.4.4 Costs of Production
• 1.4.5 Economies and Diseconomies of Scale
• 1.4.6 Marginal, Average and Total Revenue
• 1.4.7 Profit
• 1.4.8 Technological Change

Perfect competition, monopoly, oligopoly, contestability

• 1.5.1 Market Structures
• 1.5.2 The Objectives of Firms
• 1.5.3 Perfect Competition
• 1.5.4 Monopolistic Competition
• 1.5.5 Oligopoly
• 1.5.6 Monopoly and Monopoly Power
• 1.5.7 Price Discrimination
• 1.5.8 The Dynamics of Competition and Competitive Market Processes
• 1.5.9 Contestable and Non-Contestable Markets
• 1.5.10 Market Structure, Static Efficiency, Dynamic Efficiency and Resource Allocation
• 1.5.11 Consumer and Producer Surplus

Demand, supply, wage determination, discrimination

• 1.6.1 The Demand for Labour, Marginal Productivity Theory
• 1.6.2 Influence upon the Supply of Labour to Different Markets
• 1.6.3 The Determination of Relative Wage rates and Levels of Employment in Perfectly Competitive Labour Markets
• 1.6.4 The Determination of Relative Wage rates and Levels of Employment in Imperfectly Competitive Labour Markets
• 1.6.5 The Influence of Trade Unions in Determining Wages and Levels of Employment
• 1.6.6 The National Minimum Wage
• 1.6.7 Discrimination in the Labour Market

Income and wealth distribution, poverty, policies to reduce inequality

• 1.7.1 The Distribution of Income and Wealth
• 1.7.2 The Problem of Poverty
• 1.7.3 Government Policies to Alleviate Poverty and to Influence the Distribution of Income and Wealth

Regulation, competition policy, public ownership

• 1.8.1 How Markets and Prices Allocate Resources
• 1.8.2 The Meaning of Market Failure
• 1.8.3 Public Goods, Private Goods and Quasi-Public Goods
• 1.8.4 Positive and Negative Externalities in Consumption and Production
• 1.8.5 Merit and Demerit Goods
• 1.8.6 Market Imperfections
• 1.8.7 Competition Policy
• 1.8.8 Public Ownership, Privatisation, Regulation and Deregulation of Markets
• 1.8.9 Government Intervention in Markets
• 1.8.10 Government Failure