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Summary A Level Economics Government Intervention

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Do you need help understanding /remembering the key points for government intervention ? Do you not understand what to write about for your 20/25 marker ? Well check out these notes !

Institution
PEARSON (PEARSON)
Course
Unit 1 - Introduction to markets and market failure

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A Level Economics Day Before Exam Help Sheet


1.1 Nature of Economics



Renewables and non -renewable resources

- Renewable resources resources that are replenished naturally over short periods of
time
- Non-renewable resources are available in limited supplies(rate of consumption is
faster than rate of extraction)
PPF

- Illustrates the maxim potential output of an economy when all resources are fully
employed


1.2 How markets work

Demand
- Movement occurs along the curve
Change in both price and quantity demanded
- Movement implies demand/supply relationship is consistent


Supply
- Movement occurs along the curve
Change in both price of good and quantity supplied
- Movement implies demand/supply relationship is consistent



XED(Cross price elasticity of demand)

- Measures the responsiveness in the quantity demanded of one good when the price for
another good changes.
1.3 Market failure

Externalities

Public goods
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Study Level
A/AS Level
Examinator
PEARSON (PEARSON)
Subject
Economics A
Unit
Unit 1 - Introduction to markets and market failure

Document information

Uploaded on
November 8, 2021
Number of pages
4
Written in
2021/2022
Type
SUMMARY

Subjects

  • government intervention
  • indirect taxes
  • subsidies
  • maximum prices
  • minium prices
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