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  • PEARSON (PEARSON)
  • Economics A
  • Unit 3 - Business behaviour and the labour market (ECON)
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Summary Econ a level (A GRADE)

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PEARSON (PEARSON)
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Unit 3 - Business behaviour and the labour market (ECON)
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Detailed colour-coded summary notes Perfect for active recall & last minute revision Received a top level grade 9 (A**) revising these summary notes I created Please check out my other summary notes & specifically OCR ALevel R/S notes for more incredible revision notes to get your top grade ! :p Any questions, please don’t hesitate to ask :)

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-​ Marginal cost = change in total cost as a result of the production of 1 more unit
-​ Variable cost = a cost that changes at the level of output changes

Economic inactivity = when someone is of working age but is not willing or not able to work
Unemployment = when someone who is willing and able to work and of working age, cannot
find a job


Profit satisficing: divorce of ownership from control / principal agent problem
-​ e,g making enough product to keep shareholders happy
-​ may have other objectives
-​ may incur long run profit maximisation

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Economics A
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December 27, 2025
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Summary
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