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O Level CIE Economics : Unit 2- The allocation of resources
In this Unit 2 from the O Level CIE Economics, we consider topics like Demand, Supply, Equilibrium conditions, Economics systems, PED, PES and market failures,
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Mixed Economic System and Government intervention to correct market failures
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In this section, we explore the mixed economic system as well as the different ways the goverment intervenes to correct market failures. Common tools considered are minimum/maximum price, taxes, subsidies, just to name a few.
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Add to cartIn this section, we explore the mixed economic system as well as the different ways the goverment intervenes to correct market failures. Common tools considered are minimum/maximum price, taxes, subsidies, just to name a few.
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Causes of Market Failure
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In this section, we explain what is market failure in terms of inefficiency of markets. We also look at the main causes of market failure.
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Add to cartIn this section, we explain what is market failure in terms of inefficiency of markets. We also look at the main causes of market failure.
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Market Economic System
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In this section, we look at the market economy and its advantages as well as disadvantages.
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Add to cartIn this section, we look at the market economy and its advantages as well as disadvantages.
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Price Elasticity of Supply (PES)
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In this section we look at the different degrees of PES and the factors which make supply more elastic or more inelastic.
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Add to cartIn this section we look at the different degrees of PES and the factors which make supply more elastic or more inelastic.
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Price Elasticity of Demand (PED)
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In this section, we look at the different degrees of PED, using numerical examples and the factors which make demand for a product more elastic or more inelastic.
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Add to cartIn this section, we look at the different degrees of PED, using numerical examples and the factors which make demand for a product more elastic or more inelastic.
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Equilibrium price and quantity
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In this section, we look at Equilibrium as well as Disequilibrium positions. We also explain how the disequilibrium positions fade as market forces operate. Furthermore, we consider changes in demand and supply which affect equilibrium positions.
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Add to cartIn this section, we look at Equilibrium as well as Disequilibrium positions. We also explain how the disequilibrium positions fade as market forces operate. Furthermore, we consider changes in demand and supply which affect equilibrium positions.
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Supply
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In this section, we look at Supply and the positive relationship that exists between price and quantity supplied. We also differentiate between a movement along the supply curve and a shift in the supply curve. Finally we look at the factors which shift the supply curve.
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Add to cartIn this section, we look at Supply and the positive relationship that exists between price and quantity supplied. We also differentiate between a movement along the supply curve and a shift in the supply curve. Finally we look at the factors which shift the supply curve.
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Demand
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In this section, we look at Demand and the negative relationship that exists between price and quantity demanded, illustrated on a demand curve. We also differentiate between a movement along the demand curve and a shift in the demand curve. Finally we look at the factors which shift the demand cu...
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Add to cartIn this section, we look at Demand and the negative relationship that exists between price and quantity demanded, illustrated on a demand curve. We also differentiate between a movement along the demand curve and a shift in the demand curve. Finally we look at the factors which shift the demand cu...
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Economic System and the 3 Basic economic questions
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In this section, we differentiate between micro and macro economics. We also look at the 3 basic economic questions.
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Add to cartIn this section, we differentiate between micro and macro economics. We also look at the 3 basic economic questions.
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