Economics

Summary International A level Edexcel Economics Unit 1 Notes TOPIC 1 – INTRODUCTORY CONCEPTS What is economics? • Economics is the concerned with the ways by which societies organise scarce resources in order to satisfy wants. Economics as a social science • Economics is a social science which concerns the study of human behaviour • As a result, economists cannot conduct scientific laboratory experiments like in natural sciences • They typically examine what has already occu...

Summary Edexcel A-Level Economics revision notes 1.1 Scarcity, choice and potential conflicts 1.1.1 The Economic Problem The problem of scarcity is when there are finite resources but unlimited demand. This means that choices have to be made and resources have to be distributed and used optimally. Scarcity – The shortage of resources in relation to the quantity of human wants. – Insufficient resources to supply everyone’s needs and wants. Scarcity causes opportunity cost. ...

Summary Revision Notes for 1.2 how markets work How markets work 1.2 Demand-the quantity of a good or service that consumers are willing and able to buy at a given price, at a particular time Marketsare where Goods and Services are Bought and Sold- opportunity for buyers and sellers to interact in order to establish a price ▪ Buyers and sellers can exchange goods and services ▪ The price charged for and quantity sold is determined by demand and supply in a market ▪ The level...

Essential topics, formulas, keywords, graphs and definitions for Economics AS

A-LEVEL ECONOMICS QUESTIONS

straight A student