AQA
                     A-level
         Economics
                   For A-level Year 1 and AS
                      1
                     Ray Powell
                    James Powell
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             This sample chapter is taken from AQA A-level Economics Book 1
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             AQA A-level Economics
             Build economics knowledge through active learning with the latest Powell 
             textbook, featuring quantative skills practice and brand new case studies.
             Titles in this series:
             ▶  AQA A-level Economics Book 1 by Ray Powell & James Powell   
                 (9781471829789  March 2015, £24.99)                                                                                              AQA
             ▶  AQA A-level Economics Book 2 by Ray Powell & James Powell   
                 (9781471829840  June 2015, £24.99)                                                                                                 A Level
             These titles have been selected for AQA’s official approval process.                                                          conomics
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     Contents
                  Introduction 
                  Breakdown of the exam 
               Part 1  Microeconomics
                  1  Economic methodology and the economic problem
                    1.1  Economic methodology
                    1.2  The nature and purpose of economic activity 
                    1.3  Economic resources 
                    1.4  Scarcity, choice and the allocation of resources 
                    1.5  Production possibility diagrams 
                    1.6  Value judgements, positive and normative statements 
                  2  Price determination in a competitive market
                    2.1  The determinants of the demand for goods and services 
                    2.2  Price, income and cross elasticities of demand 
                    2.3  The determinants of the supply of goods and services 
                    2.4  Price elasticity of supply 
                    2.5  The determination of equilibrium market prices 
                    2.6  Applications of demand and supply analysis to particular  
                      markets 
                    2.7  The interrelationship between markets 
                  3  Production, costs and revenue
                    3.1  Production and productivity 
                    3.2  Specialisation, division of labour and exchange 
                    3.3  Costs of production 
                    3.4  Economics and diseconomies of scale 
                    3.5  Average revenue, total revenue and profit 
                  4  Competitive and concentrated markets
                    4.1  Market structures 
                    4.2  The objectives of firms 
                    4.3   Competitive markets 
                    4.4  Monopoly and monopoly power 
                    4.5  The competitive market process 
                  5  The market mechanism, market failure and 
                    government intervention in markets
                    5.1  How markets and prices allocate resources 
                    5.2  The meaning of market failure 
                    5.3  Public goods, private goods and quasi-public goods 
                    5.4  Positive and negative externalities in consumption and  
                      production 
                   5.5  Merit and demerit goods 
                   5.6  Market imperfections 
                   5.7  An inequitable distribution of income and wealth 
                   5.8  Government intervention in markets 
                   5.9  Government failure 
                  Microeconomic key terms 
                  Microeconomic practice questions 
               Part 2  Macroeconomics
                  6  The measurement of macroeconomic performance
                   6.1  The objectives of government economic policy 
                   6.2  Macroeconomic indicators 
                   6.3  Uses of index numbers 
                  7  How the macroeconomy works: the circular flow of 
                   income, AD/AS analysis, and related concepts
                   7.1  The circular flow of income 
                   7.2  Aggregate demand (AD) and aggregate supply (AS) analysis 
                   7.3  The determinants of aggregate demand 
                   7.4  Aggregate demand and the level of economic activity 
                   7.5  Determinants of short-run aggregate supply 
                   7.6  Determinants of long-run aggregate supply 
                  8  Economic performance
                   8.1  Economic growth and the economic cycle 
                   8.2  Employment and unemployment 
                   8.3  Inflation and deflation 
                   8.4  The balance of payments on current account 
                   8.5  Possible conflicts between macroeconomics policy objectives 
                  9  Macroeconomic policy
                   9.1  Monetary policy 
                   9.2  Fiscal policy 
                   9.3  Supply-side policies 
                  Macroeconomic key terms 
                  Macroeconomic practice questions 
                  Index