| Description |
1 online resource (207 pages) |
| Contents |
Cover; Book title; Copyright; Contents; Theme 1 Introduction to markets and market failure; 1 The nature of economics; Economics as a social science; Positive and normative economic statements; The economic problem; Production possibility frontiers (PPFs); Specialisation and the division of labour; Free market economies, mixed economy and command economy; 2 How markets work; Rational decision-making; Demand; Price elasticity of demand (PED); Cross elasticity of demand (XED); Income elasticity of demand (YED); Supply; Price elasticity of supply (PES); Price determination; The price mechanism |
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Consumer and producer surplusIndirect taxes and subsidies; Alternative views of consumer behaviour; 3 Market failure; Types of market failure; Externalities; Public goods; Information gaps; 4 Government intervention; Government intervention in markets; Government failure; Theme 2 The UK economy: performance and policies; 5 Measures of economic performance; Economic growth; Inflation; Employment and unemployment; Balance of payments; 6 Aggregate demand (AD); The characteristics of AD; Consumption (C); Investment (I); Government expenditure (G); Net trade (X -- M); 7 Aggregate supply (AS) |
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The characteristics of ASShort-run AS; Long-run AS; 8 National income; The concept; Injections and withdrawals; Equilibrium levels of real national output; The multiplier; 9 Economic growth; Causes of growth; Output gaps; Trade (business) cycle; The impact of economic growth; 10 Macroeconomic objectives and policies; Possible macroeconomic objectives; Demand-side policies; Supply-side policies; Conflicts and trade-offs between objectives and policies; Theme 3 Business behaviour and the labour market; 11 Business growth; Size and types of firms; Business growth; Demergers |
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12 Business objectivesProfit maximisation; Revenue maximisation; Sales maximisation; Satisficing; 13 Revenues, costs and profits; Revenue; Costs in the short run; Costs in the long run; Profit; 14 Market structures; Efficiency; Perfect competition; Monopolistic competition; Oligopoly; Monopoly; Monopsony; Contestability; 15 Labour market; The demand for labour; The supply of labour; Wage determination; 16 Government intervention; Types of government intervention; The impact of government intervention; Theme 4 A global perspective; 17 International economics; Globalisation |
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Specialisation and tradePatterns of trade; Terms of trade; Trading blocs and the World Trade Organization (WTO); Restrictions on free trade; The balance of payments; Exchange rates; International competitiveness; 18 Poverty and inequality; Poverty; Inequality; 19 Emerging and developing economies; Measures of development; Factors influencing growth and development; Strategies influencing growth and development; 20 The financial sector; Financial markets; The role of financial markets; Market failure in the financial sector; The role of central banks |
| Summary |
With My Revision Notes you can: - Manage your own revision with step-by-step support from experienced teacher and examiner Martin Rowland - Apply biological terms accurately with the help of definitions and key words - Plan and pace your revision with the revision planner - Test understanding with questions throughout the book - Get exam ready with last minute quick quizzes available on the Hodder Education website |
| Notes |
Print version record |
| Form |
Electronic book
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| ISBN |
9781471854859 |
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147185485X |
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