Publisher's Synopsis
Description
This book is intended as both a revision guide and student notes for Edexcel Economics A Theme 1: Introduction to markets and market failure.
Topics covered include:
- Basic economic problem
- Opportunity cost
- Specialisation and the division of labour
- Behavioural economics
- Economic systems
- Demand/supply
- Market clearing
- Elasticities - PED, PES, YED, XED
- Incidence of taxation
- The housing market
- Market failure
- Public goods & private goods
Detailed examples of market failure covered:
- Road pricing
- Healthcare
- Higher education
- New airports and runways
- Buffer stock schemes
- Agriculture
- Pollution
- Fishing
Although mainly aimed at the Edexcel A Level syllabus it may also have relevance for other students on other economics courses post-16 or degree level.
