Microeconomics – Individuals, Firms, Markets & Market Failure

This topic is examined in A-Level Paper 1 for AQA Economics. You can find notes for it below:

Economic Methodology and the Economic Problem

a-Economic-methodology-1
b-The-nature-and-purpose-of-economic-activity-1
c-Economic-resources-1
d-Scarcity-choice-and-the-allocation-of-resources-1
e-Production-possibility-diagrams-1

Individual Economic Decision Making

a-Consumer-behaviour
b-Imperfect-information
c-Aspects-of-behavioural-economic-theory
d-Behavioural-economics-and-economic-policy

Price Determination in a Competitive Market

a-The-determinants-of-the-demand-for-goods-and-services-1
b-Price-income-and-cross-elasticities-of-demand-1
c-The-determinants-of-the-supply-of-goods-and-services-1
d-Price-elasticity-of-supply-1
e-The-determination-of-equilibrium-market-prices-1
f-The-interrelationship-between-markets-1

Production Costs and Revenues

a-Production-and-productivity-1
b-Specialisation-division-of-labour-and-exchange-1
c-The-law-of-diminishing-returns-and-returns-to-scale
d-Costs-of-production
e-Economies-and-diseconomies-of-scale
f-Marginal-average-and-total-revenue
g-Profit
h-Technological-change

Perfect Competition, Imperfectly Competitive Markets and Monopoly

a-Market-structures-1
b-The-objectives-of-firms-1
c-Perfect-competition
d-Monopolistic-competition
e-Oligopoly
f-Monopoly-and-monopoly-power
g-Price-discrimination
h-Dynamics-of-competition-and-competitive-market-processes
i-Contestable-and-non-contestable-markets
j-Market-structure-static-and-dynamic-efficiency-resource-allocation
k-Consumer-and-producer-surplus

The Labour Market

a-The-demand-for-labour-marginal-productivity-theory
b-Influences-upon-the-supply-of-labour-to-different-markets
c-The-determination-of-relative-wage-rates-and-levels-of-employment-in-perfectly-competitive-labour-markets
d-The-determination-of-relative-wage-rates-and-levels-of-employment-in-imperfectly-competitive-labour-markets
e-The-influence-of-trade-unions-in-determining-wages-and-levels-of-employment
f-The-national-minimum-wage
g-Discrimination-in-the-labour-market

Distribution of Income and Wealth, Poverty and Inequality

a-The-distribution-of-income-and-wealth
b-The-problem-of-poverty
c-Government-policies-to-alleviate-poverty-and-to-influence-the-distribution-of-income-and-wealth

Market Mechanism, Market Failure and Government Intervention in Markets

a-How-markets-and-prices-allocate-resources-1
b-The-meaning-of-market-failure-1
c-Public-goods-private-goods-and-quasi-public-goods-1
d-Positive-and-negative-externalities-in-consumption-and-production-1
e-Merit-and-demerit-goods-1
f-Market-imperfections-1
g-Competition-policy
h-Public-ownership-privatisation-regulation-and-deregulation-of-markets
i-Government-intervention-in-markets
j-Government-failure