Specification checklist Every content statement in the Pearson Edexcel Economics A specification (9EC0, Issue 2), with the sub-points as Pearson lists them. Tick what you're confident with; ticks are saved in this browser only. Themes 1 and 2 are the whole of the AS (8EC0) and are examined again at A level alongside Themes 3 and 4; Paper 3 can draw on any of the four.
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Theme 1: Introduction to markets and market failure (AS and A level) 1.2 How markets work Micro questions 1.2.1 Rational decision makingAS a) The underlying assumptions of rational economic decision making: • consumers aim to maximise utility • firms aim to maximise profits 1.2.2 DemandAS a) The distinction between movements along a demand curve and shifts of a demand curve b) The factors that may cause a shift in the demand curve (the conditions of demand) c) The concept of diminishing marginal utility and how this influences the shape of the demand curve 1.2.3 Price, income and cross elasticities of demandAS a) Understanding of price, income and cross elasticities of demand b) Use formulae to calculate price, income and cross elasticities of demand c) Interpret numerical values of • price elasticity of demand: unitary elastic, perfectly and relatively elastic, and perfectly and relatively inelastic • income elasticity of demand: inferior, normal and luxury goods; relatively elastic and relatively inelastic • cross elasticity of demand: substitutes, complementary and unrelated goods d) The factors influencing elasticities of demand e) The significance of elasticities of demand to firms and government in terms of: • the imposition of indirect taxes and subsidies • changes in real income • changes in the prices of substitute and complementary goods f) The relationship between price elasticity of demand and total revenue (including calculation) 1.2.4 SupplyAS a) The distinction between movements along a supply curve and shifts of a supply curve b) The factors that may cause a shift in the supply curve (the conditions of supply) 1.2.5 Elasticity of supplyAS a) Understanding of price elasticity of supply b) Use formula to calculate price elasticity of supply c) Interpret numerical values of price elasticity of supply: perfectly and relatively elastic, and perfectly and relatively inelastic d) Factors that influence price elasticity of supply e) The distinction between short run and long run in economics and its significance for elasticity of supply 1.2.6 Price determinationAS a) Equilibrium price and quantity and how they are determined b) The use of supply and demand diagrams to depict excess supply and excess demand c) The operation of market forces to eliminate excess demand and excess supply d) The use of supply and demand diagrams to show how shifts in demand and supply curves cause the equilibrium price and quantity to change in real-world situations 1.2.7 Price mechanismAS a) Functions of the price mechanism to allocate resources: • rationing • incentive • signalling b) The price mechanism in the context of different types of markets, including local, national and global markets 1.2.8 Consumer and producer surplusAS a) The distinction between consumer and producer surplus b) The use of supply and demand diagrams to illustrate consumer and producer surplus c) How changes in supply and demand might affect consumer and producer surplus 1.2.9 Indirect taxes and subsidiesAS a) Supply and demand analysis, elasticities, and: • the impact of indirect taxes on consumers, producers and government • the incidence of indirect taxes on consumers and producers • the impact of subsidies on consumers, producers and government • the area that represents the producer subsidy and consumer subsidy 1.2.10 Alternative views of consumer behaviourAS a) The reasons why consumers may not behave rationally: • consideration of the influence of other people's behaviour • the importance of habitual behaviour • consumer weakness at computation Theme 2: The UK economy, performance and policies (AS and A level) 2.1 Measures of economic performance Macro questions 2.6 Macroeconomic objectives and policies Macro questions Theme 3: Business behaviour and the labour market (A level only) 3.3 Revenues, costs and profits Micro questions Theme 4: A global perspective (A level only) 4.3 Emerging and developing economies Macro questions 4.5 Role of the state in the macroeconomy Macro questions Work with an Edexcel economics tutor Big gaps on the checklist? A tutor can plan the order to close them.
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