AS Microeconomics

This component is examined in AS Paper 1 for OCR Economics. You can find notes for it below:

Scarcity and Choice

a) The basic economic problem
b) The market economy
c) Opportunity cost
d) Specialisation and trade

How Competitive Markets Work

a) Allocation of resources
b) The objectives of economic agents
c) Supply and demand and the interaction of markets
d) Elasticity
e) Productive and allocative efficiency
f) Costs and revenues
g) Economies and diseconomies of scale

Market Failure and Government Intervention

a) Market failure
b) Externalities
c) Information asymmetries
d) Alternative methods of government intervention
e) Government failure