Microeconomics

This topic is examined in A-Level Component 1, Component 2 and Component 3 for WJEC (England) Economics. You can find notes for it below:

Scarcity and Choice

a) Scarcity, choice and opportunity cost
b) Production Possibility Frontiers (PPFs)
c) Specialisation, division of labour and exchange

Demand and Supply in Product Markets

a) Factors influencing demand and supply in product markets
b) The determination of equilibrium price and output in a freely competitive market
c) Consumer and producer surplus
d) Price, income and cross price elasticities of demand and supply

Demand and Supply in Labour Markets

a) Wage determination
b) Labour market issues

Resource Allocation

a) How resources are allocated in a free market economy

Costs, Revenues and Profits

a) Costs, revenues and profits
b) The growth of firms
c) Efficiency

Market Structures

a) Background to market structures
b) Business objectives
c) Perfect competition
d) Monopolistic competition
e) Monopoly
f) Oligopoly
g) Competition policy
h) Privatisation

Market Failure

a) Understanding market failure
b) Why and how governments intervene
c) The effects of government intervention