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Economics AS level ~ the market system
Date: Sunday 17th May 2009 Time: 9a.m. ~ 12.15
Location: Steyning Centre, West Sussex
Length: half day (3.25 hours tuition)
Course Content
The course covers the core elements on the market system for OCR, AQA and EDEXCEL Economics syllabii at AS level
- Functions of the market system
- Demand, supply and price
- Price, Income and Cross Elasticities of Demand
- Price Elasticity of Supply
- The price mechanism and the allocation of resources
- The concepts of consumer and producer surpluses
- An outline of changes in market conditions and how they affect individuals and firms
- The nature of economics (100% pre-course or post-course reading and activities)
- Production and efficiency including economies of scale and division of labour (85% pre-course reading and activities)
- Examples of good exam practice
Market failure topics
- Types of market failure
- Impact of market failure
- The need for intervention in the market
- Types of Intervention in the market
- The price mechanism and the allocation of resources
- An analysis and evaluation of types of intervention
- Examples of good exam practice
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