Micro Economics Book 1 AS Level Notes

500.00

Book Code : 157
Number of Pages : 144
Author : Imran Latif
Language : English
Publishers : Read and Write Publications

 

Categories: ,

Description

TABLE OF CONTENTS
UNIT 1 BASIC ECONOMIC IDEAS AND RESOURCE ALLOCATION ………………………………………………………….. 20
BASIC ECONOMIC PROBLEM ………………………………………………………………………………………………………………. 20
PRODUCTION POSSIBILITY CURVE ……………………………………………………………………………………………………….. 23
ECONOMIC STRUCTURE ……………………………………………………………………………………………………………………… 34
POSITIVE AND NORMATIVE STATEMENTS …………………………………………………………………………………………….. 34
CLASSIFICATION OF GOODS AND SERVICES: ……………………………………………………………………………………….. 133
BASIC ECONOMIC QUESTIONS…………………………………………………………………………………………………………….. 35
MEANING OF THE TERM ‘CETERIS PARIBUS’ …………………………………………………………………………………………. 36
DECISIONS AT THE MARGIN ……………………………………………………………………………………………………………….. 36
SHORT RUN, LONG RUN AND VERY LONG RUN ……………………………………………………………………………………… 37
ECONOMIC SYSTEMS …………………………………………………………………………………………………………………………. 38
DIFFICULTIES FACED BY TRANSITION ECONOMIES: ………………………………………………………………………………… 40
TOPICAL PAST PAPER ESSAY QUESTIONS ……………………………………………………………………………………………… 42
UNIT 2 DEMAND, SUPPLY & EQUILIBRIUM ……………………………………………………………………………………… 48
DEMAND ………………………………………………………………………………………………………………………………………….. 48
SUPPLY …………………………………………………………………………………………………………………………………………….. 55
EQUILIBRIUM ……………………………………………………………………………………………………………………………………. 60
INTERDEPENDENT MARKETS & PRICES…………………………………………………………………………………………………. 64
ECONOMIC AGENTS IN A MARKET ECONOMY ………………………………………………………………………………………. 67
THE FUNCTION OF PRICES IN THE MARKET …………………………………………………………………………………………… 67
TOPICAL PAST PAPER ESSAY QUESTIONS ……………………………………………………………………………………………… 69
UNIT 3 ELASTICITY ………………………………………………………………………………………………………………………. 72
INTERPRETING THE ELASTICITY FIGURES: ……………………………………………………………………………………………… 72
ELASTICITY OF DEMAND …………………………………………………………………………………………………………………….. 74
PRICE ELASTICITY OF SUPPLY (PES) ………………………………………………………………………………………………………. 87
DETERMINANTS OF PES ……………………………………………………………………………………………………………………… 90
INCOME ELASTICITY OF DEMAND………………………………………………………………………………………………………… 92
CROSS ELASTICITY OF DEMAND (XED) ………………………………………………………………………………………………….. 96
PRACTICAL APPLICATIONS OF ELASTICITY …………………………………………………………………………………………… 100
LIMITATIONS OF THE CONCEPT OF ELASTICITY ……………………………………………………………………………………. 107
PAST PAPERS QUESTIONS …………………………………………………………………………………………………………………. 108
UNIT 4 GOVERNMENT MICROECONOMIC INTERVENTION ……………………………………………………………….. 114
CONSUMER SURPLUS ………………………………………………………………………………………………………………………. 114
PRODUCER SURPLUS: ………………………………………………………………………………………………………………………. 116
TOTAL SURPLUS: ……………………………………………………………………………………………………………………………… 118
EFFICIENCY AND MARKET EQUILIBRIUM …………………………………………………………………………………………….. 119
FINANCIAL INTERVENTION: ………………………………………………………………………………………………………………. 119
PRICE CONTROLS: ……………………………………………………………………………………………………………………………. 127
PRIVATIZATION ……………………………………………………………………………………………………………………………….. 137
NATIONALIZATION AND DIRECT PROVISION OF GOODS AND SERVICES ………………………………………………….. 139
PAST PAPERS QUESTIONS …………………………………………………………………………………………………………………. 140

Reviews

There are no reviews yet.

Be the first to review “Micro Economics Book 1 AS Level Notes”

Your email address will not be published. Required fields are marked *