Edexcel A-Level Economics A2 3.3.2 2b Law of Diminishing Returns Topic Practice

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Pearson Edexcel IAL Economics

Unit 3: Business Behaviour

3.3.1 - Types and sizes of businesses

3.3.2 - Revenue, costs and profits

3.3.2.1a - Formulae to calculate and understand the relationship between: • total revenue •

3.3.2.1b - Price elasticity of demand and its relationship to revenue concepts, including

3.3.2.2a - Derivation of short-run cost curves from the assumption of diminishing marginal

3.3.2.2b - law of diminishing returns

3.3.2.2c - Formulae to calculate and understand the relationship between: • total cost • total

3.3.2.2d - relationship between: • marginal product and marginal costs • average products and

3.3.2.3a - relationship between long-run cost curves and diseconomies of economies/diseconomies of

3.3.2.3b - Minimum efficient scale

3.3.2.3c - Distinction between internal/external economies of scale

3.3.2.3d - Sources of internal economies of scale: • financial • technical • managerial •

3.3.2.3e - Sources of external economies of scale: • availability of skilled labour • access to

3.3.2.3f - Sources of diseconomies of scale: • communication problems • coordination problems •

3.3.2.4a - distinction between normal profit, supernormal profit and losses

3.3.2.4b - Short-run and long-run shutdown points

3.3.3 - Market structures and contestability

3.3.4 - Labour markets

3.3.5 - Government intervention

Unit 4: Developments in the Global Economy

4.3.1 - Causes and effects of globalisation

4.3.2 - Trade and the global economy

4.3.3 - Balance of payments, exchange rates and international competitiveness

4.3.4 - Poverty and inequality

4.3.5 - The role of the state in the macroeconomy

4.3.6 - Growth and development in developing, emerging and developed economies

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