Edexcel A-Level Economics AS 1.3.3 2d Distinction Between the Short Run and Long Run in Economics and Its Significance for Topic Practice

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Pearson Edexcel IAL Economics

Unit 1: Markets in Action

1.3.1 - Introductory concepts

1.3.2 - Consumer behaviour and demand

1.3.3.1a - concept of 'supply'

1.3.3.1b - distinction between movements along a supply curve and shifts of a supply curve

1.3.3.1c - Factors that may cause a shift in the supply curve: • changes in the costs of

1.3.3.2a - concept of 'price elasticity of supply'. supply

1.3.3.2b - Calculation and interpretation of numerical values of price elasticity of supply: •

1.3.3.2c - Factors that influence price elasticity of supply: • the time period • availability of

1.3.3.2d - distinction between the short run and long run in economics and its significance for

1.3.4 - Price determination

1.3.5 - Market failure

1.3.6 - Government intervention in markets

Unit 2: Macroeconomic Performance and Policy

2.3.1 - Measures of economic performance

2.3.2 - Aggregate demand (AD)

2.3.3 - Aggregate supply (AS)

2.3.4 - National income

2.3.5 - Economic growth

2.3.6 - Macroeconomic objectives and policies

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