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Unit 1: Markets in Action

1.3.1 - Introductory concepts

1.3.2 - Consumer behaviour and demand

1.3.4 - Price determination

1.3.5 - Market failure

1.3.5.1a - Why market failure occurs: too much or too little of a good is failure produced and/or

1.3.5.1b - Sources of market failure: • externalities • the free-rider problem; non-provision of

1.3.5.2a - distinction between private benefits, external benefits and negative social benefits.

1.3.5.2b - distinction between private costs, external costs and social costs

1.3.5.2c - distinction between: • external benefits of production • external benefits of

1.3.5.2d - use of diagrams, using marginal analysis, to illustrate: • the external benefits from

1.3.5.2e - impact of externalities in various contexts: • transport • health • education •

1.3.5.3a - distinction between public and private goods: public goods • private goods: rival and

1.3.5.3b - Why public goods may not be provided by the private sector making reference to the

1.3.5.4a - distinction between symmetric and asymmetric information. information

1.3.5.4b - significance of information gaps

1.3.5.4c - imperfect market information may lead to a misallocation of resources in various

1.3.5.5a - moral hazard can occur

1.3.5.5b - impact of moral hazard on consumers, producers, workers and governments in: • insurance

1.3.5.6a - market bubbles may arise. market bubbles

1.3.5.6b - impact of market bubbles on consumers, producers, workers and governments in various

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

A-Level Edexcel Economics AS 1.3.5.4b - significance of information gaps Topic Practice

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