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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

1.3.6 - 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

2.3.5.1a - distinction between actual and potential growth

2.3.5.1b - Actual growth caused by an increase in the components of AD

2.3.5.1c - importance of international trade for export-led growth

2.3.5.1d - Causes of potential growth: • domestic investment and foreign direct investment (FDI) •

2.3.5.1e - importance of productivity for the rate of economic growth

2.3.5.2a - Possible benefits of growth: • higher living standards • lower unemployment • increased

2.3.5.3a - Possible costs of growth: • opportunity costs • environmental costs • balance of trade

2.3.5.4a - difference between actual growth rate and long-term trends in growth

2.3.5.4b - distinction between positive and negative output gaps

2.3.5.4c - Characteristics of positive and negative output gaps

2.3.5.4d - Difficulties of measuring output gaps

2.3.6 - Macroeconomic objectives and policies

A-Level Edexcel Economics AS 2.3.5.4b - distinction between positive and negative output gaps Topic Practice

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