
Edexcel AS/A Level Economics (Edexcel AS/A Level Economics 2015)
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Content
- Cover
- Contents
- How to use this book
- Introduction AS/A level Economics
- Acknowledgements
- Theme 1: Introduction to markets and market failure
- Chapter 1: Economics as a social science
- The scientific method
- Economics - the science
- Theories and models
- The purpose of modelling
- Simplification
- Assumptions and ceteris paribus
- Positive and normative economics
- Thinking like an economist: The Scottish Independence vote
- Data Response Question: Net migration
- Chapter 2: Economic data
- The collection and reliability of data
- Real and nominal values
- Indices
- The interpretation of data
- Thinking like an economist: Spending on tourism
- Data Response Question: Cinema data
- Chapter 3: The economic problem
- Scarcity
- Infinite wants
- The basic economic problem
- What is an economy?
- Economic resources
- Thinking like an economist: The opportunity costs of going to university
- Data Response Question: The National Health Service faces tough choices
- Chapter 4: Production possibility frontiers
- The problem of scarcity
- Opportunity cost
- Economic growth or decline
- Consumption vs investment
- Efficiency
- Choice
- Thinking like an economist: Water shortages
- Data Response Question
- Civil war in Syria
- China
- Replacing Trident
- Chapter 5: Specialisation and the division of labour
- Specialisation
- Sectors of the economy
- Markets
- Money and exchange
- The functions of money
- Forms of money in a modern economy
- Thinking like an economist: Slave labour and the supply chain
- Data Response Question: Antler
- Chapter 6: Types of economy
- Economic systems
- The allocation of resources
- Types of economy
- An evaluation of different types of economy
- Smith, Hayek and Marx
- Thinking like an economist: Mixed economies
- Data Response Question: The US economy
- Chapter 7: Rational decision making
- Rational economic decision making
- Maximisation
- The margin
- Thinking like an economist: Ryanair
- Data Response Question: Private vs state schools
- Chapter 8: Demand
- Demand
- Demand and price
- Conditions of demand
- Demand and income
- The price of other goods
- Other factors
- The law of diminishing marginal utility
- Consumer surplus
- Thinking like an economist: The demand for housing
- Data Response Question: Booming demand leads to higher milk prices
- Chapter 9: Price elasticity of demand
- The meaning of demand elasticity
- Price elasticity of demand
- Alternative formulae
- Elastic and inelastic demand
- Graphical representations
- Two technical points
- The determinants of price elasticity of demand
- Price elasticity of demand and total revenue/expenditure
- Thinking like an economist
- The demand for housing
- Price elasticity of demand for oil
- Short-term and long-term price elasticities
- Data Response Question: Fatty food clampdown
- Chapter 10: Income and cross elasticities
- Income elasticity of demand
- Normal and inferior goods
- Inferior goods and income elasticity
- Necessities and luxuries
- Cross elasticity of demand
- Substitutes and complements
- Thinking like an economist: Food substitutes
- Data Response Question: Clothing, footwear and transport
- Chapter 11: Supply
- Supply
- Supply and price
- Conditions of supply
- Costs of production
- Technology
- The prices of other goods
- Other factors
- Producer surplus
- Price elasticity of supply
- Determinants of elasticity of supply
- The short run and the long run
- Thinking like an economist
- The supply of new housing
- Factors affecting the supply of new private housing
- Data Response Question: Salmon prices on the rise
- Chapter 12: Price determination
- Equilibrium price
- Changes in demand and supply
- Do markets clear?
- Consumer and producer surplus
- Points to note
- Thinking like an economist: The price of gas
- Data Response Question: Cocoa bean prices
- Chapter 13: The price mechanism
- The price mechanism
- The rationing function
- The signalling function
- Incentive
- Thinking like an economist: Motor cars
- Data Response Question: Organic farming in decline
- Chapter 14: Indirect taxes and subsidies
- Indirect taxes and subsidies
- The incidence of tax
- Tax revenues
- Ad valorem taxes
- Subsidies
- Taxes and elasticity
- Subsidies and elasticity
- Thinking like an economist: The French film industry
- Data Response Question
- Alcohol
- 2014 Budget measures
- Chapter 15: Alternative views of consumer behaviour
- Rationality vs behavioural economics
- Reasons why consumers may not behave rationally
- Thinking like an economist: Payday loans
- Data Response Question
- Microfinance initiative
- Peso loans
- Tesco
- Chapter 16: Types of market failure
- Market failure
- Externalities
- Under-provision of public goods
- Information gaps
- Thinking like an economist: Road congestion
- Data Response Question: Heathrow expansion
- Chapter 17: Externalities
- Private and social costs and benefits
- Externalities of production and consumption
- Market failure
- Marginal costs and benefits
- Welfare losses with production externalities
- Welfare losses with consumption externalities
- Thinking like an economist: Mosquito nets
- Data Response Question: Sugar
- Chapter 18: Public goods
- Public goods
- The free rider problem
- Thinking like an economist: Lighthouses
- Data Response Question: Television viewing
- Chapter 19: Information gaps
- Imperfect market information
- The market for second-hand cars
- Market examples
- Thinking like an economist: Payment protection insurance (PPI)
- Data Response Question: Smoking
- Chapter 20: Government intervention in markets
- Government intervention to correct market failure
- Indirect taxes
- Subsidies
- Maximum prices
- Minimum prices
- Regulation
- Trade pollution permits
- State provision of public goods
- Provision of information
- Thinking like an economist: China's pollution problems
- Data Response Question: Carbon dioxide emissions from motor vehicles
- Chapter 21: Government failure
- Government failure
- Distortion of price signals
- Unintended consequences
- Excessive administrative costs
- Information gaps
- Conflicting objectives
- Politicians maximising their own welfare
- Market vs government failure
- Thinking like an economist: Venezuela in crisis
- Data Response Question: Government failure
- Theme 2: The UK economy - performance and policies
- Chapter 22: Measures of economic performance
- Microeconomics and macroeconomics
- National economic performance
- Economic growth
- Unemployment
- Inflation
- The current balance
- Thinking like an economist: The Irish economy
- Data Response Question: Spain 2001-2014
- Chapter 23: The characteristics of aggregate demand
- Aggregate demand
- The aggregate demand curve
- Shifts in the AD curve
- Important notes
- Thinking like an economist: Aggregate demand
- Data Response Question: Optimism rises for the Spanish economy
- Chapter 24: Consumption
- Defining consumption and saving
- Consumption and income
- Other determinants of consumption
- The determinants of saving
- Thinking like an economist: Determinants of UK consumption
- Data Response Question: Consumption
- Chapter 25: Investment
- A definition of investment
- The rate of interest
- The rate of economic growth - the accelerator theory
- Costs
- Business expectations and confidence
- The world economy
- Access to credit
- Retained profit
- The infl uence of government and regulations
- Thinking like an economist
- Investment in the UK
- The determinants of investment
- Data Response Question: Little appetite for investment
- Chapter 26: Government expenditure and net trade
- Reasons for government spending
- Exports and imports
- Thinking like an economist: French cuts in government spending
- Data Response Question: UK trade deficits
- Chapter 27: Aggregate supply
- The short-run aggregate supply curve
- Shifts in the short-run aggregate supply curve
- The long-run aggregate supply curve
- Shifts in the long-run aggregate supply curve
- The classical and Keynesian long-run aggregate supply curves
- Thinking like an economist
- The case of oil
- The impact on the short-run aggregate supply curve
- The impact on the long-run aggregate supply curve
- Data Response Question: Aggregate supply 2007-2013
- Chapter 28: National income
- Income, output and expenditure
- Injections and withdrawals
- Thinking like an economist: Increasing investment
- Data Response Question: Circular flow of income
- Chapter 29: Equilibrium levels of real national output
- Equilibrium output in the short run
- Equilibrium output in the long run
- A rise in aggregate demand
- A rise in long-run aggregate supply
- Increasing aggregate demand and supply
- Thinking like an economist: Demand and supply side shocks in four recessions
- Data Response Question: The UK economy: stagnation 2010-13
- Chapter 30: The multiplier
- The multiplier
- Calculating the multiplier
- The multiplier effect and injections
- The multiplier effect and withdrawals
- The multiplier and the aggregate demand curve
- Effects of the economy on the multiplier
- Thinking like an economist: IMF encourages investment in infrastructure
- Data Response Question: The multiplier
- Chapter 31: Economic growth
- Measures of national income
- Real or volume vs nominal or value
- Total and per capita
- Transfer payments
- Why is national income measured?
- The accuracy of national income statistics
- Comparing national income over time
- Comparing national income between countries
- Purchasing power parities
- Income and wealth
- National income, economic welfare and happiness
- Thinking like an economist: UK National Well-being programme
- Data Response Question: Living standards
- Chapter 32: Causes of economic growth and the trade cycle
- Economic growth
- The trade cycle
- Two types of trade cycle
- Causes of the trade cycle
- The output gap
- Hysteresis
- The production possibility frontier
- The causes of long-run economic growth
- Land
- Labour
- Capital
- Technological progress
- Efficiency
- Aggregate demand
- Four distinctions
- Thinking like an economist: Economic growth in the UK economy
- Data Response Question: Poland, Portugal and the eurozone
- Chapter 33: The impact of economic growth
- Economic growth
- The benefits of economic growth
- Growth is unsustainable
- Increasing inequalities
- Growth and happiness
- The anti-growth lobby
- The impact of economic growth
- Thinking like an economist: The standard of living in the UK since 1900
- Data Response Question: Comparative living standards in the UK
- Chapter 34: Inflation
- Inflation, deflation and disinflation
- Measuring inflation
- The accuracy of price indices
- The causes of inflation
- The costs of high inflation
- The costs of deflation
- The benefits of low inflation
- Thinking like an economist: The Retail Prices Index and Consumer Prices Index
- Data Response Question
- Inflation in Brazil
- Deflation in Spain
- Chapter 35: Employment and unemployment
- Definitions
- Causes of unemployment
- Using diagrams to illustrate unemployment
- Employment, unemployment and activity rates
- Migration
- Skills
- The costs of unemployment
- Thinking like an economist: Measuring unemployment
- Data Response Question: Unemployment rates
- Chapter 36: Balance of payments
- The interconnectedness of economies
- The balance of payments account
- The current account
- Current account imbalances and macroeconomic objectives
- Government deficits and balance of payments deficits
- Thinking like an economist
- The parts of the current account
- The current account over time
- The size of the current account balances
- Data Response Question: UK exports
- Chapter 37: Possible macroeconomic objectives
- Government objectives
- Economic growth
- Unemployment and employment
- Inflation and deflation
- The balance of payments on current account
- Government budgets
- The environment
- Income distribution
- Thinking like an economist: A tale of four economies
- Data Response Question: Missed objectives
- Chapter 38: Demand-side policies
- Monetary and fiscal policies
- Monetary policy
- Interest rates as a monetary policy instrument
- Quantitative easing
- The role of the Bank of England
- Fiscal policy
- Direct and indirect taxes
- Fiscal policy and aggregate demand
- Monetary policy and aggregate demand
- Strengths and weaknesses of demand-side policies
- Thinking like an economist: The Great Depression and the Global Financial Crisis
- Data Response Question: Germany rejects spending increase
- Chapter 39: Supply-side policies
- Supply-side policies
- Market based and interventionist approaches
- Increasing incentives
- Promoting competition
- Reforming the labour market
- Improving the skills and quality of the labour force
- Improving infrastructure
- Encouraging the growth of small and medium-sized businesses
- Strengths and weaknesses of supply-side policies
- Thinking like an economist: North east England
- Data Response Question: Boosting engineering skills and research
- Chapter 40: Conflicts and trade-offs
- Macroeconomic objectives
- A successful sustainable economy
- Conflicts between macroeconomic objectives
- The short-run Phillips curve
- Conflicts and trade-offs between economic policies
- Thinking like an economist: UK policy conflicts 2010-14
- Data Response Question: Bank of England's inflation target
- Theme 3: Business behaviour and the labour market
- Chapter 41: Business growth
- The size of firms
- The divorce of ownership from control
- Public sector and private sector organisations
- How businesses grow
- Reasons for growth
- Advantages and disadvantages of different types of growth
- Constraints on business growth
- Reasons for demergers
- Impact of demergers
- Thinking like an economist: Primark's expansion into the US market
- Data Response Question: Celgene
- Chapter 42: Revenue
- Total, average and marginal revenues
- Revenue curves
- Revenue and price elasticity
- Thinking like an economist: Revenue maximisation
- Data Response Question: Finchfield Cycles
- Chapter 43: Production
- The short run and long run
- The short run: diminishing returns
- Total, average and marginal products
- The long run: returns to scale
- Thinking like an economist: Increasing returns at petrol stations
- Data Response Question: Overfishing
- Chapter 44: Costs
- The economic definition of cost
- Fixed and variable costs
- Total, average and marginal cost
- Diminishing returns and short-run costs
- Short-run cost schedules
- Short-run cost curves
- Points to note
- Economies of scale and long-run average cost
- The optimum level of production
- Sources of economies of scale
- Diseconomies of scale
- Movements along and shifts in the long-run average cost curve
- The relationship between the short-run average cost curve and the long-run average cost curve
- Thinking like an economist: Cost in the shipping industry
- Data Response Question: Ocado vs the rest
- Chapter 45: Profit
- Profit
- Normal and abnormal profit
- Profit maximisation: the MC = MR rule
- Cost and revenue curves
- Shifts in cost and revenue curves
- Shut down points in the short and long runs
- Thinking like an economist: Difficult times for European car manufacturers
- Data Response Question: The European steel industry
- Chapter 46: Market structure
- Market structure
- The number of firms in an industry
- Barriers to entry
- Barriers to exit
- Product homogeneity and branding
- Knowledge
- Interrelationships within markets
- Competition and market structure
- Thinking like an economist: Industry and concentration ratios
- Data Response Question: Eurostar
- Chapter 47: Perfect competition
- Assumptions
- Demand and revenue
- Cost and supply curves
- Short-run equilibrium
- Long-run equilibrium
- Long-run cost curves
- Thinking like an economist: The uranium market
- Data Response Question: Coal
- Chapter 48: Monopolistic competition
- Imperfect competition
- Assumptions
- The downward sloping demand curve
- Short-run equilibrium
- Long-run equilibrium
- Thinking like an economist: Tattoo parlours
- Data Response Question: The decline of the pub
- Chapter 49: Oligopoly
- The importance of oligopoly
- Market structure
- Collusion
- Game theory and collusion
- Types of price competition
- Types of non-price competition
- Thinking like an economist: The UK new car market
- Data Response Question: Broadcast football
- Chapter 50: Monopoly
- Assumptions
- Sources of monopoly power
- Revenue curves
- Equilibrium output
- Discriminating monopoly
- Costs and benefits for producers and consumers from price discrimination
- Four technical points
- Thinking like an economist: Virgin Wolverhampton to London
- Data Response Question: Motorway service stations
- Chapter 51: Monopsony
- Monopsony
- Equilibrium price and output under monopsony
- Costs and benefits
- Bilateral monopoly
- Monopsony power
- Thinking like an economist: Monopsony market power
- Data Response Question: Suppliers' fees
- Chapter 52: Contestability
- Contestable market theory vs neo-classical theory
- Assumptions
- Normal and abnormal profit
- Entry to and exit from the industry
- Potential competition
- Degrees of contestability
- Thinking like an economist: The air passenger market
- Data Response Question: The bus market
- Chapter 53: Business objectives
- Control
- Short-run profit maximisation
- Long-run profit maximisation
- Divorce of ownership from control
- Revenue maximisation
- Sales maximisation
- Thinking like an economist: What is the objective of a UK bank?
- Data Response Question: Falling oil prices
- Chapter 54: Efficiency
- Efficiency
- Static vs dynamic efficiency
- Productive efficiency
- X-inefficiency
- Allocative efficiency
- Dynamic efficiency
- Efficiency and the production possibility frontier
- Thinking like an economist: The misallocation of resources in transport
- Data Response Question: Outsourcing
- Chapter 55: Evaluating competition and monopoly
- Competition
- Perfect competition, contestable markets and static efficiency
- Imperfect competition and static efficiency
- Competition and dynamic efficiency
- Evaluating competition
- Monopoly
- Natural monopoly
- Multi-plant monopolists
- Innovation
- Evaluating monopoly
- The theory of the second best
- Thinking like an economist: Eating out
- Data Response Question: King of the castle
- Chapter 56: Government intervention and product markets
- Controlling monopolies
- Promoting competition and contestability
- Government intervention to protect suppliers
- Government intervention to protect employees
- The effectiveness of government intervention
- Thinking like an economist: UK and EU competition policy
- Data Response Question: Controlling monopoly power
- Chapter 57: Demand for labour
- The downward sloping demand curve
- The long-run demand for labour
- The short-run demand for labour
- The demand curve for labour
- Shifts in the the demand curve for labour
- Perfect and imperfect competition
- Determinants of the elasticity of demand for labour
- Thinking like an economist: Executive pay
- Data Response Question: North Sea oil and gas workers
- Chapter 58: Supply of labour
- The supply curve for an individual worker
- Income and substitution effects
- Monetary and non-monetary considerations
- Supply of labour to a firm
- The supply curve of labour for an industry
- Elasticity of supply of labour
- Supply of labour to the economy
- The mobility of labour
- Thinking like an economist: The supply of labour in the UK
- Data Response Question: Ethnic groups in the labour force
- Inactivity
- Characteristics of ethnic groups in employment
- Chapter 59: Wage determination
- How wage rates are determined
- Elasticities of demand for and supply of labour
- A labour market where all workers are paid the same
- Why wage rates differ
- Perfectly competitive labour markets
- Imperfectly competitive labour markets
- A monopoly buyer of labour
- A monopoly seller of labour - trade unions
- Bilateral monopoly
- The power of trade unions
- Efficiency
- Thinking like an economist: Wage determination
- Data Response Question: UK car manufacturing
- Chapter 60: Government intervention in labour markets
- Minimum wages/the living wage
- Maximum wages
- Public sector wage setting
- Policies to tackle labour market immobility
- Labour market issues
- Thinking like an economist: The National Minimum Wage and the Living Wage
- Data Response Question: Too many low skilled jobs?
- Theme 4: A global perspective
- Chapter 61: Globalisation
- The characteristics of globalisation
- The causes of globalisation
- Impact on consumers
- Impact on workers
- Impact on producers
- Impact on governments
- Impact on the environment
- Impact on individual countries
- Non-economic impact of globalisation
- The costs and benefits of globalisation
- Thinking like an economist: The UK and globalisation
- Data Response Question: China
- Chapter 62: Specialisation and trade
- Reasons for international trade
- Patterns of trade
- Absolute advantage
- Comparative advantage
- The assumptions of the theory of comparative advantage
- The terms of trade
- Why comparative advantage exists
- Non-price theories of trade
- The benefits of trade
- The costs of trade
- Thinking like an economist: The pattern of UK trade
- Data Response Question: Impact of economic sanctions on Russia
- Chapter 63: The terms of trade
- Calculating the terms of trade
- Factors influencing the terms of trade
- Effects of changes in the terms of trade on the balance of payments
- Effects of changes in the terms of trade on the domestic economy
- Thinking like an economist: Norway compared to the UK
- Data Response Question: Deterioration in Australia's terms of trade
- Chapter 64: Trading blocs
- Trading blocs
- Advantages and disadvantages of trading blocs
- Thinking like an economist: Trading blocs
- Data Response Question: Regional trade agreements
- Chapter 65: Common markets and monetary unions
- A common market
- Stages of economic integration
- Trade creation and trade diversion
- Free trade vs customs unions
- Economies of scale
- Competition
- Transfers of resources
- Monetary unions
- The European Central Bank (ECB)
- Fiscal policy rules
- The advantages of monetary union for eurozone countries
- The disadvantages of monetary union for eurozone countries
- Conditions necessary for the success of a monetary union
- Thinking like an economist: Advantages and disadvantages of Britain's membership of the EU
- Data Response Question: Should Britain leave the EU?
- Chapter 66: The World Trade Organization
- World trade and GATT
- World Trade Organization
- The Doha Round
- Multilateral vs regional trade agreements
- Criticisms of the World Trade Organization
- Thinking like an economist: The Bali Agreement
- Data Response Question: Trade disputes at the WTO
- Chapter 67: Restrictions on free trade
- Restrictions on free trade
- Tariffs
- Quotas
- Subsidies
- Administrative barriers
- Exchange rate manipulation
- Reasons for restrictions on trade
- Impact of protectionist policies
- Free trade vs protectionism
- Thinking like an economist: Australian car industry
- Data Response Question: Shoe and textile tariffs
- Chapter 68: Balance of payments issues
- Components of the balance of payments
- Reasons for international capital flows
- Advantages and disadvantages of international capital flows
- Causes of surpluses and deficits on the current account
- Measures to reduce imbalances on the current account
- Global trade imbalances
- Financial crises
- Default
- Correcting imbalances
- Thinking like an economist: The problem of the UK current account balance
- Data Response Question: France: a deteriorating current account position
- Chapter 69: Exchange rate systems
- The exchange rate
- Equilibrium exchange rates
- Shifts in the demand and supply curves for a currency
- Speculative activity
- The purchasing power parity theory of exchange rates
- Floating exchange rate system
- Fixed exchange rate systems
- Managed exchange rate systems
- Influencing the exchange rate under a managed exchange rate system
- The advantages and disadvantages of different exchange rate systems
- Thinking like an economist: The Bretton Woods system
- Data Response Question: The Swiss franc and the Danish krone
- Chapter 70: The impact of changes in exchange rates
- Exports and imports
- The effects of a fall in the value of the exchange rate
- Devaluation and elasticity
- Devaluation and pricing strategies
- Problems associated with devaluation
- Inflation, growth and unemployment
- Foreign direct investment
- Thinking like an economist: A missing J curve?
- Data Response Question: Appreciation of the pound, 1996-2001
- Chapter 71: International competitiveness
- Competitiveness
- Measures of competitiveness
- Factors influencing competitiveness
- Benefits of being internationally competitive
- Problems of sustaining international competitiveness
- Government policy
- Thinking like an economist: Finland
- Data Response Question: Hourly labour costs in the UK
- Chapter 72: Inequality and poverty
- Resource allocation, equality and equity
- The distribution of resources in a capitalist market economy
- Causes of inequality in income
- Causes of inequality in wealth for individuals
- Measuring inequality
- Absolute and relative poverty
- The causes of poverty
- The effects of poverty
- Causes of changes in absolute and relative poverty
- Horizontal and vertical equity
- Thinking like an economist
- Trends in the distribution of income
- The distribution of wealth
- Absolute and relative poverty
- Data Response Question: Absolute and relative poverty
- Chapter 73: Redistribution of income and wealth
- The distribution of income and wealth
- Government expenditure
- Taxation
- Other policies to reduce inequalities and poverty
- The costs of redistribution: a free market perspective
- Minimising the costs of redistribution
- Thinking like an economist: Reducing inequalities in the UK
- Data Response Question: Growth and inequality
- Chapter 74: Measures of development
- Classification of countries
- Characteristics of developing countries
- Growth vs development
- Measures of economic development
- Thinking like an economist: India and education
- Data Response Question: Equatorial Guinea
- Chapter 75: Factors influencing growth and development
- Complexity
- Political and institutional factors
- Education and skills
- Infrastructure
- Technology
- Absolute poverty
- Income distribution
- Access to credit and banking including microfinance
- Demographic factors
- International trade
- Commodities
- The savings gap, foreign aid and the Harrod-Domar model
- Debt
- Foreign direct investment (FDI) and portfolio capital flows
- Remittances
- Gender issues
- The environment
- Non-economic factors
- Thinking like an economist: Millennium goals
- Data Response Question: Millennium goals
- Chapter 76: Strategies influencing growth and development
- Different types of development strategy
- Trade liberalisation vs protectionism
- Government subsidies
- Exchange rates
- Infrastructure development
- Developing a financial sector
- Foreign Direct Investment (FDI) and joint ventures
- Privatisation
- Buffer stock schemes
- The Lewis model
- Development of primary industries
- Tourism
- Fair trade
- Foreign aid
- Debt relief
- The role of international financial institutions and non-government organisations
- Thinking like an economist: India vs China
- Data Response Question: Development in India
- Chapter 77: Financial markets
- Financial markets
- The role of financial markets
- Different types of financial institutions
- Different types of markets
- Market failure
- Thinking like an economist: Payday lenders
- Data Response Question: Financial institutions and market failure
- Chapter 78: Central banks and financial market regulation
- Central banks
- Acting as banker to the government
- Acting as banker to other banks
- Regulator of the financial system
- Types of regulation
- Thinking like an economist: Financial regulation
- Data Response Question: Shadow banking
- Chapter 79: Public expenditure
- The reasons for public expenditure
- Reasons for changing size and composition of public expenditure
- Current and capital expenditure and transfer payments
- Living standards and equality
- Taxation
- Crowding out
- Productivity and growth
- Thinking like an economist: Public expenditure
- Data Response Question: Sweden
- Chapter 80: Taxation
- The reasons for taxation
- Types of taxes
- The canons of taxation
- Incentives to work and tax revenues
- Income distribution
- Real output, the price level and employment
- The trade balance
- FDI flows
- Thinking like an economist
- The main taxes in the UK
- Progressive, proportional and regressive taxes
- Data Response Question: Flat tax
- Chapter 81: Public sector finances
- Fiscal surpluses and deficits and the National Debt
- Cyclical and structural deficits
- Current budget deficits, primary budget deficits and actual budget deficits
- Factors influencing the size of fiscal deficits and surpluses and the National Debt in nominal terms
- Factors affecting fiscal deficits and surpluses and the National Debt as a percentage of GDP
- Implications for other variables of fiscal deficits and National Debts
- Thinking like an economist: The UK fiscal balance and the National Debt
- Data Response Question: The British economy after the coalition
- Chapter 82: Macroeconomic policies in a global context
- Fiscal policy
- Demand management
- Measures to reduce fiscal deficits
- Measures to reduce the National Debt
- Monetary policy
- Exchange rate policies
- Supply-side policies
- Direct controls
- Macroeconomic policies and external shocks
- Measures to control global companies
- Problems facing policy makers
- Thinking like an economist: Economic growth in Greece
- Data Response Question: Argentina
- Preparing for your AS and A level exams
- Index
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