Pearson Edexcel International A Level Economics Student Book
1st Edition
Published on 31. October 2019
376 pages
978-1-292-32663-4 (ISBN)
Description
Developed for the new International A Level specification, these new resources are specifically designed for international students, with a strong focus on progression, recognition and transferable skills, allowing learning in a local context to a global standard. Recognised by universities worldwide and fully comparable to UK reformed GCE A levels. Supports a modular approach, in line with the specification. Appropriate international content puts learning in a real-world context, to a global standard, making it engaging and relevant for all learners. Reviewed by a language specialist to ensure materials are written in a clear and accessible style. The embedded transferable skills, needed for progression to higher education and employment, are signposted so students understand what skills they are developing and therefore go on to use these skills more effectively in the future. Exam practice provides opportunities to assess understanding and progress, so students can make the best progress they can.
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Content
- Front Cover
- Contents
- Course Structure
- About this Book
- Assessment Overview
- Unit 3: Business Behaviour
- A: Types and Sizes of Businesses
- Chapter 1: Types of Business
- Private Sector Organisations
- State-Owned Enterprises (Public Sector)
- For-Profit and Not-For-Profit Organisations
- Joint Ventures
- Chapter 2: Sizes of Businesses
- The size of Businesses
- How Businesses Grow
- Advantages and Disadvantages of each type of Merger/Takeover
- Vertical Integration
- Horizontal Integration
- Conglomerate Integration
- Constraints on Business Growth
- Reasons some Firms Tend to Remain Small and others Grow
- Impact of Growth of Firms on Businesses, Workers and Consumers
- Reasons for Demergers
- Impact of Demergers
- Chapter 3: Business Objectives
- Business Objectives
- Profit Maximisation
- Revenue Maximisation
- Sales Volume Maximisation
- Formulae for Different Business Objectives
- Behavioural Theories: Satisficing
- Divorce of Ownership from Control
- B: Revenue, Costs and Profits
- Chapter 4: Revenue
- Total, Average and Marginal Revenues
- Revenue Curves
- Revenue and Price Elasticity
- Chapter 5: Costs
- The Short Run and Long Run
- The Short Run: Diminishing Returns
- The Law of Diminishing Returns
- Returns to Scale
- The Economic Definition of Cost
- Fixed and Variable Costs
- Total Cost, Average Cost and Marginal Cost
- Diminishing Returns and Short-Run Costs
- Short-Run Cost Schedules
- Short-Run Cost Curves
- Points to Note
- Chapter 6: Economies and Diseconomies of Scale
- Economies of Scale and Long-Run Average Cost
- Minimum Efficient Scale
- Sources of Internal Economies of Scale
- Internal 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
- Chapter 7: Profits and Losses
- Profit
- Normal and Supernormal Profit
- Profit Maximisation: The MC = MR Rule
- Cost and Revenue Curves
- Shifts in Cost and Revenue Curves
- Shut Down Points in the Short Run and Long Run
- C: Market Structures and Contestability
- Chapter 8: Efficiency
- Efficiency
- Allocative Efficiency
- Productive Efficiency
- Dynamic Efficiency
- X-Inefficiency
- Efficiency and the Production Possibility Frontier
- Efficiency and Inefficiency in Different Market Structures
- Chapter 9: Market Structures and Concentration Ratios
- Market Structures
- Competition and Market Structure
- Market Concentration
- Concentration Ratios
- Chapter 10: Perfect Competition
- Assumptions of Perfect Competition
- Demand and Revenue
- Cost and Supply Curves
- Profit Maximising Equilibrium in the Short Run
- Profit Maximising Equilibrium in the Long Run
- Long-Run Cost Curves
- Productive and Allocative Efficiency
- Chapter 11: Monopolistic Competition
- The Assumptions of Monopolistic Competition
- The Downward Sloping Demand Curve
- Different Types of Product Differentiation
- Profit Maximising Equilibrium in the Short Run
- Profit Maximising Equilibrium in the Long Run
- Productive and Allocative Efficiency
- Chapter 12: Oligopoly
- The Importance of Oligopoly
- Assumptions of Oligopoly
- Barriers to Entry and Exit
- Interdependence of Firms
- Collusion
- Game Theory
- Cartels
- Costs and Benefits of Collusion to Producers, Consumers, Workers and Governments
- Types of Price Competition in Oligopoly
- Types of Non-Price Competition
- Advertising and Branding
- Costs and Benefits of Price and Non-Price Competition to Firms, Consumers, Employees and Suppliers
- Chapter 13: Monopoly and Monopsony
- Monopoly and Monopsony
- Assumptions of Monopoly
- Sources of Monopoly Power
- Revenue Curves
- Profit Maximising Equilibrium Output
- Natural Monopoly
- Costs and Benefits of Monopoly to Firms
- Costs and Benefits of Monopoly to Consumers
- Price Discrimination
- Costs and Benefits for Producers and Consumers from Price Discrimination
- Efficiency in Monopoly
- Assumptions of Monopsony
- Conditions of Monopsony
- Costs and Benefits of Monopsony
- Chapter 14: Contestability
- Contestable Market Theory Vs Neo-Classical Theory
- Characteristics of Contestable Markets
- Profitability
- Pricing Decisions
- Entry to and Exit from the Industry
- Significance of Sunk Costs
- Costs and Benefits of Contestability to Firms
- Costs and Benefits of Contestability to Consumers
- Degrees of Contestability
- D: Labour Markets
- Chapter 15: The Demand for Labour
- The Downward Sloping Demand for Labour Curve
- The Short-Run Demand for Labour
- The Demand Curve for Labour
- Shifts in the Demand Curve for Labour
- Wage Rate Relative to the Price of Capital
- The Long-Run Demand For Labour
- Perfect and Imperfect Competition
- Factors that Influence the Elasticity of Demand for Labour
- Chapter 16: The Supply of Labour
- Supply of Labour to an Occupation
- Shifts in the Supply of Labour Curve
- Elasticity of Supply of Labour
- Chapter 17: The Determination of Wage Rates in Competitive and Non-Competitive Markets
- Labour Market Equilibrium
- Changes in the Equilibrium Wage and Quantity of Labour
- Elasticities of Demand for and Supply of Labour
- Why Wage Rates Differ
- Perfectly Competitive Labour Markets
- Non-Competitive Labour Markets
- Wage Settlements in the Public Sector/State-Owned Enterprises (A Monopoly Buyer of Labour)
- A Monopoly Seller of Labour - Trade Unions
- Bilateral Monopoly
- Chapter 18: Market Failure in the Labour Market
- The Mobility of Labour
- Causes of Geographical Immobility of Labour
- Consequences of Geographical Immobility of Labour
- Causes of Occupational Immobility of Labour
- Consequences of Occupational Immobility of Labour
- E: Government Intervention
- Chapter 19: Government Intervention in Product Markets
- The Case for Government Intervention
- Measures to Control Monopolies and Mergers
- Measures to Promote Competition and Contestability
- Measures to Protect Suppliers and Employees
- The Impact of Government Intervention
- Limits to Government Intervention
- Chapter 20: Government Intervention in Labour Markets
- The Case for Government Intervention in Labour Markets
- Types of Government Intervention in Labour Markets and their Effects
- Measures to Reduce Geographical and Occupational Immobility of Labour
- Measures to Reduce Discrimination and Exploitation
- Unit 4: Developments in the Global Economy
- A: Causes and Effects of Globalisation
- Chapter 21: Characteristics and Causes of Globalisation
- The Characteristics of Globalisation
- The Factors Contributing to Increased Globalisation over the last 50 Years
- Foreign Direct Investment by Transnational Companies
- Chapter 22: The Effects of Globalisation
- The Possible Benefits of Globalisation
- Possible Costs of Globalisation
- Non-Economic Impact of Globalisation
- The Overall Impact of Globalisation
- B: Trade and the Global Economy
- Chapter 23: Specialisation and Comparative Advantage
- The Distinction Between Absolute and Comparative Advantage
- The Assumptions and Limitations of the Theory of Comparative Advantage
- The Terms of Trade
- Why Comparative Advantage Exists
- The Benefits of Specialisation and Trade
- The Costs of Specialisation and Trade
- Chapter 24: Patterns And Volume of World Trade
- Patterns of Trade
- Impact of Emerging Economies
- Changes in Comparative Advantage
- Growth of Trading Blocs and Bilateral Trading Agreements
- Changes in Relative Exchange Rates
- Changes in Protectionism Between Countries
- The Volume of World Trade
- Chapter 25: The Terms of Trade
- Calculating the Terms of Trade
- Factors Influencing the Terms of Trade
- Effects of Changes in the Terms of Trade on Export Revenues and the Balance of Trade
- Effects of Changes in the Terms of Trade on the Domestic Economy
- Chapter 26: Trade Liberalisation and Trading Blocs
- The Role of the World Trade Organization in Trade Liberalisation
- Trading Blocs
- Some Examples of Trading Blocs
- Costs and Benefits of Membership of a Trading Bloc
- Possible Conflicts Between Trading Blocs and the WTO
- Chapter 27: Restrictions on Free Trade
- Restrictions on Free Trade
- Reasons for Restrictions on Free Trade
- Types of Restriction on Free Trade
- Impact of Protectionist Policies
- Free Trade Vs Protectionism
- C: Balance of Payments, Exchange Rates and International Competitiveness
- Chapter 28: Balance of Payments
- Components of the Balance of Payments
- Reasons for International Capital Flows on the Financial Account
- The Relationship Between the Current Account, Capital Account and Financial Account
- Causes of Surpluses and Deficits on the Current Account
- Measures to Reduce Imbalances on the Current Account
- The Significance of Global Trade Imbalances
- Chapter 29: Exchange Rate Systems
- The Exchange Rate
- Equilibrium Exchange Rates
- The Distinction Between Fixed, Managed and Floating Exchange Rates
- Government Intervention in Currency Markets
- Factors Influencing Floating Exchange Rates
- Chapter 30: The Impact of Changes in Exchange Rates
- Revaluation/Appreciation and Devaluation/Depreciation
- The Impact of Changes in Exchange Rates
- Competitive Depreciations/Devaluations and their Consequences
- Chapter 31: International Competitiveness
- Competitiveness
- Measures of Competitiveness
- Factors Influencing Competitiveness
- Measures to Increase International Competitiveness
- Benefits of being Internationally Competitive
- Problems of Sustaining International Competitiveness
- D: Poverty and Inequality
- Chapter 32: Poverty
- Meaning and Measures of Absolute Poverty
- The Multidimensional Poverty Index (MPI)
- Meaning and Measures of Relative Poverty
- Causes of Changes in Absolute and Relative Poverty
- Chapter 33: Inequality
- Income
- Wealth
- Measuring Inequality
- Causes of Income Inequality within Countries
- Causes of Wealth Inequality within Countries
- Causes of Income Inequality Between Countries
- Causes of Wealth Inequality Between Countries
- The Impact of Inequality
- The Impact of Economic Change and Development on Inequality
- The Significance of Capitalism for Inequality
- E: The Role of the State in the Macroeconomy
- Chapter 34: Public Expenditure
- Capital Expenditure, Current Expenditure and Transfer Payments
- Reasons for the Changing Size and Pattern of Public Expenditure
- The Significance of Differing Levels of Public Expenditure as a Proportion of GDP
- Chapter 35: Taxation
- The Reasons for Taxation
- The Distinction Between Direct and Indirect Taxes
- The Distinction Between Progressive, Proportional and Regressive Taxes
- Income Tax: Average and Marginal Rates of Tax
- The Economic Effects of Changes in Direct and Indirect Tax Rates
- Chapter 36: Public Sector Borrowing and Public Sector Debt
- Fiscal Deficits and Fiscal Surpluses
- Fiscal Deficits and the National Debt
- Automatic Stabilisers and Discretionary Fiscal Policy
- 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
- The Significance of the Size of Fiscal Deficits and National Debts
- Chapter 37: Using Macroeconomic Policies
- Macroeconomic Policies used by Governments
- Using Macroeconomic Policies to Achieve Objectives
- Policies to Reduce Fiscal Deficits and National Debts
- Policies to Control the Rate of Inflation
- Policies to Respond to External Shocks in the Global Economy
- Policies to Reduce Poverty and Inequality
- The Costs of Redistribution
- Chapter 38: Impact and problems of Macroeconomic Policies
- Demand-Side Policies in Response to the Global Financial Crisis
- Measures to Control TNCS
- Limits to Government Ability to Control TNCS
- The Impact of Policy Changes On Different Economies
- Problems Facing Policy Makers
- F: Growth and Development in Developing, Emerging and Developed Economies
- Chapter 39: Measures of Economic Development
- Growth Vs Development
- Classification of Countries
- Characteristics of Developing Countries
- Measures of Economic Development
- The Human Development Index
- The Inequality-Adjusted Human Development Index (IHDI)
- Other Measures of Development
- Using Indicators to Measure Economic Development
- Chapter 40: Constraints on Growth and Development
- Economic Factors which Constrain Growth and Development
- Commodities
- The Savings Gap, Foreign Currency Gap and Capital Flight
- Demographic Factors
- Debt
- Access to Credit and Banking
- Infrastructure
- Education and Skills
- The Impact of Non-Economic Factors
- Chapter 41: Measures to Promote Growth and Development
- Different Types of Development Strategy
- Market-Orientated Strategies to Promote Growth and Development
- Interventionist Strategies
- The Impact of other Strategies
- The Role of International Financial Institutions and Non-Government Organisations
- Index
- Back Cover
