Pearson Edexcel International AS Level Economics Student Book
1st Edition
Published on 31. October 2019
328 pages
978-1-292-32676-4 (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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Tracey Joad | Alan Hewison
Pearson Edexcel International AS Level Economics Student Book
Book
07/2018
Edexcel Limited
€51.00
Shipment within 10-20 days
Content
- Front Cover
- Contents
- Course Structure
- About this Book
- Assessment Overview
- Unit 1: Markets in Action
- A: Introductory Concepts
- 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
- Chapter 2: The Economic Problem
- Scarcity
- Infinite Wants
- The Basic Economic Problem
- What is an Economy?
- Economic Resources
- The Rewards to the Factors of Production
- Chapter 3: Production Possibility Frontiers
- The Problem of Scarcity
- Opportunity Cost
- Economic Growth or Decline
- Consumption Versus Investment
- Efficiency
- Choice
- Chapter 4: 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
- Financial Markets
- The Role of Financial Markets
- Chapter 5: Types of Economy
- Economic Systems
- The Allocation of Resources
- Types of Economy
- An Evaluation of Different Types of Economy
- Smith, Hayek and Marx
- B: Consumer Behaviour and Demand
- Chapter 6: Rational Decision Making
- Rational Economic Decision Making
- Maximisation
- The Margin
- Rationality Versus Behavioural Economics
- Reasons why Consumers may not Behave Rationally
- Framing and Bias
- Chapter 7: 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
- Chapter 8: 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
- Chapter 9: 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
- C: Supply
- Chapter 10: Supply and Price Elasticity of 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
- D: Price Determination
- Chapter 11: Market Equilibrium
- Equilibrium Price
- Changes in Demand and Supply
- Do Markets Clear?
- Consumer and Producer Surplus
- Points to Note
- Chapter 12: Functions of the Price Mechanism
- The Price Mechanism
- Rationing Function
- Signalling Function
- Incentive Function
- Chapter 13: Indirect Taxes and Subsidies
- Indirect Taxes and Subsidies
- The Incidence of Tax
- Tax Revenues
- Ad Valorem Taxes
- Subsidies
- Taxes and Elasticity
- Subsidies and Elasticity
- E: Market Failure
- Chapter 14: Sources of Market Failure
- Market Failure
- Externalities
- Under-Provision of Public Goods
- Information Gaps
- Moral Hazard
- Speculation and Market Bubbles
- Chapter 15: Positive and Negative 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
- Chapter 16: Non-Provision of Public Goods
- Public Goods
- The Free Rider Problem
- Chapter 17: Imperfect Market
- Imperfect Market Information
- The Market for Second-Hand Cars
- Market Examples
- Chapter 18: Moral Hazard, Speculation and Market Bubbles
- Imperfect Market Information
- Speculation and Market Bubbles
- F: Government Intervention in Markets
- Chapter 19: Purpose and Methods of Government Intervention
- 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
- Chapter 20: Government Failure
- Government Failure
- Distortion of Price Signals
- Unintended Consequences
- Excessive Administrative Costs
- Information Gaps
- Conflicting Objectives
- Politicians Maximising their own Welfare
- Market Versus Government Failure
- Unit 2: Macroeconomic Performance and Policy
- A: Measures of Economic Performance
- Chapter 21: Introduction to the Measures of Economic Performance
- Microeconomics and Macroeconomics
- National Economic Performance
- Economic Growth
- Unemployment
- Inflation
- Balance of Payments
- Chapter 22: Economic Growth and GDP/GNI
- Measures of National Income
- Real or Volume Versus Nominal or Value
- Economic Growth
- Total and per Capita
- Transfer Payments
- Why is National Income Measured?
- The Accuracy of National Income Statistics
- The Limitations of using GDP/GNI to Compare Living Standards over Time
- The Limitations of using GDP/GNI to Compare Living Standards between Countries
- Purchasing Power Parities
- Indicators of National Happiness and Well-Being
- Real Incomes and Subjective Happiness
- Chapter 23: Measuring Inflation and Unemployment
- Inflation, Deflation and Disinflation
- Measuring Inflation using the CPI
- Limitations of the CPI
- The Producer (Wholesale) Price Index (PPI)
- Use of the Producer Price Index
- Measuring Unemployment
- Chapter 24: Balance of Payments
- The Interconnectedness of Economies
- The Balance of Payments Account
- The Current Account
- The Distinction between Balance of Trade Deficits and Surpluses
- The Distinction between Balance of Payments Deficit and Surplus on the Current Account
- Government Deficits and Balance of Payments Deficits
- Chapter 25: Employment and Unemployment (Causes and Effects)
- Introduction
- Causes of Unemployment
- Using Diagrams to Illustrate Unemployment
- Employment, Unemployment and Activity Rates
- Migration
- The Costs of Unemployment
- Chapter 26: Inflation (Causes and Effects)
- Inflation, Deflation and Disinflation
- The Causes of Inflation
- The Costs of High Inflation
- The Costs of Deflation
- The Benefits of Low Inflation
- B: Aggregate Demand
- Chapter 27: Characteristics of Aggregate Demand
- Aggregate Demand
- The Aggregate Demand Curve
- Shifts in the Ad Curve
- Important Notes
- Chapter 28: Consumption
- Defining Consumption and Saving
- Consumption and Disposable Income
- Other Influences on Consumption
- The Determinants of Saving
- The Savings Ratio
- Chapter 29: Investment
- A Definition of Investment
- The Rate of Interest
- Costs
- Business Expectations and Confidence
- The World Economy
- Availability of Credit
- Retained Profit
- The Influence of Government and Regulations
- Chapter 30: Government Expenditure and Net Trade
- Reasons for Government Spending
- Exports and Imports
- C: Aggregate Supply
- Chapter 31: 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
- D: National Income
- Chapter 32: Circular Flow of Income
- Income, Output and Expenditure
- Injections and Withdrawals
- Chapter 33: 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
- Chapter 34: 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
- Governments and the Multiplier
- E: Economic Growth
- Chapter 35: Causes Of Economic Growth and Output Gaps
- Actual Growth
- Potential Growth
- Trend Growth Rate
- Causes of Fluctuations in Short-Run Growth Rate
- The Output Gap
- Difficulties in Measuring Output Gaps
- Hysteresis
- The Causes of Potential Growth
- Land
- Labour
- Domestic Investment
- Foreign Direct Investment
- Innovation
- Efficiency and Competition
- The Importance of Productivity for the Rate of Economic Growth
- Aggregate Demand
- Four Distinctions
- Chapter 36: The Benefits and Costs 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
- F: Macroeconomic Objectives and Policies
- Chapter 37: 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
- Chapter 38: Possible Conflicts between Macroeconomic Objectives
- Macroeconomic Objectives
- A Successful, Sustainable Economy
- Conflicts between Macroeconomic Objectives
- Economic Growth and Equilibrium on the Current Account of the Balance of Payments
- Inflation and Equilibrium on the Current Account of the Balance of Payments
- Chapter 39: Macroeconomic Supply-Side Policies
- Supply-Side Policies
- Market Based and Interventionist Approaches
- Free Market Policies
- Interventionalist Policies
- Strengths and Weaknesses of different Supply-Side Policies
- Strengths and Weaknesses of Supply-Side Policies in General
- Chapter 40: Macroeconomic Demand-Side Policies
- Monetary and Fiscal Policies
- Monetary Policy
- Interest Rates as a Monetary Policy Instrument
- Quantitative Easing as a Monetary Policy Instrument
- Changes in Lending Criteria
- Reserve Asset (Liquidity) Requirements
- The Role of Central Banks in the Conduct of Monetary Policy
- Fiscal Policy
- Fiscal Policy and Aggregate Demand
- Monetary Policy and Aggregate Demand
- Strengths and Weaknesses of Demand-Side Policies
- Index
- Back Cover
