WJEC A-level Economics A520QS · 5

The determination of equilibrium price and output in a freely competitive market

Code: 5
Topic of: WJEC A-level Economics A520QS
Course: A-level Economics A520QS
Board: WJEC

Codes and titles are read by a script from WJEC's published specification and have not been checked by a person. What each point covers is in the specification itself: WJEC’s specification.

Topics in A520QS

1 Scarcity, choice and opportunity cost
2 Production possibility frontiers (PPFs)
3 Specialisation, division of labour and exchange
4 Factors influencing demand and supply in product markets
5 The determination of equilibrium price and output in a freely competitive market
6 Consumer and producer surplus
7 Price, income and cross price elasticities of demand, price elasticity of supply
8 Wage determination
9 Labour market issues
10 How resources are allocated in a free market economy
11 Costs, revenues and profits
12 The growth of firms
13 Efficiency
14 Background to market structures
15 Business objectives
16 Perfect competition
17 Monopolistic competition
18 Monopoly
19 Oligopoly
20 Competition policy
21 Privatisation
22 Understanding market failure
23 Why and how governments intervene in markets
24 The effects of government intervention
25 The circular flow of income model
26 The components of aggregate demand (AD)
27 The AD function
28 The aggregate supply (AS) function
29 Short run aggregate supply (SRAS)
30 Long run aggregate supply (LRAS)
31 AD/AS analysis
32 The short run Phillips curve
33 The long run Phillips curve
34 Government policy objectives
35 Economic growth
36 Unemployment
37 Inflation and deflation
38 The balance of payments
39 Control of the national (public sector) debt
40 Fiscal policy
41 Monetary policy
42 Exchange rates and exchange rate policy
43 Supply side policies
44 Advantages and disadvantages of free trade
45 Protectionism
46 Globalisation
47 Trade and the UK
48 European Union
49 Measurement
50 Obstacles
51 Solutions