Complete revision notes for Unit 1. Demand, supply, price determination, market failure and government intervention — structured around the Edexcel spec, with flashcards, quizzes and AI tutor for every topic.
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Scarcity, choice, and opportunity cost — the foundations of economic thinking. Covers the nature of economics, the production possibility frontier, specialisation, and the price mechanism as a resource-allocation system.
How consumers make decisions and what drives the demand curve — from utility theory and rational behaviour to the determinants of demand and price elasticity.
What drives the supply of goods — from the supply curve and its determinants, to elasticity and the impact of taxes and subsidies on producer behaviour.
How prices are set in competitive markets — equilibrium, consumer and producer surplus, and the effects of taxes, subsidies and price controls on market outcomes.
Why free markets fail to allocate resources efficiently — externalities, public goods, information failure, and moral hazard, with diagrams showing the gap between private and social optimum.
How governments correct market failure — indirect taxes, subsidies, price controls, regulation, information provision, and direct provision, including the risk of government failure.
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