{"product_id":"161-economics-as-level-revision-notes-series-by-zain-mushtaq","title":"161 Economics As Level Revision Notes Series By Zain Mushtaq","description":"\u003cp\u003e\u003c\/p\u003e\u003ch2\u003eEconomics As Level Revision Notes Series By Zain Mushtaq\u003c\/h2\u003e\u003cbr\u003e\u003ch3\u003eTABLE OF CONTENT\u003c\/h3\u003e\u003cbr\u003e\u003cstrong\u003eUNIT 1 BASIC ECONOMIC PROBLEM AND PPC \u003c\/strong\u003e\u003cbr\u003eNeeds vs Wants\u003cbr\u003eFactor of production and factor Reward\/Payment\u003cbr\u003eRole of enterprise in a modern economy\u003cbr\u003eThe Basic Economic Problem\/Fundamental economic Problem\/Problem of scarcity\u003cbr\u003eOpportunity cost\u003cbr\u003eProduction possibility curves\u003cbr\u003eShape of PPC\u003cbr\u003eProduction points\u003cbr\u003eShifts in PPC\u003cbr\u003eConsumer goods vs capital goods\u003cbr\u003eResource allocation\u003cbr\u003eEconomic systems\u003cbr\u003ePrivate and Public Sectors\u003cbr\u003eMarket System\u003cbr\u003ePlanned System\u003cbr\u003eMixed System\u003cbr\u003ePositive and normative statements\u003cbr\u003eSpecialization and division of labor\n\u003cp\u003e\u003cstrong\u003eUNIT 2 DEMAND AND SUPPLY CURVES \u003c\/strong\u003e\u003cbr\u003eMarket\u003cbr\u003eDemand\u003cbr\u003eNon-Price Determinants of demand\u003cbr\u003eSupply\u003cbr\u003eNon-Price Determinants of Supply\u003cbr\u003eMarket Equilibrium\u003cbr\u003eExcess supply\u003cbr\u003eExcess demand\u003cbr\u003eMicroeconomics Equilibrium Shifts\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 3 ELASTICITIES \u003c\/strong\u003e\u003cbr\u003ePrice elasticity of demand (PED)\u003cbr\u003eDeterminants of PED\u003cbr\u003eOther degrees of PED\u003cbr\u003ePrice elasticity of demand and Total Revenue\u003cbr\u003ePrice elasticity of demand along the demand curve\u003cbr\u003eIncome elasticity of demand (YED)\u003cbr\u003eCross elasticity of demand (XED)\u003cbr\u003ePrice elasticity of supply (PES)\u003cbr\u003eDeterminants of PES\u003cbr\u003eOther degrees of PES\u003cbr\u003eBusiness use and limitations of all elasticites\u003cbr\u003ePED\u003cbr\u003ePES\u003cbr\u003eXED\u003cbr\u003eYED\u003cbr\u003eLimitations\u003cbr\u003eGovernment use of PED and PES\u003cbr\u003eSubsidy\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 4 GOVERNMENT MICROECONOMIC INTERVENTION \u003c\/strong\u003e\u003cbr\u003eFree goods, private goods (economic goods) and public goods\u003cbr\u003ePublic goods\u003cbr\u003eMerit Goods, Demerit Goods as the outcome of imperfect information by the consumers\u003cbr\u003eMerit Goods\u003cbr\u003eDe-Merit Goods\u003cbr\u003eConsumer surplus\u003cbr\u003eProducer surplus\u003cbr\u003eSocial\/Society Surplus\u003cbr\u003ePrice Controls (Maximum and Minimum Prices)\u003cbr\u003eMaximum Price (Price Ceiling) and Market impact\u003cbr\u003eMinimum Price (Price Floor) and Market Impact\u003cbr\u003eIndirect taxes\u003cbr\u003eIndirect Taxation-Market Impact\u003cbr\u003eSubsidy-Market Impact\u003cbr\u003eDirect Provision of Goods and Services\u003cbr\u003eBuffer stock schemes\u003cbr\u003eResource allocation in different economic systems and issue of transition\u003cbr\u003eEconomics systems\/Systems of resource allocation\u003cbr\u003eMarket System\u003cbr\u003ePlanned System\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 5 ADDRESSING INCOME AND WEALTH INEQUALITY\u003c\/strong\u003e\u003cbr\u003eIncome and wealth\u003cbr\u003eMeasuring income and wealth inequality\u003cbr\u003eReasons for inequality\u003cbr\u003ePolicies to redistribute income and wealth\u003cbr\u003eTransfer payments\u003cbr\u003eState provision of essential goods and services\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 6 NATIONAL INCOME STATISTICS\u003c\/strong\u003e\u003cbr\u003eNational income statistics\u003cbr\u003eCircular flow of income\u003cbr\u003eWays of calculating GDP\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 7 AGGREGATE DEMAND AND AGGREGATE SUPPLY ANALYSIS AND PRICE STABILITY\u003c\/strong\u003e\u003cbr\u003eAggregate Demand\u003cbr\u003eShifts in AD\u003cbr\u003eAggregate Supply\u003cbr\u003eClassical Interpretation\u003cbr\u003eKeynes Model (John Maynard Keynes)\u003cbr\u003eDisagreement about Flexibility of wages\u003cbr\u003eShifts of LRAS is dependent on\u003cbr\u003eMacroeconomic equilibrium\u003cbr\u003eInflation\u003cbr\u003eMoney Value vs Real Value\u003cbr\u003eMeasuring inflation using CPI (Consumer Price Index)\u003cbr\u003eCauses if inflation\u003cbr\u003eDemand-pull inflation\u003cbr\u003eCost-push inflation\u003cbr\u003eConsequences of inflation\u003cbr\u003eDeflation\u003cbr\u003eSupply side deflation (Good deflation)\u003cbr\u003eDemand side deflation (Bad deflation)\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 8 ECONOMIC GROWTH\u003c\/strong\u003e\u003cbr\u003eNominal GDP vs Real GDP\u003cbr\u003eReal GDP per head Actual versus Potential Growth\u003cbr\u003eConsequences of economic growth\u003cbr\u003eRecession\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 9 UNEMPLOYMENT\u003c\/strong\u003e\u003cbr\u003eMeasures of unemployment\u003cbr\u003eCauses and types of unemployment\u003cbr\u003eConsequences of unemployment\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 10 EXCHANGE RATES\u003c\/strong\u003e\u003cbr\u003eExchange rate\u003cbr\u003eFree Floating Exchange Rate System\u003cbr\u003eDetermination of foreign exchange rate\u003cbr\u003eThe consequences of a fall in exchange rate (Depreciation)\u003c\/p\u003e\n\u003cp\u003eThe consequences of a rise in exchange rate (Appreciation)\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 11 CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS\u003c\/strong\u003e\u003cbr\u003eCurrent account\u003cbr\u003eCauses and consequences of current account deficit\u003cbr\u003eConsequences of current account deficit\u003cbr\u003eCauses and consequences of current account surplus Consequences of current account surplus\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 12 TRADE PROTECTIONISM AND TERM OF TRADE\u003c\/strong\u003e\u003cbr\u003eAssumptions\u003cbr\u003eAbsolute Advantage\u003cbr\u003eComparative Advantage\u003cbr\u003eAbsolute Advantage\u003cbr\u003eComparative Advantage\u003cbr\u003eLimitations of this model\u003cbr\u003eFree Trade\u003cbr\u003eBenefits of free trade\u003cbr\u003eFree Trade Diagram\u003cbr\u003eProtectionism\u003cbr\u003eMethods of protection and their impact\u003cbr\u003eTariffs\u003cbr\u003eThe terms of trade (TOT)\u003cbr\u003eMovements in TOT\u003cbr\u003eFactors affecting terms of trade\u003cbr\u003eShort-Run Cause\u003cbr\u003eLong-Run Cause\u003cbr\u003eThe impact of changes in terms of trade on balance of trade\u003cbr\u003ePolicies to correct imbalances in the current of the balance of payments\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 13 GOVERNMENT MACROECONOMIC POLICY OBJECTIVES\u003c\/strong\u003e\u003cbr\u003eMacroeconomic objectives\u003cbr\u003eFiscal Policy\u003cbr\u003eTaxation\u003cbr\u003eTax systems\u003cbr\u003eDirect Tax vs Indirect tax\u003cbr\u003eImpact of direct taxes\u003cbr\u003eAdvantages\u003cbr\u003eCanons of taxation\u003cbr\u003eReasons for taxation\u003cbr\u003eGovernment Spending\u003cbr\u003eFiscal policy and LRAS\u003cbr\u003eThe Budget Position\u003cbr\u003eMonetary Policy\u003cbr\u003eTypes of monetary policy\u003cbr\u003eMonetary Policy and LRAS\u003cbr\u003eSupply side policy measures\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eMEET MY FAMILY\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e \u003c\/p\u003e","brand":"Read \u0026 Write","offers":[{"title":"Default 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