{"product_id":"162-economics-a2-level-revision-notes-series-by-zain-mushtaq","title":"162 Economics A2 Level Revision Notes Series By Zain Mushtaq","description":"\u003cp\u003e\u003c\/p\u003e\u003ch2\u003eEconomics A2-Level Revision Notes Series By Zain Mushtaq\u003c\/h2\u003e\u003cbr\u003e\u003ch3\u003eTABLE OF CONTENT\u003c\/h3\u003e\u003cbr\u003e\u003cstrong\u003eUNIT 1 CONSUMER BEHAVIOUR\u003c\/strong\u003e\u003cbr\u003eLaw of diminishing marginal utility\u003cbr\u003eIndifference curves and budget lines\n\u003cp\u003e\u003cstrong\u003eUNIT 2 TYPES OF COSTS, REVENUE AND PROFIT, SHORT-RUN AND LONG-RUN PRODUCTION \u003c\/strong\u003e\u003cbr\u003eThe short run and the long run\u003cbr\u003eLaw of diminishing returns (Law of variable proportions)\u003cbr\u003eShort-run costs\u003cbr\u003eAverage costs and marginal cost\u003cbr\u003eProduction and costs in the long run\u003cbr\u003eEconomies and dis-economies of scale\u003cbr\u003eTypes of internal Economies of scale\u003cbr\u003eTypes of internal Dis-economies of scale\u003cbr\u003eExternal economies and dis-economies of scale\u003cbr\u003eConstant returns to scale\u003cbr\u003eRevenue\u003cbr\u003eprofit\u003cbr\u003eEconomic profit\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 3: DIFFERENT MARKET STRUCTURES\u003c\/strong\u003e\u003cbr\u003eMarket Structures\u003cbr\u003ePerfect Competition (Characteristics)\u003cbr\u003eProfits for firms in Perfect Competition in Short Run\u003cbr\u003eEconomic Loss in Short Run (continue to produce or shut down)\u003cbr\u003eShort-run supply curve of the perfectly competitive firm\u003cbr\u003eProfits for firms in Perfect Competition in Long Run (Normal Profit only)\u003cbr\u003ePerfect Competition and Efficiency in the long run\u003cbr\u003eMonopoly (Characteristics)\u003cbr\u003eBarriers to entry\/Exit (Sources of Monopoly power)\u003cbr\u003eMonopoly Profit (Profit Maximization MC=MR)\u003cbr\u003eMonopoly market outcomes and efficiency\u003cbr\u003eOligopoly\u003cbr\u003eCompetitive Theories\u003cbr\u003eGame Theory\u003cbr\u003eCollusive Theories\u003cbr\u003eCartel\u003cbr\u003ePrice Leadership (Tacit Collusion)\u003cbr\u003eMonopolistic Competition\u003cbr\u003eShort-Run Equilibrium\u003cbr\u003eLong-Run Equilibrium\u003cbr\u003eEfficiency in monopolistic competition and comparison with perfect competition\u003cbr\u003eContestable Markets\u003cbr\u003eDiffering objectives of a firm\u003cbr\u003eAlternative objectives of firms\u003cbr\u003eSales revenue maximisation\u003cbr\u003eSales volume maximisation (Growth maximization)\u003cbr\u003eProfit satisficing\/Allocative efficiency\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 4 MARKET FAILURE\u003c\/strong\u003e\u003cbr\u003eMarket Failure and Government Intervention\u003cbr\u003eExternalities\u003cbr\u003ePositive Consumption Externality (MSB\u0026gt;MPB)\u003cbr\u003eNegative Production Externality (MSC\u0026gt;MPC)\u003cbr\u003ePositive Production Externality (MSC\u0026gt;MPC)\u003cbr\u003ePublic Goods\u003cbr\u003eMarket power (Monopoly)\u003cbr\u003eImperfect information\/information failure\u003cbr\u003eFactor Mobility\u003cbr\u003eBehavioral insights and 'nudge' theory\u003cbr\u003eEvaluation of intervention tools:\u003cbr\u003eCost Benefit Analysis (CBA)\u003cbr\u003eNationalization and Privatization\u003cbr\u003eGovernment Failure\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 5: LABOUR MARKET FORCES AND GOVERNMENT INTERVENTION\u003c\/strong\u003e\u003cbr\u003eDemand for and supply of labour\u003cbr\u003eSupply of labour\u003cbr\u003eIndustry and firm labor supply curves\u003cbr\u003eElasticity of Supply for Labour\u003cbr\u003eEconomic rent and transfer earnings\u003cbr\u003eWage Determination\u003cbr\u003eCase #1: Perfect Competition\u003cbr\u003eCase #2: Monopsony (Labour is supplied competitively but demanded monopsonistically)\u003cbr\u003eCase #3: Trade Union [Labour is demanded competitively and supplied monopolistically (Trade union)]\u003cbr\u003eCase # 4: Monopsony vs Trade Union (Bilateral Monopoly) (Labour is supplied and demanded with market power)\u003cbr\u003eCase #5: Government (National Minimum Wage)\u003cbr\u003eWage Differential\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 6: EQUITY AND REDISTRIBUTION OF INCOME AND WEALTH\u003c\/strong\u003e\u003cbr\u003eEquity and equality\u003cbr\u003eEquity and efficiency\u003cbr\u003eGovernment policies to redistribute income and wealth\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 7: THE CIRCULAR FLOW OF INCOME\u003c\/strong\u003e\u003cbr\u003eNational Income determination\u003cbr\u003e2 Sector Model\/ Closed Economy with no Government\u003cbr\u003eInvestment\u003cbr\u003eMultiplier effect\u003cbr\u003eFactors affecting Investment\u003cbr\u003eShift of investment curve\u003cbr\u003eParadox of thrift and Accelerator theory\u003cbr\u003e3 Sector Model\/Closed Economy with Government\u003cbr\u003e4 Sector Model\/Open Economy with Government\u003cbr\u003eInflationary Gap and Deflationary gap\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 8: EXCHANGE RATES\u003c\/strong\u003e\u003cbr\u003eExchange rate systems\u003cbr\u003eFixed Exchange rate\u003cbr\u003eIf market forces are pushing down the value of currency up the value of currency\u003cbr\u003eIf market forces are pushing up the value of currency\u003cbr\u003eThe consequences of a fall in exchange rate (Depreciation\/Devaluation)\u003cbr\u003eThe consequences of a rise in exchange rate (Appreciation\/Re valuation)\u003cbr\u003eTypes of exchange rates\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 9: MONEY AND BANKING\u003c\/strong\u003e\u003cbr\u003eMoney\u003cbr\u003eMoney Market\u003cbr\u003eMoney Demand (Liquidity Preference Theory)\u003cbr\u003eMoney demand curve\/Liquidity preference curve\u003cbr\u003eMoney market equilibrium\u003cbr\u003eLiquidity Trap\u003cbr\u003eMonetary transmission mechanism\u003cbr\u003eQuantity Theory of Money\u003cbr\u003eQuantitative Easing\u003cbr\u003eLoan-able funds theory\u003cbr\u003eKeynesian and Monetarist schools\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 10: POLICIES\u003c\/strong\u003e\u003cbr\u003eExpansionary Monetary Policy\u003cbr\u003eDrawbacks\u003cbr\u003eFiscal Policy\u003cbr\u003eDrawbacks\u003cbr\u003eSupply side policy measures\u003cbr\u003eSupply-side policy measures can be divided into those which are market-based and those which are interventionist\u003cbr\u003ePolicies to correct inflation and deflation\u003cbr\u003ePolicies to control cost push inflation\u003cbr\u003ePolicies to control deflation\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 11: UNEMPLOYMENT\u003c\/strong\u003e\u003cbr\u003eTypes\/Causes of unemployment\u003cbr\u003eDisequilibrium Unemployment\u003cbr\u003eDemand Deficient\/Cyclical Unemployment (Keynesian View)\u003cbr\u003eEquilibrium\/Natural Unemployment\u003cbr\u003eVoluntary and involuntary unemployment\u003cbr\u003ePolicies to reduce Disequilibrium Unemployment\u003cbr\u003ePolicies to reduce Equilibrium\/Natural Unemployment\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 12: BALANCE OF PAYMENTS\u003c\/strong\u003e\u003cbr\u003eFinancial Account\u003cbr\u003eExpenditure reducing\/dampening policies\u003cbr\u003eExpenditure switching policies\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 13: ECONOMIC GROWTH\u003c\/strong\u003e\u003cbr\u003eEconomic development\u003cbr\u003eGDP as a measure of welfare\/happiness\/standard of living\u003cbr\u003eBenefits of Real GDP per head as an indicator\u003cbr\u003eDeveloped vs Developing economies\u003cbr\u003eKuznets Curve\u003cbr\u003eWays of Promoting Economic Growth\u003cbr\u003eSupply Side Policies\u003cbr\u003eMultinational corporations and foreign direct investment\u003cbr\u003eTrade and Aid\u003cbr\u003eThe role of the International Monetary Fund and the World Bank\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 14: GLOBALISATION\u003c\/strong\u003e\u003cbr\u003eThe causes of globalisation\u003cbr\u003eThe consequences of globalisation\u003cbr\u003eEconomic Integration\u003cbr\u003eConsequences of formation of trading blocs\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eUNIT 15: GOVERNMENT MACROECONOMIC POLICY OBJECTIVES\u003c\/strong\u003e\u003cbr\u003ePhillips Curve\u003cbr\u003eNAIRU\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 Title","offer_id":47408481534197,"sku":"SKU-128","price":1000.0,"currency_code":"PKR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0780\/4233\/3429\/files\/162.png?v=1765551058","url":"https:\/\/readnwrite.org\/products\/162-economics-a2-level-revision-notes-series-by-zain-mushtaq","provider":"Read and Write Publications","version":"1.0","type":"link"}