{"product_id":"understanding-economics-as-level-book","title":"155 Understanding Economics AS Level Book","description":"\u003cp\u003e\u003c\/p\u003e\u003ch2\u003eUnderstanding Economics AS Level Book, Notes and past papers.\u003c\/h2\u003e\u003cbr\u003e\u003cstrong\u003eTABLE OF CONTENTS\u003c\/strong\u003e\u003cbr\u003e\u003cstrong\u003ePREFACE\u003c\/strong\u003e\u003cbr\u003e\u003cstrong\u003eHOW TO USE THIS BOOK \u003c\/strong\u003e\u003cbr\u003e\u003cstrong\u003eSECTION 1 BASIC ECONOMIC PROBLEM \u003c\/strong\u003e\u003cbr\u003eSCARCITY AND OPPORTUNITY COST\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 2 PRODUCTION POSSIBILITY CURVE \u003c\/strong\u003e\u003cbr\u003ePPC AND SCARCITY\u003cbr\u003ePPC AND OPPORTUNITY COST\u003cbr\u003ePPC AND ECONOMIC EFFICIENCY\u003cbr\u003eSHIFTS IN PPC\u003cbr\u003eCONSUMER GOODS AND CAPITAL GOODS\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 3 ECONOMIC SYSTEMS \u003c\/strong\u003e\u003cbr\u003eFREE MARKET ECONOMY\u003cbr\u003eCOMMAND ECONOMY\u003cbr\u003eMIXED ECONOMY\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 4 POSITIVE AND NORMATIVE STATEMENTS\u003c\/strong\u003e\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 5 DEMAND\u003c\/strong\u003e\u003cbr\u003eLAW OF DEMAND\u003cbr\u003eDEMAND SCHEDULE\u003cbr\u003eDEMAND CURVE\u003cbr\u003eFACTORS CAUSING SHIFTS IN THE DEMAND CURVE (DEMAND DETERMINANTS)\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 6 SUPPLY\u003c\/strong\u003e\u003cbr\u003eLAW OF SUPPLY\u003cbr\u003eSUPPLY SCHEDULE\u003cbr\u003eSUPPLY CURVE\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 7 MARKET EQUILIBRIUM\u003c\/strong\u003e\u003cbr\u003eCHANGES IN THE EQUILIBRIUM PRICE\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 8 ELASTICITY OF DEMAND\u003c\/strong\u003e\u003cbr\u003ePRICE ELASTICITY OF DEMAND (P)\u003cbr\u003eTotal Revenue (TR) or Total Expenditures (TE) method 89\u003cbr\u003eGraphical Method 92\u003cbr\u003ePOINT ELASTICITY OF DEMAND\u003cbr\u003eINCOME ELASTICITY OF DEMAND (M)\u003cbr\u003eCross price elasticity of demand (C) 102\u003cbr\u003eLimitations of demand elasticities 104\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 9 PRICE ELASTICITY OF SUPPLY \u003c\/strong\u003e\u003cbr\u003eDETERMINANTS OF PRICE ELASTICITY OF SUPPLY\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 10 CONSUMER AND PRODUCER SURPLUS\u003c\/strong\u003e\u003cbr\u003eCONSUMER SURPLUS\u003cbr\u003eChanges in Consumer Surplus 140\u003cbr\u003ePRODUCER SURPLUS\u003cbr\u003eChanges in Producer Surplus 142\u003cbr\u003ePRICES AS RATIONING AND ALLOCATIVE MECHANISMS\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 11 TAXES AND SUBSIDIES\u003c\/strong\u003e\u003cbr\u003eTAXES 156\u003cbr\u003e1) Specific tax 156\u003cbr\u003e2) Ad valorem tax (percentage tax) 156\u003cbr\u003eSUBSIDIES\u003cbr\u003eSpecific subsidy 161\u003cbr\u003eAd valorem subsidy (percentage subsidy) 161\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 12 MAXIMUM AND MINIMUM PRICES \u003c\/strong\u003e\u003cbr\u003eMAXIMUM PRICE\u003cbr\u003eImpacts of a maximum price 175\u003cbr\u003eMINIMUM PRICE\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 13 PUBLIC AND PRIVATE GOODS\u003c\/strong\u003e\u003cbr\u003ePUBLIC GOODS\u003cbr\u003ePRIVATE GOODS\u003cbr\u003eMERIT GOODS\u003cbr\u003eDEMERIT GOODS\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 14 FACTORS OF PRODUCTION \u003c\/strong\u003e\n\u003cp\u003e(Understanding Economics AS Level Book, Notes and past papers.)\u003cbr\u003e(1) LAND\u003cbr\u003e(2) CAPITAL\u003cbr\u003e(3) LABOUR\u003cbr\u003e(4) ENTREPRENEURSHIP\u003cbr\u003eDIVISION OF LABOUR\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 15 UNEMPLOYMENT\u003c\/strong\u003e\u003cbr\u003eCOSTS OF UNEMPLOYMENT\u003cbr\u003eREDUCING UNEMPLOYMENT\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 16 MONEY \u003c\/strong\u003e\u003cbr\u003eEVOLUTION OF MONEY\u003cbr\u003eFUNCTIONS OF MONEY\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003eSECTION 17 AGGREGATE DEMAND \u0026amp; AGGREGATE SUPPLY 229\u003cbr\u003eAGGREGATE DEMAND (AD)\u003cbr\u003eAGGREGATE SUPPLY (AS)\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 18 GENERAL PRICE LEVEL: PRICE INDICES\u003c\/strong\u003e\u003cbr\u003eLIMITATIONS OF PRICE INDEX\u003cbr\u003eNOMINAL AND REAL CHANGES\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 19 INFLATION\u003c\/strong\u003e\u003cbr\u003eTYPES OF INFLATION\u003cbr\u003eCAUSES OF INFLATION\u003cbr\u003eCONSEQUENCES OF INFLATION\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 20 PRINCIPLES OF ABSOLUTE \u0026amp; COMPARATIVE ADVANTAGE\u003c\/strong\u003e\u003cbr\u003eTHEORY OF ABSOLUTE ADVANTAGE\u003cbr\u003eTHEORY OF COMPARATIVE ADVANTAGE\u003cbr\u003eEXCEPTIONS TO THE THEORIES OF ABSOLUTE \u0026amp; COMPARATIVE ADVANTAGE\u003cbr\u003eLIMITATIONS TO THE THEORIES\u003cbr\u003eCHALLENGES OF INTERNATIONAL TRADE\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 21 TERMS OF TRADE\u003c\/strong\u003e\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003eSECTION 22 ARGUMENTS FOR FREE TRADE \u0026amp; MOTIVES FOR PROTECTION 296\u003cbr\u003eARGUMENTS FOR FREE TRADE\u003cbr\u003eTYPES (METHODS) OF PROTECTION AND THEIR EFFECTS\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 23 ECONOMIC INTEGRATION \u003c\/strong\u003e\u003cbr\u003eFREE TRADE AREA\u003cbr\u003eCUSTOMS UNION\u003cbr\u003eCOMMON MARKET\u003cbr\u003eFULL ECONOMIC UNION\u003cbr\u003ePOLITICAL UNION\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 24 BALANCE OF PAYMENTS\u003c\/strong\u003e\u003cbr\u003e(I) CURRENT ACCOUNT\u003cbr\u003e(II) FINANCIAL (CAPITAL) ACCOUNT\u003cbr\u003eBALANCE OF PAYMENTS PROBLEMS\u003cbr\u003eWhy is a trade deficit bad? 321\u003cbr\u003eWhy is a trade surplus bad? 322\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 25 EXCHANGE RATES\u003c\/strong\u003e\u003cbr\u003eNOMINAL EXCHANGE RATE\u003cbr\u003eREAL EXCHANGE RATE\u003cbr\u003ePURCHASING POWER PARITY THEORY\u003cbr\u003eMANAGED FLOATING\u003cbr\u003eFLEXIBLE OR FLOATING EXCHANGE RATES\u003cbr\u003eCHANGES IN EXCHANGE RATES\u003cbr\u003eFIXED EXCHANGE RATES\u003cbr\u003eMANAGED FLOAT\u003cbr\u003eADVANTAGES \u0026amp; DISADVANTAGES OF FIXED \u0026amp; FLOATING EXCHANGE RATES\u003cbr\u003ePOLICIES TO CORRECT BALANCE OF PAYMENTS DISEQUILIBRIUM\u003cbr\u003ePOLICIES TO CORRECT A TRADE SURPLUS\u003cbr\u003eIMPACTS OF CHANGES IN INTEREST RATE\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eSECTION 26 FISCAL POLICY\u003c\/strong\u003e\u003cbr\u003eMONETARY POLICY\u003cbr\u003eSUPPLY SIDE POLICIES AND NATURAL RATE OF UNEMPLOYMENT\u003cbr\u003eSYSTEMS OF TAXATION\u003cbr\u003eMULTIPLE CHOICE QUESTIONS\u003cbr\u003e\u003cstrong\u003eANSWERS\u003c\/strong\u003e     393\u003c\/p\u003e\n\u003cp\u003e(\u003ca href=\"https:\/\/readnwrite.org\/product\/understanding-economics-a2-level-book\/\"\u003e\u003cstrong\u003eUnderstanding Economics AS Level Book\u003c\/strong\u003e\u003c\/a\u003e, Notes and past papers.)\u003c\/p\u003e","brand":"Read \u0026 Write","offers":[{"title":"Default Title","offer_id":47408477307125,"sku":"SKU-19","price":1000.0,"currency_code":"PKR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0780\/4233\/3429\/files\/91737946_2436140836487688_4573813061235769344_n.jpg?v=1765551019","url":"https:\/\/readnwrite.org\/products\/understanding-economics-as-level-book","provider":"Read and Write Publications","version":"1.0","type":"link"}