H2 Economics

Ch1.Scarcity and Resources

Land: natural resources.

Ch2.Demand and Supply

A surplus is eliminated by downward price pressure.

Ch3.Applications of D&S

T: number of substitutes.

Ch4.Market Failure

Non-rivalrous: one person's consumption does not reduce another's.

Ch5.Intervention & Behavioural Economics

Losses feel about twice as powerful as equivalent gains.

Ch6.Chapter 6Pending

Content pending upload

Ch7.Perfect Competition

A large number of buyers and sellers.

Ch8.Market Structures

One firm equals the whole industry.

Ch9.Firm Decisions & Strategies

Monopoly and oligopoly can keep earning supernormal profit in the long run because barriers to entry protect them.

Ch10.Performance of Firms

Imperfect competitors set P above MC and restrict output to Qm at price Pm.

Ch13.Macroeconomic Analysis

Unemployment rate equals the number unemployed divided by the economically active population, times 100.

Ch14.Chapter 14Pending

Content pending upload

Ch15.Chapter 15Pending

Content pending upload

Ch19.Fiscal Policy

Raise government spending and cut taxes.

Ch24.Globalisation and Trade

Recognition of the benefits of trade.

Ch25.Protectionism

Raise the home price so domestic supply expands and domestic demand falls.

Essays and Practice