Edexcel A-level Economics Year 12 revision

Topic 1.1: Nature of economics

There are 5 parts: we start with economics as a social science, and finish with economic systems.

1. 1.1.1Economics as a social science: positive and normative statements, ceteris paribus and the scientific method21 questions
2. 1.1.2The economic problem and price determinationFree 13 questions
3. 1.1.3Scarcity, choice, opportunity cost and production possibility frontiers43 questions
4. 1.1.4Factors of production, specialisation, division of labour, trade and money27 questions
5. 1.1.5Economic systems: free market, mixed and command economies and the allocation of resources24 questions

Topic 1.2: How markets work

There are 10 parts: we start with rational decision making and behavioural economics (bounded rationality, nudge, heuristics), and finish with indirect taxes and subsidies.

1. 1.2.1Rational decision making and behavioural economics (bounded rationality, nudge, heuristics)37 questions
2. 1.2.2Utility, diminishing marginal utility and the demand curveFree 30 questions
3. 1.2.3Price elasticity of demand: calculation, determinants and total revenue22 questions
4. 1.2.4Income and cross elasticity of demand23 questions
5. 1.2.5Price elasticity of supply: calculation and determinants25 questions
6. 1.2.6Changes in market equilibrium and the effects on price, quantity and resource allocation36 questions
7. 1.2.7The price mechanism: rationing, signalling and incentive functions27 questions
8. 1.2.8Consumer and producer surplus27 questions
9. 1.2.9Joint, composite and derived demand; competitive supply31 questions
10. 1.2.10Indirect taxes and subsidies: effects, incidence and evaluationFree 27 questions

Topic 1.3: Market failure

There are 9 parts: we start with production, costs and market failure, and finish with other market failures.

1. 1.3.1Production, costs and market failure37 questions
2. 1.3.2Efficiency: allocative, productive, dynamic and X-inefficiency35 questions
3. 1.3.3Types of market failure and welfare lossFree 41 questions
4. 1.3.4Externalities: negative and positive externalities in production and consumption28 questions
5. 1.3.5Public goods, quasi-public goods and the free-rider problem32 questions
6. 1.3.6Merit and demerit goods27 questions
7. 1.3.7Information failure and asymmetric information33 questions
8. 1.3.8Common access resources, the tragedy of the commons and environmental sustainability29 questions
9. 1.3.9Other market failures: factor immobility, unstable commodity markets, inequity and market power84 questions

Topic 1.4: Government intervention

There are 6 parts: we start with maximum and minimum price controls, and finish with government failure.

1. 1.4.1Maximum and minimum price controls24 questions
2. 1.4.2Buffer stocks and stabilising commodity prices27 questions
3. 1.4.3Tradable pollution permits, carbon taxes and regulation25 questions
4. 1.4.4Provision of information, nudges and direct provision of goods and services34 questions
5. 1.4.5Nationalisation, privatisation, regulation and competition policy31 questions
6. 1.4.6Government failure26 questions

Topic 2.1: Measures of economic performance

There are 10 parts: we start with measuring performance and AD/AS, and finish with exchange rates and their effect on the economy.

1. 2.1.1Measuring performance and AD/ASFree 13 questions
2. 2.1.2Macroeconomic objectives and indicators of economic performance58 questions
3. 2.1.3Measuring economic growth: GDP, GNI, real vs nominal, per capita and PPP28 questions
4. 2.1.4Measuring inflation: CPI, RPI, price indices, weights and limitations53 questions
5. 2.1.5Measuring employment and unemployment: claimant count, Labour Force Survey and inactivity60 questions
6. 2.1.6The balance of payments and the current account29 questions
7. 2.1.7Causes and effects of inflation, deflation and disinflation55 questions
8. 2.1.8Unemployment: types, causes and effects66 questions
9. 2.1.9Causes and consequences of current account deficits and surpluses18 questions
10. 2.1.10Exchange rates and their effect on the economy62 questions

Topic 2.2: Aggregate demand

There are 2 parts: we start with aggregate demand, and finish with determinants of consumption, saving and investment.

1. 2.2.1Aggregate demand: components and the AD curve48 questions
2. 2.2.2Determinants of consumption, saving and investment25 questions

Topic 2.3: Aggregate supply

There are 3 parts: we start with aggregate supply, and finish with demand-side and supply-side shocks.

1. 2.3.1Aggregate supply: short-run and long-run AS and factors shifting them31 questions
2. 2.3.2Macroeconomic equilibrium: Keynesian and classical views of LRAS65 questions
3. 2.3.3Demand-side and supply-side shocks30 questions

Topic 2.4: National income

There are 2 parts: we start with the circular flow of income, injections and withdrawals, and finish with the multiplier effect.

1. 2.4.1The circular flow of income, injections and withdrawalsFree 64 questions
2. 2.4.2The multiplier effect61 questions

Topic 2.5: Economic growth

There are 3 parts: we start with causes of economic growth, and finish with costs and benefits of economic growth.

1. 2.5.1Causes of economic growthFree 31 questions
2. 2.5.2Actual and potential growth, output gaps and the economic cycle26 questions
3. 2.5.3Costs and benefits of economic growth33 questions

Topic 2.6: Macroeconomic objectives and policies

There are 12 parts: we start with policy objectives, conflicts and trade-offs, and finish with environmental sustainability and wider measures of living standards.

1. 2.6.1Policy objectives, conflicts and trade-offsFree 32 questions
2. 2.6.2Economic policy11 questions
3. 2.6.3Fiscal policy: government spending, taxation, budget deficits and national debt75 questions
4. 2.6.4Fiscal policy: automatic stabilisers, effectiveness and limitations74 questions
5. 2.6.5Monetary policy: interest rates, inflation targeting, the MPC and transmission mechanism58 questions
6. 2.6.6Quantitative easing and other unconventional monetary tools34 questions
7. 2.6.7Supply-side policies: market-based approaches29 questions
8. 2.6.8Supply-side policies: interventionist approaches35 questions
9. 2.6.9Evaluating the policy mix: time lags, uncertainty, conflicts and external constraints28 questions
10. 2.6.10Measuring income and wealth distribution: Lorenz curve, Gini coefficient and poverty33 questions
11. 2.6.11Causes and effects of inequality and poverty36 questions
12. 2.6.12Environmental sustainability and wider measures of living standards33 questions

Topic Q: Quantitative skills

There are 6 parts: we start with percentages, index numbers and real versus nominal values, and finish with interpreting data.

1. Q.1Percentages, index numbers and real versus nominal valuesFree 42 questions
2. Q.2Calculating and interpreting elasticities (PED, YED, XED, PES)11 questions
3. Q.3Linear demand and supply equations, equilibrium and shifts26 questions
4. Q.4Reading and drawing graphs: gradients, areas, surplus and tax incidence calculations63 questions
5. Q.5Macro calculations: growth rates, inflation, multiplier and weighted averages42 questions
6. Q.6Interpreting data: tables, time series, Lorenz curves and Gini coefficients63 questions

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