OCR A-level Economics

Component 1: Microeconomics

The Ceteris modules for OCR A-level economics, Microeconomics, listed under each specification section. Each module teaches one idea, with questions through the page.

45 modules
22 sections
5 free

Micro 1.1 The economic problem

Scarcity and choiceSay why every choice means giving something upConcept · 7 min · Free Positive and normative statementsTell a positive statement from a normative oneTell them apart · 6 min Factors of productionSort an input into the right factor of productionTell them apart · 6 min Do people actually decide rationally?Weigh the case each way on the rational-choice assumptionDebate · 7 min

Micro 1.2 The allocation of resources

Market, command and mixed economiesTell the three ways an economy can allocate resourcesTell them apart · 7 min What a price does: rationing, signalling, incentiveExplain the three jobs a price does in a marketHow it works · 6 min

Micro 1.3 Opportunity cost

Opportunity costSay what a choice costs, not just what it costs in moneyConcept · 6 min The production possibility frontierRead a PPF and say what a point inside it meansDiagram · 7 min

Micro 2.1 Specialisation and trade

Specialisation and the division of labourSay what specialisation is and why it raises outputConcept · 6 min

Micro 2.2 Demand

DemandTell demand from quantity demandedConcept · 6 min · Free A shift in demandTell a shift in demand from a movement along the curveDiagram · 7 min

Micro 2.3 Supply

SupplyTell supply from quantity suppliedConcept · 6 min A shift in supplyTell a shift in supply from a movement along the curveDiagram · 8 min

Micro 2.4 Consumer and producer surplus

Consumer and producer surplusRead consumer and producer surplus off a diagramDiagram · 6 min

Micro 2.5 The interaction of markets

How a market finds its priceExplain how a market moves to its equilibrium priceHow it works · 6 min

Micro 2.6 Elasticity

Elastic and inelastic demandTell elastic demand from inelastic demandTell them apart · 6 min Calculating price elasticity of demandWork out a price elasticity of demand from two percentagesCalculation · 6 min Price elasticity of supplySay what makes a supply elastic or inelasticConcept · 7 min Income and cross elasticityTell a normal good from an inferior one, and a substitute from a complementTell them apart · 7 min

Micro 2.8 Market failure and externalities

Negative externalitiesShow why a market over-produces when there is an external costDiagram · 8 min Positive externalitiesShow why a market under-produces when there is an external benefitDiagram · 7 min

Micro 2.9 Information failure

Merit and demerit goodsTell a merit good from a demerit good, and both from a public goodTell them apart · 7 min Asymmetric informationSay what asymmetric information is and how it breaks a marketConcept · 6 min

Micro 2.10 Public goods

Public goodsTell a public good from a private oneConcept · 6 min · Free

Micro 2.11 Government intervention

An indirect tax on a diagramShow what an indirect tax does to price and quantityDiagram · 7 min SubsidiesShow what a subsidy does to price and quantityDiagram · 7 min Price ceilings and price floorsSay what a binding ceiling or floor does to a marketDiagram · 6 min Tradable pollution permitsWeigh permits against a tax as a way of cutting pollutionDebate · 6 min Government failureSay what government failure is and name the forms it takesConcept · 7 min Is competition policy worth it?Weigh the case each way on breaking up a large firmDebate · 6 min

Micro 3.2 Costs and economies of scale

Fixed and variable costsSort a cost into fixed or variableTell them apart · 6 min · Free Average and marginal costWork out average and marginal cost from a total cost tableCalculation · 7 min Economies of scaleSay what economies of scale are and name their sourcesConcept · 7 min

Micro 3.3 Revenue and profit

Total, average and marginal revenueWork out the three revenue measures from a demand scheduleCalculation · 7 min Normal and supernormal profitTell normal profit from supernormal profitTell them apart · 6 min

Micro 4.1 Perfect competition

Perfect competitionSay what makes a market perfectly competitiveConcept · 7 min

Micro 4.2 Monopoly

How a monopoly formsName the barriers to entry that create a monopolyConcept · 7 min Price discriminationSay what price discrimination is and what it needs to workConcept · 8 min

Micro 4.3 Monopolistic competition

Monopolistic competition and oligopolyTell the four market structures apartTell them apart · 6 min

Micro 4.4 Oligopoly

Monopolistic competition and oligopolyTell the four market structures apartTell them apart · 6 min

Micro 5.1 Demand for labour

The demand for labourSay why the demand for labour is derived demandConcept · 7 min · Free

Micro 5.2 Supply of labour

The supply of labourSay what moves the supply of labour to an occupationConcept · 7 min

Micro 5.3 The interaction of labour markets

How a wage is set in a competitive marketExplain how demand and supply settle a wageHow it works · 6 min Why wages differ between jobsExplain why two jobs in one economy pay differentlyHow it works · 7 min MonopsonySay what a monopsony is and what it does to the wageConcept · 7 min Do trade unions raise wages?Weigh the case each way on union wage bargainingDebate · 6 min