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Edexcel A level Economics A (9EC0)

Your specification in order, from 1.1 to the end. Each part lists the modules that teach it, so you can work down the page or jump to the topic you are revising.

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Start hereCeteris paribus1.1 Nature of economics

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Theme 1: Introduction to markets and market failure

1.1 Nature of economics

1.2 How markets work

1.2.1 Rational decision making

Consumers, producers and governmentName the three economic agents, say what each is assumed to maximise, and spot each in a caseTell them apart · 6 min Budget constraints and utility maximisationChoose the best bundle a budget allows, where marginal utility per pound is equalDiagram · 8 min Do people actually decide rationally?Weigh the case each way on the rational-choice assumptionDebate · 7 min

1.2.2 Demand

DemandTell demand from quantity demandedConcept · 6 min Diminishing marginal utilityCalculate marginal utility from a total, and explain why falling marginal utility makes demand slope downConcept · 7 min Joint, competitive and composite demandName the link between two markets and trace a change in one through to the otherTell them apart · 6 min A shift in demandTell a shift in demand from a movement along the curveDiagram · 7 min

Also in the modules above: Budget constraints and utility maximisation

1.2.3 Price, income and cross elasticities of demand

Elastic and inelastic demandTell elastic demand from inelastic demandTell them apart · 6 min Income and cross elasticityTell a normal good from an inferior one, and a substitute from a complementTell them apart · 7 min Drawing elastic and inelastic curvesDraw elastic and inelastic curves and show what each does to a supply shiftDiagram · 7 min 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 Calculating price elasticity of demandWork out a price elasticity of demand from two percentagesCalculation · 6 min Price elasticity and total revenueUse price elasticity to say whether a price change raises revenueCalculation · 7 min How firms and governments use elasticityWeigh how far elasticity helps firms and governments decideDebate · 8 min

1.2.4 Supply

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

Also in the modules above: Joint, competitive and composite demand

1.2.5 Elasticity of supply

Price elasticity of supplySay what makes a supply elastic or inelasticConcept · 7 min

1.2.6 Price determination

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

1.2.7 Price mechanism

What a price does: rationing, signalling, incentiveExplain the three jobs a price does in a marketHow it works · 6 min

1.2.8 Consumer and producer surplus

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

1.2.9 Indirect taxes and subsidies

Covered in the modules above: An indirect tax on a diagram, Subsidies, How firms and governments use elasticity

1.2.10 Alternative views of consumer behaviour

Behavioural economics biasesName the bias at work in a consumer's choice and say how it moves that choiceTell them apart · 8 min

Also in the modules above: Do people actually decide rationally?

1.3 Market failure

1.3.1 Types of market failure

Asymmetric informationSay what asymmetric information is and how it breaks a marketConcept · 6 min Market failureDefine market failure, name its types and say which way each misallocates resourcesConcept · 7 min

1.3.2 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

1.3.3 Public goods

Public goodsTell a public good from a private oneConcept · 6 min Governing the commonsExplain why a common resource is over-used and how it can be governedHow it works · 7 min

1.3.4 Information gaps

Merit and demerit goodsTell a merit good from a demerit good, and both from a public goodTell them apart · 7 min Adverse selection and the market for lemonsExplain how hidden quality can shrink or destroy a marketHow it works · 9 min Merit and demerit goods on a diagramDraw perceived and actual MPB for a merit and a demerit good, and shade the welfare lossDiagram · 6 min

Also in the modules above: Asymmetric information

1.4 Government intervention

1.4.1 Government intervention in markets

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 Policies to correct externalitiesWeigh regulation, taxes, subsidies, provision and information against each otherDebate · 8 min

1.4.2 Government failure

Government failureSay what government failure is and name the forms it takesConcept · 7 min

Theme 2: The UK economy – performance and policies

2.1 Measures of economic performance

2.1.1 Economic growth

Nominal and real numbersTell a nominal figure from a real oneConcept · 6 min What GDP measuresSay what GDP counts and what it leaves outConcept · 7 min What economic growth is, and what it is notTell growth from a recovery, and real growth from nominalConcept · 7 min Converting a nominal figure to a real oneConvert a nominal figure into a real oneCalculation · 6 min Calculating GDP and GNICalculate GNI from GDP, then GNI per capita at purchasing power parityCalculation · 7 min Measuring developmentWork out an HDI-style measure and say what it adds to GDPCalculation · 7 min Alternative measures of well-beingName the four ONS well-being questions and say how far GDP measures how well people liveDebate · 7 min

2.1.2 Inflation

Demand-pull and cost-push inflationTell demand-pull inflation from cost-pushTell them apart · 6 min Deflation, disinflation and hyperinflationTell deflation from disinflation, and hyperinflation from ordinary inflationTell them apart · 7 min The costs of inflation and deflationExplain who loses and who gains from inflation and deflationHow it works · 7 min The quantity theory of moneyExplain how MV = PY leads monetarists to blame inflation on money growth, and why velocity undermines itHow it works · 8 min Demand-side and supply-side shocksShow on an AD/AS diagram how a demand shock and a supply shock change prices and outputDiagram · 7 min Measuring inflation with a price indexBuild a price index and work out an inflation rate from itCalculation · 7 min The Fisher equationCalculate a real interest rate from a nominal rate and inflation, and say who gainsCalculation · 7 min

2.1.3 Employment and unemployment

Measuring unemploymentSay who counts as unemployed and who does notConcept · 7 min Occupational and geographical immobilityTell occupational from geographical immobility, and explain how each causes structural unemploymentTell them apart · 7 min Types of unemploymentSort a case of unemployment into its typeTell them apart · 8 min The consequences of unemploymentTrace what unemployment costs workers, firms, government and societyHow it works · 6 min The economic effects of migrationDraw how net migration shifts labour supply and LRAS, and say who gains and who losesDiagram · 7 min Labour market flexibilitySay how labour market flexibility helps firms and employment, and what it can cost workersDebate · 7 min

2.1.4 Balance of payments

The balance of paymentsSay what the current account records and what a deficit meansConcept · 8 min Causes and consequences of a current account deficitExplain what causes a current account deficit and judge whether it mattersDebate · 7 min

2.2 Aggregate demand (AD)

2.2.1 The characteristics of AD

Aggregate demandSay what aggregate demand is and name its four partsConcept · 7 min

2.2.2 Consumption (C)

Consumption, income and expectationsExplain how income, wealth, interest rates and expectations change household spending, and work out the MPC and APCHow it works · 7 min

2.2.3 Investment (I)

The acceleratorExplain how a change in the growth of output drives investment, and why the link has limitsHow it works · 7 min The determinants of investmentWork out net investment and explain how interest rates, confidence, credit and government move investmentHow it works · 7 min

2.2.4 Government expenditure (G)

Government spending and aggregate demandSay what drives government spending and how a change in it moves aggregate demandHow it works · 7 min

2.2.5 Net trade (X-M)

Net trade and aggregate demandSay what moves exports and imports, and how net trade shifts ADHow it works · 7 min

2.3 Aggregate supply (AS)

2.3.1 The characteristics of AS

Short-run and long-run aggregate supplyTell short-run aggregate supply from long-runTell them apart · 6 min

2.3.2 Short-run AS

How a weaker currency reaches a shop priceFollow a fall in the exchange rate through to what a shopper paysHow it works · 6 min What shifts short-run aggregate supplyTell a movement along short-run aggregate supply from a shift, and name what causes a shiftDiagram · 9 min

Also in the modules above: Short-run and long-run aggregate supply

2.3.3 Long-run AS

Keynesian and classical aggregate supplyCompare the Keynesian and classical AS curves and what demand doesDiagram · 6 min The economic effects of migrationDraw how net migration shifts labour supply and LRAS, and say who gains and who losesDiagram · 7 min

Also in the modules above: Short-run and long-run aggregate supply

2.4 National income

2.4.1 National income

What GDP measuresSay what GDP counts and what it leaves outConcept · 7 min Income and wealthTell income from wealth, name the sources of each, and compare how equally each is sharedTell them apart · 7 min The circular flow of incomeFollow a pound round the circular flow and name each leakHow it works · 7 min

2.4.2 Injections and withdrawals

Covered in the modules above: The circular flow of income

2.4.3 Equilibrium levels of real national output

Keynesian and classical aggregate supplyCompare the Keynesian and classical AS curves and what demand doesDiagram · 6 min Macroeconomic equilibrium in the AD/AS modelFind equilibrium on AD/AS and show what a shift doesDiagram · 6 min Demand-side and supply-side shocksShow on an AD/AS diagram how a demand shock and a supply shock change prices and outputDiagram · 7 min The Keynesian crossFind equilibrium income where planned spending equals outputDiagram · 8 min

2.4.4 The multiplier

Consumption, income and expectationsExplain how income, wealth, interest rates and expectations change household spending, and work out the MPC and APCHow it works · 7 min The multiplierWork out a multiplier and apply it to an injectionCalculation · 7 min

2.5 Economic growth

2.5.1 Causes of growth

What economic growth is, and what it is notTell growth from a recovery, and real growth from nominalConcept · 7 min Actual and potential growthShow a negative and a positive output gap on AD/ASDiagram · 7 min Export promotion and import substitutionCompare import substitution with export promotion and say what made each succeed or failDebate · 6 min

2.5.2 Output gaps

Covered in the modules above: What economic growth is, and what it is not, Actual and potential growth

2.5.3 Trade (business) cycle

The trade cycleTrace real GDP through boom and recession, and name each phase's featuresDiagram · 6 min

2.5.4 The impact of economic growth

Sustainability and ethical choices in economicsCompare the evidence that growth runs down the environment with the evidence that it need notDebate · 6 min The costs and benefits of economic growthWeigh who gains and who loses from economic growthDebate · 6 min

2.6 Macroeconomic objectives and policies

2.6.1 Possible macroeconomic objectives

Macroeconomic objectivesName the seven macroeconomic objectives, how the main ones are measured, and the UK inflation targetConcept · 7 min

2.6.2 Demand-side policies

Fiscal policySay what fiscal policy is and which way each tool pullsConcept · 6 min Monetary policySay what monetary policy is and who sets itConcept · 7 min The budget deficit and the national debtTell a deficit from a debt, and cyclical from structuralConcept · 8 min The functions of a central bankName the functions of a central bank and spot which one a case showsConcept · 7 min The transmission mechanismFollow an interest-rate change through to inflationHow it works · 6 min Quantitative easingTrace how bond buying by the Bank of England reaches spendingHow it works · 7 min Does fiscal policy work?Weigh the case each way on using tax and spending to steer demandDebate · 7 min Does monetary policy work?Weigh the case each way on using interest rates to steer the economyDebate · 7 min

2.6.3 Supply-side policies

Supply-side policyTell a market-based supply-side policy from an interventionist oneTell them apart · 6 min Does supply-side policy work?Weigh the case each way on whether supply-side policy raises growthDebate · 6 min

2.6.4 Conflicts and trade-offs between objectives and policies

The Phillips curveRead the trade-off between unemployment and inflation off a Phillips curveDiagram · 6 min Do macro objectives conflict?Weigh the conflicts between growth, inflation and the balance of paymentsDebate · 7 min

Theme 3: Business behaviour and the labour market

3.1 Business growth

3.1.1 Sizes and types of firms

The principal-agent problemExplain why managers may not run a firm in the owners’ interestConcept · 7 min Business objectivesName the objectives a firm may pursue and say whyTell them apart · 8 min Why firms stay small or demergeExplain why some firms stay small, why firms demerge, and who gains and loses from a demergerHow it works · 7 min

3.1.2 Business growth

Why a firm growsTell organic growth from a merger, and horizontal from verticalTell them apart · 6 min

3.1.3 Demergers

Covered in the modules above: Why firms stay small or demerge

3.2 Business objectives

3.2.1 Business objectives

Business objectivesName the objectives a firm may pursue and say whyTell them apart · 8 min Revenue and sales maximisation on a diagramDraw the profit-, revenue- and sales-maximising outputs on one diagram and name the rule for eachDiagram · 6 min

3.3 Revenues, costs and profits

3.3.1 Revenue

Price elasticity and total revenueUse price elasticity to say whether a price change raises revenueCalculation · 7 min Total, average and marginal revenueWork out the three revenue measures from a demand scheduleCalculation · 7 min

3.3.2 Costs

Fixed and variable costsSort a cost into fixed or variableTell them apart · 6 min Diminishing marginal returnsExplain how diminishing marginal returns give short-run cost curves their shapeHow it works · 8 min Short-run and long-run cost curvesBuild the long-run average cost curve and find minimum efficient scaleDiagram · 7 min Average and marginal costWork out average and marginal cost from a total cost tableCalculation · 7 min

3.3.3 Economies and diseconomies of scale

Economies of scaleSay what economies of scale are and name their sourcesConcept · 7 min

Also in the modules above: Short-run and long-run cost curves

3.3.4 Normal profits, supernormal profits and losses

Normal and supernormal profitTell normal profit from supernormal profitTell them apart · 6 min Profit maximisation where MC equals MRFind the profit-maximising output and read profit off the diagramDiagram · 8 min Perfect competition in the short and long runShow how entry and exit take a competitive firm to long-run equilibriumDiagram · 7 min The shutdown pointDraw the shutdown point and say when a loss-making firm keeps producing, shuts down or leavesDiagram · 6 min

3.4 Market structures

3.4.1 Efficiency

Dynamic efficiencySay what dynamic efficiency is and why supernormal profit can pay for itConcept · 7 min X-inefficiencySay what X-inefficiency is and show it on an average cost diagramConcept · 7 min Productive and allocative efficiencyTell productive from allocative efficiency and test each market structureTell them apart · 7 min The monopoly diagramDraw a monopoly's price, output and profit, and show why it is inefficientDiagram · 6 min Monopolistic competition in the short and long runShow how entry takes a monopolistic competitor from profit to normal profitDiagram · 7 min

3.4.2 Perfect competition

Perfect competitionSay what makes a market perfectly competitiveConcept · 7 min Perfect competition in the short and long runShow how entry and exit take a competitive firm to long-run equilibriumDiagram · 7 min

3.4.3 Monopolistic competition

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

Also in the modules above: Monopolistic competition in the short and long run

3.4.4 Oligopoly

Collusion and cartelsTell overt collusion from tacit collusion, and say why cartels break downTell them apart · 8 min Price and non-price competition in oligopolyTell price competition from non-price competition, and limit pricing from predatory pricingTell them apart · 7 min Game theory and the prisoner's dilemmaUse a payoff matrix to explain why two firms may not colludeHow it works · 7 min Nash equilibrium and the prisoner's dilemmaFind a Nash equilibrium and say why it can leave both players worse offHow it works · 9 min Repeated games and cooperationSay why repeating a game can sustain cooperation, and when it breaks downHow it works · 9 min The kinked demand curveDraw the kinked demand curve and explain why an oligopolist's price stays rigidDiagram · 7 min Concentration ratiosCalculate an n-firm concentration ratio and say what it showsCalculation · 7 min

Also in the modules above: Monopolistic competition and oligopoly

3.4.5 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 Natural monopolyDraw a natural monopoly and mark its profit-maximising, allocatively efficient and fair-return pricesDiagram · 7 min Is competition policy worth it?Weigh the case each way on breaking up a large firmDebate · 6 min

Also in the modules above: The monopoly diagram

3.4.6 Monopsony

MonopsonySay what a monopsony is and what it does to the wageConcept · 7 min

3.4.7 Contestability

Contestable marketsSay what makes a market contestable and how it changes firms' behaviourConcept · 7 min

Also in the modules above: How a monopoly forms

3.5 Labour market

3.5.1 Demand for labour

The demand for labourSay why the demand for labour is derived demandConcept · 7 min Why wages differ between jobsExplain why two jobs in one economy pay differentlyHow it works · 7 min

3.5.2 Supply of labour

The supply of labourSay what moves the supply of labour to an occupationConcept · 7 min Occupational and geographical immobilityTell occupational from geographical immobility, and explain how each causes structural unemploymentTell them apart · 7 min The economic effects of migrationDraw how net migration shifts labour supply and LRAS, and say who gains and who losesDiagram · 7 min

Also in the modules above: Why wages differ between jobs

3.5.3 Wage determination in competitive and non-competitive markets

MonopsonySay what a monopsony is and what it does to the wageConcept · 7 min Wage elasticity of labour demand and supplyCalculate a wage elasticity of labour demand and say what makes labour demand and supply elasticTell them apart · 7 min How a wage is set in a competitive marketExplain how demand and supply settle a wageHow it works · 6 min Bilateral monopolyDraw a bilateral monopoly and show the range in which the wage settlesDiagram · 6 min Do trade unions raise wages?Weigh the case each way on union wage bargainingDebate · 6 min Does a minimum wage cost jobs?Weigh the case each way on whether a minimum wage costs jobsDebate · 6 min Labour market flexibilitySay how labour market flexibility helps firms and employment, and what it can cost workersDebate · 7 min

Also in the modules above: Why wages differ between jobs

3.6 Government intervention

3.6.1 Government intervention

Natural monopolyDraw a natural monopoly and mark its profit-maximising, allocatively efficient and fair-return pricesDiagram · 7 min Is competition policy worth it?Weigh the case each way on breaking up a large firmDebate · 6 min Privatisation, nationalisation and deregulationWeigh the case each way on selling or taking back public firmsDebate · 7 min How to regulate a monopolyCompare price caps, rate-of-return regulation and performance targets, and judge which suits a monopolyDebate · 7 min

3.6.2 The impact of government intervention

Covered in the modules above: How to regulate a monopoly

Theme 4: A global perspective

4.1 International economics

4.1.1 Globalisation

GlobalisationExplain how cheaper transport, cheaper communication, lower trade barriers and multinationals drove globalisationHow it works · 6 min Is globalisation good for developing economies?Weigh the case each way on globalisation and developmentDebate · 8 min Multinational companiesSay what a multinational brings to a host country, what it can cost, and what the balance depends onDebate · 6 min

4.1.2 Specialisation and trade

Why countries tradeExplain how both countries gain from specialising and tradingHow it works · 7 min Absolute and comparative advantageWork out which country has the comparative advantageCalculation · 7 min

4.1.3 Pattern of trade

Changing patterns of world tradeExplain how emerging economies, shifting comparative advantage, trading blocs and exchange rates change who trades whatHow it works · 7 min

4.1.4 Terms of trade

The terms of tradeCalculate a terms of trade index and say what a change meansCalculation · 6 min

4.1.5 Trading blocs and the World Trade Organisation (WTO)

Trade blocs and the WTOTell the stages of economic integration apartConcept · 7 min Is joining a trading bloc worth it?Show trade creation and trade diversion on a diagram and say when joining a customs union raises welfareDiagram · 6 min Currency unions and the eurozoneSay what a country gains and gives up by sharing a currency, and what the balance depends onDebate · 6 min

4.1.6 Restrictions on free trade

Quotas and non-tariff barriersTell a tariff from a quota and the other non-tariff barriersTell them apart · 6 min TariffsShow what a tariff does to price, quantity and welfareDiagram · 7 min Arguments for protectionismWeigh the arguments for protectionism against its costsDebate · 8 min

4.1.7 Balance of payments

The balance of paymentsSay what the current account records and what a deficit meansConcept · 8 min Correcting a current account deficitSort policies to cut a current account deficit by how they workTell them apart · 7 min Causes and consequences of a current account deficitExplain what causes a current account deficit and judge whether it mattersDebate · 7 min

4.1.8 Exchange rates

Floating and fixed exchange ratesTell a floating exchange rate from a fixed oneTell them apart · 6 min How a weaker currency reaches a shop priceFollow a fall in the exchange rate through to what a shopper paysHow it works · 6 min Exchange rate determinationShow on a diagram what makes a floating exchange rate moveDiagram · 7 min The J-curve and Marshall-LernerExplain why a depreciation can worsen the current account before improving itDiagram · 7 min Competitive devaluationExplain the short-run gain from competitive devaluation, name its costs, and say what its success depends onDebate · 6 min

4.1.9 International competitiveness

Labour productivityCalculate output per worker, output per hour and unit labour cost from a firm's figuresCalculation · 7 min International competitivenessCalculate relative unit labour costs and relative export prices, and say what moves themCalculation · 6 min

4.2 Poverty and inequality

4.2.1 Absolute and relative poverty

Absolute and relative povertyTell absolute poverty from relative povertyTell them apart · 6 min The causes of povertyExplain how five causes push a household below the poverty lineHow it works · 7 min

4.2.2 Inequality

Income and wealthTell income from wealth, name the sources of each, and compare how equally each is sharedTell them apart · 7 min The Lorenz curve and the Gini coefficientRead inequality off a Lorenz curve and say what a Gini number meansCalculation · 7 min Income and wealth inequalityExplain what causes inequality and weigh whether it harms an economyDebate · 8 min

4.3 Emerging and developing economies

4.3.1 Measures of development

Alternative measures of developmentName the measures beyond the HDI and say what each shows that an average hidesConcept · 7 min Measuring developmentWork out an HDI-style measure and say what it adds to GDPCalculation · 7 min

4.3.2 Factors influencing growth and development

Barriers to developmentTell economic barriers to development from non-economic ones, and say how each holds growth backTell them apart · 7 min The Harrod-Domar modelCalculate growth and a savings gap with the Harrod-Domar model, and explain its limitationsHow it works · 8 min

4.3.3 Strategies influencing growth and development

Floating and fixed exchange ratesTell a floating exchange rate from a fixed oneTell them apart · 6 min The Lewis modelTrace how surplus farm labour and reinvested profits drive growth in the Lewis model, and name its limitationsHow it works · 7 min Buffer stock schemesDraw a buffer stock scheme and say why such schemes failDiagram · 6 min Privatisation, nationalisation and deregulationWeigh the case each way on selling or taking back public firmsDebate · 7 min Is globalisation good for developing economies?Weigh the case each way on globalisation and developmentDebate · 8 min Arguments for protectionismWeigh the arguments for protectionism against its costsDebate · 8 min Multinational companiesSay what a multinational brings to a host country, what it can cost, and what the balance depends onDebate · 6 min Does foreign aid work?Give the case for and against foreign aid, with evidence, and say what its success depends onDebate · 6 min Export promotion and import substitutionCompare import substitution with export promotion and say what made each succeed or failDebate · 6 min The IMF and the World BankExplain what the IMF and World Bank lend for, and give the case for and against their conditionsDebate · 7 min Competitive devaluationExplain the short-run gain from competitive devaluation, name its costs, and say what its success depends onDebate · 6 min MicrofinanceExplain why the poor cannot borrow from banks, and give the evidence for and against microfinanceDebate · 7 min

4.4 The financial sector

4.4.1 Role of financial markets

Functions of the financial sectorName what the financial sector does and which firms do itTell them apart · 7 min

4.4.2 Market failure in the financial sector

Market failure in the financial sectorName the five market failures in the financial sector and spot which one a case showsTell them apart · 7 min Was financial regulation after 2008 worth it?Weigh the case each way on tighter bank regulationDebate · 7 min

4.4.3 Role of central banks

The functions of a central bankName the functions of a central bank and spot which one a case showsConcept · 7 min

Also in the modules above: Was financial regulation after 2008 worth it?

4.5 Role of the state in the macroeconomy

4.5.1 Public expenditure

Current and capital spendingSay which type any item of UK public spending is, and name the taxes that raise mostTell them apart · 7 min Crowding outExplain how government borrowing can squeeze out private investmentHow it works · 6 min Does the size of the state matter?Explain how the share of national income the state spends can help or harm growth, living standards and equalityDebate · 6 min

4.5.2 Taxation

Progressive, proportional and regressive taxesClassify a tax by what share of income it takesTell them apart · 8 min The Laffer curveDraw a Laffer curve and say when a tax cut raises revenueDiagram · 6 min Policies to reduce inequalityName the policies that reduce inequality and weigh the case each wayDebate · 7 min

4.5.3 Public sector finances

Automatic stabilisersSay what an automatic stabiliser is and name twoConcept · 6 min The budget deficit and the national debtTell a deficit from a debt, and cyclical from structuralConcept · 8 min Does the national debt matter?Explain when a large national debt harms an economy and when it does notDebate · 7 min

4.5.4 Macroeconomic policies in a global context

Monetary policySay what monetary policy is and who sets itConcept · 7 min International competitivenessCalculate relative unit labour costs and relative export prices, and say what moves themCalculation · 6 min Competitive devaluationExplain the short-run gain from competitive devaluation, name its costs, and say what its success depends onDebate · 6 min

Also in the modules above: Policies to reduce inequality

Sections and codes follow the Pearson Edexcel A level Economics A (9EC0) specification, Issue 2, October 2016 (first certification 2017). Parts of the specification with no module yet are not listed.