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Edexcel Economics A - Theme 1 - Introduction to Markets & Market Failure - Microeconomics
Theme 1 - Week 1
Welcome & Getting Started (41:06)
Books to support your study
What is Economics? (7:46)
Economics as a Social Science (6:13)
The 4 Factors of Production (3:37)
Production Possibility Frontiers - the basics (6:25)
PPFs and Opportunity Cost (5:28)
Theme 1 - Week 2
Specialisation - the basics (2:58)
The Division of Labour (4:59)
The Division of Labour - advantages and disadvantages (6:23)
How to Improve Labour Productivity (2:35)
Specialisation & Barter - the need for money (2:57)
The Four Main Functions of Money (4:31)
Theme 1 - Week 3
Types of Economies (5:29)
Types of Economies - evaluating their features (13:10)
Key Economists - Hayek, Marx & Smith (7:50)
Rational Decision Making - plus reasons consumers may not be rational (5:36)
Positive & Normative Statements (3:16)
Theme 1 - Week 4
Demand - the basics and drawing the curve (5:59)
Demand - diminishing marginal utility - shape of the curve (5:23)
Demand - changes in price - contractions and extensions (3:57)
Demand - the determinants (7:49)
Supply - the basics - drawing the curve (6:06)
Supply - the determinants (5:07)
Quiz - demand and supply
Theme 1 - Week 5
Market Equilibrium (2:10)
Impact of change in D or S on price (5:47)
Excess demand and excess supply (5:26)
Market mechanism in action removing excess D or S (3:37)
Detailed look: change of demand causing a price change (3:15)
Functions of the price mechanism (3:32)
Quiz - equilibrium price
Theme 1 - Week 6
Consumer Surplus (4:34)
Consumer Surplus - changes (2:24)
Producer Surplus (3:32)
Impact of a price change on consumer and producer surplus (5:00)
Price Elasticity of Demand - definition, curves and values (5:22)
PED - determinants (4:58)
% change - how to calculate (4:56)
PED - how to calculate (4:09)
Exam Q - explain - the PED of a product (4:53)
Exams - question words and their meanings (6:59)
EcoNews - impact of red list and PCR lifting on holiday market (2:37)
Theme 1 - Week 7
Price Elasticity of Supply - definition, curves and values (5:59)
PES - calculation (3:49)
Income Elasticity of Demand - summary (7:37)
Income Elasticity of Demand - calculation (2:43)
Cross Elasticity of Demand - summary (7:08)
Theme 1 - Week 8
Indirect taxes - an overview (4:58)
Specific/Unit Tax (4:14)
Ad-valorem tax (3:27)
Subsidies - an overview (5:29)
Exam Q - explain - change in price of rice (7:52)
Theme 1 - Week 9
Market Failure - an overview (6:18)
Information Gaps & Asymmetric Information (4:27)
Public Goods (7:03)
Econews - turkey shortage for Christmas (6:50)
Theme 1 - Week 10
Externalities - an introduction (4:47)
Externalities - key definitions (3:46)
Negative Externalities - diagram (5:38)
Negative Externalities - interpreting the diagram (7:08)
Negative Externalities - net welfare loss (4:47)
Theme 1 - Week 11
Positive Externalities - diagram & net welfare loss (5:38)
Econews - Michael Jordan's Nike Air Ships (4:07)
Indirect taxes to reduce negative externalities (8:47)
More technical approach - indirect taxes to reduce negative externalities (4:27)
Theme 1 - Week 12
Subsidies to correct positive externalities (6:00)
More technical approach - subsidies to correct positive externalities (3:43)
Maximum price to correct market failure (5:27)
Exam writing - step 1 - PEAT (5:30)
Theme 1 - Week 13
Minimum Price (12:22)
Tradable Pollution Permits - how they work (3:48)
Tradable Pollution Permits - diagrams (6:42)
Tradable Pollution Permits - evaluation (7:16)
Theme 1 - Week 14
Information Provision (4:53)
Regulations (4:28)
Theme 1 - Week 15
Government Failure (7:27)
Econews - 2021's chip and semi-conductor shortages (6:10)
Corona and the Coffee Market (4:48)
A/A* - Corona and the Coffee Market (6:34)
Theme 1 - Week 16
20 Mark Essay - structure outline (6:24)
20 Mark Essay - full plan (11:02)
20 Mark Essay - diagram plus explanation (6:55)
20 Mark Essay - knowledge application and analysis - how to write a point (4:13)
20 Mark Essay - evaluation - how to write a point (6:14)
Congratulations! - Theme 1 is complete - next, Theme 2 (macroeconomics) (3:13)
Multiple Choice Questions
PPFs; opportunity cost; division of labour; price mechanism; consumer and producer surplus; taxes; subsidies; demand and supply
Elasticities
Market and government failure
Consumer Surplus
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