155 Understanding Economics AS Level Book

Description

155 Understanding Economics AS Level Book by Kamran Malik

Table of Contents

1. Preface
2. How to Use this Book
3. Section 1 Basic Economic Problem
   1. Scarcity and Opportunity Cost
   2. Multiple Choice Questions
4. Section 2 Production Possibility Curve
   1. PPC and Scarcity
   2. PPC and Opportunity Cost
   3. PPC and Economic Efficiency
   4. Shifts in PPC
   5. Consumer Goods and Capital Goods
   6. Multiple Choice Questions
5. Section 3 Economic Systems
   1. Free Market Economy
   2. Command Economy
   3. Mixed Economy
   4. Multiple Choice Questions
6. Section 4 Positive and Normative Statements
   1. Multiple Choice Questions
7. Section 5 Demand
   1. Law of Demand
   2. Demand Schedule
   3. Demand Curve
   4. Factors Causing Shifts in the Demand Curve (DEMAND Determinants)
   5. Multiple Choice Questions
8. Section 6 Supply
   1. Law of Supply
   2. Supply Schedule
   3. Supply Curve
   4. Multiple Choice Questions
9. Section 7 Market Equilibrium
   1. Changes in The Equilibrium Price
   2. Multiple Choice Questions
10. Section 8 Elasticity of Demand
    1. Price Elasticity of Demand (P)
    2. Total Revenue (TR) or Total Expenditures (TE) Method 89
    3. Graphical Method 92
    4. Point Elasticity of Demand
    5. Income Elasticity of Demand (M)
    6. Cross Price Elasticity of Demand (C) 102
    7. Limitations of Demand Elasticities 104
    8. Multiple Choice Questions
11. Section 9 Price Elasticity of Supply
    1. Determinants of Price Elasticity of Supply
    2. Multiple Choice Questions
12. Section 10 Consumer and Producer Surplus
    1. Consumer Surplus
    2. Changes in Consumer Surplus 140
    3. Producer Surplus
    4. Changes in Producer Surplus 142
    5. Prices as Rationing and Allocative Mechanisms
    6. Multiple Choice Questions
13. Section 11 Taxes and Subsidies
    1. Taxes 156
       1. Specific Tax 156
       2. Ad Valorem Tax (percentage Tax) 156
    2. Subsidies
       1. Specific Subsidy 161
       2. Ad Valorem Subsidy (percentage Subsidy) 161
    3. Multiple Choice Questions
14. Section 12 Maximum and Minimum Prices
    1. Maximum Price
    2. Impacts of a Maximum Price 175
    3. Minimum Price
    4. Multiple Choice Questions
15. Section 13 Public and Private Goods
    1. Public Goods
    2. Private Goods
    3. Merit Goods
    4. Demerit Goods
    5. Multiple Choice Questions
16. Section 14 Factors of Production
    1. Land
    2. Capital
    3. Labour
    4. Entrepreneurship
    5. Division of Labour
    6. Multiple Choice Questions
17. Section 15 Unemployment
    1. Costs of Unemployment
    2. Reducing Unemployment
    3. Multiple Choice Questions
18. Section 16 Money
    1. Evolution of Money
    2. Functions of Money
    3. Multiple Choice Questions
    4. Section 17 Aggregate Demand & Aggregate Supply 229
    5. Aggregate Demand (AD)
    6. Aggregate Supply (AS)
    7. Multiple Choice Questions
19. Section 18 General Price Level: Price Indices
    1. Limitations of Price Index
    2. Nominal and Real Changes
    3. Multiple Choice Questions
20. Section 19 Inflation
    1. Types of Inflation
    2. Causes of Inflation
    3. Consequences of Inflation
    4. Multiple Choice Questions
21. Section 20 Principles of Absolute & Comparative Advantage
    1. Theory of Absolute Advantage
    2. Theory of Comparative Advantage
    3. Exceptions to The Theories of Absolute & Comparative Advantage
    4. Limitations to The Theories
    5. Challenges of International Trade
    6. Multiple Choice Questions
22. Section 21 Terms of Trade
    1. Multiple Choice Questions
    2. Section 22 Arguments For Free Trade & Motives For Protection 296
    3. Arguments For Free Trade
    4. Types (METHODS) of Protection and Their Effects
    5. Multiple Choice Questions
23. Section 23 Economic Integration
    1. Free Trade Area
    2. Customs Union
    3. Common Market
    4. Full Economic Union
    5. Political Union
    6. Multiple Choice Questions
24. Section 24 Balance of Payments
    1. Current Account
    2. Financial (CAPITAL) Account
    3. Balance of Payments Problems
    4. Why Is a Trade Deficit Bad? 321
    5. Why Is a Trade Surplus Bad? 322
    6. Multiple Choice Questions
25. Section 25 Exchange Rates
    1. Nominal Exchange Rate
    2. Real Exchange Rate
    3. Purchasing Power Parity Theory
    4. Managed Floating
    5. Flexible or Floating Exchange Rates
    6. Changes in Exchange Rates
    7. Fixed Exchange Rates
    8. Managed Float
    9. Advantages & Disadvantages of Fixed & Floating Exchange Rates
    10. Policies to Correct Balance of Payments Disequilibrium
    11. Policies to Correct a Trade Surplus
    12. Impacts of Changes in Interest Rate
    13. Multiple Choice Questions
26. Section 26 Fiscal Policy
    1. Monetary Policy
    2. Supply Side Policies and Natural Rate of Unemployment
    3. Systems of Taxation
    4. Multiple Choice Questions
27. Answers 393