157 Micro Economics Book 1 As Level (Revision Notes)

Description

157 Micro Economics Book 1 As Level (Revision Notes) by Imran Latif

The idea of writing notes for Cambridge A-level Micro Economics Notes came to me in 2003, when, having already taught for a year, I realized that no single economics book available in the local and international markets covered all the topics with the depth and perspective required by the CIE syllabus.

Both students and teachers had to consult 3 to 4 different books to find all the material that they needed—private candidates and 00 teachers had it even worse. Furthermore, it was really difficult for students to keep having to refer through different books when the exams were close and they were starved for time.

I took on the challenge and decided to write a comprehensive text that explicitly followed the syllabus and exam pattern of the CIE.

Micro Economics Notes

A year and a half later, in the middle of 2004, I had finally written and published four entire volumes of A level economics notes. Part of them had been hand-written, and part of them had been typed. Soon, word of their usefulness spread, and they were bought all over Pakistan.

The notes had served their purpose well till the end of 2014. Till that point, there had only been minor changes in the syllabus. But now, there was a dire need to update them, for the new syllabus for the 2019 examination introduced some significant changes in course content.

In this new and improved edition, old topics have been revised and new topics have been added. At the end of each topic there is a relevant list of essay questions spanning from 1990 to 2019.

These questions provide a clear guideline regarding how the examiners assess students’ knowledge on the topics for Paper 2 and Paper 4, allowing the student to practice effectively.

While writing these notes I kept in mind the way in which the examiner tests MCQs as well. The notes have been divided into four volumes to make it easier for those who are following the AS and A2 track separately and for those who are taking the composite exam; the syllabus division in the following pages has been provided for this express purpose. I hope my efforts will help to contribute both to the learning of the student, as well as to the inquisitiveness of any teachers of A-level economics. Your suggestions will help me improve the quality of the content for later editions and will be highly appreciated.

– Imran Latif

Table of Contents

1. Unit 1 Basic Economic Ideas and Resource Allocation
   1. Basic Economic Problem
   2. Production Possibility Curve
   3. Economic Structure
   4. Positive and Normative Statements
   5. Classification of Goods and Services
   6. Basic Economic Questions
   7. Meaning of the Term ‘CETERIS Paribus’
   8. Decisions At the Margin
   9. Short Run, Long Run and Very Long Run
   10. Economic Systems
   11. Difficulties Faced By Transition Economies
   12. Topical Past Paper Essay Questions
2. Unit 2 Demand, Supply & Equilibrium
   1. Demand
   2. Supply
   3. Equilibrium
   4. Interdependent Markets & Prices
   5. Economic Agents in A Market Economy
   6. The Function of Prices in the Market
   7. Topical Past Paper Essay Questions
3. Unit 3 Elasticity
   1. Interpreting the Elasticity Figures
   2. Elasticity of Demand
   3. Price Elasticity of Supply (PES)
   4. Determinants of Pes
   5. Income Elasticity of Demand
   6. Cross Elasticity of Demand (XED)
   7. Practical Applications of Elasticity
   8. Limitations of the Concept of Elasticity
   9. Past Papers Questions
4. Unit 4 Government Microeconomic Intervention
   1. Consumer Surplus
   2. Producer Surplus
   3. Total Surplus
   4. Efficiency and Market Equilibrium
   5. Financial Intervention
   6. Price Controls
   7. Privatization
   8. Nationalization and Direct Provision of Goods and Services
   9. Past Papers Questions