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Pearson Edexcel Level 3 Advanced GCE in Economics A: Microeconomics and Macroeconomics Study Guide

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Introduction to Economics

  • Guided course
    Hello!
    00:16

Positive and Normative Analysis

  • Guided course
    Identifying Statements
    02:48
  • Guided course
    Positive Statements vs. Normative Statements
    04:35

Scarcity and Choice

  • Guided course
    Defining Economic Terms:Scarcity, Trade-offs, and Opportunity Costs
    02:39

Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency

  • Guided course
    Understanding the PPF
    06:23
  • Guided course
    PPF - Attainable and Efficient
    04:48

PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency

  • Guided course
    Allocative Efficiency with Marginal Analysis
    08:42
  • Guided course
    Increasing Marginal Opportunity Costs
    04:38

PPF - Outward Shifts

  • Guided course
    PPF - General Economic Growth
    01:55
  • Guided course
    PPF - Technological Advances in an Industry
    02:49

PPF - Comparative Advantage and Absolute Advantage

  • Guided course
    Opportunity Costs and Comparative Advantage
    06:30
  • Guided course
    Two PPFs, Specialization, and Absolute Advantage
    04:36

PPF - Comparative Advantage and Trade

    PPF - The Price of the Trade

    • Guided course
      The Price of the Trade
      03:47

    People Are Rational

    • Guided course
      People Are Rational
      01:32

    People Respond to Incentives

    • Guided course
      Economic Incentives
      01:40

    The Demand Curve

    • Guided course
      The Basics of Demand
      07:15
    • Guided course
      Individual Demand and Market Demand
      06:08

    Shifts in the Demand Curve

    • Guided course
      Consumer Income:Normal Goods and Inferior Goods
      01:48
    • Guided course
      Substitute Goods
      04:10
    • Guided course
      Consumer Expectations
      02:18

    Movement Along a Demand Curve

    • Guided course
      Shifting Demand - Warning!
      05:29

    The Supply Curve

    • Guided course
      Individual Supply and Market Supply
      06:04
    • Guided course
      The Basics of Supply
      03:53

    Shifts in the Supply Curve

    • Guided course
      Nature
      01:
    • Guided course
      Technology
      01:27
    • Guided course
      Substitutes in Production
      03:02

    Movement Along a Supply Curve

    • Guided course
      Shifting Supply - Warning!
      03:08

    Market Equilibrium

    • Guided course
      Overview of Supply and Demand Shifts
      04:07

    Using the Supply and Demand Curves to Find Equilibrium

    • Guided course
      Equilibrium
      04:19
    • Guided course
      Results of Both Shifting
      06:34
    • Guided course
      Demand Shifts
      06:18

    Effects of Surplus

    • Guided course
      Surplus
      03:05

    Effects of Shortage

    • Guided course
      Shortage
      02:01

    Price Ceilings, Price Floors, and Black Markets

    • Guided course
      Price Ceilings
      07:07
    • Guided course
      Price Floors and Black Markets
      08:03
    • Guided course
      Price Floors
      02:18

    Quantitative Analysis of Price Ceilings and Price Floors: Finding Points

    • Guided course
      Quantitative Analysis of Price Ceilings and Price Floors: Finding Points
      10:30

    Quantitative Analysis of Price Ceilings and Price Floors: Finding Areas

    • Guided course
      Overview of Price Ceilings and Floors: Identifying Prices
      09:29
    • Guided course
      Overview of Price Ceilings and Floors: Finding Consumer and Producer Surplus
      15:24
    • Guided course
      Quantitative Analysis of Price Ceilings and Floors: Finding Areas
      11:40

    Percentage and Decimal Review

    • Guided course
      Calculating Percentage Change
      02:29

    Fractions Review

    • Guided course
      Comparing Fractions
      02:40

    Graphing Review

    • Guided course
      Calculating Area of a Rectangle on Graph
      02:36
    • Guided course
      Calculating Slope of a Curve:Arc Method
      03:25
    • Guided course
      Interpreting Graphs (Part Two)
      03:02

    Graphs of Two Variables

    • Guided course
      Plotting Points on a Graph
      04:34

    Relationships between Variables

    • Guided course
      Drawing and Shifting Curves
      07:33

    Interpreting Graphs, Correlation, Causation, and Omitted Variables

    • Guided course
      Interpreting Graphs (Part One)
      03:27
    • Guided course
      Interpreting Graphs (Part Two)
      03:02

    Slope of Linear Graphs

    • Guided course
      Calculating Slope of a Straight Line
      07:47

    Slope of a Curve at a Point

    • Guided course
      Calculating Slope of a Curve:Point Method
      03:40

    Finding the Maximum and Minimum Points on Graphs

    • Guided course
      Finding Maximum and Minimum on a Graph
      02:32

    Percentage and Decimal Review

    • Guided course
      Converting Percentages and Decimals
      05:14

    Fractions Review

    • Guided course
      Comparing Fractions
      02:40
    • Guided course
      Simplifying Fractions
      09:52

    Areas of Shapes

    • Guided course
      Calculating Area of a Triangle on Graph
      08:52

    Price Elasticity of Demand on a Graph

    • Guided course
      Price Elasticity of Demand on a Graph
      11:34

    Price Elasticity of Supply

    • Guided course
      Price Elasticity of Supply
      05:38

    Price Elasticity of Supply on a Graph

    • Guided course
      Price Elasticity of Supply on a Graph
      03:46

    Elasticity and the Midpoint Method

    • Guided course
      The Midpoint Method
      10:04

    Determinants of Price Elasticity of Demand

    • Guided course
      Determinants of Price Elasticity of Demand
      06:12

    Total Revenue Test

    • Guided course
      Total Revenue Test
      09:31

    Total Revenue Along a Linear Demand Curve

    • Guided course
      Total Revenue Along a Linear Demand Curve
      07:13

    Income Elasticity of Demand

    • Guided course
      Income Elasticity of Demand
      10:57

    Cross-Price Elasticity of Demand

    • Guided course
      Cross-Price Elasticity of Demand
      07:14

    Elasticity Summary

    • Guided course
      Elasticity Summary
      04:06

    Consumer Surplus and Willingness to Pay

    • Guided course
      Consumer Surplus in a Small Setting
      14:41
    • Guided course
      Consumer Surplus and Market Demand
      06:08
    • Guided course
      Consumer Surplus
      03:15

    Producer Surplus and Willingness to Sell

    • Guided course
      Producer Surplus and Market Supply
      05:24
    • Guided course
      Producer Surplus
      02:55
    • Guided course
      Producer Surplus in a Small Setting
      11:38

    Economic Surplus and Efficiency

    • Guided course
      Deadweight Loss and Market Failure
      07:08
    • Guided course
      Economic Surplus
      11:40

    Quantitative Analysis of Consumer and Producer Surplus at Equilibrium

    • Guided course
      Quantitative Analysis of Consumer and Producer Surplus
      17:29

    Introducing Taxes and Tax Incidence

    • Guided course
      Tax Incidence
      03:21
    • Guided course
      Taxes and Tax Incidence
      13:27

    Effects of Taxes on a Market

    • Guided course
      Effects of Taxes
      09:45

    Elasticity and Taxes

    • Guided course
      Elasticity and Taxes:Perfectly Elastic Demand and Perfectly Inelastic Demand
      02:58
    • Guided course
      Elasticity and Taxes
      07:03

    Subsidies

    • Guided course
      Subsidies
      09:29

    The Laffer Curve

    • Guided course
      Laffer Curve
      09:01

    Quantitative Analysis of Taxes

    • Guided course
      Quantitative Analysis of Taxes
      08:01

    Tax Efficiency

    • Guided course
      Tax Efficiency
      06:43
    • Guided course
      Uniform Tax System
      03:04

    Tax Equity

    • Guided course
      Regressive, Proportional, and Progressive Taxes
      04:18
    • Guided course
      Tax Equity
      06:42

    Externalities: Social Benefits and Social Costs

    • Guided course
      Externalities on the Graph
      14:23
    • Guided course
      Negative Externality and Positive Externality
      10:54

    Public Solutions to Externalities

    • Guided course
      Public Solutions to Externalities:Quantity Limits
      04:07
    • Guided course
      Public Solutions to Externalities:Command-and-Control Policies and Corrective Pigovian Taxes and Subsidies
      16:25

    Private Solutions to Externalities: The Coase Theorem

    • Guided course
      The Coase Theorem
      09:03

    Four Types of Goods and Two Characteristics

    • Guided course
      The Four Types of Goods:Private Goods, Club Goods, Common Resources, and Public Goods
      11:08
    • Guided course
      Two Characteristics:Rivalry in Consumption and Excludability
      05:02

    The Free Rider Problem and the Tragedy of the Commons

    • Guided course
      Tragedy of the Commons
      07:34
    • Guided course
      Free Rider Problem
      06:11

    Public Goods: Demand Curve and Optimal Quantity

    • Guided course
      Demand Curve of a Public Good
      08:18
    • Guided course
      Demand Curve of a Private Good
      03:52

    Exporting and Importing

    • Guided course
      Low World Price:Import
      06:36
    • Guided course
      Autarky
      04:
    • Guided course
      High World Price:Export
      09:03

    Sources of Comparative Advantage

    • Guided course
      Sources of Comparative Advantage
      06:08

    Tariffs on Imports

    • Guided course
      Tariffs on Imports
      14:35

    Import Quotas and VERs

    • Guided course
      Import Quotas and VERs
      14:08
    • Guided course
      Import Quota
      09:44

    Arguments Against International Trade

    • Guided course
      Arguments Against International Trade
      07:50

    Revenue, Cost, and Profit

    • Guided course
      Explicit and Implicit Cost
      05:51
    • Guided course
      Fixed Costs and Variable Costs; Short Run and Long Run
      07:54
    • Guided course
      Accounting Profit and Economic Profit
      01:59

    The Production Function and Diminishing Returns

    • Guided course
      The Production Function and Diminishing Returns
      07:45
    • Guided course
      Calculating Fixed Cost, Variable Cost, and Average Total Cost
      05:09

    Marginal Cost

    • Guided course
      Marginal Cost
      10:48

    The Relationship Between Average Cost and Marginal Cost

    • Guided course
      Average Cost and Marginal Cost
      06:38
    • Guided course
      Patterns of MC, AFC, AVC, and ATC curves
      08:56

    Graphing Costs

    • Guided course
      Graphing Cost Curves
      10:54

    Average Total Cost: Short Run and Long Run

    • Guided course
      ATC in the Short Run and Long Run
      13:13

    Isoquant Lines

    • Guided course
      Isoquant Lines
      09:45

    Isocost Lines

    • Guided course
      Isocost Lines
      04:27

    Cost-Minimizing Combination of Labor and Capital

    • Guided course
      Cost Minimizing Combination of Labor and Capital
      05:02
    • Guided course
      Differences in Cost Minimizing Point
      01:45

    Introduction to the Four Market Models

    • Guided course
      Four Market Model Summary
      02:25

    Characteristics of Perfect Competition

    • Guided course
      Characteristics of Perfect Competition
      02:29
    • Guided course
      Market Demand and Individual Firm Demand
      03:57

    Revenue in Perfect Competition

    • Guided course
      Revenue in Perfect Competition
      06:20
    • Guided course
      Calculating Profit from a Table
      08:15

    Perfect Competition Profit on the Graph

    • Guided course
      Profit on the Graph in Perfect Competition
      13:25

    Short Run Shutdown Decision

    • Guided course
      Short Run Shutdown Decision (continued)
      07:54
    • Guided course
      Short Run Shutdown Decision on the Graph
      07:05
    • Guided course
      Short Run Shutdown Decision
      03:28

    Long Run Entry and Exit Decision

    • Guided course
      Long Run Exit/Enter Decision (continued)
      06:04
    • Guided course
      Long Run Exit/Enter Decision
      02:39
    • Guided course
      Long Run Exit/Enter Decision on the Graph
      09:32

    Individual Supply Curve in the Short Run and Long Run

    • Guided course
      Individual Firm Supply Curve in the Long Run
      03:12
    • Guided course
      Individual Firm Supply Curve in the Short Run
      03:19

    Market Supply Curve in the Short Run and Long Run

    • Guided course
      Market Supply Curve in the Long Run
      06:07
    • Guided course
      Market Supply Curve in the Short Run
      03:02

    Long Run Equilibrium

    • Guided course
      Long Run Equilibrium
      07:04

    Perfect Competition and Efficiency

    • Guided course
      Efficiency in Perfect Competition
      06:46

    Four Market Model Summary: Perfect Competition

    • Guided course
      Four Market Model Summary: Perfect Competition
      05:02

    Characteristics of Monopoly

    • Guided course
      Monopoly Barriers to Entry
      06:29
    • Guided course
      Characteristics of Monopoly
      02:48
    • Guided course
      Monopoly Demand Curve
      04:17

    Monopoly Revenue

    • Guided course
      Monopoly Revenue
      03:37
    • Guided course
      Monopoly and Marginal Revenue
      06:43

    Monopoly Profit on the Graph

    • Guided course
      Monopoly Profit on the Graph
      07:41

    Monopoly Efficiency and Deadweight Loss

    • Guided course
      Monopoly Efficiency and Deadweight Loss
      12:19

    Price Discrimination

    • Guided course
      Price Discrimination
      04:05
    • Guided course
      Perfect Price Discrimination
      06:11
    • Guided course
      Price Discrimination
      07:45

    Antitrust Laws and Government Regulation of Monopolies

    • Guided course
      Antitrust Laws
      03:58
    • Guided course
      Monopoly:Socially Optimal Price and Fair-Return Price
      07:21

    Mergers and the Herfindahl-Hirschman Index (HHI)

    • Guided course
      Mergers and the HHI
      04:42

    Four Firm Concentration Ratio

    • Guided course
      Four Firm Concentration Ratio
      03:57

    Four Market Model Summary: Monopoly

    • Guided course
      Four Market Model Summary: Monopoly
      04:34

    Characteristics of Monopolistic Competition

    • Guided course
      Characteristics of Monopolistic Competition
      05:53
    • Guided course
      Monopolistic Competition Demand Curve
      04:25

    Revenue in Monopolistic Competition

    • Guided course
      Monopolistic Competition Revenue
      03:28
    • Guided course
      Monopolistic Competition Marginal Revenue
      07:13

    Monopolistic Competition Profit on the Graph

    • Guided course
      Monopolistic Competition Profit on the Graph
      07:07

    Monopolistic Competition in the Long Run

    • Guided course
      Monopolistic Competition in the Long Run
      09:47
    • Guided course
      How Companies Stay Profitable
      01:33

    Efficiency in Monopolistic Competition

    • Guided course
      Monopolistic Competition Productive Efficiency
      03:54
    • Guided course
      Monopolistic Competition Allocative Efficiency
      02:56

    Advertising

    • Guided course
      The Role of Advertising
      04:52

    Four Market Model Summary: Monopolistic Competition

    • Guided course
      Four Market Model Summary: Monopolistic Competition
      03:30

    Characteristics of Oligopoly

    • Guided course
      Characteristics of Oligopoly
      04:45
    • Guided course
      Oligopoly Barriers to Entry
      05:16

    One-Time Games and the Prisoner's Dilemma

    • Guided course
      Game Theory, One-Time Games, and the Prisoner's Dilemma
      05:28
    • Guided course
      One-Time Games:Finding Dominant Strategies and Nash Equilibrium with the "Check and X"Method
      06:03
    • Guided course
      Dominant Strategy and the Nash Equilibrium
      06:29

    Game Theory and Oligopoly Profit

    • Guided course
      Oligopoly Profit
      06:36
    • Guided course
      Oligopoly Profit
      10:08

    Repeated Games

    • Guided course
      Repeated Games
      02:28

    Kinked-Demand Theory

    • Guided course
      Oligopoly:Kinked Demand Theory
      13:04

    Four Market Model Summary: Oligopoly

    • Guided course
      Four Market Model Summary: Oligopoly
      03:39

    The Production Function and Marginal Revenue Product

    • Guided course
      The Factors of Production
      02:41
    • Guided course
      Marginal Revenue Product
      10:37
    • Guided course
      Marginal Revenue Product (Value of the Marginal Product of Labor)
      02:47

    Demand for Labor in Perfect Competition

    • Guided course
      Demand for Labor in Perfect Competition
      04:33

    Shifts in Labor Demand

    • Guided course
      Shifts in Labor Demand:Technological Change (II)
      03:09
    • Guided course
      Shifts in Labor Demand:Output Price
      06:57
    • Guided course
      Shifts in Labor Demand:Technological Change (I)
      03:01

    Supply of Labor in Perfect Competition

    • Guided course
      Supply of Labor in Perfect Competition
      03:17
    • Guided course
      Individual Supply Curve of Labor (Backward-Bending Supply Curve)
      04:34

    Shifts in Labor Supply

    • Guided course
      Shifts in Labor Supply
      03:47

    Differences in Wages

    • Guided course
      Differences in Wages:Efficiency Wages and Superstars
      04:12
    • Guided course
      Differences in Wages:Compensating Differential and Human Capital
      02:39

    Other Factors of Production: Land and Capital

    • Guided course
      Other Factors of Production: Capital
      02:08
    • Guided course
      Other Factors of Production: Land
      03:31

    Unions

    • Guided course
      Labor Unions
      06:50

    Monopsony

    • Guided course
      Monopsony
      07:18
    • Guided course
      Monopsony and Minimum Wage
      03:52

    Bilateral Monopoly

    • Guided course
      Bilateral Monopoly
      05:32

    Income Inequality in the USA and Worldwide

    • Guided course
      Income Inequality in the USA and Worldwide
      01:37

    Poverty

    • Guided course
      Poverty
      05:02

    Polices to Reduce Poverty

    • Guided course
      Policies to Reduce Poverty
      06:15

    Lorenz Curve and Gini Coefficient

    • Guided course
      Lorenz Curve and the Gini Coefficient
      11:30

    Income Equality and Efficiency

    • Guided course
      Income Equality and Efficiency
      06:41

    Asymmetric Information: Adverse Selection and Moral Hazard

    • Guided course
      Asymmetric Information
      02:19
    • Guided course
      Moral Hazard
      04:03
    • Guided course
      Adverse Selection
      04:42

    Solutions to Informational Problems

    • Guided course
      Solutions to Informational Problems:Screening
      05:57
    • Guided course
      Solutions to Informational Problems:Signaling
      03:06

    Budget Constraint

    • Guided course
      Budget Constraint (Budget Line)
      08:41
    • Guided course
      Budget Constraint:Change in Price of a Good
      03:50
    • Guided course
      Budget Constraint:Change in Income
      03:44

    Indifference Curves

    • Guided course
      Indifference Curves
      14:47
    • Guided course
      Properties of Indifference Curves
      04:23

    Indifference Curves for Perfect Substitutes and Perfect Complements

    • Guided course
      Indifference Curves for Perfect Substitutes and Perfect Complements
      04:02

    Consumer Optimum Consumption: Budget Constraint and Indifference Curves

    • Guided course
      Consumer Optimum Consumption: Budget Constraint and Indifference Curves
      07:07

    Consumer Optimum Consumption: Marginal Utility per Dollar Spent

    • Guided course
      Consumer Optimum Consumption: Marginal Utility per Dollar Spent
      09:38