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Unit 1 Markets: How they work


Unit 1 Revision Guide
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Glossary of terms
Positive and Normative Economics

Factors of Production
Opportunity Cost
The Production Possibility Frontier (PPF)
Specialisation and the Division of Labour
Short Run and Long Run
Economies of Scale
Comparative and Absolute Advantage and links
The Demand for Goods and Services and links
The Supply of Goods and Services
The Equilibrium of Demand and Supply and linksy
Consumer Surplus

Producer Surplus
Price Elasticity of Demand
Income Elasticity of Demand
Cross Price Elasticity of Demand
Price Elasticity of Supply
Demand and Supply Analysis in Product and Factor Markets:
Labour Markets
Housing Markets
Exchange rates (Money Markets)
Entry and Exit of Firms
Government Intervention in Markets:
Minimum Prices
Maximum Prices
Agricultural Markets
Indirect Taxes
Indirect Subsidies
Economic Systems



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