Edexcel Economics A Theme 1: Introduction to markets and market failure

This book is intended as both a revision guide and student notes for Edexcel Economics A Theme 1: Introduction to markets and market failure.

Topics covered include:

• Basic economic problem
• Opportunity cost
• Specialisation and the division of labour
• Behavioural economics
• Economic systems
• Demand/supply
• Market clearing
• Elasticities - PED, PES, YED, XED
• Incidence of taxation
• The housing market
• Market failure
• Public goods & private goods

Detailed examples of market failure covered:

• Road pricing
• Healthcare
• Higher education
• New airports and runways
• Buffer stock schemes
• Agriculture
• Pollution
• Fishing

Although mainly aimed at the Edexcel A Level syllabus it may also have relevance for other students on other economics courses post-16 or degree level.