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EconAce

Paper 1

AS Level levels

Units 1-6: the foundations — scarcity, the price system, government intervention, the macroeconomy and international trade.

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  1. 1

    Scarcity, Choice & Opportunity Cost

    The fundamental economic problem, positive vs normative statements, and the four factors of production.

    1.11.21.3
  2. 2

    Economic Systems, PPCs & Goods

    Locked

    Market, planned and mixed economies; production possibility curves; free, private, public and merit goods.

    1.41.51.6
  3. 3

    Demand & Supply

    Locked

    Individual and market demand and supply, movements along versus shifts of the curves, and their determinants.

    2.1
  4. 4

    Elasticities

    Locked

    Price, income and cross elasticity of demand, price elasticity of supply, and their effect on revenue.

    2.22.3
  5. 5

    Equilibrium, Surplus & the Price Mechanism

    Locked

    How demand and supply interact to clear a market, plus consumer and producer surplus.

    2.42.5
  6. 6

    Government Microeconomic Intervention

    Locked

    Maximum and minimum prices, taxes, subsidies, transfers, and addressing income and wealth inequality.

    3.13.23.3
  7. 7

    National Income, Circular Flow & AD/AS

    Locked

    Measuring national income, the circular flow with injections and withdrawals, and AD/AS analysis.

    4.14.24.3
  8. 8

    Growth, Unemployment & Price Stability

    Locked

    Actual and potential growth, the business cycle, types and costs of unemployment, and inflation and deflation.

    4.44.54.6
  9. 9

    Government Macroeconomic Policy

    Locked

    Policy objectives and the fiscal, monetary and supply-side instruments used to reach them.

    5.15.25.35.4
  10. 10

    International Trade, Protection & Exchange Rates

    Locked

    Absolute and comparative advantage, tariffs and quotas, the current account, and exchange rate systems.

    6.16.26.36.46.5

Each level draws its questions at random from a larger pool, so no two attempts are the same. A level unlocks once you have attempted the one before it, and counts as complete once you score 80% or better.