Review/Revision
Unit 2.8(5): Common-pool resources
This page covers the theory of common-pool resources, the importance of sustainability, external costs and policy approaches to common-pool resources. Common-pool resources are the natural resources...
Review/Revision
Unit 2.8(4): External benefit policies
This page covers the policies to increase the consumption and production of goods associated with positive externalities and merit goods. These policies include subsidies, state provision, regulation,...
Review/Revision
Unit 2.8(3): External cost policies
This page covers the different policies to reduce the external costs of consumption and production. This includes taxation, tradeable permits, regulations, advertising and education. Governments can...
Review/Revision
Unit 2.8(2): Merit and demerit goods
This page covers merit and demerit goods. It explains the theory behind these goods and why they are a market failure. Merit goods are goods that society says people should consume because they are...
Review/Revision
Unit 1.1: Introduction to Economics
This page covers the introduction to Economics as a subject. It includes Economics as a social science, scarcity, resources, opportunity cost and the production possibility model. Economics is the...
Review/Revision
Unit 2.8(1): Market Failure – Externalities
This page covers market failure, negative externalities of consumption and production, along with positive externalities of consumption and production. Markets fail when the free market forces of demand...
Review/Revision
Unit 2.7(4): Governments in markets - minimum prices
This page covers the nature of minimum prices and the reasons why governments use them. It also covers the impact of minimum prices on different stakeholders. A minimum price or price floor is a lower...
Review/Revision
Unit 2.7(3): Governments in markets - maximum prices
This page covers the nature of maximum prices and the reasons why governments use them. It also covers how maximum prices affect different stakeholders. A maximum price or price ceiling is a price set...
Review/Revision
Unit 2.7(2): Governments in markets - subsidies
This page covers the subsidy section of the syllabus. It includes the nature of subsidies, reasons for subsidies, how subsidies affect markets, the impact of PED and PES on subsidies, and how subsidies...
Review/Revision
Unit 2.7(1): Governments in markets - indirect taxation
This page on indirect taxation covers the reasons for indirect tax, a graphical analysis of indirect tax, the effect of PED and PES on indirect tax and the impact of indirect tax on different stakeholders....