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A-Level Economics · Edexcel · Paper 1 (Micro)

What are the 7 conditions of demand (PIRATES)?

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Answer
  • Population
  • Income
  • Related goods
  • Advertising
  • Tastes
  • Expectations
  • Seasons
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A-Level Economics · Edexcel · Paper 1 (Micro)

What factors influence PED?

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Answer
  • Availability of substitutes
  • Time period
  • Necessity or luxury
  • Percentage of income spent
  • Durability of the good
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A-Level Economics · Edexcel · Paper 1 (Micro)

Why do negative externalities cause market failure?

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Answer
  • The market overproduces and overconsumes, creating a welfare loss
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A-Level Economics · Edexcel · Paper 1 (Micro)

Define allocative efficiency

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Answer
  • When resources are used to produce exactly what consumers want, maximising utility
  • It occurs when price equals the marginal cost of production
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A-Level Economics · Edexcel · Paper 1 (Micro)

What are the characteristics of a monopoly?

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Answer
  • Single seller
  • High barriers to entry
  • Price maker
  • Profit maximisation
  • Potential price discrimination, with supernormal profits possible in both the short and long run
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A-Level Economics · Edexcel · Paper 2 (Macro)

What is the fiscal multiplier?

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Answer
  • The total change in real national income resulting from an initial change in government spending
  • Multiplier = 1 ÷ (1 − MPC)
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A-Level Economics · Edexcel · Paper 2 (Macro)

What is a positive output gap?

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Answer
  • When actual GDP exceeds potential GDP, causing inflationary pressure
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A-Level Economics · Edexcel · Paper 2 (Macro)

How can rapid economic growth cause inflation?

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Answer
  • If aggregate demand grows faster than productive capacity, demand-pull inflation occurs
A-LevelEdexcel

Edexcel A-Level Economics Flashcards

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  • 🎓Written by subject specialists
  • ✅Aligned with the Edexcel specification
  • 🗂️Includes an Anki file and a Quizlet class invite
What's inside

Edexcel A-Level Economics Flashcards

Digital flashcards covering the full Edexcel A-Level Economics course. Choose Paper 1 (Micro), Paper 2 (Macro), or get both papers and save.

Built to help you revise efficiently, link ideas together and write strong chains of reasoning under exam pressure.

Choose your option:

Paper 1 – Microeconomics: Themes 1 & 3
Paper 2 – Macroeconomics: Themes 2 & 4
Paper 1 & 2: the full course, all four themes

What's included:

Key definitions and equations

Strong chains of analysis for top-band answers

KAA and evaluation built in

Compatible with Quizlet and Anki

Paper 1 topics:

Theme 1: Introduction to Markets and Market Failure
1.1 Nature of Economics
1.2 How Markets Work
1.3 Market Failure
1.4 Government Intervention

Theme 3: Business Behaviour and the Labour Market
3.1 Business Growth
3.2 Business Objectives
3.3 Revenues, Costs and Profits
3.4 Market Structures
3.5 Labour Markets
3.6 Government Intervention

Paper 2 topics:

Theme 2: The UK Economy – Performance and Policies
2.1 Measures of Economic Performance
2.2 Aggregate Demand
2.3 Aggregate Supply
2.4 National Income
2.5 Economic Growth
2.6 Macroeconomic Objectives and Policies

Theme 4: A Global Perspective
4.1 International Economics
4.2 Poverty and Inequality
4.3 Emerging and Developing Economies
4.4 The Financial Sector
4.5 Role of the State in the Macroeconomy

Format: Digital download
Exam board: Pearson Edexcel
Course: A-Level Economics
Assessment: Paper 1, Paper 2, or both

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