The next stop on our Year 12 Recap is the microeconomic concept of the Price Mechanism.
If you are in Year 12, it is essential that you are confident with the basic principles and functions of the price mechanism to help understand how the interaction of demand and supply creates a prevailing equilibrium price and quantity.
If you are in Year 13, it is essential that you are confident of the basic foundations of elasticity and can effectively weave in elasticity into your longer responses as an analytical or evaluative tool. XED and YED are additional elasticity tools you can call upon in an exam situation to demonstrate consumers demand sensitivity to changes in the price of related goods and household disposable income.
On day 5 of our Year 12 Recap, we are continuing the topic of elasticity!
If you are in Year 13, it is essential that you are confident of the basic foundations of elasticity and can effectively weave in elasticity into your longer responses as an analytical or evaluative tool.
We have reached day 4 of our Year 12 recap already and we are moving in to the territory of elasticity.
If you are in Year 13, it is essential that you are confident of the basic foundations of elasticity and can effectively weave in elasticity into your longer responses as an analytical or evaluative tool.
Today's Year 12 Recap is looking at the topic of supply curves. Supply curves provide economists with a graphical way of representing the quantity supplied of a good or service at any given price. Being able to understand the basic upward shape of supply curves and the distinction between a movement along the supply curve and a shift is a crucial skill amongst economists.
Today's Year 12 Recap is looking at the topic of demand curves. Demand curves provide economists with a graphical way of representing the quantity demanded of a good or service at any given price. Being able to understand the basic downward shape of demand curves and the distinction between a movement along the demand curve and a shift is a crucial skill among economists.
With the June exam series fast approaching, the first day of our Year 12 Recap looks at the most fundamental topic of economics: the aptly named ‘The Economic Problem’. The Economic Problem asks the question “How do we satisfy an unlimited set of wants and needs when we only have access to a limited, set of resources?”. This underpins the reason why a lot of topics in economics are studied – for example, efficiency concerns how well resources are used; this would not be a prominent concern if resources were not scarce.
