#ECON1 - Markets And Market Failure Revision Planner
How well do you think you could do the following?
1 – Easily
2 – with some revision
3 – Not brilliantly, I’d like to go over it
4 – I didn’t understand it and haven’t got a clue
Understand The Basic Economic Problem And How Different
Economies Solve It
Understand PPFs, How To Shift Them And How To Use Them To
Show Opportunity Cost
Know The Differences Between The Factors of Production, Be Able
To Identify How To Categorise Them And How To Improve Or
Increase Them
Know The Difference Between Positive And Normative Statements
And Be Able To Identify Them
The Determinants Of Demand And Why A Demand Curve Might
Shift And What Might Cause A Movement Along A Demand Curve
Understand Why A Demand Curve Dives Downwards
Be Able To Calculate PED, PES, XED and YED Using Percentage
Figures
Be Able To Calculate PED, PES, XED and YED Using Raw Figures
Be Able To Identify What The Number Means At The End Of An
Elasticity Equation
Be Able To Identify What The Positive Or Negative Sign Means At
The End Of An Elasticity Equation
Be Able To Identify What Factors Affect Theses Elasticities
Understand The Relationship Between PED And Revenue When
Price Changes
Know The Difference Between Normal And Inferior Goods
Understand Why A Supply Curve Soars Skywards
Know What Factors Cause A Supply Curve To Shift
Show How The Interaction Of Supply And Demand Determines
Price And Quantity Consumed In A Market
Know How To Label Excess Demand On A Diagram And Understand
How This Would Be Addressed
Know How To Label Excess Supply On A Diagram And Understand
How This Would Be Addressed
Be Able To Apply Knowledge Of Supply And Demand Curves To Real
Life Examples And Be Able To Explain Them
Be Able To Understand The Interrelationship Between Markets And
Be Able To Draw Diagrams That Show Joint Demand, Demand For
#ECON1 - Markets And Market Failure Revision Planner
How well do you think you could do the following?
1 – Easily
2 – with some revision
3 – Not brilliantly, I’d like to go over it
4 – I didn’t understand it and haven’t got a clue
Substitute And Complementary Goods, Composite Demand,
Derived Demand And Joint Supply
Understand And Explain The Rationing, Signalling And Incentive
Function Of The Price Mechanism In Allocating Resources
Understand The Advantages And Disadvantages of Specialisation
And Division Of Labour
Understand What Productivity Is And How It Can Be Influenced
Explain Productive Efficiency, Using A PPF Diagram AND An AC
Curve Diagram
Understand What EoS Are And What Causes Them
Understand What DoS Are And What Causes Them
Be Able To Explain What Market Failure Is
Be Able To Explain How Public Goods, Positive And Negative
Externalities, Merit And Demerit Goods, Monopolies And Inequality
In The Distribution Of Income Can Lead To An Inefficient Allocation
Of Resources
Give Examples Of All Of The Above Market Failures
Understand The Characteristics Of Public And Private Goods
Be Able To Draw All Four Diagrams To Show Externalities
Understand How Information Failure Causes Over And Under
Consumption Of Some Goods
Understand How Monopoly Producers Can Use Their Market
Power To Allocate Resources Inefficiently
Explain Why Monopolies Can Be Good For Consumers
Understand How Immobility Leads To Market Failure And How It
Can Be Corrected
Be Able To Explain Why Governments May Need To Intervene In
Markets
Be Able To Critically Evaluate The Use Of Indirect Taxation,
Subsidies, Price Controls, Buffer Stock Schemes, Pollution Permit
Schemes, State Provision And Regulation To Correct Market Failure
Understand The Concept Of Government Failure And Be Able To
Give Possible Causes And Examples, Whilst Understanding The Link
To Information Failure