DescriptionThis book is intended as both a revision guide and student notes for Edexcel Economics A Theme 1: Introduction to markets and market failure.Topics covered include:Basic economic problemOpportunity costSpecialisation and the division of labourEconomic systemsBehavioural economicsDemand/supplyMarket clearingElasticities - PED, PES, YED, XEDIncidence of taxationMarket failurePublic goods & private goodsDetailed examples of market failure covered:Road pricingHealthcareHigher educationNew airports and runwaysBuffer stock schemesAgriculturePollutionFishingAlthough mainly aimed at the Edexcel A Level syllabus it may also have relevance for other students on other economics courses post-16 or degree level.
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