a level economics

• Microeconomics is the branch of economics that focuses on individual economic units such as households, firms, and markets.
• Supply and demand are the fundamental concepts in economics that determine the prices and quantities of goods and services in a market.
• Macroeconomics is the branch of economics that focuses on the behavior and performance of an economy as a whole.
• Market structures refer to the organizational characteristics of a market, including the number of firms, the nature of competition, and the degree of market power.
• Elasticity measures the responsiveness of quantity demanded or quantity supplied to a change in price.
• Production refers to the process of transforming inputs into outputs.
• Consumer behavior refers to the study of how individuals, households, and organizations make decisions regarding the allocation of their limited resources to satisfy their unlimited wants and needs.
• National income is the total value of all goods and services produced within a country's borders in a specific time period.
• Unemployment refers to the number of people who are actively seeking employment but are unable to find a job.
• Market failure occurs when the allocation of resources in a market is inefficient and leads to a net welfare loss.
• The law of demand states that as the price of a good or service increases, the quantity demanded decreases, ceteris paribus.
• The law of supply states that as the price of a good or service increases, the quantity supplied increases, ceteris paribus.
• Equilibrium occurs in a market when the quantity demanded equals the quantity supplied.
• Elasticity measures the responsiveness of quantity demanded or quantity supplied to a change in price or income.
• Price elasticity of demand measures the responsiveness of quantity demanded to a change in price.
• Macroeconomics examines aggregate measures such as national income, unemployment rates, inflation, and economic growth.
• Gross Domestic Product (GDP) is a key measure used in macroeconomics to assess the size and health of an economy.
• Unemployment rate is another important macroeconomic indicator that measures the percentage of the labor force that is unemployed and actively seeking employment.
• Inflation is the sustained increase in the general price level of goods and services in an economy over a period of time.
• Macroeconomists study the causes and consequences of inflation, as well as policies to control it.
• Supply refers to the quantity of a good or service that producers are willing and able to sell at a given price.
• Demand refers to the quantity of a good or service that consumers are willing and able to buy at a given price.
• The law of demand states that there is an inverse relationship between price and quantity demanded, meaning that as price increases, quantity demanded decreases, and vice versa.
• The law of supply states that there is a direct relationship between price and quantity supplied, meaning that as price increases, quantity supplied also increases, and vice versa.
• Equilibrium is the point where the quantity demanded equals the quantity supplied, resulting in a stable market price.
• There are three main stages of production: the short run, the long run, and the very long run.
• In the short run, at least one input is fixed, while in the long run, all inputs are variable.
• Total product (TP) is the total quantity of output produced by a firm.
• Average product (AP) is the output per unit of input.
• Marginal product (MP) is the additional output produced by using one more unit of input.
• Perfect competition is a market structure characterized by a large number of small firms, homogeneous products, perfect information, ease of entry and exit, and no market power.
• In perfect competition, firms are price takers, meaning they have no control over the market price and must accept the prevailing price.
• Monopoly is a market structure characterized by a single firm dominating the market, with no close substitutes and significant barriers to entry.
• In a monopoly, the firm has significant market power and can set prices above marginal cost to maximize profits.
• Oligopoly is a market structure characterized by a few large firms dominating the market, with differentiated or homogeneous products and significant barriers to entry.
• The price elasticity of demand (PED) measures the responsiveness of quantity demanded to a change in price.
• PED is calculated as the percentage change in quantity demanded divided by the percentage change in price.
• If PED is greater than 1, demand is elastic, meaning quantity demanded is highly responsive to changes in price.
• If PED is less than 1, demand is inelastic, meaning quantity demanded is not very responsive to changes in price.
• If PED is equal to 1, demand is unit elastic, meaning quantity demanded changes proportionally to changes in price.