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AQA GCSE Economics

GCSE · AQAEconomics497 cards

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Flashcards for AQA GCSE Economics (8136), split into Paper 1 (how markets work) and Paper 2 (how the economy works), then by topic in the specification's order. Covers definitions, supply and demand diagrams, formulae and worked calculations.

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What is inside (52 subdecks)

  • Paper 1 How markets work290 cards
    • 3.1.1 Economic foundations40 cards
      • 3.1.1.1 Economic activity17 cards
      • 3.1.1.2 The factors of production16 cards
      • 3.1.1.3 Making choices7 cards
    • 3.1.2 Resource allocation30 cards
      • 3.1.2.1 Markets and allocation of resources10 cards
      • 3.1.2.2 Economic sectors11 cards
      • 3.1.2.3 Specialisation, division of labour and exchange9 cards
    • 3.1.3 How prices are determined93 cards
      • 3.1.3.1 Demand for goods and services24 cards
      • 3.1.3.2 Supply for goods and services17 cards
      • 3.1.3.3 Equilibrium price15 cards
      • 3.1.3.4 Intermarket relationships8 cards
      • 3.1.3.5 Price elasticity of demand17 cards
      • 3.1.3.6 Price elasticity of supply12 cards
    • 3.1.4 Production, costs, revenue and profit59 cards
      • 3.1.4.1 The importance of cost, revenue and profit for producers34 cards
      • 3.1.4.2 Production and productivity7 cards
      • 3.1.4.3 Economies of scale18 cards
    • 3.1.5 Competitive and concentrated markets42 cards
      • 3.1.5.1 The importance of market structures5 cards
      • 3.1.5.2 Competitive markets7 cards
      • 3.1.5.3 Non-competitive markets13 cards
      • 3.1.5.4 The labour market17 cards
    • 3.1.6 Market failure26 cards
      • 3.1.6.1 Misallocation of resources8 cards
      • 3.1.6.2 Externalities18 cards
  • Paper 2 How the economy works207 cards
    • 3.2.1 Introduction to the national economy27 cards
      • 3.2.1.1 Interest rates, saving, borrowing, spending and investment13 cards
      • 3.2.1.2 Government income and expenditure14 cards
    • 3.2.2 Government objectives81 cards
      • 3.2.2.1 Economic objectives of the government6 cards
      • 3.2.2.2 Economic growth16 cards
      • 3.2.2.3 Employment and unemployment18 cards
      • 3.2.2.4 Inflation and price stability22 cards
      • 3.2.2.5 Balance of payments11 cards
      • 3.2.2.6 Distribution of income8 cards
    • 3.2.3 How the government manages the economy42 cards
      • 3.2.3.1 Fiscal policy16 cards
      • 3.2.3.2 Monetary policy5 cards
      • 3.2.3.3 Supply-side policies18 cards
      • 3.2.3.4 Policies to correct positive and negative externalities3 cards
    • 3.2.4 International trade and the global economy37 cards
      • 3.2.4.1 Why countries trade5 cards
      • 3.2.4.2 Exchange rates9 cards
      • 3.2.4.3 Free-trade agreements11 cards
      • 3.2.4.4 Globalisation12 cards
    • 3.2.5 The role of money and financial markets20 cards
      • 3.2.5.1 The role of money12 cards
      • 3.2.5.2 The role of the financial sector8 cards

Some of its cards

  • How can government policy discourage a negative externality?
    By taxing the activity, such as a tax on cigarettes, which raises its price and reduces consumption
  • Name three main characteristics of a non-competitive market.
    Few (or one) producers, differentiated products, and difficulty for new firms to enter
  • Give three possible business objectives.
    Maximising profit, growing sales, and increasing market share
  • What is the largest single source of UK government revenue?
    Income tax
  • When the market mechanism fails to allocate resources efficiently
    Market failure
  • The use of government spending and taxation to influence the economy
    Fiscal policy
  • Price elasticity of supply (PES)
    A measure of how much the quantity supplied of a good responds to a change in its price
  • Trade between countries without barriers such as tariffs or quotas
    Free trade
  • Monetary policy
    The use of interest rates to influence the economy
  • A measure of how much the quantity demanded of a good responds to a change in its price
    Price elasticity of demand (PED)

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