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155 Understanding Economics AS Level Book

Name: 155 Understanding Economics AS Level Book
SKU: 155UEALB
Price: 900 PKR
Availability: InStock

₨ 900

Book Code : 155

Subject Code : 9708

Author : Muhammad Kamran Malik

Language : English

Publishers : Read and Write Publications

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155 Understanding Economics AS Level Book
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Description

Understanding Economics AS Level Book, Notes and past papers.

TABLE OF CONTENTS

PREFACE

HOW TO USE THIS BOOK

SECTION 1 BASIC ECONOMIC PROBLEM

SCARCITY AND OPPORTUNITY COST

MULTIPLE CHOICE QUESTIONS

SECTION 2 PRODUCTION POSSIBILITY CURVE

PPC AND SCARCITY

PPC AND OPPORTUNITY COST

PPC AND ECONOMIC EFFICIENCY

SHIFTS IN PPC

CONSUMER GOODS AND CAPITAL GOODS

MULTIPLE CHOICE QUESTIONS

SECTION 3 ECONOMIC SYSTEMS

FREE MARKET ECONOMY

COMMAND ECONOMY

MIXED ECONOMY

MULTIPLE CHOICE QUESTIONS

SECTION 4 POSITIVE AND NORMATIVE STATEMENTS

MULTIPLE CHOICE QUESTIONS

SECTION 5 DEMAND

LAW OF DEMAND

DEMAND SCHEDULE

DEMAND CURVE

FACTORS CAUSING SHIFTS IN THE DEMAND CURVE (DEMAND DETERMINANTS)

MULTIPLE CHOICE QUESTIONS

SECTION 6 SUPPLY

LAW OF SUPPLY

SUPPLY SCHEDULE

SUPPLY CURVE

MULTIPLE CHOICE QUESTIONS

SECTION 7 MARKET EQUILIBRIUM

CHANGES IN THE EQUILIBRIUM PRICE

MULTIPLE CHOICE QUESTIONS

SECTION 8 ELASTICITY OF DEMAND

PRICE ELASTICITY OF DEMAND (P)

Total Revenue (TR) or Total Expenditures (TE) method 89

Graphical Method 92

POINT ELASTICITY OF DEMAND

INCOME ELASTICITY OF DEMAND (M)

Cross price elasticity of demand (C) 102

Limitations of demand elasticities 104

MULTIPLE CHOICE QUESTIONS

SECTION 9 PRICE ELASTICITY OF SUPPLY

DETERMINANTS OF PRICE ELASTICITY OF SUPPLY

MULTIPLE CHOICE QUESTIONS

SECTION 10 CONSUMER AND PRODUCER SURPLUS

CONSUMER SURPLUS

Changes in Consumer Surplus 140

PRODUCER SURPLUS

Changes in Producer Surplus 142

PRICES AS RATIONING AND ALLOCATIVE MECHANISMS

MULTIPLE CHOICE QUESTIONS

SECTION 11 TAXES AND SUBSIDIES

TAXES 156

1) Specific tax 156

2) Ad valorem tax (percentage tax) 156

SUBSIDIES

Specific subsidy 161

Ad valorem subsidy (percentage subsidy) 161

MULTIPLE CHOICE QUESTIONS

SECTION 12 MAXIMUM AND MINIMUM PRICES

MAXIMUM PRICE

Impacts of a maximum price 175

MINIMUM PRICE

MULTIPLE CHOICE QUESTIONS

SECTION 13 PUBLIC AND PRIVATE GOODS

PUBLIC GOODS

PRIVATE GOODS

MERIT GOODS

DEMERIT GOODS

MULTIPLE CHOICE QUESTIONS

SECTION 14 FACTORS OF PRODUCTION

(Understanding Economics AS Level Book, Notes and past papers.)

(1) LAND

(2) CAPITAL

(3) LABOUR

(4) ENTREPRENEURSHIP

DIVISION OF LABOUR

MULTIPLE CHOICE QUESTIONS

SECTION 15 UNEMPLOYMENT

COSTS OF UNEMPLOYMENT

REDUCING UNEMPLOYMENT

MULTIPLE CHOICE QUESTIONS

SECTION 16 MONEY

EVOLUTION OF MONEY

FUNCTIONS OF MONEY

MULTIPLE CHOICE QUESTIONS

SECTION 17 AGGREGATE DEMAND & AGGREGATE SUPPLY 229

AGGREGATE DEMAND (AD)

AGGREGATE SUPPLY (AS)

MULTIPLE CHOICE QUESTIONS

SECTION 18 GENERAL PRICE LEVEL: PRICE INDICES

LIMITATIONS OF PRICE INDEX

NOMINAL AND REAL CHANGES

MULTIPLE CHOICE QUESTIONS

SECTION 19 INFLATION

TYPES OF INFLATION

CAUSES OF INFLATION

CONSEQUENCES OF INFLATION

MULTIPLE CHOICE QUESTIONS

SECTION 20 PRINCIPLES OF ABSOLUTE & COMPARATIVE ADVANTAGE

THEORY OF ABSOLUTE ADVANTAGE

THEORY OF COMPARATIVE ADVANTAGE

EXCEPTIONS TO THE THEORIES OF ABSOLUTE & COMPARATIVE ADVANTAGE

LIMITATIONS TO THE THEORIES

CHALLENGES OF INTERNATIONAL TRADE

MULTIPLE CHOICE QUESTIONS

SECTION 21 TERMS OF TRADE

MULTIPLE CHOICE QUESTIONS

SECTION 22 ARGUMENTS FOR FREE TRADE & MOTIVES FOR PROTECTION 296

ARGUMENTS FOR FREE TRADE

TYPES (METHODS) OF PROTECTION AND THEIR EFFECTS

MULTIPLE CHOICE QUESTIONS

SECTION 23 ECONOMIC INTEGRATION

FREE TRADE AREA

CUSTOMS UNION

COMMON MARKET

FULL ECONOMIC UNION

POLITICAL UNION

MULTIPLE CHOICE QUESTIONS

SECTION 24 BALANCE OF PAYMENTS

(I) CURRENT ACCOUNT

(II) FINANCIAL (CAPITAL) ACCOUNT

BALANCE OF PAYMENTS PROBLEMS

Why is a trade deficit bad? 321

Why is a trade surplus bad? 322

MULTIPLE CHOICE QUESTIONS

SECTION 25 EXCHANGE RATES

NOMINAL EXCHANGE RATE

REAL EXCHANGE RATE

PURCHASING POWER PARITY THEORY

MANAGED FLOATING

FLEXIBLE OR FLOATING EXCHANGE RATES

CHANGES IN EXCHANGE RATES

FIXED EXCHANGE RATES

MANAGED FLOAT

ADVANTAGES & DISADVANTAGES OF FIXED & FLOATING EXCHANGE RATES

POLICIES TO CORRECT BALANCE OF PAYMENTS DISEQUILIBRIUM

POLICIES TO CORRECT A TRADE SURPLUS

IMPACTS OF CHANGES IN INTEREST RATE

MULTIPLE CHOICE QUESTIONS

SECTION 26 FISCAL POLICY

MONETARY POLICY

SUPPLY SIDE POLICIES AND NATURAL RATE OF UNEMPLOYMENT

SYSTEMS OF TAXATION

MULTIPLE CHOICE QUESTIONS

ANSWERS 393

(Understanding Economics AS Level Book, Notes and past papers.)

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SKU: 155UEALB Categories: A Level, Economics (A Level), Education

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