Definitions Public Goods Non-Excludability: Once provided, it’s difficult to prevent people from using the good. For example, clean
Author: Mark Wilson
Mark is an A-Level Economics tutor who has been teaching for 6 years. He holds a masters degree with distinction from the London School of Economics and an undergraduate degree from the University of Edinburgh.
A-Level Economics Notes on Government Subsidies
Definitions Diagrams Figure 1: Government Subsidy Diagram Figure 2: Government Subsidy Diagram with Cost to Government Types of
A-Level Economics Notes on Tax Incidence
Definitions Diagrams Figure 1: Tax incidence at different levels of elasticity <h2> Tax Incidence Tax Incidence: Refers to
A-Level Economics Notes on Price Ceilings and Price Floors
Definitions Diagrams Figure 1: Price Ceiling Figure 2: Price Floor Price Ceilings A price ceiling is a government-imposed
A-Level Economics Notes on Consumer and Producer Surplus
Definitions Diagrams Figure 1: Consumer and Producer Surpluses Figure 2: Consumer and Producer Surpluses with Inelastic Demand Consumer
A-Level Economics Notes on Government Intervention
Government intervention refers to actions taken by a government to affect the economy. These actions aim to correct
A-Level Economics Notes on Market Failure
Definitions Types of Market Failure Public Goods Externalities Information Asymmetry Monopoly Power Solutions to Market Failure 1. Government
A-Level Economics Notes on Rational and Irrational Consumer Behaviour
Definitions Rational Choice Theory Rational Choice Theory posits that individuals make decisions based on rational calculations to maximize
A-Level Economics Notes on Supply and Demand
Definitions Diagrams Figure 1: Demand Curve Figure 2: Supply Curve Figure 3: Supply and Demand Supply Supply refers
A-Level Economics Notes on The Basic Economic Problem
Definitions Unlimited Wants The concept of “unlimited wants” is a fundamental principle in economics. It refers to the