Economics
All 108 specification statements from the official Pearson Edexcel specification, as printed — filter by paper, unit or tier exactly as Pearson Edexcel assesses them.
Assessment homes come from the parsed Pearson specification (content summaries & assessment overviews). Hover a chip for the printed rule. Filters appear only where the qualification has that structure — a linear IGCSE has no unit scope, and only Maths A splits Foundation / Higher tiers.
1. The economic problem
Production possibility curve diagram should be used to show:
2. Economic assumptions
The underlying assumptions that:
Reasons why consumers may not maximise their benefit:
Reasons why producers may not maximise their profit: or sales maximise:
3. Demand, supply and market equilibrium
The use of demand curve diagram to show:
Factors that may cause a shift in the demand curve, including:
The use of supply curve diagram to show:
Factors that may cause a shift in the supply curve, including:
The use of diagrams to show:
4. Elasticity
Interpret numerical values of PED that show:
The factors influencing PED, including:
Interpret numerical values of PES that show:
The factors influencing PES, including:
Interpret numerical values of income elasticity of demand that show:
The significance of price and income elasticities of demand to businesses and the government, in terms of:
5. The mixed economy
Effects of privatisation on:
6. Externalities
Definition and formula for:
1. Production
The factors of production:
Sectors of the economy:
2. Productivity and division of labour
Factors affecting productivity:
3. Business costs, revenues and profit
Definition and use of formulae to calculate:
Economies of scale:
Diseconomies of scale: o bureaucracy o communication problems o lack of control o distance between top management and workers at bottom of the organisation annotated to show internal economies of scale and diseconomies of scale and where the business will be most efficient.:
4. Business competition
Advantages and disadvantages of competition to firms, consumers and the economy, including:
Factors influencing the growth of firms:
Reasons firms stay small:
Main features of monopoly: o legal barriers o patents o marketing budgets o technology o high start-up costs.:
Advantages and disadvantages of monopoly:
Main features of oligopoly:
Advantages and disadvantages of oligopoly:
5. The labour market
Factors affecting the demand for labour:
Factors affecting the supply of labour: types of employment.:
The use of labour market diagrams showing:
Trade union involvement in the labour market:
6. Government intervention
Government policy to deal with externalities:
Government regulation of competition to:
Government intervention in the labour market: of a minimum wage and the increase of a minimum wage.:
1. Macroeconomic objectives
Economic growth:
Low and stable inflation: o demand pull o cost push. o prices o wages o exports o unemployment o menu costs o shoe leather costs o uncertainty o business and consumer confidence o investment.:
Low unemployment:
Surplus or balance on the current account of the balance of payments: rates o quality of domestic goods o quality of foreign goods o price of domestic goods o price of foreign goods o exchange rates between countries. o leakage from the economy o can be inflationary if prices rise abroad o low demand for our exports o problems finding foreign reserves to fund the deficit.:
Protection of the environment:
Redistribution of income: o meet basic needs o raise standards of living o ethical reasons. poverty: o progressive taxation o redistribution through benefit payments o investment in education and healthcare.:
2. Government policies
Fiscal policy – government revenue and government expenditure:
Monetary policy – focused on interest rate changes:
Supply-side policy:
Government controls: o regulation o legislation o fines o pollution permits.:
3. Relationships between objectives and policies
The impact of policies and the trade-off between macroeconomic objectives:
1. Globalisation
Reasons for globalisation:
Impacts of globalisation and global companies on individual countries, governments, producers and consumers, workers and the environment:
Definition of multinational corporations (MNCs): o to benefit from economies of scale o to access natural resources/cheap materials o lower transport and communication costs o to access customers in different regions. o creating jobs o investing in infrastructure o developing skills o developing capital o contributing to taxes o avoiding paying taxes o environmental damage o moving profits abroad.:
2. International trade
Advantages and disadvantages of free trade, including:
Reasons for protection:
Methods of protection:
Modern trading blocs:
Role of the World Trade Organization (WTO):
3. Exchange rates
Factors affecting supply and demand of currencies:
Definition of appreciation:
Definition of depreciation: o import and export prices o demand for imports and exports o current account on balance of payments.: