Edexcel AS Economics Unit 1 Competitive Markets: How they work and why they fail

This book is intended as both a revision guide and student notes for Edexcel AS Economics Unit 1: Competitive Markets - How they work and why they fail.

Topics covered: factors of production, opportunity cost, economic systems, demand/supply, market clearing, elasticities, incidence of taxation, market failure, public goods, private goods.

Detailed examples of market failure covered: road pricing, healthcare, higher education, new airports and runways, buffer stock schemes, agriculture, national minimum wage, labour immobility, fishing.

Although mainly aimed at the Edexcel A Level syllabus it may also have relevance for other students on other economics courses post-16 or degree level.