Edexcel as Economics Student Unit Guide: Competitive Markets - How They Work and Why They Fail

Perfect for revision, these guides explain the unit requirements, summarise the content and include specimen questions with graded answers. Each full-colour New Edition Student Unit Guide provides ideal preparation for your unit exam: - Feel confident you understand the unit: each guide comprehensively covers the unit content and includes topic summaries, knowledge check questions and a reference index- Get to grips with the exam requirements: the specific skills on which you will be tested are explored and explained- Analyse exam-style questions: graded student responses will help you focus on areas where you can improve your exam technique and performance CONTENTS: Content Guidance - What is the nature of economics? - What determines the demand for a good or service in a market? - What determines the supply of a good or service in a market? - What determines the equilibrium price or wage in a market? - Why do some markets fail? - How do governments attempt to correct market failure and what is government failure? Supported multiple-choice questions Paper 1: The nature of economics Paper 2: The demand for goods and services Paper 3: The supply of goods and services Paper 4: Market failure and government filure Data-response questions Q1: The housing market in England Q2: The oil and petrol markets Q3: Road traffic growth Q4: UK healthcare provision