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Economics Revision Map

Edexcel AS Economics Unit 1
Markets and How the Work
This revision map is designed to help you plan your revision of the Edexcel AS Economics examination (Unit 1) on Markets and How
they Work. It maps the Edexcel syllabus against a wide range of free revision resources that you can find on Tutor2u. Each
resource is hyperlinked – so you open the resource direct from this revision map.

This Revision Map is best used in conjunction with Tutor2u’s award-winning AS Economics Course Companion – the market leading
revision guide for economics – and our range of Q&A Rapid Revision Guides for Economics. You can order these products from our
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HOW TO USE THIS REVISION MAP

This revision map provides links to a selection of free resources on tutor2u for students taking the Edexcel AS Unit 1 examination.

The map is not intended to provide a complete list of all the revision you should do before the exam. But hopefully it will provide some
useful materials that will help supplement your teacher’s resources and other materials you are using for revision.

We recommend highlighting or marking each resource once you have visited the site.

We also recommend trying the interactive quizzes fairly often during your revision – so that you can track your progress. There are
over 1,000 AS standard questions for Economics students alone on tutor2u – plenty to keep you tested!

Please note, you will need a recent version of your favourite internet browser (we recommend Internet Explorer) to get full benefit from
the interactive quizzes.

Please send feedback about this revision map to Jim Riley at jimriley@tutor2u.net so that we can develop the resource for future
students.

Best wishes and GOOD LUCK from everyone at Tutor2u

TABLE OF CONTENTS

1 Syllabus Resource Links ...............................................................................................................................................................................................................4

1.1 Positive and normative economics ...........................................................................................................................................................................................4
1.2 Scarcity and opportunity cost ....................................................................................................................................................................................................4
1.3 The production possibility boundary or frontier .........................................................................................................................................................................4
1.4 Specialisation and the division of labour...................................................................................................................................................................................4
1.5 The advantages of international trade: the principle of comparative advantage ......................................................................................................................4
1.6 Consumer and producer surplus...............................................................................................................................................................................................4
1.7 The price mechanism as a means of allocating resources.......................................................................................................................................................5
1.8 The role of the price mechanism in resource allocation in free market and mixed economies ................................................................................................5
1.9 The supply of, and demand for, goods and services ................................................................................................................................................................5
2 General Revision ...........................................................................................................................................................................................................................5
Tick When
Covered Revision Notes Presentations Interactive Quizzes

1 SYLLABUS RESOURCE LINKS

1.1 Positive and normative economics
Students should be able to: Distinguish between objective statements and value judgements
Positive and Normative Economics
1.2 Scarcity and opportunity cost
Students should be able to: Understand the problem of unlimited wants and finite resources
Scarcity The Basic Economic Problem Basic Economic Concepts
Opportunity Cost
Consumer Choice and Utility
1.3 The production possibility boundary or frontier
Students should be able to: Use this analysis to illustrate the concept of opportunity cost and the efficient allocation of resources
Opportunity Cost Production Possibility Frontier
Production Possibility Frontier
Production Possibility & Economic Efficiency
Shifts in the Production Possibility Frontier
1.4 Specialisation and the division of labour
Students should be able to: Understand the benefits of specialisation and its significance for trade between countries
Factors of Production The Basic Economic Problem Basic Economic Concepts
Economic Gains from Higher Productivity Productivity Costs of Production
1.5 The advantages of international trade: the principle of comparative advantage
Students should be able to: Understand the gains from trade, e.g. increased choice for consumers, larger markets for firms, and be able to distinguish between
absolute and comparative advantage
Theory of Comparative Advantage International Trade
Comparative Advantage – Worked Examples
1.6 Consumer and producer surplus
Students should be able to: Define and distinguish between these concepts and be able to illustrate them
Consumer Surplus
Tick When
Covered Revision Notes Presentations Interactive Quizzes
Producer Surplus

1.7 The price mechanism as a means of allocating resources

Students should be able to: Explain the functions of the price mechanism. Examine how prices respond to changes in consumer preferences and provide
incentives to producers
Market Equilibrium Price Demand and Supply 1
Demand and Supply 2
Markets - Quiz
1.8 The role of the price mechanism in resource allocation in free market and mixed economies
Students should be able to: Analyse the advantages and disadvantages of the free market economy and why there are mixed economies. Understand the
economic effects of the transition of Eastern European economies away from central planning
Pricing strategies and business objectives Perfect Competition Price Theory
1.9 The supply of, and demand for, goods and services
Students should be able to: Understand the distinction between a shift of, and movement along, demand and supply curves. They should also understand the
causes of such movements and shifts
Theory of Demand Market Demand and Supply Demand Theory
Theory of Supply Price Elasticity of Demand Markets - Crossword
Price Elasticity of Demand Income and Cross Price Elasticity of Demand Markets - Quiz
Cross Price Elasticity of Demand Price Elasticity of Supply
Income Elasticity of Demand
Price Elasticity of Supply
2 GENERAL REVISION
Introduction to AS Economics 1
Introduction to AS Economics 2
AS Microeconomics Mock Quiz 1
AS Microeconomics Mock Quiz 2
A-Z of Economics