Markets | A-Level Economics Notes
These revision notes cover everything you need to know about Markets for A-Level Economics. They're designed for students studying AQA A-Level Economics, Edexcel A-Level Economics, and Edexcel International A-Level Economics. Written by Jaisul Naik, UCL Economics graduate and A-Level Economics tutor since 2017.
What is a market?
A market is a place where buyers and sellers meet to exchange goods and services
What is equilibrium?
Equilibrium is the price and quantity where demand meets supply.
What is disequilibrium?
Disquilibrium occurs at a price where demand does not meet supply.
What is excess demand?
Excess demand occurs at a price where demand is greater than supply. This would cause the price to rise.
What is excess supply?
Excess supply occurs at a price where supply is greater than demand. This would cause the price to fall.
What is an increase?
An increase is a right shift
What is a decrease?
A decrease is a left shift
What is an expansion?
An expansion is a movement forwards along a curve
What is a contraction?
A contraction is a movement backwards along a curve.
What causes an expansion in demand?
An expansion is demand is a movement along the demand curve (to the right).
This is caused by a right shift in supply.
What causes a contraction in demand?
An expansion is demand is a movement along the demand curve (to the left).
This is caused by a left shift in supply.
What causes an expansion in supply?
An expansion is supply is a movement along the supply curve (to the right).
This is caused by a right shift in demand.
What causes a contraction in supply?
An expansion is demand is a movement along the demand curve (to the left).
This is caused by a left shift in demand.
Summary questions
- what is a market?
- what is equilibrium?
- what is disequilibrium?
- what is excess demand?
- what is excess supply?
- what is an increase?
- what is a decrease?
- what is an expansion?
- what is a contraction?
- what causes an expansion in demand?
- what causes a contraction in demand?
- what causes an expansion in supply?
- what causes a contraction in supply?
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