Wales · WJECQ&A
EconomicsQ&A by dot point
A short Q&A bank for every Wales Economics syllabus dot point. Each question and answer is drawn directly from our worked dot-point page, so you can scan key concepts before opening the long-form answer.
Economics in Action (AS Unit 2)
- The components and determinants of aggregate demand, and short-run and long-run aggregate supply and their shifts.2Q&A pairs
- The interaction of aggregate demand and aggregate supply, macroeconomic equilibrium, and the Keynesian and Neo-Classical views of long-run aggregate supply.3Q&A pairs
- The circular flow of income, injections and withdrawals, and the determination of national income equilibrium.4Q&A pairs
- Exchange rate determination, the effects of changes in the exchange rate, the use of exchange rate policy and the Marshall-Lerner condition.2Q&A pairs
- Free trade, comparative advantage, the costs and benefits of protectionism, globalisation, sustainable development and international competitiveness.2Q&A pairs
- Government macroeconomic objectives: economic growth, low inflation, low unemployment and a satisfactory balance of payments, and the conflicts between them.3Q&A pairs
- Macroeconomic policy instruments: fiscal policy, monetary policy and supply-side policy, and their effects and limitations.3Q&A pairs
Evaluating Economic Models and Policies (A2 Unit 4)
- Short-run and long-run aggregate supply, the Keynesian and Neo-Classical views, and the short-run and long-run Phillips Curve.3Q&A pairs
- The structure and measurement of the balance of payments, the causes of current account imbalances, and policies to correct them.3Q&A pairs
- The measurement of development, the barriers to development, and development strategies including aid, foreign direct investment and trade liberalisation.5Q&A pairs
- Actual and potential growth, output gaps, the trade cycle, the causes and effects of growth, and its sustainability.2Q&A pairs
- Fiscal policy, the budget deficit and public sector debt, the distinction between structural and cyclical deficits, and the policy trade-offs.2Q&A pairs
- Trading blocs and economic integration, the European Union and monetary union, the World Trade Organisation, the terms of trade, and Welsh and UK trade links.2Q&A pairs
- The measurement, causes (demand-pull and cost-push), costs and control of inflation, and the causes and dangers of deflation.3Q&A pairs
- Monetary policy and the transmission mechanism, quantitative easing, financial stability, asset bubbles and the regulation of the financial sector.2Q&A pairs
- The types, causes, costs and measurement of unemployment, and demand-side and supply-side policies to reduce it.3Q&A pairs
Exploring Economic Behaviour (A2 Unit 3)
- Short-run and long-run costs, revenues, the profit-maximising rule and the distinction between normal and abnormal profit.2Q&A pairs
- Productive, allocative, dynamic and X-efficiency, Pareto efficiency, and how different market structures compare.2Q&A pairs
- Government intervention in markets: competition policy, the regulation of monopoly and privatised industries, and privatisation.3Q&A pairs
- The growth of firms through internal and external growth and mergers, economies and diseconomies of scale, and reasons firms stay small.2Q&A pairs
- Price discrimination, collusion and cartels, the theory of contestable markets, and game theory and oligopoly behaviour.2Q&A pairs
- Perfect competition, monopoly, oligopoly and monopolistic competition: their characteristics and effects on price, output and profit.2Q&A pairs
Introduction to Economic Principles (AS Unit 1)
- Demand and supply in product markets, market equilibrium, consumer and producer surplus, and price, income and cross elasticities of demand and supply.2Q&A pairs
- Government intervention to correct market failure (taxation, subsidies, price controls, regulation and public provision) and government failure.3Q&A pairs
- Wage determination through the demand for and supply of labour, labour market issues, the national minimum wage and the effects of migration.2Q&A pairs
- Market failure: externalities, public and merit goods, monopoly power, information failure and inequality.3Q&A pairs
- Scarcity, choice and opportunity cost; the production possibility frontier; specialisation, the division of labour and productivity.2Q&A pairs
- The allocation of resources in a free market, the functions of the price mechanism, and assumptions of rational economic behaviour.4Q&A pairs