Are you looking to build a strong foundation of knowledge in Economics? Are you studying for exams? The explanations on StudySmarter were written to make you an expert and prepare you for your assessments.No matter which class you are currently in or which school you are attending, StudySmarter has something for everyone!

How Can StudySmarter support me in studying Economics?

Our experts at the StudySmarter Institute have prepared comprehensive learning materials to help you achieve your study goals. This article will show you theEconomics Revision Guideand how to navigate ourexclusive learning toolsandfeatures:summaries,flashcardsandstudy groups. Guess what? You can also getrewardsfor studying Economics on the StudySmarter platform! We will take you through the topics and learning objectives in Economics and theessential skillsyou need to excel at your assessments.

The essential skills in Economics follow thecriteriabelow. They start from the most basic ones and gradually progress to the most advanced. StudySmarter has compiled a breakdown that will help you in your knowledge acquisition and subsequent preparation for writing essays or the exams based on these criteria:

1. Understanding of the material

• This is the most basic skill. It requires demonstrating knowledge and understanding through definitions and examples.

2. Consolidation of the learned material into knowledge through revision

• Going over the material several times to consolidate your knowledge into long-term memory.

3.应用学到的知识的意图l world issues

• Interpret and apply knowledge and understanding to information presented in written, numerical or graphical form.

4. Analysis of the application

• Analyse economic issues and arguments using relevant economic concepts, theories, and ideas. Communicate conclusions in a clear, reasoned manner.

5.评估proposed application and its effectiveness

• Critically evaluate economic information, arguments, proposals, and policies, taking into consideration relevant economic principles and distinguishing facts from hypothetical statements and value judgments.

Economics Revision Guide

Economics Summaries

Are you tired of reading heavy textbook materials? The StudySmarter Economics summaries were created to provide you with comprehensive learning materials in a more absorbable format! You don’t have to spend hours reading pages of dense text! What is more, they are relevant for all exam boards. You can also upload your own Economics notes and become a content creator yourself!

Economics Flashcards

This tool will make preparation for your exams moreefficientby helping youmemorisethe content. StudySmarter Institute has prepared the flashcards that cover the Economics course materials from the summaries, but you can also create your own.

Economics Study Groups

StudySmarter is not just about the content; we are building acommunity of learners! We have created a space for students to collaborate online and study together. For example, you can share your study materials to create extensive summaries and then use the flashcards to quiz each other. How cool is that?

Rewards for learning Economics

Helping you to get the top grades is our long term goal, but what about short term rewards? StudySmarter will recognise your efforts and boost your confidence in your ability to succeed! How do we do that? We have created a rewards system that encourages students to study more and celebrate short term achievements.

We understand that assessments are stressful, so why not set yourself some goals to reach to visualise your revision? You will get points for the time you spend studying, answering the flashcards correctly, or completing a subject. Reaching these goals will earn you StudySmarter trophies. For example, gain theBest thing since sliced breadif you study every week for three months, or become a奶奶terif you answer five questions in the same course. The more you learn, the more trophies you get to celebrate your hard work.

Topics and learning objectives in Economics

There is a common view that Economics is ‘all about money.’ While that belief may have a grain of truth, it’s by no means the whole picture. The word经济学comes from the Greek wordOikonomia, meaning ‘household management.’ It was perhaps best defined in 1932 by the British economist Lionel Robbins who suggested that it is:

To put it in simple terms, everyone has:

• Needssuch as food, water, shelter, medicationAND

• Wantssuch as designer clothes, bigger houses, expensive hobbies, travel plans.

However, the available resources to satisfy these needs and wants arelimited. American economist, Thomas Sowell (born 1930) contended that:

Decidinghow to allocate those limited resources effectivelyis what Economics is all about.

The study materials on the StudySmarter platform are divided into two overarching categories:microeconomicsandmacroeconomics. That is becauseeconomic agentsoperate on differentscales: individuals, households, firms, trade unions, institutions, national economies, economic unions, and so on.

Table 1. Definition ofiOS雷竞技 andios版雷竞技下载

However, it’s important to remember that everything in economics is interlinked. As famous economist Gregory Mankiw said in his bookPrinciples of Economics:

StudySmarter will take you on a learning journey during which you will go through the necessary depth of content and learn the essential skills in economics to get the best outcomes for your Economics course.

We will first walk you through the topics covered in the microeconomics study set followed by the topics in macroeconomics on the StudySmarter platform.

Microeconomics

Microeconomics is concerned with the economic activity in individual markets that make up an entire economy.

Introduction to Economics

The Introduction to Economics study set focuses on the basic economic ideas. At the heart of the evolution of economics lies the fundamentaleconomic problemof satisfyinginfinite desireswith limited orscarce resourceseffectively. Scare resources (inputs) used to make things people need and want (outputs) can be divided into fourfactors of production:

• Landcomprises all naturally occurring resources as well as the geographic land.

• Labourincludes all work done by people.

• Capitalconsists of assets used for the production of goods and services.

• Enterpriserefers to the willingness of the people (entrepreneurs) who take risks to make a profit.

Effective allocation of resources presents economic agents with机会成本. In other words, the benefits or losses one incurs when choosing one thing over another. In making choices, theyrespond to incentives.

You will learn how to illustrate opportunity costs between the limited resources on agraph. You will see that economists talk about scarcity in the first place because every unit of the economic architecture has aproductive capacity. For instance, unless a coffee shop hires more baristas, it will only be able to make a limited number of coffees.

Consumer rationality

This section of microeconomics concernsassumptionseconomists make in order to draw inferences between thebehaviouralaspects of economic affairs. For example, economists assume that economic agents areutility maximisers.

Traditional economists argue that to maximise utility, economic agents must actrationally. That means that the only factor that matters when making a choice is themaximum utilityfrom obtaining that choice. Consumer utility, in particular, is defined through the concepts oftotal utility,marginal utility,and thelaw of diminishing returns.

The assumption that consumers are able to make rational decisions is based on the premise ofperfect information. In other words, the idea that consumers know everything there is to know about the good or service they are interested in. Whether that is always the case in the real world will also be discussed in this section.

Price determination in a competitive market

The wants and needs of consumers generatedemandfor goods and services. The producers thensupplygoods and services to meet that demand. Both producers and consumers will have an idea of what they are willing to sell and buy those goods and services for. Anything above or below those values is explained using the concepts ofconsumerandproducer surplus. Therefore, the price and the quantity in a market are determined at the point where these interests match: atmarket equilibrium.

Furthermore, factors such asprice,income,availability of substitutes,和其他人来说,确定responsivenessof demand and supply to changes. This responsiveness is measured through the concept ofelasticity.

The market mechanism

This study set takes that idea of market equilibrium further and demonstrates how markets allocate resources. You will see that although they are designed to do soefficiently,re are occasional instances ofmarket failure. You will derive ways to address market failure through a variety ofinterventions.

Production, costs and revenue

This section of your learning will be focused on the business side of economics. You will discover why firmsspecialisein producing specific goods and services and how it leads to thedivisionof labour. You will explore what is involved in theproductionof goods and services and how economists measure theproductivityof a factor of production. You will also study how firms incurcosts, generaterevenues,and maximiseprofits.

Market structures

This study set will take you through themarket characteristicsthat potential entrepreneurs need to consider before they start their business. In particular, these characteristics refer to the number of already existing players, their market share, pricing power, and barriers to entry.

Economists use themodel ofperfect competitionto demonstrate how the markets shouldtheoreticallywork in ideal circumstances. These are:

• Aninfinitenumber of producers and consumers.

• Perfect informationabout the goods and services.

• Goods and services beingperfect substitutes.

• No barriers to entryto orexitfrom the market.

• Firms having the sole aim ofmaximisingtheirprofit.

Even though marketsdo notwork this way in thereal world, it is still important to understand perfectly competitive markets to solve the undesirable outcomes in real-life markets. A more realistic representation of the competitive dynamic between the market players ismonopolisticcompetition. This is amarket structurewhere many smaller firms compete with each other.

If a handful of big firms dominate a market, the market is described as anoligopoly.

Finally, if there is one powerful player, that is amonopoly.

Labour market

If you got down to this section, you will know thatlabouris one of the four factors of production. It is a commodity that workers provide in exchange for awage. The labour market is essentially ajob market.

In this Economics course, you will consider the labour market both from the micro and macro perspective. From theiOS雷竞技 perspective, you will study how the labour market is subject to theequilibriumbetween thesupply and demand for labour, as well as theelasticity(or responsiveness) of demand and supply to certain changes, all of which can also be portrayed on a diagram. You will investigate how the number of hours a worker is willing to supply changes due to the rise in wages, and how the demand for labour is derived from itsmarginal revenue product. You will also consider how interventions such as theNational Minimum Wageintroduced by governments andtrade unionsaffect the wage-setting mechanism in the labour market. In contrast, from theios版雷竞技下载 perspective, you will explorelabour productivityandunemployment ratesfor the whole economy.

Poverty and inequality

Letting the market mechanism perform without intervention means that some markets will do better and some will do worse. In other words, markets can lead tounequaloutcomes. In Economics, we study such discrepancies both on the micro and macro level and use indices and economic indicators to compare thedistribution of incomewithin economies as well as their levels ofdevelopmentas a whole.

Macroeconomics

What if we need to discuss the welfare of economies as a whole? That is what macroeconomics is concerned with. If one compared micro with the study of trees, then macro would be the study of forests.

How the macroeconomy works

Much like iniOS雷竞技 ,macroeconomic study is also based on a set ofassumptionsandtheoretical models, all of which will be covered in this introductory study set. However, these models operate on a larger scale. For instance, you will jump from the simple demand of one consumer to theaggregate demandof all consumers, and from the supply of one producer to theaggregate supplyof all producers in the economy. You will also explore how money moves around the economy using the循环流动的收入model.

Economic performance

What do we mean by the ‘welfare of an economy’? Economists look at phenomena such as whether the economy is growing, whether the average price level in the economy is rising, whether people are employed or unemployed and why, or whether the economy is achieving a balance of trade with other economies. All of those describe theeconomic performanceand can be measured using specific macroeconomicindicators.

Government's macroeconomic policy

Do you have an objective of a grade you would like to achieve in your Economics exam? Similarly, the UK government hasmacroeconomic performance objectives. Economists focus oneconomic growth, stability ofinflation, levels ofunemployment, and thebalance of payments,as well as oneconomic stability,productivity,sustainability,distribution of income and wealth,and so on.

Remember we touched upon the idea of the opportunity cost in decision-making? Well, the macroeconomic objectives alsoconflictwith each other when progress in one comes at the cost of demise in another.

实现他们的性能目标,专业ts have a range ofpoliciesat their disposal.

Monetary policy

This section focuses on the monetary policyused to achieve government objectives by manipulating these variables: therate of interest,money supply, and theexchange rate.

Fiscal policy

The fiscal policy study set explores the decision-making of the government concerning itsborrowing,taxation,andspending. You will learn what instruments the government uses to achieve its performance objectives and why.

Supply-side policies

The supply-side policies are aimed at boosting the economy'sefficiencyandproductivity.

The international Economy