# Gordon Fletcher's Economics and Mathematics Resources

I am providing mainly Economics and Mathematics resources that can help any and all prospective students and teachers. My Economics resources contain information on and cover the general and salient Microeconomic and Macroeconomic principles and topics, and are suitable for learning and teaching regardless of one's curriculum/exam board (e.g., AQA, CAIE, Edexcel, IB, OCR)

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I am providing mainly Economics and Mathematics resources that can help any and all prospective students and teachers. My Economics resources contain information on and cover the general and salient Microeconomic and Macroeconomic principles and topics, and are suitable for learning and teaching regardless of one's curriculum/exam board (e.g., AQA, CAIE, Edexcel, IB, OCR)

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4 Resources

5 Resources

#### CIE IGCSE Mathematics - Sequences and Series.

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Study guide containing notes,formulas and practice questions regarding mathematical topic of sequences and series (arithmetic,geometric,quadratic and cubic).

#### CIE AS LEVEL ECONOMICS (9708) SUMMARIZED NOTES

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A compilation of my summarized notes to any and all students and/or teachers reading and/or teaching Economics (9708) at the CIE Advanced Subsidiary (AS) Level.

#### 1. Principles of Microeconomics - Introduction

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A introduction to Microeconomics that will help establish a general understanding of basic microeconomic concepts. This document explores topics such as scarcity, choice, opportunity cost, the production possibility curve and economic systems (planned, free-market and mixed).

#### 8. Market Failure - Monopoly Power

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The third in a series of study resources on Microeconomics that will help provide an understanding of market failure and it’s causes. This resource takes a look how the abuse of power by monopolist firms, and their decisions to increase price and restrict output results in a misallocation of society’s scarce resources. Why governments should regulate monopolies Government intervention and regulation of monopolies

#### 6. Market Failure – Externalities

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The first in a series of study resources on Microeconomics that will help provide an understanding of market failure and it’s causes. This resource takes a look at externalities and covers: Costs and benefits (private, external, social, etc.) Negative production externalities Negative consumption externalities Positive production externalities Positive consumption externalities

#### 7. Market Failure - Types of Goods

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The second in a series of study resources on Microeconomics that will help provide an understanding of market failure and it’s causes. This resource takes a look at the various kinds of goods, their nature and how their existence results in some form of market failure. It covers Free goods Economic goods Public goods Private goods Merit goods Demerit goods

#### 9. Market Failure - Inequality

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The fourth in a series of study resources on Microeconomics that will provide an understanding on market failure and it’s causes. This study resource takes a look at inequality in the distribution of income and wealth in the free market as a cause of market failure. This study resource covers: Inequality and why it persists in the free market Measures of inequality Government intervention: methods to reduce income and wealth inequality.

#### 14. Property Rights & Pollution Permits

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The fourth in a series of study resources on Microeconomics that looks at how governments can intervene in the free market in order to change free market outcomes, mostly for the better (e.g. maximizing social welfare). This study resource takes a look at property rights and pollution permits and how governments use these policies as tools to correct market failure.

#### 13. Taxes and Subsidies

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The third in a series of study resources on Microeconomics that looks at how governments can intervene in the free market in order to change free market outcomes, mostly for the better (e.g. maximizing social welfare). This study resource takes a look at taxes and subsidies, and how governments employ their usage to influence market outcomes, e.g., the prices of goods and services. It covers: Tax (Purpose and effects) Types of tax (direct and indirect) Tax revenue diagram Incidence of tax Subsidies (Purpose and effects) Subsidy expenditure diagram Incidence of subsidy

#### 15. Direct Government Provision

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The fifth in a series of study resources on Microeconomics that looks at how governments can intervene in the free market in order to change free market outcomes, mostly for the better (e.g. maximizing social welfare). This study resource takes a look at the direct provision of goods and services by the government, as well as how certain externalities can be resolved if essential goods and services are provided and regulated by the state. It covers: Direct government provision (Arguments for and against) Regulations (Types and their effects)

#### 5. Consumer Surplus & Producer Surplus

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Study resource on Microeconomic principles that will help provide an understanding on: Consumer surplus How changes in price affect consumer surplus Producer surplus How changes in price affect producer surplus

#### 11. Price Controls

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The first in a series of study resources on Microeconomics that looks at how governments can intervene in the free market in order to change free market outcomes, mostly for the better (e.g. maximizing social welfare). This study resource takes a look at price controls and how they are enforced by governments to regulate the prices of goods and services in the market. It covers: Maximum prices and their effects on the free market Minimum prices and their effects on the free market

#### 12. Buffer Stocks

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The second in a series of study resources on Microeconomics that looks at how governments can intervene in the free market in order to change free market outcomes, mostly for the better (e.g. maximizing social welfare). This study resource takes a look at buffer stocks, and how they are implemented by governments in order to guard against any unplanned shortages, as well as stabilize prices in an entire economy or an individual market.

#### Set 1 - Principles of Demand and Supply

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A compilation of Microeconomic study resources that focus on principles relating to the market forces of demand and supply. It covers: Demand and Supply Demand Law of demand Determinants of demand Changes in demand Supply Law of supply Determinants of supply Changes in supply Interaction of demand and supply (equilibrium) Different Types of Demand and Supply Joint demand Competitive demand Composite demand Derived demand Joint supply Competitive supply ** Elasticity** Price elasticity of demand (PED) Relationship between PED and total revenue Income elasticity of demand (YED) Cross elasticity of demand (XED) Price elasticity of supply (PES) Applications and uses of the different kinds of elasticity Consumer and Producer Surplus Consumer surplus Price changes and consumer surplus Producer surplus Price changes and consumer surplus

#### 2. Principles of Microeconomics - Demand and Supply

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Study resource on Microeconomics that will help provide an understanding of the concepts of demand and supply, the determinants of demand and supply and the interaction of demand and supply.

#### 3. Different Types of Demand and Supply

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Study resource on Microeconomics that will help provide an understanding of the different types of demand and supply, and how changes s in one market are likely to affect other markets. This resource covers joint demand, competitive demand, composite demand, derived demand, joint supply and competitive supply.

#### 4. Elasticity

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Study resource on Microeconomic principles that will help provide an understanding of elasticity - a measure of the responsiveness of an economic variable in response to a change in another economic variable. This resource covers: Price elasticity of demand (PED) Relationship between PED and total revenue Income elasticity of demand (YED) Cross elasticity of demand (XED) Price elasticity of supply (PES) Applications and uses of the different kinds of elasticity

#### Set 2 - Market Failure

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A compilation of Microeconomic study resources that focus on market failure and its causes. It covers. Externalities Costs and benefits (private, external, social, etc.) Negative production externalities Negative consumption externalities Positive production externalities Positive consumption externalities Types of Goods Free goods Economic goods Public goods Private goods Merit goods Demerit goods Monopoly Power How abuse of monopoly power results in market failure Why governments should regulate monopolies Government intervention and regulation of monopolies Inequality Inequality and why it persists in the free market Measures of inequality Government intervention: methods to reduce income and wealth inequality. Information Failure Causes of information failure Asymmetric information (Adverse selection and moral hazard) Methods to resolve information failure Behavioral insights and nudge theory

#### 10. Information Failure

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The fifth in a series of study resources on Microeconomics that will provide an understanding on market failure and it’s causes. This study resource takes a look at how information failure – a type of market failure – can occur because both individuals or firms have a lack of accurate or relevant information required to make informed economic decisions. Causes of information failure Asymmetric information (Adverse selection and moral hazard) Methods to resolve information failure Behavioral insights and nudge theory

#### 16. Government Failure

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This study resource takes a look at government failure; how microeconomic intervention by the government to resolve market failure can result in an even greater net loss of economic welfare, as well as the causes and effects of government failure such as: Imperfect information Undesirable incentives Policy conflict Excessive administration costs Unintended consequences