Course Description

This group class covers key concepts in A-level Economics, with a focus on microeconomics. The curriculum, curated by a qualified A-level Economics teacher and examiner, includes 12 engaging weekly revision sessions where students will cover the fundamental principles of microeconomics, market structures, the behavior of firms, consumer theory, and more. It ends with a session on exam techniques, demonstrating how to structure model answers. Students begin each session by warming up with an analytical exercise at the start of each class and will challenge themselves to dig deeper into the subject matter to achieve top marks. No matter the exam board you are learning, the content will improve confidence and bridge the gaps in knowledge through participation in group exercises and individual tasks. Don’t expect to sit back and relax; you’ll be put to the test! A qualified teacher will be with you every step of the way to guide you through the correct analysis and thought process. Using a blend of slideshows, book extracts, exam questions, and model answers, this course embodies the “I do”, “we do”, “you do” style of learning for the best results. The worksheets provided are perfect for following along during the lesson and revising for the exam.

Course Outline

Week 1: Introduction to Microeconomics

Overview: Introduction to the basic principles of microeconomics.
Key Topics:
What is microeconomics?
The role of microeconomics in understanding markets.
Basic economic problem: scarcity and choice.
Opportunity cost and the production possibility frontier.

Week 2: Demand and Supply Analysis

Overview: Understanding how markets function through the interaction of demand and supply.
Key Topics:
The law of demand and the law of supply.
Determinants of demand and supply.
Market equilibrium and changes in equilibrium.
Shifts in demand and supply curves.

Week 3: Elasticity

Overview: Exploring different types of elasticity and their implications.
Key Topics:
Price elasticity of demand (PED).
Price elasticity of supply (PES).
Income elasticity of demand (YED).
Cross elasticity of demand (XED).

Week 4: Consumer Theory

Overview: Examining how consumers make choices and the theory behind it.
Key Topics:
Utility and marginal utility.
The law of diminishing marginal utility.
Indifference curves and budget constraints.
Consumer equilibrium and the derivation of the demand curve.

Week 5: Production and Costs

Overview: Analyzing the behavior of firms in terms of production and costs.
Key Topics:
Short-run and long-run production functions.
The law of diminishing returns.
Cost structures: fixed, variable, total, average, and marginal costs.
Economies and diseconomies of scale.

Week 6: Market Structures: Perfect Competition

Overview: Understanding the characteristics and outcomes of perfectly competitive markets.
Key Topics:
Characteristics of perfect competition.
Short-run and long-run equilibrium in perfect competition.
Efficiency and welfare implications of perfect competition.
Examples of perfectly competitive markets.

Week 7: Market Structures: Monopoly

Overview: Exploring the features and implications of monopoly markets.
Key Topics:
Characteristics of a monopoly.
Sources of monopoly power.
Price discrimination.
Efficiency and welfare implications of monopoly.

Week 8: Market Structures: Monopolistic Competition and Oligopoly

Overview: Examining the characteristics and behavior of firms in monopolistic competition and oligopoly.
Key Topics:
Characteristics of monopolistic competition.
Short-run and long-run equilibrium in monopolistic competition.
Characteristics of oligopoly.
Game theory and strategic behavior in oligopolies.

Week 9: Factor Markets

Overview: Understanding the markets for factors of production.
Key Topics:
Demand and supply of labor.
Wage determination and labor market equilibrium.
Capital markets and the determination of interest rates.
Land and rent.

Week 10: Market Failure

Overview: Analyzing the causes and consequences of market failure.
Key Topics:
Public goods and common resources.
Externalities: positive and negative.
Information asymmetry.
Government intervention to correct market failure.

Week 11: Government Intervention

Overview: Exploring the role of government in the economy.
Key Topics:
Types of government intervention (taxes, subsidies, regulation).
The impact of government policies on markets.
Evaluating the effectiveness of government intervention.
Trade-offs and unintended consequences of intervention.

Week 12: Exam Techniques and Model Answers

Overview: Preparing for A-level Economics exams.
Key Topics:
Exam structure and format.
Time management during exams.
Structuring model answers.
Practice with past exam questions and case studies.