OCR A Level economicsBook 1

Exam Board: OCRLevel: A-levelSubject: EconomicsFirst Teaching: September 2015First Exam: June 2016This textbook has been produced in collaboration with OCR for use with the new 2015 OCR Economics specification, giving you up-to-date material that supports your teaching.

This book will enable students to- Develop subject knowledge, with topic-by-topic insight and advice from Peter Smith, a professorial fellow in: Economics and editor of Economic Review- Demonstrate awareness of current issues in economics and build analytical and evaluative skills with new case studies- Build their quantitative skills with worked examples - Accurately explain key economic concepts and issues by learning the key terms throughout the text and in the end of section glossaries- Prepare for exams with practice questions and activities throughout the bookContentsIntroductionSection 1 - Microeconomics- Part 1 Scarcity and choice--Chapter 1: Introducing economics- Part 2 How competitive markets work--Chapter 2: The coordination problem--Chapter 3: The nature of demand--Chapter 4: The nature of supply--Chapter 5: Market equilibrium and the price system--Chapter 6: Prices and resource allocation-Part 3 Market failure and government intervention--Chapter 7: Market failure and externalities--Chapter 8: Other forms of market failure--Chapter 9: Government intervention and government failureMicroeconomics key termsMicroeconomics practice questionsSection 2 - Macroeconomics- Part 4 Economic policy objectives and indicators of macroeconomic performance--Chapter 10: Macroeconomic performance: inflation--Chapter 11: Macroeconomic performance: employment and unemployment--Chapter 12: Measuring economic performance: economic growth- Part 5 Aggregate demand and aggregate supply--Chapter 13: Aggregate demand--Chapter 14: Aggregate supply and macroeconomic equilibrium- Part 6 The application of policy instruments--Chapter 15: Macroeconomic policy instruments- Part 7 The global context--Chapter 16: International trade--Chapter 17: The balance of payments and the exchange rateMacroeconomics key termsMacroeconomics practice questionsIndex