By the end of this unit, you should be able to:

  • define a market and effective demand in a market 
  • define demand and supply 
  • analyse individual and market demand and supply and how demand and supply curves can be derived
  • describe the factors influencing demand and supply 
  • define meaning of elasticity 
  • describe price, income and cross elasticity of demand, how they are calculated, factors affecting them and the implications for revenue and business decisions 
  • analyse price elasticity of supply, it’s calculation, the factors affecting it and its implications to business
Price Elasticity of Demand
Income Elasticity of Demand
Cross Elasticity of Demand
Business relevance of demand elasticities
Price Elasticity of Supply
Interaction of Demand & Supply
Consumer & Producer Surplus

A Level Content —– Paper 3 & 4

Law of diminishing marginal utility
Indifference curves and budget lines
Types of cost, revenue and profit, short-run and
long-run production
Different market structures
Growth and survival of firms
Differing objectives of a firm

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