Source: https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-3-1-revenue

[Revision notes](https://senecalearning.com/en-gb/revision-notes.md) › [A Level](https://senecalearning.com/en-gb/revision-notes/a-level.md) › [Economics](https://senecalearning.com/en-gb/revision-notes/a-level/economics.md) › [Edexcel](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel.md) › Revenue

# Revenue

Economics: Edexcel A A Level, topic 5.3.1

## Total, Average and Marginal Revenue

The money firms get from selling products is called revenue. The different ways to measure revenue can be used to highlight different aspects of business performance.

### Total revenue

![Total revenue](https://image-v2.cdn.app.senecalearning.com/2018-08/cb3f0a43-2282-43c6-aa81-9b805bdd9a00/Revenue%20%3D%20Price%20x%20Quantity.png)

- Total revenue is the income brought into the firm from selling its products.
 - Total revenue = price × quantity.

### Average revenue

![Average revenue](https://image-v2.cdn.app.senecalearning.com/2018-08/01402175-fba1-4fb1-b7cd-627fd3287afe/1.4.6%20AR_MR.png)

- Average revenue = total revenue (price × quantity) ÷ quantity.
- So, average revenue = price.
- So, if price is equal to average revenue, you could simply rewrite the average revenue curve as the demand curve.

### Marginal revenue

![Marginal revenue](https://image-v2.cdn.app.senecalearning.com/2018-08/64ad6398-f9e8-4d98-8919-72849abd258a/1.4.6%20AR_MR.png)

- This is the additional revenue gained from selling the last output unit.
- If marginal revenue is positive, total revenue could be increased from expanding output.
- So, total revenue is maximised when marginal revenue is equal to zero.

### Marginal and average revenue

![Marginal and average revenue](https://image-v2.cdn.app.senecalearning.com/2018-07/7bef0f28-e3bf-45a7-a918-d83eeca12b99/1.4.6%20AR%252FMR%252FTR%20Price%20Maker.png)

- The midpoint of the average revenue curve is where total revenue is maximised. 
- The marginal revenue curve has twice the steepness of the average revenue curve.

## Price Takers vs Price Makers

Firms that are price takers cannot control the equilibrium selling price. They have to take the price that is 'decided' by the market. There are price takers and price makers.

### Price takers

![Price takers](https://image-v2.cdn.app.senecalearning.com/2018-07/9bf08221-b314-461b-86eb-7baf4fde45be/1.4.6%20price%20taker%20AR%252FD%20curve%20(1).png)

- If selling price cannot be controlled (and so the firm is a price taker), there is perfectly elastic demand. 
 - Increasing the price causes the quantity to fall to zero.
- Here, marginal revenue is equal to average revenue.

### Price makers

![Price makers](https://image-v2.cdn.app.senecalearning.com/2018-08/a1eb6ebe-d16a-496e-b468-28ccf0c1c4ed/1.4.6%20AR_MR_TR%20Price%20Maker.png)

- Price makers have partial control over the price at which their goods are sold.
- Firms can maximise total revenue by operating at the point where the price elasticity of demand is equal to -1.

## Total Revenue and Price Elasticity of Demand

You should be able to understand the relationship between price elasticity of demand and a firm's total revenue.

### Total revenue

![Total revenue](https://image-v2.cdn.app.senecalearning.com/2018-08/5294af32-1e9e-44a2-8f80-0f35dbe8ba49/Revenue%20%3D%20Price%20x%20Quantity.png)

- Total revenue = price per unit × quantity.

### Straight-line demand curve

![Straight-line demand curve](https://image-v2.cdn.app.senecalearning.com/2018-08/7084f927-d65f-4e0b-ac2c-61856019805e/Changing%20elasticity%20along%20a%20straight%20line.png)

- This is how price elasticity of demand (PED) changes along the demand curve:
 - At zero demand or high price - minus infinity.
 - At midpoint - elasticity is minus one.
 - At zero price or high quantity - elasticity is zero.
- PED of +/- one = maximised total revenue.
 - The closer a product's price is to the midpoint, the higher the revenue.

### Price elastic in demand

![Price elastic in demand](https://image-v2.cdn.app.senecalearning.com/2018-06/329496b1-5828-4dbe-b323-9136492720ee/revenue%202.jpg)

- If a product is price elastic in demand:
 - Decreasing price = increases total revenue.
 - Increasing price = decreases total revenue.

### Price inelastic in demand

![Price inelastic in demand](https://image-v2.cdn.app.senecalearning.com/2018-08/04ebc1fd-cb33-4ba3-a367-01308b5fd134/revenue-profit-graph-.jpg)

- If a product is price inelastic in demand:
 - Decreasing price = decreases total revenue.
 - Increasing price = increases total revenue.

## Test yourself on Revenue

- What is the relationship between the marginal revenue and the average revenue curves?
- Define marginal revenue and explain its relationship with total revenue.
- Total revenue is maximised where marginal revenue is equal to what?
- Which type of firm faces a perfectly elastic demand curve?
- Which of these firms are more likely to be a price taker?

[Practise this topic for free](https://app.senecalearning.com/classroom/course/d903555c-0201-4e4b-b4f4-8a5ad1345c9e/section/33ea3fd3-f860-47a6-aa41-a1493c1991b4/session)

- Previous topic: [5.2.3 Application Questions - Business Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-2-3-application-questions-business-objectives.md)
- Next topic: [5.3.2 Costs](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-3-2-costs.md)

## Economics: Edexcel A A Level contents

### 1 Introduction to Markets
- 1.1 Nature of Economics
  - [1.1.1 Economics as a Social Science](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-1-economics-as-a-social-science.md)
  - [1.1.2 Positive & Normative Economic Statements](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-2-positive-and-normative-economic-statements.md)
  - [1.1.3 The Economic Problem](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-3-the-economic-problem.md)
  - [1.1.4 Resources](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-4-resources.md)
  - [1.1.5 Production Possibility Frontiers](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-5-production-possibility-frontiers.md)
  - [1.1.6 Specialisation & Division of Labour](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-6-specialisation-and-division-of-labour.md)
  - [1.1.7 Types of Economies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-7-types-of-economies.md)
  - [1.1.8 End of Topic Test - Nature of Economics](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-8-end-of-topic-test-nature-of-economics.md)
  - [1.1.9 Application Questions - Nature of Economics](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-9-application-questions-nature-of-economics.md)
- 1.2 How Markets Work
  - [1.2.1 Rational Decision Making](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-1-rational-decision-making.md)
  - [1.2.2 Demand](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-2-demand.md)
  - [1.2.3 Elasticities of Demand](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-3-elasticities-of-demand.md)
  - [1.2.4 Elasticities of Demand 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-4-elasticities-of-demand-2.md)
  - [1.2.5 Elasticity & Revenue](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-5-elasticity-and-revenue.md)
  - [1.2.6 Supply](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-6-supply.md)
  - [1.2.7 Elasticity of Supply](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-7-elasticity-of-supply.md)
  - [1.2.8 Price Determination](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-8-price-determination.md)
  - [1.2.9 Price Mechanism](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-9-price-mechanism.md)
  - [1.2.10 Consumer & Producer Surplus](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-10-consumer-and-producer-surplus.md)
  - [1.2.11 Indirect Taxes & Subsidies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-11-indirect-taxes-and-subsidies.md)
  - [1.2.12 A-A* (AO3/4) - Taxing Prices or Quantities?](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-12-a-a-ao34-taxing-prices-or-quantities.md)
  - [1.2.13 Alternative View of Consumer Behaviour](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-13-alternative-view-of-consumer-behaviour.md)
  - [1.2.14 End of Topic Test - Markets](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-14-end-of-topic-test-markets.md)
  - [1.2.15 A-A* (AO3/4) - Markets](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-15-a-a-ao34-markets.md)

### 2 Market Failure
- 2.1 Market Failure
  - [2.1.1 Types of Market Failure](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-1-1-types-of-market-failure.md)
  - [2.1.2 Externalities](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-1-2-externalities.md)
  - [2.1.3 The Deadweight Welfare Loss of Externalities](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-1-3-the-deadweight-welfare-loss-of-externalities.md)
  - [2.1.4 A-A* (AO3/4) - The Externalities of Education](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-1-4-a-a-ao34-the-externalities-of-education.md)
  - [2.1.5 Public Goods](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-1-5-public-goods.md)
  - [2.1.6 Information Gaps](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-1-6-information-gaps.md)
  - [2.1.7 End of Topic Test - Market Failure](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-1-7-end-of-topic-test-market-failure.md)
  - [2.1.8 Application Questions - Market Failure](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-1-8-application-questions-market-failure.md)
- 2.2 Government Intervention
  - [2.2.1 Government Intervention in Markets](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-2-1-government-intervention-in-markets.md)
  - [2.2.2 Subsidies & Price Controls](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-2-2-subsidies-and-price-controls.md)
  - [2.2.3 Pollution Permits & Regulation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-2-3-pollution-permits-and-regulation.md)
  - [2.2.4 A-A* (AO3/4) - European Emissions Trading](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-2-4-a-a-ao34-european-emissions-trading.md)
  - [2.2.5 State Provision & Information Provision](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-2-5-state-provision-and-information-provision.md)
  - [2.2.6 Government Failure](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-2-6-government-failure.md)
  - [2.2.7 End of Topic Test - Government Intervention](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-2-7-end-of-topic-test-government-intervention.md)
  - [2.2.8 A-A* (AO3/4) - Government Intervention](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-2-8-a-a-ao34-government-intervention.md)

### 3 The UK Macroeconomy
- 3.1 Measures of Economic Performance
  - [3.1.1 Measuring Economic Growth](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-1-measuring-economic-growth.md)
  - [3.1.2 National Income Data](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-2-national-income-data.md)
  - [3.1.3 Inflation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-3-inflation.md)
  - [3.1.4 Causes of Inflation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-4-causes-of-inflation.md)
  - [3.1.5 Consequences of Inflation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-5-consequences-of-inflation.md)
  - [3.1.6 Employment & Unemployment](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-6-employment-and-unemployment.md)
  - [3.1.7 Causes & Impact of Unemployment](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-7-causes-and-impact-of-unemployment.md)
  - [3.1.8 A-A* (AO3/4) - Hysteresis](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-8-a-a-ao34-hysteresis.md)
  - [3.1.9 Balance of Payments](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-9-balance-of-payments.md)
  - [3.1.10 Current Account Deficit & Imbalances](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-10-current-account-deficit-and-imbalances.md)
  - [3.1.11 End of Topic Test - Economic Performance](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-11-end-of-topic-test-economic-performance.md)
  - [3.1.12 Application Questions Macroeconomy](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-12-application-questions-macroeconomy.md)
- 3.2 Aggregate Demand
  - [3.2.1 Aggregate Demand](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-2-1-aggregate-demand.md)
  - [3.2.2 Consumption](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-2-2-consumption.md)
  - [3.2.3 Investment](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-2-3-investment.md)
  - [3.2.4 Government Expenditure](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-2-4-government-expenditure.md)
  - [3.2.5 Net Trade](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-2-5-net-trade.md)
  - [3.2.6 End of Topic Test - Aggregated Demand](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-2-6-end-of-topic-test-aggregated-demand.md)
  - [3.2.7 Application Questions - AD](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-2-7-application-questions-ad.md)
- 3.3 Aggregate Supply
  - [3.3.1 Aggregate Supply](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-3-1-aggregate-supply.md)
  - [3.3.2 End of Topic Test - Aggregated Supply](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-3-2-end-of-topic-test-aggregated-supply.md)
  - [3.3.3 A-A* (AO3/4) -Aggregate Supply](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-3-3-a-a-ao34-aggregate-supply.md)
- 3.4 National Income
  - [3.4.1 National Income](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-4-1-national-income.md)
  - [3.4.2 Injections & Withdrawals](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-4-2-injections-and-withdrawals.md)
  - [3.4.3 Equilibrium Level of Real National Output](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-4-3-equilibrium-level-of-real-national-output.md)
  - [3.4.4 Multiplier Effect](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-4-4-multiplier-effect.md)
  - [3.4.5 End of Topic Test - National Income](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-4-5-end-of-topic-test-national-income.md)
  - [3.4.6 Application Questions - National Income](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-4-6-application-questions-national-income.md)
- 3.5 Economic Growth
  - [3.5.1 Causes of Economic Growth](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-5-1-causes-of-economic-growth.md)
  - [3.5.2 Output Gaps](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-5-2-output-gaps.md)
  - [3.5.3 Business Cycle](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-5-3-business-cycle.md)
  - [3.5.4 Impact of Economic Growth](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-5-4-impact-of-economic-growth.md)
  - [3.5.5 End of Topic Test - Economic Growth](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-5-5-end-of-topic-test-economic-growth.md)
  - [3.5.6 A-A* (AO3/4) - Growth](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-5-6-a-a-ao34-growth.md)

### 4 The UK Economy - Policies
- 4.1 Macroeconomic Objectives & Policies
  - [4.1.1 Possible Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-1-possible-objectives.md)
  - [4.1.2 Demand-Side Policies - Monetary](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-2-demand-side-policies-monetary.md)
  - [4.1.3 Demand-Side Policies - Monetary 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-3-demand-side-policies-monetary-2.md)
  - [4.1.4 A-A* (AO3/4) - The Future of Interest Rates](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-4-a-a-ao34-the-future-of-interest-rates.md)
  - [4.1.5 Demand-Side Policies - Fiscal](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-5-demand-side-policies-fiscal.md)
  - [4.1.6 Demand-Side Policies in 2007-08](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-6-demand-side-policies-in-2007-08.md)
  - [4.1.7 Strengths & Weaknesses of Demand Side](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-7-strengths-and-weaknesses-of-demand-side.md)
  - [4.1.8 Supply-Side Policies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-8-supply-side-policies.md)
  - [4.1.9 Supply-Side Policies 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-9-supply-side-policies-2.md)
  - [4.1.10 Conflicts Between Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-10-conflicts-between-objectives.md)
  - [4.1.11 A-A* (AO3/4) - Conflicting Incentives](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-11-a-a-ao34-conflicting-incentives.md)
  - [4.1.12 Phillips Curve](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-12-phillips-curve.md)
  - [4.1.13 End of Topic Topic - Policies & Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-13-end-of-topic-topic-policies-and-objectives.md)
  - [4.1.14 Application Questions - UK Policies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-14-application-questions-uk-policies.md)

### 5 Business Behaviour
- 5.1 Business Growth
  - [5.1.1 Size & Types of Firms](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-1-1-size-and-types-of-firms.md)
  - [5.1.2 Business Growth](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-1-2-business-growth.md)
  - [5.1.3 Pros & Cons of External Expansion](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-1-3-pros-and-cons-of-external-expansion.md)
  - [5.1.4 Demergers](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-1-4-demergers.md)
  - [5.1.5 End of Topic Test - Business Growth](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-1-5-end-of-topic-test-business-growth.md)
  - [5.1.6 A-A* (AO3/4) - Business Growth](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-1-6-a-a-ao34-business-growth.md)
- 5.2 Business Objectives
  - [5.2.1 Business Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-2-1-business-objectives.md)
  - [5.2.2 End of Topic Test - Business Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-2-2-end-of-topic-test-business-objectives.md)
  - [5.2.3 Application Questions - Business Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-2-3-application-questions-business-objectives.md)
- 5.3 Revenues, Costs & Profits
  - [5.3.1 Revenue](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-3-1-revenue.md)
  - [5.3.2 Costs](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-3-2-costs.md)
  - [5.3.3 Economies & Diseconomies of Scale](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-3-3-economies-and-diseconomies-of-scale.md)
  - [5.3.4 Profits](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-3-4-profits.md)
  - [5.3.5 Profits 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-3-5-profits-2.md)
  - [5.3.6 End of Topic Test - Revenue, Costs & Profits](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-3-6-end-of-topic-test-revenue-costs-and-profits.md)
  - [5.3.7 A-A* (AO3/4) - Revenue, Costs & Profit](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-3-7-a-a-ao34-revenue-costs-and-profit.md)

### 6 Market Structures
- 6.1 Market Structures
  - [6.1.1 Efficiency](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-1-efficiency.md)
  - [6.1.2 Perfect Competition](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-2-perfect-competition.md)
  - [6.1.3 Perfect Competition 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-3-perfect-competition-2.md)
  - [6.1.4 Monopolistic Competition](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-4-monopolistic-competition.md)
  - [6.1.5 Oligopolies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-5-oligopolies.md)
  - [6.1.6 The Prisoner's Dilemma](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-6-the-prisoners-dilemma.md)
  - [6.1.7 Collusion in Oligopolistic Markets](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-7-collusion-in-oligopolistic-markets.md)
  - [6.1.8 A-A* (AO3/4) - Which Factors Affect Collusion?](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-8-a-a-ao34-which-factors-affect-collusion.md)
  - [6.1.9 Monopolies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-9-monopolies.md)
  - [6.1.10 Price Discrimination](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-10-price-discrimination.md)
  - [6.1.11 Monopsony](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-11-monopsony.md)
  - [6.1.12 A-A* (AO3/4) - Models in Economics](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-12-a-a-ao34-models-in-economics.md)
  - [6.1.13 Contestability](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-13-contestability.md)
  - [6.1.14 Benefits of Contestability](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-14-benefits-of-contestability.md)
  - [6.1.15 End of Topic Test - Market Structures](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-15-end-of-topic-test-market-structures.md)
  - [6.1.16 Application Questions - Market Structures](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-16-application-questions-market-structures.md)
  - [6.1.17 A-A* (AO3/4) - Cereal Collusion](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-17-a-a-ao34-cereal-collusion.md)
- 6.2 Labour Market
  - [6.2.1 Demand for Labour](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-1-demand-for-labour.md)
  - [6.2.2 Supply of Labour](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-2-supply-of-labour.md)
  - [6.2.3 Labour Market Imperfections](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-3-labour-market-imperfections.md)
  - [6.2.4 A-A* (AO3/4) - Labour Productivity & Unemployment](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-4-a-a-ao34-labour-productivity-and-unemployment.md)
  - [6.2.5 A-A* (AO3/4) - What Level of Unionisation is Good?](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-5-a-a-ao34-what-level-of-unionisation-is-good.md)
  - [6.2.6 Wage Determination](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-6-wage-determination.md)
  - [6.2.7 Elasticity of Labour Supply & Demand](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-7-elasticity-of-labour-supply-and-demand.md)
  - [6.2.8 Intervention in Setting Wages](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-8-intervention-in-setting-wages.md)
  - [6.2.9 End of Topic Test - Labour Market](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-9-end-of-topic-test-labour-market.md)
  - [6.2.10 A-A* (AO3/4) - Labour Markets](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-10-a-a-ao34-labour-markets.md)
- 6.3 Government Intervention
  - [6.3.1 Reasons for Government Intervention](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-1-reasons-for-government-intervention.md)
  - [6.3.2 Government Promotion of Competition](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-2-government-promotion-of-competition.md)
  - [6.3.3 Usefulness of Competition Policy & Examples](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-3-usefulness-of-competition-policy-and-examples.md)
  - [6.3.4 A-A* (AO3/4) - Modern Competition Policy](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-4-a-a-ao34-modern-competition-policy.md)
  - [6.3.5 Privatisation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-5-privatisation.md)
  - [6.3.6 Government Regulation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-6-government-regulation.md)
  - [6.3.7 A-A* (AO3/4) - Nationalisation vs Privatisation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-7-a-a-ao34-nationalisation-vs-privatisation.md)
  - [6.3.8 Government Protection of Suppliers and Employees](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-8-government-protection-of-suppliers-and-employees.md)
  - [6.3.9 Impact of Government Intervention](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-9-impact-of-government-intervention.md)
  - [6.3.10 End of Topic Test - Government Intervention](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-10-end-of-topic-test-government-intervention.md)
  - [6.3.11 Application Questions - Government Intervention](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-11-application-questions-government-intervention.md)

### 7 A Global Perspective
- 7.1 International Economics - Globalisation & Trade
  - [7.1.1 Globalisation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-1-globalisation.md)
  - [7.1.2 Globalisation for LEDCs](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-2-globalisation-for-ledcs.md)
  - [7.1.3 Globalisation for MEDCs](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-3-globalisation-for-medcs.md)
  - [7.1.4 Specialisation & Trade](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-4-specialisation-and-trade.md)
  - [7.1.5 Pattern of Trade](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-5-pattern-of-trade.md)
  - [7.1.6 Terms of Trade](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-6-terms-of-trade.md)
  - [7.1.7 Trading Blocs](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-7-trading-blocs.md)
  - [7.1.8 UK, EU & WTO](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-8-uk-eu-and-wto.md)
  - [7.1.9 End of Topic Test - Globalisation & Trade](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-9-end-of-topic-test-globalisation-and-trade.md)
  - [7.1.10 A-A* (AO3/4) - Globalisation & Trade](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-10-a-a-ao34-globalisation-and-trade.md)
- 7.2 International Economics - Currency
  - [7.2.1 Merged Currency](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-1-merged-currency.md)
  - [7.2.2 Restrictions on Free Trade](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-2-restrictions-on-free-trade.md)
  - [7.2.3 Arguments for Protectionism](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-3-arguments-for-protectionism.md)
  - [7.2.4 Arguments Against Protectionism](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-4-arguments-against-protectionism.md)
  - [7.2.5 Balance of Payments](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-5-balance-of-payments.md)
  - [7.2.6 Balance of Payments 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-6-balance-of-payments-2.md)
  - [7.2.7 Floating Exchange Rates](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-7-floating-exchange-rates.md)
  - [7.2.8 Fixed Exchange Rate](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-8-fixed-exchange-rate.md)
  - [7.2.9 International Competitiveness](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-9-international-competitiveness.md)
  - [7.2.10 End of Topic Test - International Economy](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-10-end-of-topic-test-international-economy.md)
  - [7.2.11 Application Questions - International Economics](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-11-application-questions-international-economics.md)

### 8 Finance & Inequality
- 8.1 Poverty & Inequality
  - [8.1.1 Absolute & Relative Poverty](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-1-1-absolute-and-relative-poverty.md)
  - [8.1.2 Inequality](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-1-2-inequality.md)
  - [8.1.3 Inequality 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-1-3-inequality-2.md)
  - [8.1.4 Lorenz Curve](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-1-4-lorenz-curve.md)
  - [8.1.5 Government Policy on Poverty](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-1-5-government-policy-on-poverty.md)
  - [8.1.6 End of Topic Test - Poverty & Inequality](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-1-6-end-of-topic-test-poverty-and-inequality.md)
  - [8.1.7 A-A* (AO3/4) - Inequality & Poverty](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-1-7-a-a-ao34-inequality-and-poverty.md)
- 8.2 Emerging & Developing Economies
  - [8.2.1 Measures of Development](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-1-measures-of-development.md)
  - [8.2.2 Factors Influencing Growth & Development](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-2-factors-influencing-growth-and-development.md)
  - [8.2.3 Barriers to Development](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-3-barriers-to-development.md)
  - [8.2.4 Barriers to Development 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-4-barriers-to-development-2.md)
  - [8.2.5 A-A* (AO3/4) - The Bottom Billion](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-5-a-a-ao34-the-bottom-billion.md)
  - [8.2.6 Development Strategies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-6-development-strategies.md)
  - [8.2.7 Interventionist Strategies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-7-interventionist-strategies.md)
  - [8.2.8 Aid](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-8-aid.md)
  - [8.2.9 International Institutions](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-9-international-institutions.md)
  - [8.2.10 International Institutions 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-10-international-institutions-2.md)
  - [8.2.11 End of Topic Test - Emerging & Developing](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-11-end-of-topic-test-emerging-and-developing.md)
  - [8.2.12 Application Questions - Developing Countries](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-12-application-questions-developing-countries.md)
- 8.3 The Financial Sector
  - [8.3.1 Role of Financial Markets](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-3-1-role-of-financial-markets.md)
  - [8.3.2 Market Failure in the Financial Sector](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-3-2-market-failure-in-the-financial-sector.md)
  - [8.3.3 Role of Central Banks](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-3-3-role-of-central-banks.md)
  - [8.3.4 End of Topic Test - The Financial Sector](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-3-4-end-of-topic-test-the-financial-sector.md)
  - [8.3.5 A-A* (AO3/4) - Financial Sector](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-3-5-a-a-ao34-financial-sector.md)
- 8.4 Role of the State in the Macroeconomy
  - [8.4.1 Public Expenditure](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-4-1-public-expenditure.md)
  - [8.4.2 Taxation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-4-2-taxation.md)
  - [8.4.3 Public Sector Finances](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-4-3-public-sector-finances.md)
  - [8.4.4 End of Topic Test - Role of the State](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-4-4-end-of-topic-test-role-of-the-state.md)
  - [8.4.5 Application Questions - Role of the State](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-4-5-application-questions-role-of-the-state.md)

### 9 Examples of Global Policy
- 9.1 International Policies
  - [9.1.1 Global Debt & Deficit Policies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-1-1-global-debt-and-deficit-policies.md)
  - [9.1.2 Poverty & Inequality Policies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-1-2-poverty-and-inequality-policies.md)
  - [9.1.3 Changes in Interest Rates](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-1-3-changes-in-interest-rates.md)
  - [9.1.4 Competitiveness Policies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-1-4-competitiveness-policies.md)
  - [9.1.5 End of Topic Test - International Policies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-1-5-end-of-topic-test-international-policies.md)
  - [9.1.6 A-A* (AO3/4) - International Policies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-1-6-a-a-ao34-international-policies.md)
- 9.2 Policy Responses to Shocks
  - [9.2.1 International Tax Policies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-2-1-international-tax-policies.md)
  - [9.2.2 Problems for Policymakers](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-2-2-problems-for-policymakers.md)
  - [9.2.3 End of Topic Test - Policy Responses](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-2-3-end-of-topic-test-policy-responses.md)
  - [9.2.4 Application Questions - Policy Responses](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-2-4-application-questions-policy-responses.md)