What this topic covers
How markets work has 6 subtopics:
- Economic foundations
- Resource allocation
- How prices are determined
- Production, costs, revenue and profit
- Competitive and concentrated markets
- Market failure
GCSE AQA Economics
How markets work – GCSE AQA Economics revision notes
Revise How markets work for GCSE AQA Economics, including Economic foundations and Resource allocation. 44 lessons across 6 subtopics.
How markets work covers Economic foundations, Resource allocation, How prices are determined, and Production, costs, revenue and profit in GCSE AQA Economics. 44 lessons in 6 subtopics.
44
Lessons
6
Subtopics
How markets work lessons by subtopic
44 lessons, grouped by subtopic.
Economic foundations
- Needs, Wants, and Economic Purpose
- Key Economic Decisions
- Economic Groups and Interactions
- Economic Resources & Factors of Production
- The Basic Economic Problem & Weighing Up Choices
- Costs, Benefits and Opportunity Cost
Resource allocation
- Understanding Markets and Resource Allocation
- Factor vs. Product Markets
- Understanding Specialisation and Division of Labour
- Costs and Benefits of Division of Labour
- Economic Sectors: Primary, Secondary, and Tertiary
How prices are determined
- Understanding Demand
- Factors Influencing Demand
- Drawing and Interpreting Demand Curves
- Understanding Supply
- Drawing and Interpreting Supply Curves
- Equilibrium Price and Market Clearing
- Using Supply and Demand Diagrams
- Complements and Substitutes: Understanding Market Connections
- Introduction to Price Elasticity of Demand
- Factors Affecting and Measuring PED
- Implications of PED for Producers and Consumers
- Understanding Price Elasticity of Supply
- Factors Affecting Price Elasticity of Supply
- Implications of Price Elasticity of Supply
Production, costs, revenue and profit
- Understanding Economies of Scale
- Types of Economies of Scale
- Diseconomies of Scale and Business Growth
- Business Objectives and Costs
- Revenue and Profit Calculations
- The Importance of Cost, Revenue, and Profit: Ethical Considerations
- Introduction to Production and Productivity
- Factors Influencing and Benefits of Productivity
Competitive and concentrated markets
- Understanding Competitive Markets
- Impact of Competition on Price and Choice
- Intro to Non-Competitive Markets
- Monopoly and Oligopoly: Impacts
- Understanding Market Structures
- Understanding the Labour Market
- Gross Pay, Net Pay and Wage Differentials
Market failure
More in this course
Go back to the full GCSE AQA Economics topic list, or practise this topic with past-paper questions.
Frequently asked questions
Is this the right How markets work page for my course?
These notes are for GCSE AQA Economics. If you are on a different exam board, choose your course from the Economics page instead, because the content is not always the same.
What should I do after reading the lessons?
Test yourself without the notes open, then try past-paper questions on the same topic. The questions you get wrong tell you which lesson to go back to.