A/Level Economics - Lesson 1 & 2 (Microeconomics)
Subject: Economics (Econ)
Topics: Basic Concepts & Demand/Supply
Syllabus: A/L Sri Lanka (New Syllabus)
Download this handwritten short note for A/L Economics. This PDF summarizes Lesson 1 (Basic Economic Problems) and Lesson 2 (The Price Mechanism). It includes clear diagrams of PPC Curves, Demand Shifts, and Supply Shifts.
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Key Concepts Covered:
- Scarcity & Opportunity Cost: Understanding the basic economic problem.
- Production Possibility Curve (PPC): How to draw and interpret shifts in the PPC.
- Market Equilibrium: How price is determined by the intersection of Demand and Supply.
- Elasticity: Introduction to PED (Price Elasticity of Demand).
Exam Tip: Practice drawing the graphs yourself. In the exam, marks are given for correctly labeling the "Price" (Y-axis) and "Quantity" (X-axis).
Keywords: A/L Econ Notes, Microeconomics, Supply and Demand Graphs, Sri Lanka Economics Past Papers.