Peter Smith 
OCR A Level Economics Book 1 

Exam Board: OCRLevel: A-level Subject: Economics First 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 book Contents Introduction Section 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 failure Microeconomics key terms Microeconomics practice questions Section 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 rate Macroeconomics key terms Macroeconomics practice questions Index