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Before, when a word „economics” was used to name various actions and processes, some economists suggested that the subject of economy studies were problem of material wellbeing of society; while others suggested that these were problem of the social area, and foremost multiple organization tasks of exchange and consumption; and the third ones considered it as the problems of creation and sharing of wealth; the fourth thought about it as a problems of everyday economic activities of people. Gradually the subject of economic analysis was created.
Modern understanding of „economics” is based on the fact the any society faces the main economic problem: resources available to society are limited or scarce, when its material needs are limitless. Ultimately, all economic problems are reduced to one: how to achieve the greatest benefit at the lowest cost.
The subject of economic theory is the relations between people in the process of production, distribution, exchange and consumption of goods and services in the world of limited resources. The purpose of discipline is to achieve efficient use of limited economic resources to the maximum satisfaction of the material needs of the people.
In order to be a great economist one must first undergo economy course in high school and have passed an appropriate examination. Your faithful companion in this will be Edexcel economics past papers, which will familiarize you with the structure, types of questions and requirements from Edexcel Examination Commission.
A level economics course will allow students:
During Edexcel economics A level course students will have to follow a certain set of rules and to demonstrate corresponding qualities. For example, to use and evaluate complex models with high number of variables, such as price formation and decision making in different market structures. The main aspect is a skill to apply models in a wide range of example, for example, to review causes and the effects of inequality in developed and developing countries. It is also important to use and evaluate economic models, provided in written, numerical or graphic form. For example, students will be instructed to draw a curve of cost and explain its shape in terms of diminishing marginal returns and economies of scale. The analysis of Edexcel economics past papers will help students.
It is essential important for students to understand relations and connection between microeconomic models. In example, during the course students will have to understand global factors influencing the currency exchange rate of a country and foretell possible effect of changes in strategy for local, national and international economy. Or students will have to learn AD/AS models (aggregate demand and aggregate supply) to analyze and evaluate the use of strategies in achieving economic goals.
In addition to studying hard and fulfilling all tasks of the teacher, economics Edexcel past papers would be a great addition to preparing for the exam. Knowing the structure and organization of the examination, the student will feel confident and will increase the likelihood of getting A *!