1. Student revision workbook for GCSE Economics using Ebbinghaus - microeconomics

This is a revision booklet for students of GCSE Economics.

It has been designed specifically for OCR GCSE Unit 1 - How the Market works. However, it would be suitable for any GCSE course.

It has revision activities based on the Ebbinghaus forgetting curve as well as exam questions at the end of each section.

Topics covered:
1. What is the economic problem?
a) Define the economic problem
b) Scarcity, choice and opportunity cost
c) Approaches to the economic problem
d) What is specialisation?

2. What are competitive markets?
a) Markets
b) Monopoly and monopoly power
c) Demand
d) The demand curve – rise or fall?
e) Price elasticity of demand
f) Supply
g) Price elasticity of supply
h) Determination of prices in competitive markets

3. How do firms operate in competitive markets?
a) Costs, revenues and profit
b) Productivity
c) Growth of firms
d) Economies and diseconomies of scale
e) Rewards for labour
f) Differences in wage rates