Here is our selection of key revision videos to use as you cover theory of the firm and market structures in your final revision for A Level Economics.
This revision video for A Level Economics students assesses some of the arguments for and against taking the UK rail industry into full state ownership.
Monopoly Power - Tips for Strong Analysis and Great Evaluation
10 Theory of the Firm Diagrams: Here in just under 8 minutes Geoff Riley takes you through 10 key diagrams covering aspects of the theory of the firm.
Game Theory (A Level Economics Revision Update 2018)
25 Mark Essay Technique - Competition and Consumer Welfare: Here is an essay plan using the PECAN PIE technique for developing an answer to this question: "Neo-classical theory of competition implies that more firms in a market is the only way to improve outcomes for consumers”. With reference to examples, to what extent do you agree? (25 marks)
Business Objectives and Pricing Strategies: In this short revision video we look at a range of business objectives and how they affect the price that might be charged to consumers.
Factors Affecting Business Profitability: Many factors influence the profit margins of businesses. This topic video explores some of them and uses cost and revenue curve diagrams to support the analysis.
Oligopoly and Kinked Demand Curve: This short revision video takes students through the kinked demand curve model of oligopoly and also looks at examples of non-price competition in markets when price stickiness has set in.
Applying Game Theory in Economics: This video looks at some applications of game theory to issues in A level economics. It includes a look at the Prisoner's Dilemma and also the economics of first mover advantage.
Internal economies of scale: This topic video looks at lots of example of internal economies of scale available to businesses as they expand in the long run.
Business Objectives: this video considers the different objectives that business might have in different markets. These range from profit and revenue maximisation to sales maximisation and satisficing behaviour in contestable and oligopolistic markets.
Measuring Market Concentration: This topic looks at two measures of market concentration - namely the concentration ratio and the Herfindahl-Hirschman Index (HHI).
What are contestable markets?: This topic video is an introduction to contestable markets looking at the factors that affect contestability and also some topical examples of industries where contestability is becoming more important.
Barriers to entry and exit: This revision video looks at different examples of barriers to entry in imperfectly competitive markets. They include economies of scale, vertical integration, patents, limit pricing and building brand loyalty.
Monopoly and economic efficiency: This topic video considers outcomes for monopoly in terms of allocative, productive and dynamic efficiency and also looks at some arguments in favour of monopoly power in markets.
Understanding imperfect competition: This short revision video provides an overview of three forms of imperfect competition, namely monopoly, oligopoly and imperfect competition. It considers too the likely impact of each market structure on allocative, productive and dynamic efficiency.
Market Structures in the Long Run: This is a recording of a revision webinar focusing on the long run outcomes in different market structures including perfect competition, monopolistic competition, monopoly and contestable markets. We also review the consequences of each market structure for different types of economic efficiency.
Evaluating the costs and benefits of collusion: According to the UK Competition and Markets Authority, cartels are a major barrier to competition and can lead to significantly increased prices and reductions of output, efficiency, innovation and choice, all of which are harmful to consumers. This short revision video evaluates some of the main arguments against collusive behaviour and a number of counter-arguments.
Competition Policy - Price Capping: This video looks at the economics of price capping drawing on examples such as the FCA cap on payday loan interest rates and the EU competition commission cap on text calls and roaming charges for people travelling within the EU.
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.
