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Revision for aqa economics as and a level papers, including summary notes and past exam questions. The growth of modern macro-economics • major aims of macro economy: low inflation, low unemployment, balance of payments deficit and gdp growth • free market economists believe the market is a self-adjusting mechanism whereas keynesian economists argue intervention is needed. Section 1: microeconomics this section of economics predominantly lends itself to paper 1, where we have to answer a two part essay question purely on microeconomics (plus another one on macro) it also plays a large part in paper 3, which is the quantitative paper, although that is relatively straightforward. Economics as a word comes from the greek: oikos means ‘family, household, or estate’, and nomos stands for ‘custom, law’ etc thus, “household management” or manage-ment of scarce resources is the essential meaning of economics.
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