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Economics AS Level Notes Economics Definition – The study of how to allocate scarce resources in the most effective way Economic Problem Definition – How to allocate scarce resources among alternative uses Household Definition – A group of people whose spending decisions are connected Microeconomics Definition – The study of how households and firms make decisions in markets Economics A (2015) Other Resources. It will be good practice for you to plan out a response for each of the essay questions below. Updates. Below you can find the 2018 A-Level Economics predicted questions we came up with. (A-level) Resources for Maths, Economics or Design Technology?? Economics B (8EB0): Edexcel AS-Level Past Papers June 2018. 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