Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Costs in the Short Run Total Costs – calculated by adding the total fixed costs and the total variable costs Fixed Costs – costs which do not vary with output. They can also be called ‘Overheads’ and examples […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Central Bank – manages the currency of a country and controls the money supply Examples of Central Banks Bank of England (UK) Federal Reserve (US) European Central Bank (EU) Key functions of a Central Bank 1. Implements […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes The Key functions of a Financial Market 1. Lending to businesses and individuals Financial Markets act as a third party platform between savers and borrowers to facilitate lending 2. To facilitate saving Financial Markets provide households and […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Pattern of Trade – refers to the changes in a country’s imports / exports throughout periods of time Factors influencing the Pattern of Trade Comparative Advantage – a country that is able to produce a good […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Aims of Government Intervention Enforce price stabilisation and greater consumer choice by promoting competition between firms Discourage the consumption of demerit goods and encourage the consumption of merit goods Ensure markets are operating efficiently by discouraging […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Government Intervention This is the regulatory action taken by government to help resolve any form of market failure Examples of Government Intervention Competition Authorities and CMA – prevent mergers from happening or intervene to ensure mergers […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Wage Determination Labour Force – The total number of people employed and unemployed National Minimum Wage – The minimum pay per hour that firms must pay their workers Maximum Wage – Wages cannot exceed a certain […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Contestability Market Contestability – the ease with which firms can enter or exit a market. A perfectly contestable market consists of zero entry or exit costs. Characteristics of a Contestable Market Low barriers to entry/exit – […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Supply of labour is depicted by an upward sloping supply curve and is the number of workers available and willing to work at any given wage. Factors influencing the Supply of Labour Wage rate – if the […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Demand for Labour Labour is a derived demand – labour is a derived demand which means the quantity of labour firms hire is obtained from the demand for the product produced Demand for labour – the […]