Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Specialisation and Division of Labour Division of labour – the work is split into smaller tasks due to workers specialising in a specific skill Adam Smith’s Theory – ‘The wealth of Nations’ proposed that economic growth […]

Exam Boards: Edexcel, AQA, WJEC, CIE, OCR         Level: AS/A LEVELS/IB/IAL Globalisation  Globalisation refers to countries becoming more closely integrated economically, socially and culturally.  Characteristics of globalisation Increased trade as a proportion of world GDP Increased foreign direct investment (FDI) Increased capital flows between countries. Increased movement of people between countries What are capital […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Monopoly A monopoly exists when a firm dominates a market. A monopoly is defined as a firm with 25% or more market share in a particular industry. Characteristics of a Monopoly One firm dominates the market. High […]

Monopolistic Competition Monopolistic competition is similar to perfect competition. However all the products they sell are slightly differentitated. Due to this firms in monopolistic competition have a downward sloping demand curve and are able to set price. Example Hairdressers – All hairdressers differentiate themselves through the price, quality and experience they provide to customers. Restaurants […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Oligopoly Oligopoly market structure exists where there are a small number of large firms dominating the market. Examples: Supermarkets Retail banks Mobile phone networks  Characteristics of Oligopoly market structure High concentration ratio High barriers to entry Firms […]