Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  The main aims of Taxation To raise revenue for public expenditure A way to manage the part of the economy – fiscal policy To redistribute income To correct market failure To internalise external costs To improve […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Long-Run Aggregate Supply   Classical View of Long-Run Aggregate Supply AS is inelastic – the classical view suggests that in the long-term, the economy will maintain fully employment; it sees wages and prices as flexible. Classical Economists also believe […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Short-Run Aggregate Supply [diagram] Upward Sloping AS Curve – the Aggregate Supply curve is upward sloping in the Short Run, suggesting a positive relationship between price level and the quantity of goods / services. Capital is fixed – in […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes The Characteristics of Aggregate Supply What is Aggregate Supply? Aggregate Supply is the total amount of goods / services that firms are willing to supply at various price levels and throughout a given time period. Upward Sloping […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes What are Property Rights? Property rights refer to the legal framework that governs the ownership, use, and transfer of assets such as land, natural resources, and intellectual property. The absence of property rights can have a detrimental […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Factors influencing Growth and Development on Education / Skills Human Capital Education and training are key components of human capital, providing individuals with knowledge and skills to participate in the workforce and innovate. Education Can lead […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Who are Adam Smith, Friedrich Hayek, Karl Marx and John Maynard Keynes? Adam Smith Adam Smith is considered the father of modern economics and is known for his work “The Wealth of Nations,” in which he describes […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes What is Foreign Direct Investment (FDI)? FDI is the purchase of physical capital through the net transfer of funds. It can also be referred to as an investment made to a business located in one country […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes What are Fair Trade Schemes? Fair trade schemes aim to help producers in developing countries achieve better trading conditions and promote sustainability. The main principles of Fair Trade 1. Payment of a Fair Price Fair Trade […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes What is the Lewis Model? The Lewis model is a model of economic development that was proposed by economist W. Arthur Lewis. It is based on the idea that in developing countries, there is an unlimited […]