Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Types of Restrictions on Free Trade   Quotas Quotas are limits on the quantity of a product being imported. It restricts the physical amount of product which a country can buy Q1 – domestic supply at […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Trade Cycle The Trade Cycle shows how a country can experience fluctuations in its economic growth depending on different phases The Characteristics of a Boom A Boom is a period where countries experience high Economic Growth […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Output Gaps An output gap is the difference between actual output and potential output. It is an indicator that the country is not using its resources effectively Positive Output Gap – the economic growth is higher than […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes The Multiplier Effect       The Multiplier Effect suggests that an increase in Aggregate Demand caused by an increase in Injections into the economy will result in greater National Income When an initial injection into the economy causes […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Equilibrium – a balancing point where aggregate demand equals aggregate supply, dictating the price level and real GDP of a country Equilibrium on an AD / AS diagram   At equilibrium, there is no tendency to change […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes    Renewable Resources Resources which can be naturally replenished over time since there is access to a continuous source of clean energy These resources can be used as often as needed and will not run out in […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes   Monopsony – a market condition in which there is only one buyer for a good / service but several suppliers. Therefore, the buyer is able to set the demand and controls the price Monopsony in the […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Profit  Profit is the difference between revenue and costs; it is the reward for risk-taking Profit Maximisation This occurs when MR = MC and is when a firm cannot raise its profit any more irrespective of […]

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 […]