Revision Notes
Poverty & Inequality – AS/A LEVELS/IB/IAL
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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Poverty & Inequality Absolute Poverty This is the minimum amount of resources a person needs to meet basic human needs such as food, clean water, shelter and clothing. Relative Poverty People are in relative poverty if they […]
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Bartlett and Ghoshal’s Theory
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Bartlett and Ghoshal’s international, multi-domestic, transnational and global strategies What is the Bartlett & Ghoshal Theory? This theory examines the different approaches to managing businesses that operate internationally. It highlights two key factors in choosing how to manage an international business: The potential cost gains from being globally integrated (such as marketing, production or research […]
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National Minimum Wage (NMW) – Economics Revision – The Tutor Academy
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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes National Minimum Wage (NMW) The National Minimum Wage is the lowest level of hourly pay that an employer is allowed to pay an employee. The national minimum wage was introduced by the government to ensure […]
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Maximum Prices (Price ceilings) – Economics Revision – The Tutor Academy
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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Maximum Prices (Price Ceilings) A maximum price (Ceiling) occurs when a government sets a legal limit on the price of a good or service. The Equilibrium Price is Pe. With the implementation of a Maximum […]
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Strategic Drift Theory
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Strategic Drift Theory Strategic drift occurs when the strategy pursued by business no longer fits with the external environment and trends around it. Therefore the service or product the business is currently selling is not suitable for the current trends or market conditions. Therefore the business will need to look into transformation and changing the […]
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Stakeholder Mapping Theory
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Stakeholder Mapping Understanding the role and importance of stakeholders What is Stakeholder Mapping? The stakeholder mapping theory sorts stakeholders out in terms of their relative power and interest. This theory highlights that not all stakeholders are the same. Stakeholders vary in terms of the power and influence they have on a business. Stakeholder Mapping Diagram […]
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Market Mapping Theory
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Market Mapping Theory Understanding markets and customers What is Market Mapping? This theory helps to analyse how products and brands are seen by customers relative to other products or brands in the market. It helps businesses identify where they are placed in a market compared to their competitors. This theory is also used by businesses […]
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Retrenchment
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Definition of Retrenchment Retrenchment in business occurs when they cut down or reduce something to become more financially stable. When does a business use retrenchment? Retrenchment could occur during a recession It could occur when a company is going through financial difficulty The impact of an economic shock to the economy such as the coronavirus […]
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Tradable Pollution Permits (ETS)
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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes What are tradable pollution permits? Tradable pollution permits is a system created to encourage firms to reduce their overall pollution levels. It is a cap and trade system allowing firms to sell any unused permits and buy […]
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Natural Monopoly
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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Natural Monopoly What is a Natural Monopoly A Natural Monopoly occurs where the industry can only support one firm. Characteristics of Natural Monopolies High start-up costs High fixed costs High barriers to entry Unique product or […]
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