Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Market Failure in the Financial Sector – situations where there is a loss of economic output because Financial Markets are unable to operate efficiently Types of Market Failure in the Financial Sector 1. Moral Hazard Moral Hazard – […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Factors influencing Growth & Development 1. Savings Gap – the Harrod-Domar Model The Harrod-Domer Model illustrates how countries with a lower GDP per head are likely to experience more difficulty in financing investment due to their […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  The Human Development Index The HDI consists of three main dimensions and measures the economic & social welfare of countries over time: Health – this is measured in terms of life expentency at birth and takes a range […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Measures of International Competitiveness Relative unit labour costs Unit Labour Costs are: (total wages / real output). These are costs incurred for employing workers for each unit of good Measured in an index number with one year chosen […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes What are Tariffs? Tariffs are a type of tax that governments impose on imported goods. They are often used as a way to protect domestic industries from foreign competition by making imported goods more expensive for […]