Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Free Trade is when countries are able to trade with each other without barriers or restrictions in place. Reasons for Restrictions on Free Trade Protect smaller industries – to protect smaller industries from getting demolished, until they grow and […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes What is the World Trade Organisation (WTO)? The main objective of the WTO is to liberalise trade (lower trade barriers) between its member countries. It does this by providing member countries governments with a forum for […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Terms of Trade = (index of export prices / index of import prices) x 100. It measures a country’s relative competitiveness Factors influencing a country’s Terms of Trade Tariffs – tarrifs increase the price of imported goods […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Absolute Advantage Absolute advantage occurs when a country can produce a particular good or service more efficiently than another. e.g. The OPEC countries can produce oil a lot more efficiently than other countries who have not supplied […]

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 […]