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 […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes What is Debt Relief? Debt relief refers to the various measures that governments or international organizations can take to reduce the burden of debt for countries or individuals.  Debt relief can be provided by international organisations […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  What is the Quantity Theory of Money? The Quantity Theory of Money is an economic concept explaining the relationship between the price level and quantity of money in an economy. This concept is based upon the assumption that the […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Minimum Prices Minimum Prices are legally enforced by the government to protect producers – they know in advance that they will receive a guaranteed amount of income. Examples of Minimum Prices include: National Minimum Wage Minimum Price […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Barriers to Entry and Exit Barriers to Entry are factors which prevent new firms from entering a market or an existing firm from expanding into other markets Barriers to Exit are factors which make it more […]

Collusion Collusion occurs when two or more firms price fix and restrict their outputs to the detriment of customers welfare. Types of collusion Tacit collusion This is the type of collusion that occurs through ‘unspoken’, ‘quite’, ‘hidden’ agreements between two parties. They are often implicit agreements that are extremely difficult for competition authorities to prove. […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Different Pricing Strategies 1. Price Wars This occurs when one firm reduces their prices to maximise the amount of products sold, leading to greater profit being made. This results in the competitor firm losing market share […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Game Theory Game Theory is the study of interactions based off strategic thinking, where one player’s decision is dependent upon the moves of its opponent. Economists use Game Theory to understand the behaviours in an oligopoly firm. […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Price Discrimination This is when firms are able to use their market power to charge consumers a higher price for the same good / service being provided. Conditions necessary for Price Discrimination Price Maker – the firm […]