Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes The Global Financial Crisis – ‘The Great Recession’ This refers to the decline in World GDP in 2008-2009 Before the Global Financial Crisis, asset prices were high and there was a boom in economic demand There […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes The difference between Risk and Uncertainty Risk These refer to the quantifiable probability of a damage or loss occurring. Examples of Risks: Banks when they lend capital to other firms and individuals Risk of the return […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes The Impact of MNCs on the Local Economy MNCs have a huge amount of market power as they operate in large sizes Local Labour, wages, working conditions and job creation There are increased job opportunities and […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Factors influencing expansion into a market Ease of doing business The ease of doing business is influenced by several factors: government policies, political stability, corruption, and stability of the economy A firm is more likely to […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Asia (India and China) There has been a rise of emerging markets such as India and China since WW2, leading to a change in the pattern of trade The manufacturing sector of the UK has declined […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Quality Lean Production – keeping wastage to a minimal during the different stages of the production process, with the intention to reduce costs. It aims to meet customer demand and do things right the first time round to […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Full Capacity and Spare Capacity Capacity Utilisation = (actual level of output / maximum possible output) x 100 This refers to the extent to which companies are operating at the productive capacity and can therefore be […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Pricing Strategies Cost Plus This can be used when a retailer wants to find out the gross profit margin of a sale in advance Since retailers know the cost will be covered if they sell the good, […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Pricing Strategies Cost Plus This can be used when a retailer wants to find out the gross profit margin of a sale in advance Since retailers know the cost will be covered if they sell the good, […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Competitive Advantage through Innovation When a firm produces goods / services that are better than it’s competitors, it has comparative advantage A firm can use pricing techniques, quality, cost, or operate in a niche market to […]