Business

Public Sector Finances

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Automatic Stabilisers Automatic Stabilisers are changes in the level of government spending / tax revenue, occurring without government intervention or a change in government policies. These reduce the impact of changes on national income in the economy Automatic Stabilisers cannot eradicate the fluctuations, it can only reduce the effect imposed on the economy For e.g, during […]
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Public Sector Finances
Taxation

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  The main aims of Taxation To raise revenue for public expenditure A way to manage the part of the economy – fiscal policy To redistribute income To correct market failure To internalise external costs To improve […]
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Taxation
Long Run AS

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Long-Run Aggregate Supply [diagram] Classical View of Long-Run Aggregate Supply AS is inelastic – the classical view suggests that in the long-term, the economy will maintain fully employment; it sees wages and prices as flexible. Classical Economists also believe […]
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Long Run AS
Short Run AS

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Short-Run Aggregate Supply [diagram] Upward Sloping AS Curve – the Aggregate Supply curve is upward sloping in the Short Run, suggesting a positive relationship between price level and the quantity of goods / services. Capital is fixed – in […]
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Short Run AS
The Characteristics of Aggregate Supply

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes The Characteristics of Aggregate Supply What is Aggregate Supply? Aggregate Supply is the total amount of goods / services that firms are willing to supply at various price levels and throughout a given time period. [diagram] Upward […]
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The Characteristics of Aggregate Supply
Factors influencing Growth and Development – Absence of Property Rights

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes What are Property Rights? Property rights refer to the legal framework that governs the ownership, use, and transfer of assets such as land, natural resources, and intellectual property. The absence of property rights can have a detrimental […]
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Factors influencing Growth and Development – Absence of Property Rights
Factors influencing Growth and Development on Education / Skills

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Factors influencing Growth and Development on Education / Skills Human Capital Education and training are key components of human capital, providing individuals with knowledge and skills to participate in the workforce and innovate. Education Can lead […]
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Factors influencing Growth and Development on Education / Skills
Adam Smith, Friedrich Hayek and Karl Marx: The Distinction between Free Market, Mixed, and Command Economies

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Who are Adam Smith, Friedrich Hayek and Karl Marx? Adam Smith Adam Smith is considered the father of modern economics and is known for his work “The Wealth of Nations,” in which he describes the benefits of […]
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Adam Smith, Friedrich Hayek and Karl Marx: The Distinction between Free Market, Mixed, and Command Economies
Foreign Direct Investment (FDI) – 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 What is Foreign Direct Investment (FDI)? FDI is the purchase of physical capital through the net transfer of funds. It can also be referred to as an investment made to a business located in one country […]
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Foreign Direct Investment (FDI) – Economics Revision – The Tutor Academy
Fair Trade Schemes – 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 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 […]
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Fair Trade Schemes – Economics Revision – The Tutor Academy

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