Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Difference between Capital Expenditure, Current Expenditure and Transfer Payments Capital Expenditure – this is money spent on assets that can be used several times. For example, it can be government expenditure on new infrastructure Current Expenditure – this […]

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 […]

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 […]