Business

The role of Central Banks

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes   Central Bank – manages the currency of a country and controls the money supply Examples of Central Banks Bank of England (UK) Federal Reserve (US) European Central Bank (EU) Key functions of a Central Bank 1. […]
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The role of Central Banks
The role of Financial Markets

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The Key functions of a Financial Market 1. Lending to businesses and individuals Financial Markets act as a third party platform between savers and borrowers to facilitate lending 2. To facilitate saving Financial Markets provide households and businesses with a range of accounts for them deposit money into and also ear interest from 3. To facilitate the […]
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The role of Financial Markets
Terms of Trade

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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 Exchange Rate – a decline in the […]
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Terms of Trade
Patterns of Trade

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Pattern of Trade – refers to the changes in a country’s imports / exports throughout periods of time Factors influencing the Pattern of Trade Comparative Advantage – a country that is able to produce a good […]
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Patterns of Trade
The Impact of Government Intervention

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes   Aims of Government Intervention Enforce price stabilisation and greater consumer choice by promoting competition between firms Discourage the consumption of demerit goods and encourage the consumption of merit goods Ensure markets are operating efficiently by […]
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The Impact of Government Intervention
Government Intervention

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Government Intervention This is the regulatory action taken by government to help resolve any form of market failure Examples of Government Intervention Competition Authorities and CMA – prevent mergers from happening or intervene to ensure mergers […]
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Government Intervention
Wage Determination

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Wage Determination Labour Force – The total number of people employed and unemployed National Minimum Wage – The minimum pay per hour that firms must pay their workers Maximum Wage – Wages cannot exceed a certain […]
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Wage Determination
Contestability

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Contestability Market Contestability – the ease with which firms can enter or exit a market A perfectly contestable market consists of zero entry or exit costs What are Sunk Costs? Sunk Costs are costs a firm cannot […]
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Contestability
The Supply of Labour

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Supply of labour is depicted by an upward sloping supply curve and is the number of workers available and willing to work at any given wage. Factors influencing the Supply of Labour Wage rate – if the […]
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The Supply of Labour
The Demand for Labour

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Demand for Labour Labour is a derived demand – the demand for labour is reliant on the demand for goods / services produced by workers Demand for labour – the price firms are willing to pay […]
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The Demand for Labour

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