Business

World Trade Organization (WTO) – AS/A LEVELS/IB/IAL

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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 negotiating trade agreements. What are the roles of the World Trade Organisation (WTO)? It operates a global system of […]
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World Trade Organization (WTO) – AS/A LEVELS/IB/IAL
Absolute & Comparative Advantage

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Exam Boards: Edexcel, AQA, WJEC, CIE, OCR         Level: AS/A LEVELS/IB/IAL Absolute Advantage Absolute advantage occurs when a country can produce a particular good or service more efficiently than another. e.g. The OPEC countries can produce oil a lot more efficiently than other countries who have not supplied this commodity before. Columbia is known […]
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Absolute & Comparative Advantage
Globalisation

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Exam Boards: Edexcel, AQA, WJEC, CIE, OCR         Level: AS/A LEVELS/IB/IAL Globalisation  Globalisation refers to countries becoming more closely integrated economically, socially and culturally.  Characteristics of globalisation Increased trade as a proportion of world GDP Increased foreign direct investment (FDI) Increased capital flows between countries. Increased movement of people between countries What are capital […]
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Globalisation
Monopoly

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Monopoly A monopoly exists when a firm dominates a market. A monopoly is defined as a firm with 25% or more market share in a particular industry. Characteristics of a Monopoly: One firm dominates the market. High barriers to entry and exit. Price makers (Downward sloping demand curve). Firms are profit maximisers (MC = MR). […]
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Monopoly
Monopolistic Competition

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Monopolistic Competition Monopolistic competition is similar to perfect competition. However all the products they sell are slightly differentitated. Due to this firms in monopolistic competition have a downward sloping demand curve and are able to set price. Example Hairdressers – All hairdressers differentiate themselves through the price, quality and experience they provide to customers. Restaurants […]
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Monopolistic Competition
Oligopoly

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Oligopoly Oligopoly market structure exists where there are a small number of large firms dominating the market. Examples: Supermarkets Retail banks Mobile phone networks  Characteristics of Oligopoly market structure High concentration ratio High barriers to entry Firms are interdependent (They make price and output decisions based on each others) Firms compete through non – price […]
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Oligopoly

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