Exam Boards: Edexcel, AQA, WJEC, CIE, OCR         Level: AS/A LEVELS/IB/IAL Why should countries not protect their domestic industries? Higher prices and less choice Due to increased trade diversion countries will now be purchasing from high-cost producers rather than low-cost producers for the same products.  Lack of efficiency Demand for local products will increase […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  What factors limit growth and development? Primary product dependency Savings gap Corruption Government failure Wars Population issues Human capital problems Poor infrastructure Primary product dependency A variety of challenging issues are faced by countries dependent on primary […]

Exam Boards: Edexcel, AQA, WJEC, CIE, OCR         Level: AS/A LEVELS/IB/IAL Strategies to promote growth and development There is a range of strategies that could be used by countries to promote growth and development. Strategies for growth and development in countries will be different depending on their social, economic, political and cultural environment. The […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Exchange Rates The exchange rate is the rate at which one currency exchanges for another e.g. £1 = $2.  Exchange Rate Systems Floating The exchange rate is determined by market forces of supply and demand. Fixed This […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Inequality Inequality is the unequal distribution of income and opportunity between different groups in society. What is the difference between income and wealth? Income  Income is a flow concept, e.g. the money earned over a period of time. This […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Poverty & Inequality Absolute Poverty This is the minimum amount of resources a person needs to meet basic human needs such as food, clean water, shelter and clothing. Relative Poverty People are in relative poverty if they […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Maximum Prices (Price Ceilings) A maximum price (Ceiling) occurs when a government sets a legal limit on the price of a good or service.     The Equilibrium Price is Pe. With the implementation of a Maximum […]