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 […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  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 […]