Economics

How to write a good conclusion / judgement

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Mark Scheme definition of a ‘judgement’ – a balanced, well reasoned, effective ANSWER TO THE QUESTION 1. Answer the question explicitly – start by restating the question and add your answer to it 2. Justify why you believe that is the right answer – weigh up your point and prioritise the arguments at the heart […]
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How to write a good conclusion / judgement
AQA Paper 3 Advice and Walkthrough

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AQA Paper 3 Advice and Walkthrough 1. Recap your knowledge of Micro (Paper 1) and Macro (Paper 2) as this will be essential for Paper 3 2. Ensure you do enough QUESTION PRACTICE – practice the unique elements of paper 3 – multiple choice questions – planning 10 markers – using extracts when analysing data […]
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AQA Paper 3 Advice and Walkthrough
Theme 4 Economic Definitions

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THEME 4 – A LEVEL – DEFINITIONS Absolute Poverty The minimum amount of resources a person needs to meet basic human needs such as food, clean water, shelter and clothing Absolute Advantage This occurs when a country can produce a good or service more efficiently than another Comparative Advantage This occurs when a country can […]
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Theme 4 Economic Definitions
Theme 2 Economic Definitions

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THEME 2 – A LEVEL – DEFINITIONS Aggregate Demand The total demand for goods and services within an economy It consists of the economy’s total levels of consumption, investment, government spending and net exports Approximately 60% of Aggregate Demand is made up of consumption Aggregate Supply The total amount of goods / services that firms […]
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Theme 2 Economic Definitions
Theme 3 Economic Definitions

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THEME 3 – A LEVEL – DEFINITIONS Allocative Efficiency Occurs where P=MC and is where the right quantity is being produced at the right price There is maximum social welfare and maximum utility Productive Efficiency Occurs on the lowest point of the average cost curve and firms are most productive where their average costs are […]
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Theme 3 Economic Definitions
Theme 1 Economic Definitions

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THEME 1 – A LEVEL – DEFINITIONS Scarcity & The economic problem Scarcity occurs due to there being a finite amount of resources and unlimited wants. Opportunity Cost This is the next best alternative forgone (given up). Ceteris Paribus All other factors remaining the same PPF Curves A PPF curve shows the maximum combination of […]
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Theme 1 Economic Definitions
The Global Financial Crisis

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes The Global Financial Crisis – ‘The Great Recession’ This refers to the decline in World GDP in 2008-2009 Before the Global Financial Crisis, asset prices were high and there was a boom in economic demand There […]
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The Global Financial Crisis
Risk and Uncertainty

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes The difference between Risk and Uncertainty Risk These refer to the quantifiable probability of a damage or loss occurring. Examples of Risks: Banks when they lend capital to other firms and individuals Risk of the return […]
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Risk and Uncertainty
Multinational Corporations (MNCs)

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes The Impact of MNCs on the Local Economy MNCs have a huge amount of market power as they operate in large sizes Local Labour, wages, working conditions and job creation There are increased job opportunities and […]
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Multinational Corporations (MNCs)
Assessing the potential of different Economies

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Factors influencing expansion into a market Ease of doing business The ease of doing business is influenced by several factors: government policies, political stability, corruption, and stability of the economy A firm is more likely to […]
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Assessing the potential of different Economies

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