Economics

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
Perfect Competition (AS/A LEVELS/IB/IAL)

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Perfect Competition Perfect competition occurs in markets where there are many small firms and low barriers to entry. Examples of perfect competition Newsagents – Local independent newsagents normally sell the same confectionery and newspapers. Agricultural markets – A farmers market will be selling the same selection of Fruit and Veg.   Characteristics of perfect competition […]
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Perfect Competition (AS/A LEVELS/IB/IAL)
Scarcity – The Economic Problem (AS/A LEVELS/IB/IAL)

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Scarcity – The Economic Problem Scarcity exists due to a finite amount of resources and unlimited wants. The economic problem stems from the idea that people have unlimited wants but they only have a finite (limited) amount of resources. Consumers, producers and the government have to make choices. When a choice is made there is […]
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Scarcity – The Economic Problem (AS/A LEVELS/IB/IAL)
Market Failure – AS/A LEVELS/IB/IAL

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Exam boards: Edexcel/AQA/OCR/WJEC Level: AS/A LEVELS/IB/IAL Macroeconomics
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Exam boards: Edexcel/AQA/OCR/WJEC 
Level: AS/A LEVELS/IB/IAL 
Macroeconomics
Employment & Unemployment – AS/A LEVELS/IB/IAL

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Exam boards: Edexcel/AQA/OCR/WJEC Level: AS/A LEVELS/IB/IAL Macroeconomics
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Exam boards: Edexcel/AQA/OCR/WJEC 
Level: AS/A LEVELS/IB/IAL 
Macroeconomics

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