Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Minimum Prices Minimum Prices are legally enforced by the government to protect producers – they know in advance that they will receive a guaranteed amount of income. Examples of Minimum Prices include: National Minimum Wage Minimum Price […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Barriers to Entry and Exit Barriers to Entry are factors which prevent new firms from entering a market or an existing firm from expanding into other markets Barriers to Exit are factors which make it more […]

Collusion Collusion occurs when two or more firms price fix and restrict their outputs to the detriment of customers welfare. Types of collusion Tacit collusion This is the type of collusion that occurs through ‘unspoken’, ‘quite’, ‘hidden’ agreements between two parties. They are often implicit agreements that are extremely difficult for competition authorities to prove. […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Different Pricing Strategies 1. Price Wars This occurs when one firm reduces their prices to maximise the amount of products sold, leading to greater profit being made. This results in the competitor firm losing market share […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Game Theory Game Theory is the study of interactions based off strategic thinking, where one player’s decision is dependent upon the moves of its opponent. Economists use Game Theory to understand the behaviours in an oligopoly firm. […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Price Discrimination This is when firms are able to use their market power to charge consumers a higher price for the same good / service being provided. Conditions necessary for Price Discrimination Price Maker – the firm […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Equilibrium The interaction of supply and demand determine the equilibrium price and quantity. This would not change unless there is a change in the conditions of demand / supply. Equilibrium occurs when the quantity demanded equals […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes What is Behavioural Economics? Behavioural Economics is a form of economic analysis which incorporates psychological insights into human behaviour to explain the decision making behind economic choices  What are the implications of Behavioural Economics? It can be […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Types of Restrictions on Free Trade   Quotas Quotas are limits on the quantity of a product being imported. It restricts the physical amount of product which a country can buy Tariffs     Tariffs are […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Trade Cycle The Trade Cycle shows how a country can experience fluctuations in its economic growth depending on different phases The Characteristics of a Boom A Boom is a period where countries experience high Economic Growth […]