Economics

Output Gaps

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Output Gaps An output gap is the difference between actual output and potential output. It is an indicator that the country is not using its resources effectively Positive Output Gap – the economic growth is higher than […]
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Output Gaps
The Multiplier

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes The Multiplier Effect   The Multiplier Effect suggests that an increase in Aggregate Demand caused by an increase in Injections into the economy will result in greater National Income When an initial injection into the economy causes a larger […]
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The Multiplier
Equilibrium Levels of Real National Output

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Equilibrium – a balancing point where aggregate demand equals aggregate supply, dictating the price level and real GDP of a country Equilibrium on an AD / AS diagram   At equilibrium, there is no tendency to change […]
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Equilibrium Levels of Real National Output
Renewable and Non-Renewable Resources

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes    Renewable Resources Resources which can be naturally replenished over time since there is access to a continuous source of clean energy These resources can be used as often as needed and will not run out in […]
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Renewable and Non-Renewable Resources
Monopsony

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes   Monopsony – a market condition in which there is only one buyer for a good / service but several suppliers. Therefore, the buyer is able to set the demand and controls the price Monopsony in the […]
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Monopsony
Profit – Normal, Supernormal and Losses

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Profit  Profit is the difference between revenue and costs; it is the reward for risk-taking Profit Maximisation This occurs when MR = MC and is when a firm cannot raise its profit any more irrespective of […]
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Profit – Normal, Supernormal and Losses
Costs

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Costs in the Short Run Total Costs – calculated by adding the total fixed costs and the total variable costs Fixed Costs – costs which do not vary with output. They can also be called ‘Overheads’ and examples […]
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Costs
The Role of Central Banks

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Central Bank – manages the currency of a country and controls the money supply Examples of Central Banks Bank of England (UK) Federal Reserve (US) European Central Bank (EU) Key functions of a Central Bank 1. Implements […]
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The Role of Central Banks
The role of Financial Markets – Economics Revision – The Tutor Academy

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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes The Key functions of a Financial Market 1. Lending to businesses and individuals Financial Markets act as a third party platform between savers and borrowers to facilitate lending 2. To facilitate saving Financial Markets provide households and […]
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The role of Financial Markets – Economics Revision – The Tutor Academy
Terms of Trade

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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 Exchange Rate – a decline in the […]
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Terms of Trade

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