Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Pattern of Trade – refers to the changes in a country’s imports / exports throughout periods of time Factors influencing the Pattern of Trade Comparative Advantage – a country that is able to produce a good […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Aims of Government Intervention Enforce price stabilisation and greater consumer choice by promoting competition between firms Discourage the consumption of demerit goods and encourage the consumption of merit goods Ensure markets are operating efficiently by discouraging […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Government Intervention This is the regulatory action taken by government to help resolve any form of market failure Examples of Government Intervention Competition Authorities and CMA – prevent mergers from happening or intervene to ensure mergers […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Wage Determination Labour Force – The total number of people employed and unemployed National Minimum Wage – The minimum pay per hour that firms must pay their workers Maximum Wage – Wages cannot exceed a certain […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Contestability Market Contestability – the ease with which firms can enter or exit a market. A perfectly contestable market consists of zero entry or exit costs. Characteristics of a Contestable Market Low barriers to entry/exit – […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Supply of labour is depicted by an upward sloping supply curve and is the number of workers available and willing to work at any given wage. Factors influencing the Supply of Labour Wage rate – if the […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Demand for Labour Labour is a derived demand – labour is a derived demand which means the quantity of labour firms hire is obtained from the demand for the product produced Demand for labour – the […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Types of Revenue Total Revenue The amount of money generated from selling a certain amount of output and is calculated by: price x quantity sold Average Revenue Revenue per unit and is calculated by: total revenue / quantity […]

Business Objectives The three main Business Objectives are: Revenue Maximisation Profit Maximisation Sales Maxmisastion The traditional theory is based upon the idea that firms aim to maximise profits. However, firms have other aims too Profit Maximisation Firms profit maximise at the point MR = MC, where the marginal revenue of selling one extra unit is […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Business Growth There are two main types of growth internal/organic growth  external/integration growth Organic Growth Organic growth is where the firm grows by increasing their output. For example, increased capital investment or more labour. It may […]