Revision Notes

Alternative Views of Consumer Behaviour

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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 […]
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Alternative Views of Consumer Behaviour
Types of Restrictions on Free Trade

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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 [diagram] Tariffs are taxes […]
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Types of Restrictions on Free Trade
Trade Cycle

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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 differet phases [diagram or picture] The Characteristics of a Boom A Boom is a period where countries experience […]
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Trade Cycle
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 When an initial injection into the economy causes a larger increase in national income As the injections increase, the rise in national income will continue to get bigger If there are more withdrawals circulating in the economy, […]
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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 [diagram] At equilibrium, there is no tendency […]
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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 […]
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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 […]
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Costs

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