How are Index Numbers calculated and interpreted? Index Numbers allow comparisons to be made between different years and measure the magnitude of change over time A base year is used for comparison with other years and is therefore given the index number of 100 How do Index Numbers measure changes in the price level and changes in […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  ‘Red Tape Challenge’ This encourages simpler regulation for businesses in the UK and is particularly aimed towards small businesses. It also works towards creating new jobs and making it easier / cheaper for firms to meet environmental […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Aims of Trade Unions Secure Jobs Protect Workers Encourage Higher Wages Improve Working Conditions Factors affecting the ability of Trade Unions to influence wages and the levels of employment If Trade Unions try and push wages up […]

Short Run and Long Run benefits which are likely to result from competition Short Run Firms may make supernormal profits, which can be can be used for external investment or be reinvested into the company Dynamic efficiency is likely to occur Firms can operate at a lower LRAC Consumers get more variety and better quality […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  What is a Market Structure? The Market Structure refers to how the market is organised; there are four market structures:   Each Market Structure is characterised by: The number of firms in the market A market is […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  What is the difference between Invention and Innovation? Invention refers to the process of creating a new product not already in the market, or a new production process to producing the good / service Innovation refers to the […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes  Changes in one particular market are likely to affect other markets – this effect depends on the type of demand and supply a good / service has. Types of Demand Joint Demand This occurs when two […]

Purpose of Economic Activity The purpose of Economic Activity is stimulated by producing goods and services which satisfy consumers’ needs / wants Part of the production process in creating these goods involves using resources (inputs in the form of factors of production) to produce output (goods and services) Economists have to decide how to use […]

Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Economics as a Social Science – Scitovsky’ Theory: proposed that Economics is a social science as it attempts to use scientific methods to analyse the behaviour of people within markets, firms and economies The ‘Ceteris Paribus’ Assumption […]