Revision Notes
Inflation (AS/A LEVELS/IB/IAL)
3523
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Inflation is a sustained rise in the general price level.
Edexcel/OCR/AQA/WJEC
(AS/A LEVELS/IB/IAL)
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Public & Private Goods (AS/A LEVELS/IB/IAL)
2691
0
Edexcel/AQA/OCR/WJEC
AS/A LEVELS/IB/IAL
Microeconomics
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Merit & Demerit Goods (AS/A LEVELS/IB/IAL)
2951
0
Edexcel/AQA/OCR/WJEC
AS/A LEVELS/IB/IAL
Microeconomics
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Price Elasticity of Demand (PED) – AS/A LEVELS/IB/IAL
8341
0
Microeconomics
AS/A2
Responsiveness of demand for a good due to a change in its price.
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Diseconomies of scale (AS/A LEVELS/IB/IAL)
2887
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Diseconomies of scale occur when output increases long run average costs also increase.
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Economies of scale (AS/A LEVELS/IB/IAL)
10834
0
As output increases there is a fall in long run average costs.
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Predatory pricing (AS/A LEVELS/IB/IAL)
1707
0
This pricing strategy involves cutting prices below the average cost of production in the short run.
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