Revision Notes
Growing Economies
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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Asia (India and China) There has been a rise of emerging markets such as India and China since WW2, leading to a change in the pattern of trade The manufacturing sector of the UK has declined […]
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Efficiency and Competitiveness using Lean Production
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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Quality Lean Production – keeping wastage to a minimal during the different stages of the production process, with the intention to reduce costs. It aims to meet customer demand and do things right the first time round to […]
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Capacity Utilisation
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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Full Capacity and Spare Capacity Capacity Utilisation = (actual level of output / maximum possible output) x 100 This refers to the extent to which companies are operating at the productive capacity and can therefore be […]
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Competing on Price
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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Pricing Strategies Cost Plus This can be used when a retailer wants to find out the gross profit margin of a sale in advance Since retailers know the cost will be covered if they sell the good, […]
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Competing on Price
216
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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Pricing Strategies Cost Plus This can be used when a retailer wants to find out the gross profit margin of a sale in advance Since retailers know the cost will be covered if they sell the good, […]
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How small firms compete
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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes In Competitive Markets Product Differentiation and Unique Selling Point – this allows small firms to edge out in the market Competitive Advantage – they can achieve competitive advantage through relationships with their stakeholders Economies of Scale – if small […]
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How the Digital Economy affects markets and firms
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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Market information in the digital economy Price comparison sites These have helped to increase the knowledge consumers have regarding a good / service – reducing some of the asymmetric information between consumers and suppliers Consumers can […]
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Research & Development and Innovation
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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Competitive Advantage through Innovation When a firm produces goods / services that are better than it’s competitors, it has comparative advantage A firm can use pricing techniques, quality, cost, or operate in a niche market to […]
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Types / Sources of Credit and the impact of Credit within the Economy
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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes Types of Credit Loans This involves borrowing money which is then repaid at a later date with added interest payments Secured Loans – these are secured against the borrower’s assets to protect the bank’s funds if the […]
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Risk and Liability
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Level: AS Levels, A Level, GCSE – Exam Boards: Edexcel, AQA, OCR, WJEC, IB, Eduqas – Economics Revision Notes The meaning of Risk Risk is the probability of damage or a loss occurring Banks lend capital to consumers / firms / other financial institutions, and therefore carry a risk – the risk of the capital […]
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