My Revision Notes: OCR GCSE (9-1) Economics
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Description
Contents
Reviews
Language
English
ISBN
9781510472792
Cover
Title Page
Copyright
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Introduction to economics
1 Main economic groups and factors of production
Main economic groups
Factors of production
2 The basic economic problem
Scarce resources and unlimited wants
How, what and for whom
Opportunity cost
Costs and benefits of economic choices
Economic, social and environmental sustainability
The role of markets and money
3 The role of markets
What is a market?
Primary, secondary and tertiary sectors
Factor and product markets
Specialisation and exchange
4 Demand
What is meant by demand?
Drawing and explaining a demand curve
Drawing shifts of, and movements along, the demand curve
Causes and consequences of shifts of, and movements along, the demand curve
Price elasticity of demand
Drawing demand curves of different elasticity
The importance of price elasticity of demand
5 Supply
What is meant by supply?
Drawing and explaining a supply curve
Drawing shifts of, and movements along, the supply curve
Causes and consequences of shifts of, and movements along, the supply curve
Price elasticity of supply
Drawing supply curves of different elasticity
The importance of price elasticity of supply
6 Price
Price as a reflection of worth and its role in determining an efficient distribution of resources
Equilibrium price and quantity
Drawing and analysing the interaction of demand and supply
The role of markets in the determination of price and the allocation of resources
How the market forces of demand and supply affect equilibrium price and quantity
7 Competition
Producers and competition
How competition affects price
The economic impact of competition
8 Production
The role of producers, including individuals, firms and the government
The importance of production and productivity
Total cost, average cost, total revenue, average revenue, profit and loss
The importance of cost, revenue, profit and loss for producers
Economies of scale
9 The labour market
The role and operation of the labour market
The determination of wages through supply and demand
Gross and net pay
10 The role of money and financial markets
The role of money as a medium of exchange
The role of the financial sector
The importance of the financial sector
How different interest rates affect the levels of saving, borrowing and investment
The effect on savings and borrowings of changes in the rate of interest
Economic objectives and the role of government
11 Economic growth
Meaning of economic growth
Measurement of economic growth
Recent and historical data
Determinants of economic growth
Costs and benefits of economic growth
Economic, social and environmental sustainability
12 Low unemployment
Employment and unemployment
The Claimant Count
Calculation of unemployment rate
Recent and historical data
Causes and types of unemployment
Consequences of unemployment
13 Fair distribution of income
Meaning of distribution of income
Types of income
Difference between income and wealth
Calculation of income and wealth
Causes of differences in distribution of income and wealth
Consequences of differences in distribution of income and wealth
14 Price stability
Price stability and inflation
Real and nominal values
Measurement of inflation: consumer price index (CPI)
Calculation of the effect of inflation on prices
Recent and historical data
Causes of inflation
Consequences of inflation
15 Fiscal policy
The purposes of government spending and sources of government revenue
Government budgets
Fiscal policy/economic objectives
How taxes and spending affect markets and the economy
The costs and benefits of fiscal policy
Economic consequences of measures to redistribute income and wealth
16 Monetary policy
Monetary policy and how it can be used to achieve economic objectives
How monetary policy can affect growth, employment and price stability
The effects of monetary policy
17 Supply-side policy
Supply-side policy and economic objectives
The costs and benefits of supply-side policies
18 Limitations of markets
Externalities
Government policies to correct externalities
Taxation
Taxation to correct externalities
Subsidies
Subsidies to correct externalities
State provision
State provision to correct externalities
Legislation and regulation
Legislation and regulation to correct externalities
Information provision
Information provision to correct externalities
International trade and the global economy
19 Importance of international trade
Reasons for countries to trade
Benefits of imports and exports
Free trade agreements
The European Union (EU)
20 Balance of payments
Balance of payments on current account
Calculation of deficits and surpluses
Recent and historical data
The importance of the current account to the UK economy
Causes of surplus and deficit of the current account
21 Exchange rates
Drawing and analysing exchange rate diagrams
Calculation of currency conversion
Recent and historical data
The effect of changes in the exchange rate
22 Globalisation
The meaning of globalisation
Driving factors of globalisation
Measurement of development
Costs and benefits of globalisation
Glossary
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