economics - gcse

Welcome to tutor2u's new collection of free revision notes for GCSE economics. These notes have been kindly provided by Peter Davies, Head of Economics at Mill Hill School, Ripley. Our intention is to provide the Web's best selection of GCSE Economics resources - so please bookmark this page and return frequently to see new materials as they are added.

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Key Terms - What the Examiner Needs You to Know

The Basics
Scarce Resources and Unlimited wants	Choice and Opportunity Cost
Factors of Production	Types of Production
Specialisation and the Division of Labour	Production, Distribution and Consumption
Past Exam Questions on The Basics

How Firms Work
Business Objectives	Competition
Monopoly	Types of Business Ownership
Sole Trader versus PLC	How do Businesses Grow? Takeovers and mergers
Types of Integration	Economies and Diseconomies of Scale
Location of Industry	Past Exam Questions on How Firms Work

How We Work
Efficiency	Labour Force
Wages and Salaries	Trade Unions
Minimum Wage	Stakeholders
Mobility and Immobility of Labour	Past Exam Questions on How We Work

How We Live
Social costs and Social Benefits	Sustainability
Standard of Living	Comparing the Standard of Living
Income, Wealth and Inequality	Regional Inequalities
Past Exam Questions on How We Live

Supply and Demand
Supply Curve	Demand Curve
Changes in price and demand	Price equilibrium and disequilibrium
Excess demand	Changes (shifts) in demand
Changes (shifts) in supply	Shifts and price (1)
Shifts and price (2)	Taxes, subsidies and the supply curve
Past Exam Questions on Supply and Demand

Money Money Money
Money supply and saving	Financial institutions
Interest rates	How do businesses raise money?
	Past Exam Questions on Money

The Finance of Business
Revenue and profit	What happens to profit?
Types of Costs	Average costs and the scale of production
Elasticity of Demand and Supply	Past Exam Questions on The Finance of Business

The Big Picture
Government objectives / targets	Economic growth
Circular flow of income	Trade cycle – booms and recessions
Unemployment – measurement and problems	Causes of unemployment and mobility of labour
Solving unemployment	Inflation – calculation and problems
Causes of inflation	Inflation & Housing Market
Solving inflation	Past Exam Questions on The Big Picture

Tools of the Trade
How the government tries to achieve its targets	Taxation
Why does the government collect tax?	Budget surplus / deficit
Taxes and disposable income	Aggregate demand and aggregate supply
Economic systems	Privatisation. Public sector, private sector
Effects of privatisation	Past Exam Questions on Tools of the Trade

International Trade & Europe
Introduction to International Trade	Exports and imports
Balance of payments	Protectionism, free trade and trade barriers
Exchange rates	Exchange Rate Movements
	Exchange rate systems
European Union and the Single Market	European Monetary Union
Past Exam Questions on International Trade

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