Economics GCSE AQA revision

total revision for gcse economics aqa

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  • Created on: 01-04-12 15:08
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Economics
A number of factors will cause the demand curve to shift, either to the right (increase in demand)
or left (decrease in demand):
Income when income rises demand for a normal good will also rise.
The price of other goods if the price of a substitute good falls then demand will
fall (e.g., CocaCola and Pepsi). If the price of a complement good falls then demand
will rise (e.g., computers and computer games).
Population an increase in population is likely to lead to an increase in demand.
Changes in fashion as goods go out of fashion demand for them will fall.
Changes in legislation e.g., demand for gun in the UK decreased after it became
illegal to own one.
Advertising this aims to influence consumer choice.
A number of factors will cause the supply curve to shift
Technology
Natural shocks
Cost of production
Expectations of producers
Social factors
To get rid of surplus: sale
4 ways in which businesses win over customers
1. Advertising and branding
2. Improving quality
3. Changing the design and features
4. Lowering price by improving production methods

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Ways in which consumers benefit from competition;
Greater variety
Lower prices
Better quality
Disadvantages of competition:
Quality can be lowered as businesses try to cut down costs
Effects smaller businesses
After sales, services can suffer if too many resources have been put into the sale.…read more

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Hard to access
money
Withdrawing
money cuts
down on your
interest or
they'll fine you
Regular savings Aimed for those who High level of Amount you pay Fo
want to put relatively interest in is capped w
small sums of cash (£200-£300) ha
aside every month.…read more

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Bad-value savings deal
Stocks, shares and investments
Stocks represent the amount of capital invested into a company
When you buy a share/ stock in a company, then you buy part ownership as well.
Advantages:
1. Gain from profits made
2. If the value of the share increases and then you sell it, you would have made profit.
What causes change in share prices?
Goes up when...…read more

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Desires
University of education'
Investment
Types of loans:
Mortgage ­ secured on the property (belongs to the bank) until the loan is fully paid.
Low interest rates and over a repayment period
Credit card- by services and products repeatedly or to borrow money up to a
pre-arranged limit. High interest rates.
Store cards- repayment terms similar to credit card.
Personal loan- a loan given for personal or household use (furniture)
Hire purchase- installment payment. Loan Company owns the item until debt is fully paid
off.…read more

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Specialization
Advantages:
Workers can become more skilled if they focus on one task rather than lots.
Work is produced and finished quicker
Workers can concentrate on a task in which they are most good at.
Disadvantages:
Workers and production will become independent
Work will become boring if workers are doing the same thing over again
It's hard to arrange a cover if a worker is absent
Workers will become less flexible as they wouldn't need to adapt to any other form of
work.…read more

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Monetary factors
Non-monetary factors
Gender ­ woman want to start families
Ethnic origin
Taxation
State benefit
Non monetary costs of unemployment
Loss of skills
Health
Family breakdown
Duration of employments varies in:
Skills and training
Qualifications
Age
Disadvantages of trade to the UK
Competition
Economic dependency
Unstable commodity prices
Power of multinational corporations
Social and environmental impacts of trade:
Direct emissions of CO2 ­ energy for production
Indirect emissions of CO2- transport
Individual customer will find the costs of the following types of goods affected…read more

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Food in supermarkets
Imported consumer goods
Direct imports of expensive things.…read more

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