Economics Revision Notes - GCSE

Economics is a great subject to achieve high grades in because this subject is one that if no-one else has in an interview, you'll get the job.

Unemployment

Unemployment is a serious issue in the UK at this moment in time. An unemployed person is someone who is looking for a job but can't get one, not someone who isn't looking for a job. There are 2 ways in which an employed person can become unemployed. The first way is where the company can't afford to pay the persons salary or the company is bust so they'll have to be removed from the company. The second way is if he/she is part of a family who have recently had children so they have to come out of full-time work or stop work all together to look after their children and give their children their basic needs.

Consumer Power

Consumer Power is what consumers have control over in a company. This can be the price and quality of the product. They can do this in several ways:

• To form a campaign to lower prices or ask for better quality.
• Sign a petition.
• Buy other products. (Mainly needs)
• Stop buying the product. (Mainly wants)

If the consumers start to buy other products, the company they started with would think they are losing profit. This then sends them into panic and start to lower prices or…