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Economics Year 13 revision Day 20 - 2008 Financial Crisis

Economics Year 13 revision Day 20 - 2008 Financial Crisis

On Day 20 of the Year 13 Recap, we review the causes, consequences and UK policy response to the 2008 Financial Crisis.

When it comes to the material surrounding the financial crisis there are lots of pieces of literature, books, articles and academic research devoted towards explaining and the analysing the causes that led up to the 2008 crash.

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Economics Year 13 revision Day 19 - Banks and Financial Institutions

Economics Year 13 revision Day 19 - Banks and Financial Institutions

On day 19 of our Year 13 Recap, we begin our review of the material relating to the financial sector. In doing so, we start at the most logical point which is looking the role of banks and financial institutions.

Banks and bankers have a bad reputation amongst the general public due to the perception that they are making huge profits using our savings and earning large bonuses in the process. However, Banks and financial institutions are crucial for the functioning of an economy.

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Economics Year 13 revision Day 18 - Productivity

Economics Year 13 revision Day 18 - Productivity

On day 18 of the Year 13 Recap we review the macro material relating to productivity and why it matters.

Productivity is a sensitive talking point within businesses and the wider economy because it reflects upon how well managed and organised our production processes and supply chains are.

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Economics Year 13 revision Day 17 - Phillips Curve

Economics Year 13 revision Day 17 - Phillips Curve

On day 17 of the Year 13 Recap we review the theory of the Phillips Curve and discuss the importance of this theory for policymakers.

At the heart of macroeconomic policy decisions are the Government’s central macroeconomic objectives. These objectives exist to provide a framework for policymakers to achieve the type of growth and performance levels that are needed if real benefits to the economy are going to be generated.

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Economics Year 13 revision Day 16 - Evaluating AD curve shifts

Economics Year 13 revision Day 16 - Evaluating AD curve shifts

On day 16 of the Year 13 recap we review how to evaluate AD curve shifts to help add weight to your essay response.

The skill of an economist is to be able to analyse what is expected to happen because of the imposition of a policy or a economic event and as well as that be able to evaluate and question the assumptions that bind the economic theory together.

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Economics Year 13 revision Day 15 - Monopsony

Economics Year 13 revision Day 15 - Monopsony

On day 15 of our Year 13 recap, we review the concept of a monopsony in the context of labour markets.

A monopoly describes one producer/seller in the market and a monopsony describes one buyer in the market. A firm that is a monopsony has significant bargaining power when it comes to employing the factors of production needed to make goods and/or services.

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Economics Year 13 revision Day 14 - Labour market imperfections

Economics Year 13 revision Day 14 - Labour market imperfections

On day 14 of the Year 13 Recap we review some of the factors that can create imperfections in the labour market.

The labour market of an industry is in equilibrium when the demand for and supply of labour intersect each other. This determines the equilibrium wage rate and the number of people employed in the industry.

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Economics Year 13 revision Day 13 - Perfectly competitive labour markets

Economics Year 13 revision Day 13 - Perfectly competitive labour markets

On day 13 of the Year 13 Recap, we review the theory of perfectly competitive labour markets.

Even though there are very few markets for labour that are perfectly competitive, understanding the theory of perfectly competitive labour markets such as the demand for labour and supply of labour curves, allows you to analyse the impact of labour market policies on the wage rate and the number of people employed.

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Economics Year 13 revision Day 12 - Asymmetric Information

Economics Year 13 revision Day 12 - Asymmetric Information

 On day 12 of the Year 13 recap we review the concept of asymmetric information and why it can cause markets to fail.

Market failure arises because of a misallocation of resources and this results in a drop in social welfare. One influential factor behind this misallocation is sometimes if there is an unbalanced stock of information held by the two opposing sides of the market i.e. the buyers and the sellers.

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Economics Year 13 revision Day 11 - Price Discrimination

Economics Year 13 revision Day 11 - Price Discrimination

 On day 11 of the Year 13 recap we review the different forms of price discrimination and the challenges that firms face when charging different prices for different consumers.

Across many industries, firms segment the market into different customer segments and charge different prices based on the logic of the market segmentation.

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Economics Year 13 revision Day 10 - Contestability

Economics Year 13 revision Day 10 - Contestability

On day 10 of the Year 13 recap we review the concept of contestability in a market, which draws upon the theory of perfectly contestable markets.

Contestability relates to the ease at which new firms can enter and/or exit an industry. The most significant friction that new firms face when entering an industry are the sunk costs associated with being able to compete on competitive terms with incumbent firms in the market.

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Economics Year 13 revision Day 9 - Oligopoly

Economics Year 13 revision Day 9 - Oligopoly

On day 9 of the Year 13 recap we review the characteristics of an oligopoly market structure and the related concepts that stem from this.

Oligopolies describe a market structure where there are a small number of large firms that compete amongst each other in an industry. Some of the largest and most important industries in the UK are examples of oligopolies because there is often a high level of interdependency that exists between firms that compete.

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Economics Year 13 revision Day 8 - Monopolistic Competition

Economics Year 13 revision Day 8 - Monopolistic Competition

On day 8 of the Year 13 Recap we revisit the market structure of monopolistic competition and assess the welfare implications of this market structure.

The market structure of monopolistic competition fits in between the theory of perfect competition and monopolies.

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Economics Year 13 revision Day 7 - Monopoly

Economics Year 13 revision Day 7 - Monopoly

On day 7 of the Year 13 Recap we look at the monopoly market structure.

It is often tempting to think that a monopoly market structure just involves one firm producing and selling a good and/or service in the market.

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Economics Year 13 revision Day 6 - Perfect Competition

Economics Year 13 revision Day 6 - Perfect Competition

On day 6 of the Year 13 Recap we look at the theory of perfect competition and the welfare implications of it. 

The theory of perfect competition outlines the market conditions that need to hold for intense rivalry and competition to take place between firms in an industry.

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Economics Year 13 revision Day 5 - Efficiency

Economics Year 13 revision Day 5 - Efficiency

On day 5 of the Year 13 Recap we discuss the different forms of efficiency that apply to firms in a given market structure.

At A-level Economics you need to be comfortable with four main forms of efficiency – productive efficiency, allocative efficiency, dynamic efficiency and x-inefficiency.

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Economics Year 13 revision Day 4 - Revenue and profit

Economics Year 13 revision Day 4 - Revenue and profit

On day 4 of the Year 13 recap we switch our attention to the distinction between revenue and profit.

When multiplying the price of a product and the quantity sold we get the total sales revenue raised from selling a product.

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Economics Year 13 revision Day 3 - Economies of scale

Economics Year 13 revision Day 3 - Economies of scale

On day 3 of the Year 13 Recap we consider how firms can achieve cost efficiencies as the production scale within the business increases.

Whenever a business produces more goods, costs rise to reflect the increased input of factors of production in the process. However, the relative change in costs to extra output created is an important area for a business to focus on.

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Revision Plan - OCR - Economics A

The EzyEconomics course includes end of module assessments (25 qs) that aim to assess the syllabus knowledge and understanding required. Many schools use this within their schemes of work but some save these for pre-exams. See below for a schedule for the OCR course). The benefits of this are:

  1. Feedback following every Q allows students to plug knowledge and understanding gaps.
  2. The school obtains a syllabus knowledge audit.
  3. Students don’t leave it all to the last moment and teacher can intervene to ensure plan compliance.
  4. Class and marking time (assessments are auto marked) can focus on exam skills/technique. Hopefully, supported by improved knowledge/understanding. 

Click on the subject hyperlink to navigate to the assessment.

Start date

Due date

Paper 1

Paper 2

Paper 3

23rd April

30th April

Economic Problem

Economic Activity

 

1st May

7th May

Demand and Supply

Quant Skills

Econ Growth

 

8th May

14th May

Elasticity

Economic Decisions

AD/AS Analysis

 

15th May

21st May

Prod, costs & rev

Competitive markets

Econ performance

 

22nd May

28th May

Imp Comp Markets

Labour markets

Macro Policy

Inc/Wealth Dist

 

29th May

4th June

Market failure

Gov intervention

 

 

 

5th June

11th June

 

Financial Markets

Glob, Trade and ER

Dev Economics

 

13th June

14th June

 

 

MCQ Practice Paper 

Exam date

5th June 2018

12th June 2018

15th June

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Revision Plan - Edexcel - Economics A

The EzyEconomics course includes end of module assessments (25 qs) that aim to assess the syllabus knowledge and understanding required. Many schools use this within their schemes of work but some save these for pre-exams. See below for a schedule for the Edexcel course). The benefits of this are:

  1. Feedback following every Q allows students to plug knowledge and understanding gaps.
  2. The school obtains a syllabus knowledge audit.
  3. Students don’t leave it all to the last moment and teacher can intervene to ensure plan compliance.
  4. Class and marking time (assessments are auto marked) can focus on exam skills/technique. Hopefully, supported by improved knowledge/understanding. 

Click on the subject hyperlink to navigate to the assessment.

Start date

Due date

Paper 1

Paper 2

Paper 3

23rd April

30th April

Economic Problem

Economic Activity

 

1st May

7th May

Demand and Supply

Quant Skills

Econ Growth

 

8th May

14th May

Elasticity

Economic Decisions

AD/AS Analysis

 

15th May

21st May

Prod, costs & rev

Competitive markets

Econ performance

 

22nd May

28th May

Imp Comp Markets

Labour markets

Macro Policy

Inc/Wealth Dist

 

29th May

4th June

Market failure

Gov intervention

 

 

 

5th June

11th June

 

Financial Markets

Glob, Trade and ER

Dev Economics

 

13th June

14th June

 

 

 

Exam date

5th June 2018

12th June 2018

15th June

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