Study guides, Class notes & Summaries

Mark Scheme (Results) Summer 2023 Pearson Edexcel Level 3 Advanced GCE in Music (9MU0) Component 3: AppraisingEdexcel and BTEC Qualifications Edexcel and BTEC qualifications are awarded by Pearson, the UK’s largest awarding body. We provide a wide range of qualifications including academic, vocational, occupational and specific programmes for employers. For further information visit our qualifications websites at or . Alternatively, you can get in touch with us using the details on o...

Mark Scheme (Results) Summer 2023 Pearson Edexcel GCE In History (9HI0/2C) Advanced Paper 2: Depth study Option 2C.1: France in revolution, 1774- 99 Option 2C.2: Russia in revolution, 1894- 1924Edexcel and BTEC Qualifications Edexcel and BTEC qualifications are awarded by Pearson, the UK’s largest awarding body. We provide a wide range of qualifications including academic, vocational, occupational and specific programmes for employers. For further information visit our qualificatio...

scarce resources : resources that are limited or finite opportunity cost : the value of the next best alternative forgone economic problem : resources are scarce but wants are unlimited production possibility frontier : a diagram that shows all the combinations of two goods that can be produced when all factors of production are being used normative statement : an economic statement based on a value judgement and therefore cannot be tested positive statement 2 : an economic stateme...

1.1.1 - The Economic Problem : The basic economic problem : Scarcity - unlimited wants and finite resources, so choices have to be made. Resources have to be used and distributed optimally. Scarcity refers to the shortage of resources in relation to the quantity of human wants. Scarcity Example : For example, if you only have £1 and you go to a shop, you can buy either the chocolate bar or the packet of crisps. The scarcity of the resource (the money) means a choice has to be made ...

Macroeconomics : The study of the economy as a whole, including inflation, growth and unemployment. Aggregate demand : The total amount of goods / services demanded in an economy at a given time at a given price level. Aggregate supply : Total amount of goods and services supplied in the economy at a given time at given price level. What is GDP? : Gross Domestic Product = the total value of all goods and services produced in an economy in a given time period. What does % change in ...

Market : Where consumers and producers come into contact with each other to exchange goods and services Utility : The amount of satisfaction obtained from consuming a good or service Rational decision making : Where consumers allocate their expenditure on goods and services to maximize utility, and producers allocate their resources to maximize profits Demand : The quantity of a good or service purchased at a given price over a given period of time Demand curve : Shows the quantity ...

Macroeconomics : The study of the economy as a whole, including inflation, growth and unemployment. Aggregate demand : The total of all demands or expenditures in the economy at any given price. Aggregate demand curve : Shows the relationship between the price level and equilibrium national income. As the price level rises the equilibrium level of national income falls. Animal spirits : Business confidence: the mood of managers and owners of firms about the future of their industry an...

Firm : An organisation that brings together factors of production in order to produce output. Reasons Firms Grow : 1. Increase market share. 2. Increase economies of scale. 3. Gain power. Reasons Firms Remain Small : 1. Legal barriers. 2. Overt barriers 3. High sunk costs. 4. Niche-market business. 5. Lack of expertise. 6. Optimum efficiency achieved. Barriers to Entry 2 : Obstacles that ensure the continued existence of monopoly power of firms in a market. Predatory Pricing : P...

Aggregate demand : The total of all demands or expenditures in the economy at any given price. Aggregate demand curve : Shows the relationship between the price level and equilibrium national income. As the price level rises the equilibrium level of national income falls. Animal spirits : Business confidence: the mood of managers and owners of firms about the future of their industry and the wider economy. Investment : The addition to the capital stock of the economy. Retained profit...

Aggregate demand : The total of all demands or expenditures in the economy at any given price. Aggregate demand curve : Shows the relationship between the price level and equilibrium national income. As the price level rises the equilibrium level of national income falls. Animal spirits : Business confidence: the mood of managers and owners of firms about the future of their industry and the wider economy. Investment : The addition to the capital stock of the economy. Retained profit...

scarce resources : resources that are limited or finite opportunity cost : the value of the next best alternative forgone economic problem : resources are scarce but wants are unlimited production possibility frontier : a diagram that shows all the combinations of two goods that can be produced when all factors of production are being used normative statement : an economic statement based on a value judgement and therefore cannot be tested positive statement 2 : an economic stateme...

1.1.1 - The Economic Problem : The basic economic problem : Scarcity - unlimited wants and finite resources, so choices have to be made. Resources have to be used and distributed optimally. Scarcity refers to the shortage of resources in relation to the quantity of human wants. Scarcity Example : For example, if you only have £1 and you go to a shop, you can buy either the chocolate bar or the packet of crisps. The scarcity of the resource (the money) means a choice has to be made ...