6th Year Resources
This is the first of our four market structures: Perfect Competition. In this market structure we will analyse how firms compete with one another if they are operating in an industry where all firms produce identical goods in insignificant quantities.
Our second market structure: Monopoly. In this market structure we will analyse an industry where only one firm is in operation and there are high barriers to entry.
Monopolistic Competition/ Imperfect Competition
Our third market structure: Imperfect Competition. In this market structure we will analyse how firms which are not identical but very similar compete with each other.
If a market when left to it's own devices creates the misallocation of resources this is known as market failure. This topic looks at how market failure is created and can potentially be fixed.
Factors of Production
In this section you will learn about the four Factors of Production: Land, Labour, Capital and Enterprise. These factors of production are essential parts of the wealth generation of a nation.
Economic Growth and Development
In this section we will consider the impact which changes in the size and structure of a country's population can have on its economy. We will also consider the plight of the world's Least Developed Countries and how they can be improved externally and internally.
This is a hub for the most topical items of the year which students should be aware of in order to be able to link their answers to real life.
tradingeconomics.com is your go to website for the most up to date economics statistics. This should be the last website you see before entering your exam. Make sure you know the most up-to-date figures for Economic Growth, Inflation, Unemployment, Debt-to-GDP Ratio and our interest rate.