OCR GCSE Economics Revision Guide

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Description

  • 1.1 Main economic groups and factors of production
  • 1.2 The basic economic problem
    •  Scarcity / Opportunity cost
    •  Economic choices
  • 2. The role of markets and money
  • 2.1 The role of markets
    •  Different sectors – primary, secondary and tertiary
    •  Specialisation and exchange in markets
  • 2.2 Demand
    • •Price elasticity of demand
  • 2.3 Supply
    • Supply curve
    • Price elasticity of supply
  • 2.4 Price
    • Equilibrium
    • Market forces
  • 2.5 Competition
  • 2.6 Production
  • 2.7 The Labour Market
  • 2.8 The role of money and financial markets
  • 3. Economic objectives and the role of government
  • 3.1 Economic growth
  • 3.2 Low unemployment
  • 3.3 Fair distribution of income
  • 3.4 Price stability
  • 3.5 Fiscal Policy
  • 3.6 Monetary policy
  • 3.7 Supply side policy
  • 3.8 Limitation of markets
    • Externalities, taxes and subsidies
  • 4. International trade and the global economy
  • 4.1 Importance of international trade
  • 4.2 Balance of payments
  • 4.3 Exchange rates
  • 4.4 Globalisation