Economics

Description

Edexel GCSE Economics
Shamil Jeeawoody
Mind Map by Shamil Jeeawoody, updated more than 1 year ago
Shamil Jeeawoody
Created by Shamil Jeeawoody over 10 years ago
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Resource summary

Economics
  1. Demand and Supply
    1. Commodities
      1. Commodity markets
        1. Supply
          1. The amount that buyers are willing and able to sell at any given price
            1. Shortage - causes prices to rise in market
              1. Surplus - when supplies of commodities are greater and prices fall
              2. Demand
                1. The amount that buyers are willling and able to pay for a certain price
              3. Copper
                1. Iron ore
                  1. Coal
                    1. OIl
                      1. Wheat
                      2. Differences between markets
                        1. Goods markets
                          1. A market for everyday products e.g. clothes
                          2. Commodity markets
                            1. Where buyers and sellers meet to exchange commodities
                        2. Impact of interest rates
                          1. Credit
                            1. Long term loans
                              1. Overdraft from bank
                                1. Should cover short-term changes in cash flow and unexpected bills
                              2. The bank of England
                                1. Sets interest rates
                                  1. Called a central bank
                                    1. MPC
                                      1. Meets every month to decide interest rates to lend to banks
                                    2. Interest rates
                                      1. Variable
                                        1. Fixed
                                      2. Impacts of changes in exchange rates
                                        1. Exchange rates
                                          1. The amount of currency that you can buy in exchange of another
                                            1. Imports
                                              1. Exports
                                            2. Impacts of the business cycle
                                              1. The Economy
                                                1. Economic activity
                                                  1. The amount of buying and selling that takes place in a period of time
                                                  2. Term that refers to all the people and businesses in a country that engages in buying and selling
                                                    1. Economic growth
                                                      1. The rise in economic activity in an economy. Can be calculated by the number of sales
                                                      2. The business cycle
                                                        1. Fluctuations in the level of economic activity over a period of time. Mainly experienced when economic activity is rising and slowing down elsewhere,
                                                        2. Recession
                                                          1. When the level of economic growth is negative for two successive quarters of a year
                                                      3. Business decisions and stakeholders
                                                        1. Stakeholders
                                                          1. An individual or group of people who are affected by a business
                                                            1. Have an interest on how a business operates and whether it is successful or not
                                                              1. Examples
                                                                1. Owners
                                                                  1. Managers
                                                                    1. Workers
                                                                      1. Customers
                                                                        1. Suppliers
                                                                          1. Government
                                                                            1. Local community
                                                                            2. Conflicting objectives
                                                                              1. Stakeholders wanting different things
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