null
US
Sign In
Sign Up for Free
Sign Up
We have detected that Javascript is not enabled in your browser. The dynamic nature of our site means that Javascript must be enabled to function properly. Please read our
terms and conditions
for more information.
Next up
Copy and Edit
You need to log in to complete this action!
Register for Free
928296
Economics
Description
Edexel GCSE Economics
No tags specified
a-level
Mind Map by
Shamil Jeeawoody
, updated more than 1 year ago
More
Less
Created by
Shamil Jeeawoody
over 10 years ago
45
0
0
Resource summary
Economics
Demand and Supply
Commodities
Commodity markets
Supply
The amount that buyers are willing and able to sell at any given price
Shortage - causes prices to rise in market
Surplus - when supplies of commodities are greater and prices fall
Demand
The amount that buyers are willling and able to pay for a certain price
Copper
Iron ore
Coal
OIl
Wheat
Differences between markets
Goods markets
A market for everyday products e.g. clothes
Commodity markets
Where buyers and sellers meet to exchange commodities
Impact of interest rates
Credit
Long term loans
Overdraft from bank
Should cover short-term changes in cash flow and unexpected bills
The bank of England
Sets interest rates
Called a central bank
MPC
Meets every month to decide interest rates to lend to banks
Interest rates
Variable
Fixed
Impacts of changes in exchange rates
Exchange rates
The amount of currency that you can buy in exchange of another
Imports
Exports
Impacts of the business cycle
The Economy
Economic activity
The amount of buying and selling that takes place in a period of time
Term that refers to all the people and businesses in a country that engages in buying and selling
Economic growth
The rise in economic activity in an economy. Can be calculated by the number of sales
The business cycle
Fluctuations in the level of economic activity over a period of time. Mainly experienced when economic activity is rising and slowing down elsewhere,
Recession
When the level of economic growth is negative for two successive quarters of a year
Business decisions and stakeholders
Stakeholders
An individual or group of people who are affected by a business
Have an interest on how a business operates and whether it is successful or not
Examples
Owners
Managers
Workers
Customers
Suppliers
Government
Local community
Conflicting objectives
Stakeholders wanting different things
Show full summary
Hide full summary
Want to create your own
Mind Maps
for
free
with GoConqr?
Learn more
.
Similar
Using GoConqr to study Economics
Sarah Egan
Economics
Emily Fenton
AN ECONOMIC OVERVIEW OF IRELAND AND THE WORLD 2015/16
John O'Driscoll
Economics - unit 1
Amardeep Kumar
Using GoConqr to teach Economics
Sarah Egan
Functions of Money
hannahcollins030
Comparative advantage
jamesofili
GCSE - Introduction to Economics
James Dodd
PMP Formulas
Krunk!
Market & Technology Dynamics
Tris Stindt
Aggregate Supply, Macroeconomic Equilibrium, The Economic Cycle, Economic Growth, Circular Flow and Measuring National Income
Hannah Nad
Browse Library