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6th Year Resources

Factory Floor with Two Workers
Cost of Production

Back to microeconomics. This topic explores the cost of production of firms and the factors which in theory cause them to increase and decrease over time. This topic area is essential knowledge as it forms the basis for the next four topics we will consider.

Potatoes
Perfect Competition

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.

Board Game
Monopoly

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.

Tapes
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.

Melted Chocolate
Oligopoly (+ HHI)

Our fourth and final market structure: Oligopoly. In this market structure we will analyse how firms operate in an industry that is dominated by a few large firms.

Image by CHUTTERSNAP
Market Failure

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.

Fleet of Trucks
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.

Hands Holding Wooden Plate
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.

Green Energy Turbines
Sustainability

Sustainability is a key focus in life and on the new economics specification. If we live in an unsustainable way we can damage the economy, the environment or the people of the planet present and future.

Love the World
International Trade and Globalisation

In this our last section we will explore how and why countries trade with one another, the benefits there are to be gained from doing so and the reasons why some countries would prefer not to trade.

Fire
Hot Topics

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.

Stock Market Down
Tradingeconomics.com 

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.

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