My Revision Notes...Economics online guide

Useful link here to the new (2015) and old A Level:

http://www.hoddereducation.co.uk/myrevisionnotesdownloads

Banking reform: are we nearly there yet?

Banking reform: are we nearly there yet?
Seven years on from the crisis, how far have banking systems been reformed? John Vickers will review the economics behind the recommendations of the Independent Commission on Banking, which he chaired in 2010-11, and review progress since.

https://www.facebook.com/events/1531242910538887/

Year 13 and 12 Cherwell students - confirm your place on this talk please email me by 3pm on Monday Feb 1st.

PLEASE NOTE THIS IS A PUBLIC MEETING NOT A SCHOOL TRIP.

Over the course of his career Sir John Vickers has held positions ranging from Chief Economist at the Bank of England to Director General of the Office of Fair Trading. In 2010 he became Chair of the Independent Commission on Banking and a year later made important recommendations such as ring fencing retail from investment banking. He is currently Warden of All Souls College, Oxford and a senior lecturer teaching the Introductory Macroeconomics course.

Free market and Command Economy

Edexcel link for Economic thinkers

http://qualifications.pearson.com/content/dam/pdf/A%20Level/economics-a/2015/teaching-materials/Economic-thinkers-Theme-1-updated.pdf

Oligopoly

Why tacit collusion?

Tacit collusion is silent non traceable associated with price leadership.Kinked demand curve theory can be used to explain this.

http://www.tutor2u.net/economics/reference/oligopoly-tacit-collusion

Tutor2u has a good summary, case study video and powerpoint worth carefully looking at for the following exam type questions on overt collusion.

Overt or Explicit collusion between firms that is traceable means they have formed a cartel. A  cartel occurs when 2 or more firms enter into agreements to restrict the supply or fix the price of a good in a particular industry.The most famous example being OPEC (Organisation of Petroleum Exporting Countries). In the 1970s, OPEC tripled the price of oil because they controlled over 70% of the world’s oil supply. In the UK cartels are an example of restrictive trade practices and are illegal. 
- types and why engage in collusion
- what makes it easier
- why it make break down

http://www.tutor2u.net/economics/reference/oligopoly-collusion

A2 Monopolistic Competition

Using Tutor2U's excellent resource try to create am 8/16 mark exam question:

http://www.tutor2u.net/economics/reference/monopolistic-competition

Price Elasticity of Demand (PED)

Remember to consider the impact of changes in price on revenue.

Useful PAJ video here:

https://www.youtube.com/watch?v=hJIaiItHrpY

Additional Tutor2u video link here:

http://www.tutor2u.net/economics/reference/price-elasticity-of-demand

Derived demand and joint demand

Often overlooked - you need to be aware of derived demand and joint demand as factors that influence demand. Paj has a good video on this:

https://www.youtube.com/watch?v=KlnVTlRx4xA