What this topic covers
The role of markets and money has 8 subtopics, including:
- The role of markets
- Demand
- Supply
- Price
- Competition
- Production
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GCSE OCR Economics · Topic 2 of 4
The role of markets and money – GCSE OCR Economics revision notes
Choose a subtopic. The role of markets and money covers The role of markets, Demand, Supply, and Price in GCSE OCR Economics. 41 lessons in 8 subtopics.
Revise The role of markets and money for GCSE OCR Economics, including The role of markets, Demand, Supply, and Price. 41 lessons across 8 subtopics.
41
Lessons
8
Subtopics
The role of markets and money lessons by subtopic
41 lessons, grouped by subtopic.
The role of markets
- Understanding Markets and Resource Allocation
- Factor vs. Product Markets
- Economic Sectors: Primary, Secondary, and Tertiary
- Understanding Specialisation and Division of Labour
- Costs and Benefits of Division of Labour
Demand
- Understanding Demand
- Factors Influencing Demand
- Drawing and Interpreting Demand Curves
- Introduction to Price Elasticity of Demand
- Factors Affecting and Measuring PED
- Implications of PED for Producers and Consumers
Supply
- Understanding Supply: Define what is meant by the supply of a good or service; Identify and explain the key factors that influence supply; Analyse how changes in each factor cause supply to increase or decrease
- Drawing and Interpreting Supply Curves: Construct a supply curve from a data table showing price and quantity supplied; Explain why supply curves slope upwards from left to right; Distinguish between a movement along the supply curve and a shift of the supply curve
- Understanding Price Elasticity of Supply
- Factors Affecting Price Elasticity of Supply
- Implications of Price Elasticity of Supply
Price
- Equilibrium Price and Market Clearing: Define equilibrium price and explain how it is determined by the interaction of supply and demand; Explain why excess demand causes prices to rise and how this eliminates shortages; Explain why excess supply causes prices to fall and how this eliminates surpluses
- Using Supply and Demand Diagrams: Use supply and demand diagrams to show the impact of changes in market conditions on equilibrium price and quantity; Apply supply and demand diagrams to real-world UK markets including housing, labour, and food; Demonstrate how revenue can be shown on a supply and demand diagram as a rectangle (P x Q)
- Complements and Substitutes: Understanding Market Connections
Competition
- Understanding Market Structures
- Understanding Competitive Markets
- Impact of Competition on Price and Choice
- Intro to Non-Competitive Markets
- Monopoly and Oligopoly: Impacts
Production
- Business Objectives and Costs
- Revenue and Profit Calculations
- The Importance of Cost, Revenue, and Profit: Ethical Considerations
- Introduction to Production and Productivity
- Factors Influencing and Benefits of Productivity
- Understanding Economies of Scale
- Types of Economies of Scale
- Diseconomies of Scale and Business Growth
The labour market
The role of money and financial markets
More in this course
Go back to the full GCSE OCR Economics topic list, or practise this topic with past-paper questions.
Frequently asked questions
What is The role of markets and money?
The role of markets and money covers The role of markets, Demand, Supply, and Price in GCSE OCR Economics. 41 lessons in 8 subtopics.
How do NHS pay bands work?
NHS pay bands structure wages from Band 1, entry-level support roles starting at around £22,000, to Band 9, the most senior managers and clinicians, who can earn over £100,000. The Gross Pay, Net Pay and Wage Differentials notes cover this in full.
What is National Insurance?
National Insurance is a deduction employees pay on earnings over a threshold, which funds the NHS, State Pension and other benefits. The Gross Pay, Net Pay and Wage Differentials notes cover this in full.
What are the UK income tax rates?
UK income tax is charged at a basic rate of 20% on earnings between £12,571 and £50,270, and higher earners pay 40% on earnings over £50,270. The Gross Pay, Net Pay and Wage Differentials notes cover this in full.
What is a mortgage?
A mortgage is a long-term loan secured against property, enabling households to buy homes. The High Street Banks: Funding and Services notes cover this in full.
Why does Gillette sell razors cheaply?
Gillette sells razors cheaply but charges a lot for replacement blades because razors and blades are complements, goods used together. The Factors Influencing Demand notes cover this in full.
What is the formula for simple interest?
Simple interest = principal × (rate ÷ 100) × time, where the principal is the original amount deposited. The Interest Rates and Consumer Decisions notes cover this in full.
Are bank deposits protected in the UK?
UK bank deposits are protected up to £85,000 by the Financial Services Compensation Scheme. The High Street Banks: Funding and Services notes cover this in full.
What is net pay?
Net pay is the amount actually received after deductions have been taken from gross pay, often called 'take-home pay'. The Gross Pay, Net Pay and Wage Differentials notes cover this in full.