Source: https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-2-factors-influencing-growth-and-development

[Revision notes](https://senecalearning.com/en-gb/revision-notes.md) › [A Level](https://senecalearning.com/en-gb/revision-notes/a-level.md) › [Economics](https://senecalearning.com/en-gb/revision-notes/a-level/economics.md) › [Edexcel](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel.md) › Factors Influencing Growth & Development

# Factors Influencing Growth & Development

Economics: Edexcel A A Level, topic 8.2.2

## Economic Growth vs Economic Development

There are a number of key differences between economic growth and development.

### Economic growth

![Economic growth](https://image-v2.cdn.app.senecalearning.com/courseImages/biology/Edexcel/7%20Animal%20control/up_arrow.jpg)

- Economic growth is measured by an increase in real GDP.
- While this allows for higher real incomes, which means people can afford a higher standard of living, it is very important for economists to realise that an increase in real GDP does not equate to economic development, although it may contribute.
- Supporting research & development is viewed as a huge supporter of economic growth. South Korea has grown rapidly since 1992 and its R&D has been up to 3.5% of GDP.

### Economic development

![Economic development](https://image-v2.cdn.app.senecalearning.com/2018-08/d98ae40b-6458-4a79-948d-96ce019eddbe/office-happy-work-job.jpg)

- The United Nations (UN) defines development as "the expansion of people’s freedom to live long, healthy and creative lives; to advance other goals they have reason to value; and to engage actively in shaping development equitably and sustainably on a shared planet.”

## Common Characteristics of Less-Developed Economies

Less-developed economies often have certain characteristics which stop them from developing faster:

### Low investment and savings

![Low investment and savings](https://image-v2.cdn.app.senecalearning.com/2018-09/ec647823-1621-417f-a6c1-8e0dbba8f394/coins-912720_1920.jpg)

- Increasing the quality or quantity of physical capital can increase the productivity of an economy. 
- A country or business needs to save money to invest the savings in capital. If a country does not save, then investment in physical capital will be lower.

### Command economy and corruption

![Command economy and corruption](https://image-v2.cdn.app.senecalearning.com/2018-08/961fcd7b-d7b5-4889-a207-2cbe896593b4/Information-Corruption-Bribe-Parcel-.jpg)

- In some low-income countries, which are less economically developed, there are:
 - Command economies, where the price mechanism (or invisible hand) does not allocate resources. 
 - Corruption and infighting, where resources and investment are not directed to the place where it is intended. 
- For example, the Democratic Republic of Congo is resource-rich, but politics seems to have slowed economic development.

### Lack of education

![Lack of education](https://image-v2.cdn.app.senecalearning.com/2018-07/eb17b0e6-fdf6-40d6-b301-484d57af62d8/education-learning.jpg)

- Education is sometimes called the accumulation of human capital. 
- High levels of education can make the labour force more productive and increase the output of an economy.

### Loans and borrowing

![Loans and borrowing](https://image-v2.cdn.app.senecalearning.com/2018-08/cc736f48-a0dd-46a0-8712-ac971f739432/loan-bank.jpg)

- If households or businesses cannot borrow money (get access to capital), then they won't be able to invest in houses, capital (like machinery) or inventory. This will harm economic growth and development.

## Test yourself on Factors Influencing Growth & Development

- Which of the following are included in the UN's definition of development?
- Which of the following are often characteristics of less-developed economies?
- Which of the following terms refers to an economy where the government allocate resources rather than the price mechanism?
- Which of the following is an example of a command economy?

[Practise this topic for free](https://app.senecalearning.com/classroom/course/d903555c-0201-4e4b-b4f4-8a5ad1345c9e/section/01e66732-2ec3-440d-b4ef-cc5515ec4ee6/session)

- Previous topic: [8.2.1 Measures of Development](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-1-measures-of-development.md)
- Next topic: [8.2.3 Barriers to Development](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-3-barriers-to-development.md)

## Economics: Edexcel A A Level contents

### 1 Introduction to Markets
- 1.1 Nature of Economics
  - [1.1.1 Economics as a Social Science](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-1-economics-as-a-social-science.md)
  - [1.1.2 Positive & Normative Economic Statements](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-2-positive-and-normative-economic-statements.md)
  - [1.1.3 The Economic Problem](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-3-the-economic-problem.md)
  - [1.1.4 Resources](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-4-resources.md)
  - [1.1.5 Production Possibility Frontiers](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-5-production-possibility-frontiers.md)
  - [1.1.6 Specialisation & Division of Labour](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-6-specialisation-and-division-of-labour.md)
  - [1.1.7 Types of Economies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-7-types-of-economies.md)
  - [1.1.8 End of Topic Test - Nature of Economics](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-8-end-of-topic-test-nature-of-economics.md)
  - [1.1.9 Application Questions - Nature of Economics](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-1-9-application-questions-nature-of-economics.md)
- 1.2 How Markets Work
  - [1.2.1 Rational Decision Making](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-1-rational-decision-making.md)
  - [1.2.2 Demand](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-2-demand.md)
  - [1.2.3 Elasticities of Demand](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-3-elasticities-of-demand.md)
  - [1.2.4 Elasticities of Demand 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-4-elasticities-of-demand-2.md)
  - [1.2.5 Elasticity & Revenue](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-5-elasticity-and-revenue.md)
  - [1.2.6 Supply](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-6-supply.md)
  - [1.2.7 Elasticity of Supply](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-7-elasticity-of-supply.md)
  - [1.2.8 Price Determination](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-8-price-determination.md)
  - [1.2.9 Price Mechanism](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-9-price-mechanism.md)
  - [1.2.10 Consumer & Producer Surplus](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-10-consumer-and-producer-surplus.md)
  - [1.2.11 Indirect Taxes & Subsidies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-11-indirect-taxes-and-subsidies.md)
  - [1.2.12 A-A* (AO3/4) - Taxing Prices or Quantities?](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-12-a-a-ao34-taxing-prices-or-quantities.md)
  - [1.2.13 Alternative View of Consumer Behaviour](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-13-alternative-view-of-consumer-behaviour.md)
  - [1.2.14 End of Topic Test - Markets](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-14-end-of-topic-test-markets.md)
  - [1.2.15 A-A* (AO3/4) - Markets](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/1-2-15-a-a-ao34-markets.md)

### 2 Market Failure
- 2.1 Market Failure
  - [2.1.1 Types of Market Failure](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-1-1-types-of-market-failure.md)
  - [2.1.2 Externalities](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-1-2-externalities.md)
  - [2.1.3 The Deadweight Welfare Loss of Externalities](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-1-3-the-deadweight-welfare-loss-of-externalities.md)
  - [2.1.4 A-A* (AO3/4) - The Externalities of Education](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-1-4-a-a-ao34-the-externalities-of-education.md)
  - [2.1.5 Public Goods](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-1-5-public-goods.md)
  - [2.1.6 Information Gaps](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-1-6-information-gaps.md)
  - [2.1.7 End of Topic Test - Market Failure](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-1-7-end-of-topic-test-market-failure.md)
  - [2.1.8 Application Questions - Market Failure](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-1-8-application-questions-market-failure.md)
- 2.2 Government Intervention
  - [2.2.1 Government Intervention in Markets](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-2-1-government-intervention-in-markets.md)
  - [2.2.2 Subsidies & Price Controls](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-2-2-subsidies-and-price-controls.md)
  - [2.2.3 Pollution Permits & Regulation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-2-3-pollution-permits-and-regulation.md)
  - [2.2.4 A-A* (AO3/4) - European Emissions Trading](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-2-4-a-a-ao34-european-emissions-trading.md)
  - [2.2.5 State Provision & Information Provision](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-2-5-state-provision-and-information-provision.md)
  - [2.2.6 Government Failure](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-2-6-government-failure.md)
  - [2.2.7 End of Topic Test - Government Intervention](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-2-7-end-of-topic-test-government-intervention.md)
  - [2.2.8 A-A* (AO3/4) - Government Intervention](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/2-2-8-a-a-ao34-government-intervention.md)

### 3 The UK Macroeconomy
- 3.1 Measures of Economic Performance
  - [3.1.1 Measuring Economic Growth](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-1-measuring-economic-growth.md)
  - [3.1.2 National Income Data](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-2-national-income-data.md)
  - [3.1.3 Inflation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-3-inflation.md)
  - [3.1.4 Causes of Inflation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-4-causes-of-inflation.md)
  - [3.1.5 Consequences of Inflation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-5-consequences-of-inflation.md)
  - [3.1.6 Employment & Unemployment](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-6-employment-and-unemployment.md)
  - [3.1.7 Causes & Impact of Unemployment](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-7-causes-and-impact-of-unemployment.md)
  - [3.1.8 A-A* (AO3/4) - Hysteresis](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-8-a-a-ao34-hysteresis.md)
  - [3.1.9 Balance of Payments](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-9-balance-of-payments.md)
  - [3.1.10 Current Account Deficit & Imbalances](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-10-current-account-deficit-and-imbalances.md)
  - [3.1.11 End of Topic Test - Economic Performance](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-11-end-of-topic-test-economic-performance.md)
  - [3.1.12 Application Questions Macroeconomy](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-1-12-application-questions-macroeconomy.md)
- 3.2 Aggregate Demand
  - [3.2.1 Aggregate Demand](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-2-1-aggregate-demand.md)
  - [3.2.2 Consumption](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-2-2-consumption.md)
  - [3.2.3 Investment](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-2-3-investment.md)
  - [3.2.4 Government Expenditure](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-2-4-government-expenditure.md)
  - [3.2.5 Net Trade](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-2-5-net-trade.md)
  - [3.2.6 End of Topic Test - Aggregated Demand](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-2-6-end-of-topic-test-aggregated-demand.md)
  - [3.2.7 Application Questions - AD](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-2-7-application-questions-ad.md)
- 3.3 Aggregate Supply
  - [3.3.1 Aggregate Supply](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-3-1-aggregate-supply.md)
  - [3.3.2 End of Topic Test - Aggregated Supply](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-3-2-end-of-topic-test-aggregated-supply.md)
  - [3.3.3 A-A* (AO3/4) -Aggregate Supply](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-3-3-a-a-ao34-aggregate-supply.md)
- 3.4 National Income
  - [3.4.1 National Income](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-4-1-national-income.md)
  - [3.4.2 Injections & Withdrawals](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-4-2-injections-and-withdrawals.md)
  - [3.4.3 Equilibrium Level of Real National Output](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-4-3-equilibrium-level-of-real-national-output.md)
  - [3.4.4 Multiplier Effect](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-4-4-multiplier-effect.md)
  - [3.4.5 End of Topic Test - National Income](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-4-5-end-of-topic-test-national-income.md)
  - [3.4.6 Application Questions - National Income](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-4-6-application-questions-national-income.md)
- 3.5 Economic Growth
  - [3.5.1 Causes of Economic Growth](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-5-1-causes-of-economic-growth.md)
  - [3.5.2 Output Gaps](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-5-2-output-gaps.md)
  - [3.5.3 Business Cycle](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-5-3-business-cycle.md)
  - [3.5.4 Impact of Economic Growth](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-5-4-impact-of-economic-growth.md)
  - [3.5.5 End of Topic Test - Economic Growth](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-5-5-end-of-topic-test-economic-growth.md)
  - [3.5.6 A-A* (AO3/4) - Growth](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/3-5-6-a-a-ao34-growth.md)

### 4 The UK Economy - Policies
- 4.1 Macroeconomic Objectives & Policies
  - [4.1.1 Possible Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-1-possible-objectives.md)
  - [4.1.2 Demand-Side Policies - Monetary](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-2-demand-side-policies-monetary.md)
  - [4.1.3 Demand-Side Policies - Monetary 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-3-demand-side-policies-monetary-2.md)
  - [4.1.4 A-A* (AO3/4) - The Future of Interest Rates](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-4-a-a-ao34-the-future-of-interest-rates.md)
  - [4.1.5 Demand-Side Policies - Fiscal](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-5-demand-side-policies-fiscal.md)
  - [4.1.6 Demand-Side Policies in 2007-08](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-6-demand-side-policies-in-2007-08.md)
  - [4.1.7 Strengths & Weaknesses of Demand Side](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-7-strengths-and-weaknesses-of-demand-side.md)
  - [4.1.8 Supply-Side Policies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-8-supply-side-policies.md)
  - [4.1.9 Supply-Side Policies 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-9-supply-side-policies-2.md)
  - [4.1.10 Conflicts Between Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-10-conflicts-between-objectives.md)
  - [4.1.11 A-A* (AO3/4) - Conflicting Incentives](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-11-a-a-ao34-conflicting-incentives.md)
  - [4.1.12 Phillips Curve](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-12-phillips-curve.md)
  - [4.1.13 End of Topic Topic - Policies & Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-13-end-of-topic-topic-policies-and-objectives.md)
  - [4.1.14 Application Questions - UK Policies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/4-1-14-application-questions-uk-policies.md)

### 5 Business Behaviour
- 5.1 Business Growth
  - [5.1.1 Size & Types of Firms](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-1-1-size-and-types-of-firms.md)
  - [5.1.2 Business Growth](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-1-2-business-growth.md)
  - [5.1.3 Pros & Cons of External Expansion](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-1-3-pros-and-cons-of-external-expansion.md)
  - [5.1.4 Demergers](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-1-4-demergers.md)
  - [5.1.5 End of Topic Test - Business Growth](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-1-5-end-of-topic-test-business-growth.md)
  - [5.1.6 A-A* (AO3/4) - Business Growth](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-1-6-a-a-ao34-business-growth.md)
- 5.2 Business Objectives
  - [5.2.1 Business Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-2-1-business-objectives.md)
  - [5.2.2 End of Topic Test - Business Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-2-2-end-of-topic-test-business-objectives.md)
  - [5.2.3 Application Questions - Business Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-2-3-application-questions-business-objectives.md)
- 5.3 Revenues, Costs & Profits
  - [5.3.1 Revenue](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-3-1-revenue.md)
  - [5.3.2 Costs](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-3-2-costs.md)
  - [5.3.3 Economies & Diseconomies of Scale](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-3-3-economies-and-diseconomies-of-scale.md)
  - [5.3.4 Profits](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-3-4-profits.md)
  - [5.3.5 Profits 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-3-5-profits-2.md)
  - [5.3.6 End of Topic Test - Revenue, Costs & Profits](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-3-6-end-of-topic-test-revenue-costs-and-profits.md)
  - [5.3.7 A-A* (AO3/4) - Revenue, Costs & Profit](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/5-3-7-a-a-ao34-revenue-costs-and-profit.md)

### 6 Market Structures
- 6.1 Market Structures
  - [6.1.1 Efficiency](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-1-efficiency.md)
  - [6.1.2 Perfect Competition](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-2-perfect-competition.md)
  - [6.1.3 Perfect Competition 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-3-perfect-competition-2.md)
  - [6.1.4 Monopolistic Competition](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-4-monopolistic-competition.md)
  - [6.1.5 Oligopolies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-5-oligopolies.md)
  - [6.1.6 The Prisoner's Dilemma](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-6-the-prisoners-dilemma.md)
  - [6.1.7 Collusion in Oligopolistic Markets](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-7-collusion-in-oligopolistic-markets.md)
  - [6.1.8 A-A* (AO3/4) - Which Factors Affect Collusion?](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-8-a-a-ao34-which-factors-affect-collusion.md)
  - [6.1.9 Monopolies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-9-monopolies.md)
  - [6.1.10 Price Discrimination](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-10-price-discrimination.md)
  - [6.1.11 Monopsony](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-11-monopsony.md)
  - [6.1.12 A-A* (AO3/4) - Models in Economics](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-12-a-a-ao34-models-in-economics.md)
  - [6.1.13 Contestability](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-13-contestability.md)
  - [6.1.14 Benefits of Contestability](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-14-benefits-of-contestability.md)
  - [6.1.15 End of Topic Test - Market Structures](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-15-end-of-topic-test-market-structures.md)
  - [6.1.16 Application Questions - Market Structures](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-16-application-questions-market-structures.md)
  - [6.1.17 A-A* (AO3/4) - Cereal Collusion](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-1-17-a-a-ao34-cereal-collusion.md)
- 6.2 Labour Market
  - [6.2.1 Demand for Labour](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-1-demand-for-labour.md)
  - [6.2.2 Supply of Labour](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-2-supply-of-labour.md)
  - [6.2.3 Labour Market Imperfections](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-3-labour-market-imperfections.md)
  - [6.2.4 A-A* (AO3/4) - Labour Productivity & Unemployment](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-4-a-a-ao34-labour-productivity-and-unemployment.md)
  - [6.2.5 A-A* (AO3/4) - What Level of Unionisation is Good?](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-5-a-a-ao34-what-level-of-unionisation-is-good.md)
  - [6.2.6 Wage Determination](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-6-wage-determination.md)
  - [6.2.7 Elasticity of Labour Supply & Demand](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-7-elasticity-of-labour-supply-and-demand.md)
  - [6.2.8 Intervention in Setting Wages](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-8-intervention-in-setting-wages.md)
  - [6.2.9 End of Topic Test - Labour Market](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-9-end-of-topic-test-labour-market.md)
  - [6.2.10 A-A* (AO3/4) - Labour Markets](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-2-10-a-a-ao34-labour-markets.md)
- 6.3 Government Intervention
  - [6.3.1 Reasons for Government Intervention](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-1-reasons-for-government-intervention.md)
  - [6.3.2 Government Promotion of Competition](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-2-government-promotion-of-competition.md)
  - [6.3.3 Usefulness of Competition Policy & Examples](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-3-usefulness-of-competition-policy-and-examples.md)
  - [6.3.4 A-A* (AO3/4) - Modern Competition Policy](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-4-a-a-ao34-modern-competition-policy.md)
  - [6.3.5 Privatisation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-5-privatisation.md)
  - [6.3.6 Government Regulation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-6-government-regulation.md)
  - [6.3.7 A-A* (AO3/4) - Nationalisation vs Privatisation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-7-a-a-ao34-nationalisation-vs-privatisation.md)
  - [6.3.8 Government Protection of Suppliers and Employees](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-8-government-protection-of-suppliers-and-employees.md)
  - [6.3.9 Impact of Government Intervention](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-9-impact-of-government-intervention.md)
  - [6.3.10 End of Topic Test - Government Intervention](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-10-end-of-topic-test-government-intervention.md)
  - [6.3.11 Application Questions - Government Intervention](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/6-3-11-application-questions-government-intervention.md)

### 7 A Global Perspective
- 7.1 International Economics - Globalisation & Trade
  - [7.1.1 Globalisation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-1-globalisation.md)
  - [7.1.2 Globalisation for LEDCs](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-2-globalisation-for-ledcs.md)
  - [7.1.3 Globalisation for MEDCs](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-3-globalisation-for-medcs.md)
  - [7.1.4 Specialisation & Trade](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-4-specialisation-and-trade.md)
  - [7.1.5 Pattern of Trade](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-5-pattern-of-trade.md)
  - [7.1.6 Terms of Trade](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-6-terms-of-trade.md)
  - [7.1.7 Trading Blocs](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-7-trading-blocs.md)
  - [7.1.8 UK, EU & WTO](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-8-uk-eu-and-wto.md)
  - [7.1.9 End of Topic Test - Globalisation & Trade](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-9-end-of-topic-test-globalisation-and-trade.md)
  - [7.1.10 A-A* (AO3/4) - Globalisation & Trade](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-1-10-a-a-ao34-globalisation-and-trade.md)
- 7.2 International Economics - Currency
  - [7.2.1 Merged Currency](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-1-merged-currency.md)
  - [7.2.2 Restrictions on Free Trade](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-2-restrictions-on-free-trade.md)
  - [7.2.3 Arguments for Protectionism](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-3-arguments-for-protectionism.md)
  - [7.2.4 Arguments Against Protectionism](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-4-arguments-against-protectionism.md)
  - [7.2.5 Balance of Payments](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-5-balance-of-payments.md)
  - [7.2.6 Balance of Payments 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-6-balance-of-payments-2.md)
  - [7.2.7 Floating Exchange Rates](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-7-floating-exchange-rates.md)
  - [7.2.8 Fixed Exchange Rate](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-8-fixed-exchange-rate.md)
  - [7.2.9 International Competitiveness](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-9-international-competitiveness.md)
  - [7.2.10 End of Topic Test - International Economy](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-10-end-of-topic-test-international-economy.md)
  - [7.2.11 Application Questions - International Economics](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/7-2-11-application-questions-international-economics.md)

### 8 Finance & Inequality
- 8.1 Poverty & Inequality
  - [8.1.1 Absolute & Relative Poverty](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-1-1-absolute-and-relative-poverty.md)
  - [8.1.2 Inequality](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-1-2-inequality.md)
  - [8.1.3 Inequality 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-1-3-inequality-2.md)
  - [8.1.4 Lorenz Curve](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-1-4-lorenz-curve.md)
  - [8.1.5 Government Policy on Poverty](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-1-5-government-policy-on-poverty.md)
  - [8.1.6 End of Topic Test - Poverty & Inequality](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-1-6-end-of-topic-test-poverty-and-inequality.md)
  - [8.1.7 A-A* (AO3/4) - Inequality & Poverty](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-1-7-a-a-ao34-inequality-and-poverty.md)
- 8.2 Emerging & Developing Economies
  - [8.2.1 Measures of Development](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-1-measures-of-development.md)
  - [8.2.2 Factors Influencing Growth & Development](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-2-factors-influencing-growth-and-development.md)
  - [8.2.3 Barriers to Development](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-3-barriers-to-development.md)
  - [8.2.4 Barriers to Development 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-4-barriers-to-development-2.md)
  - [8.2.5 A-A* (AO3/4) - The Bottom Billion](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-5-a-a-ao34-the-bottom-billion.md)
  - [8.2.6 Development Strategies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-6-development-strategies.md)
  - [8.2.7 Interventionist Strategies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-7-interventionist-strategies.md)
  - [8.2.8 Aid](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-8-aid.md)
  - [8.2.9 International Institutions](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-9-international-institutions.md)
  - [8.2.10 International Institutions 2](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-10-international-institutions-2.md)
  - [8.2.11 End of Topic Test - Emerging & Developing](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-11-end-of-topic-test-emerging-and-developing.md)
  - [8.2.12 Application Questions - Developing Countries](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-2-12-application-questions-developing-countries.md)
- 8.3 The Financial Sector
  - [8.3.1 Role of Financial Markets](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-3-1-role-of-financial-markets.md)
  - [8.3.2 Market Failure in the Financial Sector](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-3-2-market-failure-in-the-financial-sector.md)
  - [8.3.3 Role of Central Banks](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-3-3-role-of-central-banks.md)
  - [8.3.4 End of Topic Test - The Financial Sector](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-3-4-end-of-topic-test-the-financial-sector.md)
  - [8.3.5 A-A* (AO3/4) - Financial Sector](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-3-5-a-a-ao34-financial-sector.md)
- 8.4 Role of the State in the Macroeconomy
  - [8.4.1 Public Expenditure](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-4-1-public-expenditure.md)
  - [8.4.2 Taxation](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-4-2-taxation.md)
  - [8.4.3 Public Sector Finances](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-4-3-public-sector-finances.md)
  - [8.4.4 End of Topic Test - Role of the State](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-4-4-end-of-topic-test-role-of-the-state.md)
  - [8.4.5 Application Questions - Role of the State](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/8-4-5-application-questions-role-of-the-state.md)

### 9 Examples of Global Policy
- 9.1 International Policies
  - [9.1.1 Global Debt & Deficit Policies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-1-1-global-debt-and-deficit-policies.md)
  - [9.1.2 Poverty & Inequality Policies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-1-2-poverty-and-inequality-policies.md)
  - [9.1.3 Changes in Interest Rates](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-1-3-changes-in-interest-rates.md)
  - [9.1.4 Competitiveness Policies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-1-4-competitiveness-policies.md)
  - [9.1.5 End of Topic Test - International Policies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-1-5-end-of-topic-test-international-policies.md)
  - [9.1.6 A-A* (AO3/4) - International Policies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-1-6-a-a-ao34-international-policies.md)
- 9.2 Policy Responses to Shocks
  - [9.2.1 International Tax Policies](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-2-1-international-tax-policies.md)
  - [9.2.2 Problems for Policymakers](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-2-2-problems-for-policymakers.md)
  - [9.2.3 End of Topic Test - Policy Responses](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-2-3-end-of-topic-test-policy-responses.md)
  - [9.2.4 Application Questions - Policy Responses](https://senecalearning.com/en-gb/revision-notes/a-level/economics/edexcel/9-2-4-application-questions-policy-responses.md)