Explain what a balance of trade deficit is
This question simply requires knowledge of a definition but can be quite technical and requires the correct terminology. Specifically this is when the overall value of exports is less than the overall value of imports from and into a country. It is quite easy to mix up words and accicently define a current account deficit and this must be avoided.
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Please explain the concept of price elasticity of demand
A small, independent fast-food shop is considering whether or not to introduce a new machine to speed up production. The machine would be able to produce burgers to order and enable the production of burgers to be split into different stages so that each