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It is first necessary to define deflation. Deflation is a reduction in the general level of prices in an economy. It can be measured by indices such as the Consumer Price Index (CPI) which takes the price...
Income elasticity of demand (YED) is the relationship between a change in quantity demanded for a good and the change in real income. some goods are normal and some inferior. Normal means a rise in income...
J-Curve Effect: In the short run, the fall in the value of the pound will increase the cost of importing goods and it will take time for demand to shift to domestic sources. In addition some goods cannot ...
The key to answering this question is understanding that interest rates determine the cost of borrowing. If you borrow £1000 to buy a car at 10% annualised interest rate, your cost of borrowing would be l...
An easy way to remember factors that affect supply of a good or service is by using the acronym "PINTS WC".
Productivity. The more productive the firm's factors of resources are, the more...
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