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The demand curve is downward facing because in order for quantity to rise, firms need to lower prices.

Normal good: 1 or greater than 1, as YED increases, QD for a good increases too.

Superior/ Luxury good: Also a normal good: it makes up a large proportion of consumption e.g. a new car. (Scarce to ...

A recession is the phase of the economic cycle, after a boom, during which real GDP starts to fall and unemployment starts to rise. It is two successive quarters of negative economic growth. The UK's 'Gre...

Alcohol is seen as an example of a demerit good. This means that upon consumption of the good,whilst the consumer receives a private benefit, they push a negative impact onto a third party, in this case s...

Economies of scale are when firms experience a fall in long run average costs due to the growth of the size of the company. Firstly an example is financial economies of scale. This is when a company can b...