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When analysing the impact that a trade agreement may have upon an economy there are three key areas that must be assessed, these are imports and exports, migration and trade. It is important to focus on t...
Intro: - Define direct taxation - Define what is meant by growth Concepts to explore: Growth - Implications of tax cuts on consumption levels in the UK - in terms of the propensity to spend, disposable in...
The benefits of government intervention are largely dependent on the type of government intervention and the form of market failure it hopes to correct, however it is normally beneficial for the governmen...
Concave PPF diagram - point X anywhere on the curve, point Y strictly inside the curve. X is efficient because an increase in output of one good cannot be achieved without reducing the output of the other...
The concept of 'scarce resources' refers to the basic economic theory that the market will consistently have insufficient resources to fulfill all of society's wants and needs. The price of a product in t...
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