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There are two types of monopoly, a legal monopoly which has over 25% of the market share and a dominant monopoly which has over 40%. Both of these types have power over the market as they will be the larg...

The Monetary Policy Committee’s primary role is to control inflationary pressures within the UK economy to achieve a target of 2% inflation and sustain price stability. The Monetary Policy Committee contr...

As this question is asking you to ‘Outline and evaluate’, this question needs to be answered in two sections. The first section of the essay will provide examples of economic effects as a result in the fa...

The key thing to understand here is that freight transport is a derived demand because it arises as a consequence of an increase of demand for something else. In this case, GDP is increasing therefore the...

Unemployment is the number of people that do not have a job, but have been actively searching for a job for at least 4 weeks. The unemployment rate can be calculated by dividing the number of people unemp...