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E.g. Evaluate how would a fall in interest rates effect economic growth.Start by defining the key terms - economic growth, possibly interest rates very briefly.Draw a diagram showing Aggregate Demand shif...
Game Theory explains pricing strategy of firms that are in an oligopolistic market. This means that the market is dominated by a small number of large firms. For example, large airline providers such a...
Firstly, it expands the aggregate demand since invesment rises. Hence GDP rises. However, this depends on whether the fall is anticipated by markets already.
Secondly, it devalues the UK'...
Minimum wage is a crucial topic in A-level micro economics and I thought it ought to be one of the questions prepared.
Elasticity is the proportionate responsiveness of a second variable to an initial change in the first variable.
There are four different types of elasticites:
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