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Always begin answering questions by providing a definition. This is key in economics. Therefore, start by explaining that the national min. wage is the governments guarentee of a minimum wage per hour ...

Four mark questions are a great way to pick up marks. There is a simple strategy to remember when answering these. 

Firstly, always write down your definition of the key word(s). Even if ...

Price capping involves limiting the amount that a firm can charge for a particular good or service. In order to address this question, you should weigh up the costs and benefits of price capping and their...

In economics the main problem we deal with is the fact that there is a finite number of resources on the planet. In other words we don't have an unlimited amount of things. e.g. we will eventually run ...

Price discrimination is where firms charge a different price to different consumers for the same good for reasons other than cost. There are three degrees. First degree PD is where the seller knows the...