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The law of diminishing returns is when the marginal output of a production process decreases with every additional increase in a factor of production (or input), holding all other factors of production co...
An oligopolistic market is one where mutliple firms coexist in order to provide similar goods or services. The firm’s in this market are however, price makers despite similarities in the products. This...
1. Technical economies of sale: Large firms can utilize more fully the machines and plant equitments and thus reduce the average cost.
2.Managerial economies of scale: A large firm with a...
Price Elasticity of Demand refers to the extent to which demand for a product will change in response to a change in its price.
If PED is 'elastic' this means that any given change in pri...
Isolate/Define key terms
- globalisation
- causes
- effects - split into benefits and costs
1. Causes of Globalisation
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