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Protectionism is a government philosophy towards foreign trade. According to this philosophy, governments should use tariffs and quotas to protect domestic firms from foreign competiti...

A barrier to entry is an obstacle that prevents a new entrant from joining a market. They exist within both oligopolistic and monopolistic market structures. Barriers to entry matter b...

Government spending is a component of Aggeregate Demand along with Consumption, Investment and Net exports. A reduction in Aggeregate Demand causes firms to produce less output in order...

In theory, a monopoly is a situation in which the ‘industry is the firm’ however in reality in the UK we consider anything which controls 25% or more of the market to have monopoly pow...

Income can be defined as a flow of factor incomes, such as earnings, dividends and rent.  Alternatively, wealth is a stock of financial and real assets including savin...