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PED is a measure of the responsiveness of demand following a change in the price of a good or service e.g. if the price of good X rose by 20%, PED would measure the extent to which the demand for good X c...
Internal economies of scale are centred around the relationship of a firm increasing its factors of production ie. its inputs and how this affects the average cost of producing goods. The general concept ...
The multipler effect is when an additional increase in aggregate demand can cause a greater final impact on national income (GDP) than the inital size of the injection, with the multipler being a coeffici...
An increase in supply, such as that caused by a fall in producer costs causes prices to fall, and the quantity consumed to increase. Diagrammatically, this is represented by an outwards shift of the...
What are interest rates? Interest rates are the rate of return offered on any kind of loan or investment. In reference to monetary policy and manipulation, the interest rate refers to the rate set by the ...
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