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Although trading blocs such as the EU (which is a customs union) promote free trade without tariffs (taxes on imports) within the borders of the union, it still places tariffs on imports...
The Phillips curve shows the relationship between unemployment and inflation. On the y axis is inflation increasing and on the x-axis is the unemployment rate increasing. The theory behind the relationshi...
Define Government failure-greater net welfare loss compared to the free market solutionFactors that effect the use of the NHS-increase in old age population-increase in obesity and related ailments<...
An outward shift in the supply curve means that for each level of quantity supplied of a good/service, the price has decreased. One reason for this could be a positive supply shock, for example a period o...
A free market is one where the price of the good or service is determined by the demand from consumers and the supply from producers. When there is excess supply within a market, it means that there is to...
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