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Here is how I would set out an answer for this question:Define the term globalisation, and the word everybody (put it into economic terms, e.g. individuals, large/small firms, developed/developing countri...

A country is said to have absolute advantage (in the production of a good) over another country if it is able to produce a greater quantity of a good (using the same amount of resources) than the other co...

Price elasticity of demand (PED) is the responsiveness of quantity demanded to a change in price. Effectively, how much will people increase/decrease the quantity they buy of a good relative to the amount...

To answer this question, one must take into account the varying schools of thought which exist in economics (neoclassical, Keynesian, Marxian, behavioural, feminist etc.). However, for GCSE and A-level Ec...

Normal profit is the minimum level of profit required to maintain a firm's factors of production in their present use. It is measured by the opportunity cost of using them.
Supernormal profit is any ...