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Deflation is the state of an economy where prices are falling, representing a rise in the real value of money over time. If inflation is falling that means that the rate at which prices increase is reduci...
A comparative advantage is when a country can produce a good at a lower opportunity cost than another country. For example, if the UK can produce 10 pharmaceuticals or 5 cars, whereas Belgium can produce ...
The first main factor that explains the negative relationship between price and quantity where demand is concerned is the income affect: As the price of a good or service rises, it takes up a larger propo...
(draw demand and supply diagram showing a shift to the left of the supply curve and a new equilibrium)explanation:indirect tax increases the cost to the producer this means they can no longer sell t...
Consumption - a reduction in interest rates means that the cost of borrowing money for consumers is lower. This means that consumers demand more money in order to consume. Large purchases become relativel...
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