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A rise in consumption in the economy would cause an increase in aggregate demand. This is because the formula of aggregate demand is C+I+G+(X-M), with the C standing for consumption. Therefore, a rise in ...
If the Price Elasticity of Demand is between 0 and 1, which means that the percentage change in demand is smaller than the percentage change in price, then the demand is price inelastic.If the Price Elast...
- The consumer price index is the official measure of inflation in the UK - 2 surveys are conducted. The first survey is the Living Costs and Food surveys which involves approx. 7000 household...
If the unemployment in the economy is demand deficient unemployment (Keynesian unemployment), the government needs to stimulate growth in the economy and increase aggregate demand as there is a lack of de...
Gov should try place monetary value on welfare loss - this may be difficult tax would increase cost of production for firms - they supply less (shown on supply and demand diagram)tax would deter customers...
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