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Cost-push inflation: caused by rising costs within an industry such as an increase in cost of raw materials, more expensive labour due to trade unions, indirext taxes imposed by the government. Can also b...
The most important feature in an A level economics essay is evaluation. This is a common mistake amongst many A level students- an economics essay should not simply be a regurgitated knowledge but rather ...
One effect of the pound effectively becoming chepaer is that UK exports will increase. UK goods and services, relative to other countries, will appear less expenisve following the depreciation, duly incre...
Exports are goods proucded domestically. If there is an increase in exports, more workers are employed to meet the demand for exports, leading to a fall in unemployment in the export sector. Moreover expo...
Firms in a perfectly competitive market can make supernormal profits but only in the short run. Supernormal profit is made where average revenue exceeds average cost. In a perfectly competitive market, fi...
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