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The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded and vice versa. This occurs because of diminishing margi...
The law of demand is a law which compares the price and quantity of a good. There is a negative correlation and therefore as price incases the quantity demanded of a good decrease. The reason for this is ...
Very crucial concept to economics but an easy one to understand.The law of demand states that quantity purchased is inversely related with price. Basically, the higher the price, the lower the quantity de...
These are the inputs available to supply goods and services in an economy. Remembered by the acronym CELL - Capital, Enterprise, Land and Labour
To find the equilibrium point in a market you must make the supply and demand curve equal to one another. This means setting 20 - Q equal to 3Q and solving the simultaneous equations:20 - Q = 3Q20 = 4QQ =...
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