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Economics
GCSE

Assess the impact of minimum wage legislation on a developing economy.

An increase of a National Minimum Wage (NMW) increases living standards of the population by increasing their spending power. This, will cause demand for consumer products to increase, causing GDP to incr...

Answered by Rory Q. Economics tutor
1486 Views

What is Price Elasticity of Demand?

In this case, I would draw out two diagrams of a good with elastic demand and another good with inelastic demand.Price elasticity of demand is a measure to show the responsiveness of the quantity demand i...

Answered by Nicole K. Economics tutor
1714 Views

Explain one negative externality that could occur due to the building of a new airport.

A negative externality is a cost that is suffered by a third party as a consequence of an economic transaction. In a transaction, the producer and consumer are the first and second parties, and third part...

Answered by Uvini E. Economics tutor
1406 Views

What's the difference between movements along and shifts in the demand curve?

(the answer to this question would be assissted by the use of diagrams) Movements along the demand curve are caused by changes in price. A change in price will move to a new point on the demand curve. For...

Answered by Sarah L. Economics tutor
1957 Views

Analyse how an increase in wages could cause inflation.

Higher wages may increase consumer expenditure increasing aggregate demand - diagram showing aggregate demand increasing. This causes demand-pull inflation if demand rises by more than money supply and t...

Answered by Karishma B. Economics tutor
8601 Views

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