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1. GDP does not include the hidden economy. This includes illegal activities such as the drug trade, which constitutes a significant proportion of total output in some countries.
   2) Living standar...

Demand Shift to the Right:As we can see on the diagram this increase in demand for ice-cream will cause the demand to make a full shift to the right (reference positions X-Y). This will mean that the equi...

Price elastic refers to when a change in the price of a good or services creates a larger percentage change in the demand for that good, or PED > 1. An example of an elastic good is Hovis Bread, becaus...

It would enable UK firms to trade in foreign markets without tariffs, this is beneficial because the Uk firms would be more competitive with their goods being lower priced. It would also allow for foreign...

A rise in GDP would lead to a reduction in unemployment creating jobs which will provide consumers with increased income and purchasing power and therefore increase their standard of living. If population...