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Economics
GCSE

Explain, using an example, what is meant by 'opportunity cost'?

Opportunity cost is defined as the next best alternative forgone. This is essentially, all the other alternatives that have to be given up when you make a choice. For example, the opportunity cost of goin...

Answered by Jessica W. Economics tutor
2331 Views

Explain why the demand for food is relatively price inelastic

Food is a necessity to which there is no substitute. As a result, more consumers will be willing to pay higher prices, meaning a change in price will not cause a proportionate change in demand

Answered by Jack O. Economics tutor
972 Views

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

Noise pollution- Both the building of the airport and its functioning can create large amounts of noise, which can affect the quality of living of nearby residents

Answered by Jack O. Economics tutor
969 Views

Explain price elasticity of demand

Price elasticity of demand (PED) - the percentage change in quantity demanded, divided by the percentage change in price There are several factors that influence the elasticity of demand for a given produ...

Answered by Maria S. Economics tutor
961 Views

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

One negative externality that could occur would be the potential noise pollution that it creates as neighbouring residents may be unhappy about the new disruption.Another negative externality could occur ...

Answered by Rahil V. Economics tutor
1135 Views

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