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These are policies imposed by the government in order to increase the productive potential of the economy. In simple terms, it is basically a way of making people work better and for companies to produce ...
An increase in a firm's production costs might also mean a fall in a firm's willingness to supply a product, thereby resulting in a fall in the quantity of the product supplied, resulting in a new higher ...
a) prices remain constantb) suppliers will increase pricec) consumers will demand mored) suppliers will reduce pricethe answer would be D as the supply increases, this causes a rightwards shift in supply,...
-Cost of best alternative forgone-Can be applied to firms, consumers and government (our main groups for micro)-Give some examples or see if they can come up with their own
In a free market economy like that of the UK, incomes will be very unequally distributed. In order to tackle this issue, the government can use its tax and benefit policy to redistribute income. Progressi...
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