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Assumptions: large no. of firms in the industry, relatively small firms, low barriers to entry, perfect knowledge, product differentiation Allocative efficiency: MC=AR and the market allocated resources s...
Diagrams in IB Economics are a very important indicator to the examiner to quickly check if you know what you're doing. You can sound as smart as you want - mess up the diagrams, or don't use them, and yo...
Economics is the social science that studies the production, distribution and the consumption of goods and services. To explain this concept, we use the model of demand and supply, which is shown in a gra...
Price controls by the government distort the market as supply is not able or willing to meet demand at the given imposed price. The market may not clear excess demand or excess supply as the price is fixe...
Economic growth refers to an increase in real GDP (or output) and can be achieved in a number of ways not only including an improvement in technology but also attempts at improving the human capital of an...
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