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Structural unemployment is the permanent decrease of elimination of a specific kind of job within a 'sunset' industry, an industry that is becoming obsolete because consumers are no longer demanding this...

This is a clear example of price discrimination, which can be defined as when sales of identical goods or services are transacted at different prices from the same provider. This would not exist in monopo...

A price ceiling is defined as a maximum price for a good set below the market equilibrium price, typically to protect the consumers of that specific good. Rent controls in the housing market are an exampl...

The Neo-Classical school of thought is built under the assumption of prices being flexible in both directions(upwards or downwards). On the other hand, Keynes suggested that wages are inflexible downwards...

This is a fairly common a) question on Economics HL paper one. It is a 10 mark question, so a maximum of 20 minutes should be spent on it in order to leave time for question b). It concerns the workings o...