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Interest Rates changes can impact an economy in different ways. With higher interest rates, consumers are more prone to save (because they get more money in interests) and therefore they consume less. Fur...
GDP refers to the total output within a country during a period of time. Whilst this represents economic growth, this does not necessarily measure development. Countries economies can grow, however if liv...
In order to measure, track and sustain economic growth, several different growth indicators are used. Among these, the GDP, real GDP and green GDP are included. The Gross Domestic Product (GDP) is defined...
While this is not necessarily relevant for the IB exams, it is important to keep in mind that the interest rate that we use in the macro-economic models like the AD/AS model is an approximation of cost of...
Cigarettes are considered a demerit good since its consumption has a negative impact on the consumer. The product then results in an external cost as it becomes a cost for a third party as a result of an ...
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