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Economics
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Evaluate one reason why trade may be beneficial for an economy (5 marks)

Trade is the international exchange of goods and services. An economy can engage in trade because of the variation of production efficiency between countries, it is able to export goods it produces at a r...

Answered by Ankit M. Economics tutor
931 Views

What is the difference between an inferior good and a normal good?

The difference between an inferior good and a normal good is how they react to a change in the consumers income.If there was a rise in the consumers income, they would demand more for a normal good, as pe...

Answered by Justin S. Economics tutor
1316 Views

Explain one benefit of international trade for UK consumers.

The key benefit for UK consumers will come in the form of lower prices and hence they will receive a welfare gain through the increase in consumer surplus. International trade increases the size of the ma...

Answered by Martin S. Economics tutor
1668 Views

If we see the MPC decrease interest rates, what effects should we see in the economy

Decrease in IR --> decrease in savings by households due to high opportunity cost of saving --> increase in consumption (C)--> AD (right shift)--> economic growth & potentially inflation (...

Answered by Nirav M. Economics tutor
1061 Views

What is the definition of an internal economies of scale?

This is when due to a single firm expanding in its size they benefit from lower average costs and thus allow them to to more efficiently reach their targets such as profit maximisation. This answer is two...

Answered by Ishaan P. Economics tutor
1088 Views

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