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A comparative advantage is when a country can produce a good at a lower opportunity cost than another country. For example, if the UK can produce 10 pharmaceuticals or 5 cars, whereas Belgium can produce ...
Firstly, they may be able to take advantage of the economies of scale. As a firm grows in size and output, it benefits from lower average costs of production. Some examples of economies o...
The first main factor that explains the negative relationship between price and quantity where demand is concerned is the income affect: As the price of a good or service rises, it takes up a larger propo...
A fall in interest rate will affect consumption, investment and exports-imports.Firstly as interest rates fall, it becomes cheaper to borrow money and it becomes less profittable to save money, therefore ...
To answer to this question, it is crucial that the students understand the difference between variable and fixed costs.Variable costs relate directly to the level of production and are dependent on it. Wh...
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