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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...

Third degree price discrimination involves segmenting the market into groups, each with a different willingness to pay. For example, students (who have a lower willingness to pay), and non-students (who e...

(NOTE: This is an "evaluate" question so make sure to have a counterpoint i.e. HOWEVER...)

Labour productivity = output per worker over a period of time (e.g. 2 cars a day). Labour produc...

Such action would bring both advantages and disadvantages, though on the whole it may be considered wiser to favour such action, depending on the individual context. Firstly, subsidies would allow supply ...

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...