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Minimum prices or price floors are the minimum legally allowed prices for a good set by the govenement. They are established for the benefit of producers/suppliers of essential goods such as wheat and mil...
The most important feature in an A level economics essay is evaluation. This is a common mistake amongst many A level students- an economics essay should not simply be a regurgitated knowledge but rather ...
One effect of the pound effectively becoming chepaer is that UK exports will increase. UK goods and services, relative to other countries, will appear less expenisve following the depreciation, duly incre...
Exports are goods proucded domestically. If there is an increase in exports, more workers are employed to meet the demand for exports, leading to a fall in unemployment in the export sector. Moreover expo...
Perfect competition is a market structure defined by several key assumptions: a large number of firms, identical (homogenous) products, no barriers to entry (free entry and exit), perfect information and ...
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