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Labour mobility (Frictional)
Geographical immobility of labour
Certain areas are too expensive to live in thus pricing out workers from jobs in an ...
The law of supply and demand is one of the fundamental concepts of basic economics. It is the foundation on which several economic theories have been built. The law of demand states the higher the price o...
A poverty trap is a vicious cycle that can be observed in poorer societies or poorer members of rich societies. It is caused by lack of capital - this includes natural capital, human capital, and actual c...
It is first necessary to define deflation. Deflation is a reduction in the general level of prices in an economy. It can be measured by indices such as the Consumer Price Index (CPI) which takes the price...
At PQe supply equals demand so we set equations equal to each other and solve as symoltaneous equations: 50+45Q=100-5Q
then 50Q=50
so Qe=1.
By ...
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