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Economics
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What factors affect supply of a good or service?

An easy way to remember factors that affect supply of a good or service is by using the acronym "PINTS WC".

Productivity. The more productive the firm's factors of resources are, the more...

Answered by Jacob A. Economics tutor
31667 Views

What factors can shift the demand curve in a market?

This can include: advertising, complementary goods, amount of substitutes avaible, income and quality. Just to name a few. 

Answered by Callum M. Economics tutor
1677 Views

What is the multiplier effect?

The mutliplier effect is how much does an intial injection affect GDP. So for example if the Government spent £1bn on transport projects and it increased GDP by £2bn then the mutliplier effect would be 2....

Answered by Callum M. Economics tutor
1939 Views

Explain, with the help of diagrams, the effect of an increase in the price of petrol is likely to have on (i) The market for cars. (ii) The market for coal.

The petrol market over the past decades has had many price fluctuations and it is important to understand that changes in the price of petrol can have significant effect in other markets such as the marke...

Answered by Andriana S. Economics tutor
17322 Views

How can you tell the difference between a positive and a normative statement?

A positive statement is a statement that can be supported or refuted by evidence. For example, 'VAT is rising' is a statement that can be proved by comparing the tax rate from previous ye...

Answered by Aarthi T. Economics tutor
3871 Views

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