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Firstly, we must define what income elasticity of demand means. This is the responsiveness of the quantity demanded of a good to a change in income. A normal good is characterised by a positive income ela...
Firstly, let's define each Government demand side policy. Fiscal policy is the use of taxation and Government spending to control aggregate demand and hence growth. Monetary policy is the use of interest ...
Price elasticity of demand is the responsiveness of quantity demanded to changes in price in the market.If PED was to be inelastic, price changes have a small effect on changes in quantity demanded.
The base rate of interest is the interest rate set by the Bank of Englands monetary policy committee (MPC) in order to stimulate the economy in the way the government sets out . The base rate of interest ...
Supply side policies focus on the production side of the economy which can be manipulated by taxes, regulatory policy or monetary policy (interest rates/ supply of money). These policies are importa...
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