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An externality is a benefit or a cost borne by a third party when producing or consuming a good. Hence there can be negative and positive externalities of production and consumption. E.g. Cigarettes have ...
A shift in the demand curve occurs when there is a non-price determinant of demand, including a change in consumers' income, changing trends and tastes, changes in the price of complementary and substitut...
Price elasticity depends on several other components:
Availability of substitutes
The proportion of a consumer's disposable income which the products account for
A competitive market is the situation where there is an infinite number of firms, they all produce equal goods and are price takers, since they cannot influence the price. In this case, the equilibrium (i...
Absolute poverty is characterised by acute deprivation of human needs such as: food, safe drinking water, shelter, education and information. Consequently, absolute poverty is seen mostly in low economica...
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