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Indirect tax - Taxes imposed by the government on goods and services aka expenditure tax.

Price Elasticity of Demand - a measure of the relationship between a change in the quantity demanded of a p...

The concept of 'scarce resources' refers to the basic economic theory that the market will consistently have insufficient resources to fulfill all of society's wants and needs. The price of a product in t...

This is an 8 mark question, so lets split the answer into three parts so that the examiner can clearly see the various components of this 3+3+2 answer.

In the first paragraph try and state at least...

Inflation is the general increase of the price level within an economy. Government spending is a component of AD, therefore an increase to this component would cause AD to increase. The upward shift of AD...

Firms practice price discrimination when firms sell the same product at different prices. Price discrimination involves charging higher prices to less price sensitive consumer and lower prices to more pri...