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Indirect taxes are imposed on expenditure. They raise a firm's cost of production, which causes an upward shift in the supply curve of the firm. Indirect taxes can be specific or ad valorem: specific t...
Price Elasticity of Demand refers to the extent to which demand for a product will change in response to a change in its price.
If PED is 'elastic' this means that any given change in pri...
Isolate/Define key terms
- globalisation
- causes
- effects - split into benefits and costs
1. Causes of Globalisation
In Economics, we tend to think of "best" as synonymous with "most efficient." There are many different types of efficiency, but the most important of them are allocative and product...
1) Economic growth
Positive economic growth means the increase of production of goods and services in a country. More goods and services mean a better standard of living for the general p...
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