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Economies of scale and scope

The concept of economies of scale were introduced by Adam Smith as a part of his famous works on division of labour. The main idea behind i...

These two simple acronyms will help you remember the effects of changes in the exchange rate on imports and exports:

Strong
Pound
Imports
Cheap
Exports
Dear<...

When considering what is needed of any a level essay question, the best place to start is the mark scheme for past papers.

These mark schemes give a consise explanation of what is needed to ac...

Inflation is defined as "a sustained increase in the general price level." The accepted method of measuring inflation is by observation of change in the Consumer price index (CPI), which is ...

Cost push inflation is the result of an increase in the price of the factors of production e.g. labour, raw materials. For example, an increase in the pr...