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Economics
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What is the difference between macro and micro economics?

Macro economics is the larger picture, how the economy works for the whole country or region. Micro economics examines how things work in a smaller level, examining one industry, business or group of invi...

Answered by Anne H. Economics tutor
4435 Views

How does GDP perform as an indicator of economic welfare?

It can be argued that gros...

Answered by Almog A. Economics tutor
4544 Views

What are business cycles?

Business cycles are short-run fluctuations in the economy's GDP, around the long-run trend rate of growth.
Over each business cycle, the economy will first go through a period of expansion, unti...

Answered by James H. Economics tutor
3175 Views

Why does the demand curve slope downwards?

There is an inverse relationship between price and quantity demanded. When the price is low, high quantities are demanded and vice versa when the price is high; for all goods which are not giffen good...

Answered by Nicholas C. Economics tutor
7889 Views

What is an inferior good?

The income elasticity of demand measures the relationship between a change in quantity demanded and a change in income. The formula is:

(Percentage change in quantity demanded of good x) divid...

Answered by Michelle C. Economics tutor
12358 Views

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