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The law of demand is a law which compares the price and quantity of a good. There is a negative correlation and therefore as price incases the quantity demanded of a good decrease. The reason for this is ...
Very crucial concept to economics but an easy one to understand.The law of demand states that quantity purchased is inversely related with price. Basically, the higher the price, the lower the quantity de...
Perfect competition is the most competitive market structure with many firms holding a small market share and no barriers to entry. There are no pure real-world examples ...
Inflation is a sustained increase in the price level. That is, the percentage increase in the price level over a period of time. Normally, we use the Consumer Price Index (CPI) as the indicator of inflati...
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