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To remember some of the factors that affect the demand of a good or service, just learn the mnemonic PIPCA:Price (of the product)Income Price of substitutes Consumer tasteAdvertisement

There are five main macroeconomic objectives: economic growth, low inflation, low unemployment, balance of payments equilibrium and income equality. Governments want the sustainable economic growth. This ...

Static efficiency describes the level of efficiency at a certain point in time. This, therefore, describes both allocative and productive efficiency. A firm is productively efficient if they are at their ...

A rise in interest rates increases the cost of borrowing and increases the reward for saving. This means that there is a double effect, people are disincentivised to borrow money and spend it, as well as ...