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What is the relationship between price and quantity demanded for a certain good X? PED can help us solve this question. The price elasticity of demand is calculated as the "percentage change in quant...
An increase of a National Minimum Wage (NMW) increases living standards of the population by increasing their spending power. This, will cause demand for consumer products to increase, causing GDP to incr...
PED is a measure of the responsiveness of demand following a change in the price of a good or service e.g. if the price of good X rose by 20%, PED would measure the extent to which the demand for good X c...
Internal economies of scale are centred around the relationship of a firm increasing its factors of production ie. its inputs and how this affects the average cost of producing goods. The general concept ...
The multipler effect is when an additional increase in aggregate demand can cause a greater final impact on national income (GDP) than the inital size of the injection, with the multipler being a coeffici...
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