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Long-term growth is defined as an increase in the productive capacity of an economy, which is due to the increase in the quality or quantity of an economy's factors of production (FoP). These barriers may...
Monopoly power refers to the ability of a firm to set prices. Legislation is a form to reduce monopoly power. Most countries have laws that try to promote competition by preventing collusion between oligo...
Factors of Demand:Taste, Substitutes, Complements, Necessity, Income Factors of Supply:Raw materials. Labour, Tax, Weatherstudents will pick one type of shift they will analyse. Once key facto...
The four macroeconomics objectives are; stable inflation, low unemployment, economic growth, and a strong balance of payments. Conflicts may occur between these objectives when in an attempt to achieve on...
The main characteristics of a perfectly competitive market include: (1) a very large number of small, price-taking firm; (2) a homogenous product is being sold; (3) there are no barriers to entry or exit;...
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