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First of all, it is important to understand what a fiscal policy really is. This is a tool used by the government to influence the aggregate demand of the economy and consequently, the to...

In the introduction I would define and explain, briefly, the key terms in the question. The main terms that I would focus on are market failure as the misallocation of resources in an economy; and explain...

Imposition of a unit tax on goods causes supply to decrease. The supply curve moves upwards by the value of the unit tax. This changes its intersection with the demand curve to a higher price and lower qu...

Perfect competition is a type of market structure. It is the market structure in which there is the highest amount of competition. Perfect competition is characterised by some key characteristics, which i...

Inflation is when prices increase we can measure it using CPI and PPI data (basket of goods model)