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Economic profit is also known as super-normal which is the level of profit made above the normal profit mark. Normal profit is the level of profit made that is essential for a firm to survive in the marke...
One advantage of globalisation is that is it has caused increased growth for many countries which has led to a rise in GDP thus a rise in living standards of the population. One disadvantage is that globa...
A specific tax is a fixed amount levied on purchases of a commodity. These are often used by the Government to reduce the quantity demanded of goods that produce a negative externality, which means that t...
5 minutes reading time is essential when it comes to IB Economics, whether SL or HL. In those 5 minutes, you may not write anything, but you should start by picking out the key terms from each question a...
Firstly define some features of monopolistically competitive market including: differentiated products, some influence over price, good information, no barriers to entry or exit, manyproducers and consume...
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