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Creating flash cards with the properties of the different market structures, including real life examples of each market is a great way to help you to memorise and visualise the different market structure...
Negative externality of consumption is a type of market failure in which Marginal Private Benefit (MPB- the demand of consumers at present situation) is higher than Marginal Social Benefit (MSB- the deman...
First, we must begin by defining an indirect tax. An indirect tax is a tax that is levied on a particular good, making it a tax that taxes consumers based on their consumption choices. Issuing an indirect...
The key concept here is that interest rates essentially represent the price of money. The central bank sets the interest rate to loan to high-street banks, and the high-street banks follow this guidance t...
Price elasticity of demand (PED) is a measure of the % change in demand of a good which occurs in response to a change in price.There are four main factors which effect PED:availability of substitutes - i...
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