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Rising interest rates in the economy means that individuals are less likely to spend and so consumptions falls.This is because interest rates act as a reward to individuals for savings therefore a higher ...
We define a perfectly competitive market as a market which fulfils the six following conditions: 1) Large number of sellers and buyers. 2) Homogenous product: All of the goods sold within the market are i...
There are two phases of business cycles: first, when the economy is expanding faster than the trend rate of growth, and second, when the economy is expanding slower than the trend rate of growth. Wh...
A fall in the value of a country’s currency means that more must be sold in order to buy one unit of another currency. This has implications on the domestic country’s trading, with export prices falling a...
A devaluation is where a currency looses value compared to other currencies. For example the pound fell nearly 20% after the Brexit vote.Firstly, the devaluation will cause the price of imports to rise an...
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