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To answer this question, one must take into account the varying schools of thought which exist in economics (neoclassical, Keynesian, Marxian, behavioural, feminist etc.). However, for GCSE and A-level Ec...

Normal profit is the minimum level of profit required to maintain a firm's factors of production in their present use. It is measured by the opportunity cost of using them.
Supernormal profit is any ...

Price elasticity of demand = change in demand / change in price change in price = 7.20 --> 8.48 = 17.78% increasechange in demand = 97 million --> 76 million kilos = 21.6% decrease therefore PED = -...

The basic economic problem is usually defined as there being a situation of scarce resources but an unlimited or infinite number of wants and demands for these resources. Economics as a discipline seeks t...

An increase in house prices will increase the wealth of house owners. Knowing that their asset is worth more, house owners will have more confidence to borrow, spend and take risks, this is known as the w...