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AD=C+I+G+(X-M) Interest rates (i) determine the return of saving money in a bank and the cost of borrowing money from a bank. Therefore, a fall in i means that the cost of borrowing falls and the return o...

The equilibrium price and quantity within a market for a good can be found at the intersection of the supply and demand curves. Therefore, we need to use a mathematical method to find the P and Q by equat...

iPhones and Samsung phones can be considered close substitutes, i.e. if the price of one increases, consumers may wish to switch to the cheaper alternative. This means the demand for the substitute will r...

Reductionism is when complex behaviour is reduced to just one or two factors. For example, Behaviourism reduces complex learning down to just stimulus-response (e.g. classical co...

Finally, the third way of Aquinas’ five ways is the proof of God’s existence from contingency, which argues that God is a necessary being. Within this argument, Aquinas refers to contingent and necessary ...