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Explain 4 key sources of monopoly power.

Legal barriers. Some monopolys are granted their status as monopolys by government for a fixed period. For example, Camelot who operate the National lottery are granted the power to be the sole supplier unti...
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Answered by Cameron L. • Economics tutor
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How is unemployment related to causes of inflation?

Inflation is a sustained rise in general price levels. There are several causes for prices to rise. When production costs, such as wages and raw material prices increase- cost-push inflation occurs. Inflatio...
MB
Answered by Mark B. • Economics tutor
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What is a balance of payments deficit and why might this be damaging to the economy?

In Macroeconomics, a balance of payments or balance of trade deficit is where the total imports (M) received by an economy exceed that of exports (X). The balance of payments is a component of aggregate dema...
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Answered by Ayrton J. • Economics tutor
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Explain how interest rates could be used to stimulate a rise in inflation.

Interest rates, which represent the cost of borrowing money and the returns from saving it, are used by central banks to control the level of inflation. If the central bank wants to increase inflation, it wi...
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Answered by Ben B. • Economics tutor
4001 Views

Analyse the effects on the UK economy of a recession in another economy with trade ties.

A recession is when an economy experiences negative growth in terms of GDP for two or more consecutive quarters. If an economy such as that of the US, a major trading partner, were to enter a recession it co...
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Answered by Luke J. • Economics tutor
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