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Discuss two ways in which a country's international competitiveness could increase (8)

International competitiveness refers to how attractive a products in country are in international markets in terms of quality and price. One way in which Britain could increase its international competitiven...
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Answered by Tom C. • Economics tutor
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With the help of a diagram, explain why a trade-off between price stability and low unemployment might occur. (9 marks)

The objective of price stability is to maintain a sustainable level of inflation, with the target being 2% for the UK government. A low level of unemployment can be defined as a low number of economic agents...
Answered by • Economics tutor
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What is price elastic demand?

The textbook definition of price elastic demand is when % change in quantity demanded (QD) is greater than the % change in price (P). This can be viewed in the formula for price elasticity of demand: %change...
Answered by • Economics tutor
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What's the difference between PED, PES, YED, and XED?

PED stands for Price Elasticity of Demand. It refers to the percentage change of quantity demanded (Qd) of a product as a result of a change in price (P) of that product. It is calculated by dividing the per...
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Answered by Joshua D. • Economics tutor
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Analyse the level of economic efficiency achieved [short run] in a monopolistically competitive transport market (15 marks)

Start by defining the relevant market (e.g. monopolistic competition). This should follow along the lines of: ‘a market structure where many firms operate providing slightly differentiated goods and services...
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Answered by Mark A. • Economics tutor
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