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What is a public good?

A public good is good which is non- excludable and non-rival.This means the utility one person gains from the good does not diminish the utility another person may gain from the good. (non-rival)This also me...
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Answered by James S. • Economics tutor
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How does business confidence affect the economic cycle? And why?

If a business has low levels of confidence in the economy there will be lower levels of investment and so lower economic growth. This will likely result in economic recession where the economy contracts for ...
Answered by • Economics tutor
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Define collusion, including a brief explanation of the different types of collusion, and explain why firms in an oligopolistic market would want to collude.

Firstly, we need to look closely at the exam question and highlight each of the areas of knowledge we need to cover:Define collusionExplain types of collusionDefine oligopolistic market (oligopoly) and offer...
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Answered by Verity B. • Economics tutor
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Explain which barriers to entry an new airline might face when entering the international flight market

A new airline faces enormous startup costs, due to the required purchase or renting of planes, as well as the cost of fuel and landing slots at its chosen destination airports. The air travel industry has st...
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Answered by Jamie D. • Economics tutor
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Explain the impacts of a fall in interest rates on the rate of GDP growth of a country.

Changing interest rates are an example of a demand side policy change, specifically monetary policy, this means that the Aggregate Demand (AD) curve will shift (see diagram) This can be demonstrated through ...
Answered by • Economics tutor
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