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Define the term ‘public good’ and explain why public goods suffer from the ‘free rider’ problem.

A public good is a good that is both non-rivalrous and non-excludable. Non-rivalrous can be defined as “consumption by one person does not reduce the amount available to other people” and non-excludable as “...
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Answered by Belinda S. • Economics tutor
6818 Views

Identify the characteristics of a monopolistically competitive market and explain why firms in this market are said to be inefficient. ​

In a monopolistic market there is a large number of small, profit-maximising firms, selling differentiated, heterogeneous products. This means that they have some degree of control of price in the short run,...
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Answered by Michael W. • Economics tutor
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Describe and explain one supply-side policy aimed at shifting the long run aggregate supply curve.

One example of a supply-side policy is education and training. The government could increase spending on schools to improving teaching, increase and improve learning resources or create more internship progr...
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Answered by Oliver S. • Economics tutor
4637 Views

What are the disadvantages and advantages of economic growth?

GRUBBES Pros - Higher income tax SO less of a budget deficit, more public funding which could increase AS and reduce Y inequality Evaluate: Laffer curve, LT increase, little evidence it does (depends on what...
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Answered by Abi C. • Economics tutor
7083 Views

'Is Globalisation beneficial for all parties?'

Yes: A greater variety of goods and services offered to consumers, this involves goods and services that may not be offered usually in the country of the consumer Greater flow of information, technology and ...
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Answered by Naim M. • Economics tutor
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