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Unemployment is defined as the people who are able, available and willing to work at the going wage rate but who cannot find work despite an active search for work. Fictional unemployment is one cause of une...

Inflation is a continuous or persistent rise in the price level, or can be seen a fall in the value of money (if bread goes from costing £1 a loaf to £1.10, it means £1 becomes less valuable with the increas...

Globalisation is a process of deeper economic integration between countries and regions of the world that has accelerated in the past 50 years. Globalisation benefits large TNCs such as Nike who can reduce t...

In competitive market, there is no governement interference and a lot buyers and sellers, so the market can operate equilibrium. When there is excess supply, there are too many goods which are not purchased ...

Under a perfectly competitive market, there are a large number of buyers and sellers, where each of them are price-takers. If we imagine a supply and demand diagram, the S=D at equilbrium. If firms are initi...