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The two main market structures are perfect competition and monopolistic competition.In perfect competition, there are a lot of different firms all selling the same product. As a result, no firm has the oppor...

Factors affecting Supply:-Exchange Rates if it is an international business-Price of commodity-Government policies, e.g. taxation Factors affecting Demand:-Consumer taste-Consumer income-Changes in price of ...

Economies are made up of three sectors; the primary sector, which involves extraction of raw materials (e.g. timber), the secondary sector, which is concerned with manufacturing (e.g. turning timber into cha...

Economies of scale is a term used to describe the point at which is a business' operations have grown to a scale that they can operate at a lower unit cost due to reasons such as buying in bulk. This means t...

When there is a government budget deficit it means that the government spending is greater than the government revenue, hence there is more money being channeled into the economy. This money can be used to i...