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The economic problem – sometimes called basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needs.

Progressive taxation refers to a tax becoming progressively more substantial as an individuals income rises. This means as a person earns more income they are taxed more on the increase in income that the...

Food is relatively price inelastic as it is considered a necessity which means that everyone needs it. If price were to rise there wouldn't be any change in consumption as people require it to live so the...

Rising interest rates in the economy means that individuals are less likely to spend and so consumptions falls.This is because interest rates act as a reward to individuals for savings therefore a higher ...

A fall in the value of a country’s currency means that more must be sold in order to buy one unit of another currency. This has implications on the domestic country’s trading, with export prices falling a...