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An oligopoly is defined as a market structure where the market is dominated by a few large firms. Within the oligopoly, there is mutal interdependence, where firms base their prices and marketing strategi...
Price elasticity of demand describes how the demand for a good responds to a change in its price. This is calculated by dividing the percentage change in Quantity demanded by percentage change in Price (a...
More interdependency
More free trade
Increased competition
The exchange rate is defined as the value of one currency against another. Aggregate demand (AD) comprises of consumption, government spending, investment and exports minus imports.
A fall in the ...
Introduction to economic growth
Benefits - Living standards increase (more jobs, higher income, better life)
- but not always, sometimes growth occurs in the minority so only...
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