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What are some disadvantages of using GDP as a measure of living standards?

GDP does not include the hidden economy. This includes illegal activities such as the drug trade, which constitutes a significant proportion of total output in some countries. 2) Living standards is a broade...
SK
Answered by Suchir K. • Economics tutor
6968 Views

Draw and label a diagram to show the effects on the equilibrium market position to show the effects of a hot sunny day on the market for ice creams.

Demand Shift to the Right:As we can see on the diagram this increase in demand for ice-cream will cause the demand to make a full shift to the right (reference positions X-Y). This will mean that the equilib...
CF
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Using examples, explain the difference between price elastic and inelastic.

Price elastic refers to when a change in the price of a good or services creates a larger percentage change in the demand for that good, or PED > 1. An example of an elastic good is Hovis Bread, because t...
RH
Answered by Rebecca H. • Economics tutor
6506 Views

Explain one benefit of the UK developing free-trade agreements with non-EU countries

It would enable UK firms to trade in foreign markets without tariffs, this is beneficial because the Uk firms would be more competitive with their goods being lower priced. It would also allow for foreign fi...
OB
Answered by Omar B. • Economics tutor
3316 Views

Explain why a rise in GDP will lead to a rise in the standard of living

A rise in GDP would lead to a reduction in unemployment creating jobs which will provide consumers with increased income and purchasing power and therefore increase their standard of living. If population is...
OB
Answered by Omar B. • Economics tutor
6046 Views