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What does consumer surplus mean?

Consumer surplus can be thought of as the feeling of getting a really good deal or a bargain. It happens when you would have been willing to pay an amount for something but the price was actually lower. What...
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Answered by Georgia B. • Economics tutor
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How would an increase in interest rates impact aggregate demand

An increase in interest rates would impact aggregate demand (AD) by impacting consumer spending, business investments and exports-imports. When interest rates rise borrowing becomes more expensive and saving...
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Answered by Conor M. • Economics tutor
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Analyse the impact that an increase in interest rates would have on employment in the UK.

Interest rates have been relatively low in the UK since the financial crisis in 2008 but have lately been on the rise as the Bank of England recently increased the base rate from 0.5% to 0.75%. One impact of...
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Answered by Laura G. • Economics tutor
5602 Views

What is opportunity cost

Highest valued option forgone.
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Answered by Max L. • Economics tutor
2116 Views

Name four changes that would cause an increase in an individual consumer's demand for a good or service.

To answer this question, we need to think about the "factors of demand", which are the variables that determine an individual's demand for a good or service. The four main factors to remember are a...
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Answered by Hamza A. • Economics tutor
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