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The chracteristics of perfect competition are: many firms, freedom of entry and exit, all firms produce identical or homogenous products, all firms are price takers(have no influence over the price) and have...

There are 4 main macroeconomic variables that policymakers should try and manage: 1) Balance of Payments 2) Inflation 3) Economic Growth 4) Unemployment This can be easily remembered using the following acro...

Price elasticity of demand (PED) is a measure used to show the responsiveness of the quantity demand of a good to a price change and is generally expressed in percentages. This is extremely important for fir...

So economies of scale is an economic theory which explains why large firms tend to have cheaper per unit costs than smaller companies. The theory basis its ideas around a few key issues. There are many ways ...

The current account deficit is the term we use to describe the difference between all of the goods and services exported from the UK, and those imported here. It is not an actual account of any person or org...