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What is economic growth and how can it improve living standards?

Economic growth is defined as an increase in the productive potential of an economy. It is measured in percentage growth of GDP (Gross Domestic Product), year on year. India's rate of economic growth is 7.1%...
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Answered by Thomas W. • Economics tutor
59757 Views

Describe how tariff could reduce imports.

A tariff is a tax imposed on imports or exports. Tax is an expense and hence increase the price of the goods and services. As price increases, demand decreases. Consequently, suppliers are discouraged from i...
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Answered by Aminath H. • Economics tutor
18243 Views

Explain the difference between direct and indirect costs.

Businesses have many different costs to pay when running. We can categorise these costs into different categories, such as direct and indirect costs. A direct cost is though of as being affected by the numbe...
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Answered by Barnaby C. • Economics tutor
5126 Views

What factors cause the shifts and movements of the demand curve?

A movement along the demand curve is caused by a change in price only . If price decreases, quantity increases and demand is said to have extended or expanded. If price increases, quantity decreases and dema...
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Answered by Elliot G. • Economics tutor
31438 Views

What are some of the sources of unemployment?

There are many causes of unemployment. First, it takes a while for workers to find a job and it takes time for firms to find adequate workers. Minimum wages can also increase unemployment. When the wage is f...
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Answered by Galman D. • Economics tutor
2268 Views