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Diagrammatically, this is where the demand and supply curves meet. The demand curve shows the quantity demanded by consumers at different prices, and the supply curve shows the quantity producers are willing...

Direct taxes are paid to the government straight from the individual or group taxpayer. E.g income tax (comes straight from the individuals' income) or corporation tax (comes straight from the firm). Indirec...

The first thing you should do is determine which elasticity you are being asked. There are four different types of elasticities: 1. PED = Price Elasticity of Demand 2. YED = Income Elasticity of Demand 3. XE...

There will be less unemployment benefits paid out by the government allowing them to spend this money elsewhere, such as improving infrastructure. 2. Less people unemployed means the government is able to co...

Intro: Define trade deficit: A trade deficit occurs when the value of a countries imports exceeds the value of a countries exports. Explain the effect of a change in the exchange rate: A fall in the Uk's exc...