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These essay style questions create the bulk of your micro/macro studies, and it's important to know how to answer them effectively and efficiently.

With the 10 mark style questions, the e...

The law of demand states that as the price of a good or service rises the quantity demanded will subsequently decrease. Opposingly, lower prices cause an increase in quantity demanded. 

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Demand pull inflation:

1. Contractionary monetary policy (Keynesian)

a. One positive: Economy moves closer to full employment level of output, central bank can adjust intere...

Economics is all about models involving assumptions and diagrams. So whenever you're answering a question, you must identify the assumptions relating to it, draw a diagram illustrating your argument an...

Define demand as the willingness and ability of a consumer to pay a certain price for a good or service at a specific period in time. 

Explain the meaning of law of demand, where, ceteris...