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What are minimum prices and what are the effects of minimum prices?

Minimum prices or price floors are the minimum legally allowed prices for a good set by the govenement. They are established for the benefit of producers/suppliers of essential goods such as wheat and milk. ...
KC
57653 Views

State the key assumptions and characteristics of a competitive market and outline the difference between the short-run and the long-run.

Perfect competition is a market structure defined by several key assumptions: a large number of firms, identical (homogenous) products, no barriers to entry (free entry and exit), perfect information and per...
JN
4021 Views

Explain the concept of price elasticity of demand.

Price elasticity of demand or PED is a very useful concept in microeconomics. In order to understand this, lets quickly talk about what demand is. Demand in economics refers to the willingness and ability of...
AD
Answered by Abheek D. • Economics tutor
7850 Views

What is the difference between fiscal and monetary policies?

Both fiscal and monetary policies are demand-side policies used by authorities to either boost or decrease the aggregate demand of the economy. Aggregate demand (AD), consisted of consumption (C), investment...
DA
8022 Views

Do I have to be good at Maths to achieve good results in IB Economics?

The answer is a definite NO . In the IB course, the focus is really on the basic understanding of different economic theories and how they are applicable in the real world. Only if you take Economics HL woul...
AC
Answered by Ambrose C. • Economics tutor
3037 Views