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A public good is a good or service which is both non-rival and non-excludable. Non rival means that one person consuming the good does not stop somebody else from consuming it. For example, cake is rival,...

Paragraph 1 – define key terms and set the scene! (let the examiner know that you understand the question)
Monetary policy is the manipulation of interest rates and money supply to influence levels o...

The measures that government might use to restrict the monopoly power of supermarkets would be introducing competition policy like for instance introducing new entrant into the market so not only one firm...

Essay plan:
Distinction between income and wealth inequality
1st point: income inequality --> increase income tax --> why would this reduce income inequality? --> more tax revenue for g...

The main difference is that the diminishing returns to a factor relates to the efficiency of adding a variable factor of production but the law of decreasing returns to scale refers to the efficiency of i...