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One major impact of leaving the Single Market is increasing the costs of firms. The EU has a common external tariff, and given that members enjoy free trade between each other, this is likely to increase ...

The difference between GDP (Gross Domestic Product) and GNI (Gross National Income), lies in the distinction between the notions of ‘national’ and ‘domestic’. GDP measures all output produced within the b...

A country has a comparative advantage in something if it can produce it at a lower opportunity cost than any other country.
If for example Mexico were able to source and put together the components ...

A demerit good is a good which has a negative impact on its consumer and others in society. An example of this is alcohol, which can cause health problems for people who drink it, but also leads to extern...

A subsidy is a money transfer from the government to producers in order to increase supply. Subsidies can either be provided on a per unit basis or based on total value of production, an ad valorem subsid...