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The concept of scarcity acknowledges that resources in an economy are finite to produce a certain number of goods and services but that individuals needs and wants are unlimited. This results in economic ...

A reduction in the base rate of interest means that the cost of borrowing money is cheaper and the reward for saving money is lower. Therefore, people are more likely to borrow money from banks and this l...

The definition of unemployment that is used by the UN  is the ILO definition, this covers those that are out of work, want a job, have actively sought work in the previous four weeks and are available to ...

Diminishing marginal returns is a situation where the addition of one unit of a variable input increases output by less than the addition of the previous unit (i.e. declining marginal physical product). A...

we need to substitute the value of 't' in the equation. we are given the value of 't'. it is equal to 3. Now, substitutting 3 in the place of 't' within the equation gives: 

(3)^2 - 2(3) - 1