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An easy way to remember factors that affect supply of a good or service is by using the acronym "PINTS WC".
Productivity. The more productive the firm's factors of resources are, the more...
This can include: advertising, complementary goods, amount of substitutes avaible, income and quality. Just to name a few.
The mutliplier effect is how much does an intial injection affect GDP. So for example if the Government spent £1bn on transport projects and it increased GDP by £2bn then the mutliplier effect would be 2....
The petrol market over the past decades has had many price fluctuations and it is important to understand that changes in the price of petrol can have significant effect in other markets such as the marke...
A positive statement is a statement that can be supported or refuted by evidence. For example, 'VAT is rising' is a statement that can be proved by comparing the tax rate from previous ye...
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