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Alcohol is seen as an example of a demerit good. This means that upon consumption of the good,whilst the consumer receives a private benefit, they push a negative impact onto a third party, in this case s...

There a four types of market structures. A monopoly is where one firm dominates the market, it is characterised by high entry and exit barriers, high sunk costs and a possibility for supernormal profits. ...

Economies of scale are when firms experience a fall in long run average costs due to the growth of the size of the company. Firstly an example is financial economies of scale. This is when a company can b...

The determinants of demand are the factors that affect the quantity of a product that is demanded (by consumers) at every given price level. The main determinants of demand include: Income level, Consumer...

Before trying to figure out what automotic stabilizers are, it is necessary to first understand the business cycle.

Business cycle recap: An economy experiences fluctuations. They go through period...