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What is the difference between a shift and a movement in the demand (or supply) curve?

A shift in the demand curve occurs when there is a non-price determinant of demand, including a change in consumers' income, changing trends and tastes, changes in the price of complementary and substitut...

Answered by Sofia D. • Economics tutor

17943 Views

Explain why the price elasticity of demand for two products may vary.

Price elasticity depends on several other components:

Availability of substitutes

The proportion of a consumer's disposable income which the products account for

TB
Answered by Thomas B. • Economics tutor
3012 Views

Relate the competitive market and the monopoly setting

A competitive market is the situation where there is an infinite number of firms, they all produce equal goods and are price takers, since they cannot influence the price. In this case, the equilibrium (i...

Answered by Martina B. • Economics tutor

2137 Views

What is meant by absolute poverty and analyse how access to clean water, or another essential item, is closely linked to production, income and wealth, within countries and between countries.

Absolute poverty is characterised by acute deprivation of human needs such as: food, safe drinking water, shelter, education and information. Consequently, absolute poverty is seen mostly in low economica...

Answered by Ciaran B. • Economics tutor

2431 Views

How can the UK government use fiscal policy to target inflation levels in the economy?

Fiscal policy is the adjustment of government spending and taxation to manipulate macroeconomic objectives, such as inflation. For example, if inflation is above the 2% (+/-1%) target set out by the Monet...

Answered by Daniel M. • Economics tutor

3640 Views