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Unemployment is the number of people that do not have a job, but have been actively searching for a job for at least 4 weeks. The unemployment rate can be calculated by dividing the number of people unemp...

Marginal revenue is the revenue generated by selling the last unit of output. Marginal cost is the cost of producing the last unit of output. Profit is maximised at the output where MC=MR because if less ...

On one hand, this system has many advantages. It reduces uncertainty, ensures sensible government policies on inglation, reduces speculation and flunctuations... A reduced exchange rate can increase emplo...

A monopololistic market exists when there exists only one supplier of a good or service, but there are many consumers. Some key characteristics of a monopolistic market are price maker, high barriers to e...

Many sellers in the market - each of whom produce a low percentage of market output and cannot influence the prevailing market price – each firm in this market is a price taker - i.e. it has to take the m...