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Part (a) 10 marks, Explain... (15 minutes approx). -Plan your answer (5 mins) Make sure to include: -Definitions of key terms -Graphs -Explanations for graphs and theory/concepts, backed up with examples ...

GDP fails to include areas such as education (e.g. years of schooling), Health (e.g. numbers of doctors per 1000 inhabitants, life expectancy), income distribution etc.

The price elasticity of demand tells you how sensitive consumers are to a change in the price of a good. Therefore the more sensitive (elastic) the demand is, the more the tax will effect the demand. So, ...

Normally in order to understand equilibrium, we must first think of the concepts of supply and demand. In a market in order to reach equality between two variables or equilibrium in economic terms, we ...

A perfectly competitive market is a market in which there are many buyers and many sellers who all have perfect information.

There are many firms in the market who all produce exactly the...