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This is a typical essay question taken from an AQA A2 Past Paper. In class, I encourage my students to draft essay plans to elaborate their arguments and develop their analytical thinking skills. Once ...

Demand pull inflation:

1. Contractionary monetary policy (Keynesian)

a. One positive: Economy moves closer to full employment level of output, central bank can adjust intere...

Economics is all about models involving assumptions and diagrams. So whenever you're answering a question, you must identify the assumptions relating to it, draw a diagram illustrating your argument an...

 - Barriers to entry, for example patents, restrict the number of competitors in a market. They may be deliberate, e.g. patents, or inherent in the good, e.g. water. Where they are inehrent, a 'natural...

Define demand as the willingness and ability of a consumer to pay a certain price for a good or service at a specific period in time. 

Explain the meaning of law of demand, where, ceteris...