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Economies of scale describe the positive effects of increasing production to a firm. The principle is that as output increases, it could be the output of shirts, for example, then the average cost per shi...

Retail Price Index and Consumer Price Index are both indices that seek to measure the current level of inflation, that is the general rise in price levels across goods over the year. CPI is calculated usi...

A rise in Interest rates provides an incentive to save money rather than spend, reducing investments and consumption. As a result economic growth is likely to decreaseThe value of the pound will increase ...

There is a v simple formula for answering these 'explain' questionsStart with definitions - what is monopolistic competition? -10% of marksThen to score full marks, you must include:2 we...

1. Define Budget Deficit and Circular flow of income 2) Results = A reduction in the budget deficit leads to a reduction in net injections(government spending is an injection). Therefore a reduction i...