Search over 10,000 free study notes

Supply-side spending, lower exchange rate and investment in productivity boosting policies

Price elasticity of demand is a fundamental concept in microeconomic theory. By taking the first and second derivatives of a demand function with respect to price (finding the partial derivative by differ...

Vulnerability, whether it be an employee, firm or country who specialise, producing only one good can be a risk if that industry were to collapse. An example of this is the increase in unemployment in the...

The private consumer does not consider the effect that their excessive alcohol consumption has on a third party and so the private benefit outweighs the social benefit. There is a welfare loss to society ...

DefinitionMonetary policy (3 sections - interest rates, exchange rates, money supply), fiscal policy, inflation (demand and cost driven), supply-side policies. Apply to question always - any relevant exam...