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What is meant by comparative advantage in trade?

Comparative advantage is where countries stick to what they are best at producing and trade those goods with each other. It does not matter if one country is worse at making, say, bread, than the country it ...
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Answered by Callum R. • Economics tutor
2228 Views

How am I best able to improve my evaluation skills in essays in order to achieve higher marks?

Economics is a discipline which requires more than just knowledge and understanding, but also requires sound evaluation skills. A Level Economics exams will often include essay questions with command words s...
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Answered by Daniel J. • Economics tutor
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Discuss whether taxing the manufacturers of high-sugar drinks is a justified means of tackling the impact of diabetes and other weight related illnesses

According to the neoclassical Rational Choice Theory, individuals seek to maximise their own utility. The first justification of a tax on sugary drinks is therefore based on the idea that the consumer does n...
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Answered by Alex G. • Economics tutor
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Explain using a diagram the price/output of a firm competing in a perfectly competitive market during the long run. Is this equilibrium point beneficial?

A firm competing in a perfectly competitive market is considered a price taker and is unable to set their own prices due to characteristics such as selling homogeneous goods with many buyers and sellers , th...
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Answered by Joe B. • Economics tutor
2450 Views

How does an increase in government expenditure affect Real GDP in the short-run?

Government Expenditure is an injection into the circular flow of income and can be represented in an Aggregate Demand/Aggregate Supply Diagram as an increase in aggregate demand. (Shows on diagram shift in a...
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Answered by Antonio F. • Economics tutor
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