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Define the term ‘public good’ and explain why public goods suffer from the ‘free rider’ problem.

A public good is a good that is both non-rivalrous and non-excludable. Non-rivalrous can be defined as “consumption by one person does not reduce the amount available to other people” and non-excludable as “...
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Answered by Belinda S. • Economics tutor
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Identify the characteristics of a monopolistically competitive market and explain why firms in this market are said to be inefficient. ​

In a monopolistic market there is a large number of small, profit-maximising firms, selling differentiated, heterogeneous products. This means that they have some degree of control of price in the short run,...
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Answered by Michael W. • Economics tutor
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Explain factors that affect government expediture

Government expenditure should be split into two parts; Current expenditure, on things like civil servants salaries, and capital expenditure. Increased govenrment spending is an example of exspansiary fiscal ...
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Answered by Fergus C. • Economics tutor
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Describe and explain one supply-side policy aimed at shifting the long run aggregate supply curve.

One example of a supply-side policy is education and training. The government could increase spending on schools to improving teaching, increase and improve learning resources or create more internship progr...
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Answered by Oliver S. • Economics tutor
4659 Views

What are the disadvantages and advantages of economic growth?

GRUBBES Pros - Higher income tax SO less of a budget deficit, more public funding which could increase AS and reduce Y inequality Evaluate: Laffer curve, LT increase, little evidence it does (depends on what...
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Answered by Abi C. • Economics tutor
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