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What is the law of demand?

The law of demand states that as the price of a good or service rises the quantity demanded will subsequently decrease. Opposingly, lower prices cause an increase in quantity demanded.
NH
Answered by Nadia H. • Economics tutor
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What is the best method of structuring an Economics Essay

Plan Before beginning to write an essay, it is vital to write a plan. This won't have to take more than 5 minutes but helps you to write efficiently and with clarity. To do this, first read through the quest...
GD
Answered by Grace D. • Economics tutor
10985 Views

Discuss the effectiveness of a change in the exchange rate in order to correct a trade deficit.

Intro: Define trade deficit: A trade deficit occurs when the value of a countries imports exceeds the value of a countries exports. Explain the effect of a change in the exchange rate: A fall in the Uk's exc...
AS
Answered by Arjun S. • Economics tutor
5670 Views

To what extent is the national minimum wage beneficial to society?

Always begin answering questions by providing a definition. This is key in economics. Therefore, start by explaining that the national min. wage is the governments guarentee of a minimum wage per hour that i...
CS
Answered by Connor S. • Economics tutor
10092 Views

The government has introduced an ad valorem tax on petrol. The likely effect is: A) Increase in sales of petrol B) Increase in carbon emissions from electric cars C) Increase in demand for bus travel D) Decrease in sale of electric cars

Four mark questions are a great way to pick up marks. There is a simple strategy to remember when answering these. Firstly, always write down your definition of the key word(s). Even if you do not know the c...
BP
Answered by Binal P. • Economics tutor
3745 Views