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Explain what you understand by the Lorenz Curve and Gini Coefficient.

The Gini Coefficient measures the area between the Lorenz curve and the line of absoluate equality in an economy. The bigger the Gini Coefficient, the greater the inequality in a single country. Fiscal polic...
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Answered by Tom H. • Economics tutor
7415 Views

What is the Phillips Curve?

The Phillips curve shows the inverse relationship between unemployment and inflation named after British economist AW Phillips. Once inflation and unemployment rates were plotted on a scatter diagram, the da...
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Answered by Han Jim Z. • Economics tutor
4303 Views

What are economies of scale and scope?

Economies of scale and scope The concept of economies of scale were introduced by Adam Smith as a part of his famous works on division of labour. The main idea behind it is that efficiency of production chan...
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Answered by Jakub C. • Economics tutor
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What is an easy way to remember the effects of the exchange rate on imports and exports?

These two simple acronyms will help you remember the effects of changes in the exchange rate on imports and exports: Strong Pound Imports Cheap Exports Dear The acronym "SPICED" is a helpful way to...
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Answered by Jake C. • Economics tutor
93009 Views

How should put in my essays for 25 mark questions?

When considering what is needed of any a level essay question, the best place to start is the mark scheme for past papers. These mark schemes give a consise explanation of what is needed to acheive top marks...
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Answered by Lewis H. • Economics tutor
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