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To remember some of the factors that affect the demand of a good or service, just learn the mnemonic PIPCA:Price (of the product)Income Price of substitutes Consumer tasteAdvertisement

There are five main macroeconomic objectives: economic growth, low inflation, low unemployment, balance of payments equilibrium and income equality. Governments want the sustainable economic growth. This mea...

'Protectionism' is the policy of restricting trade between states through methods such as tariffs and quotas. Tariffs are often used to protect domestic consumers. The diagram linked here shows that a triff ...

Static efficiency describes the level of efficiency at a certain point in time. This, therefore, describes both allocative and productive efficiency. A firm is productively efficient if they are at their min...

A rise in interest rates increases the cost of borrowing and increases the reward for saving. This means that there is a double effect, people are disincentivised to borrow money and spend it, as well as hav...