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Using Figure 5, assess whether the decision to install the machine (used in production in an independent fast food shop) will be beneficial for the business and the workers.

It is stated that the production of burgers can be split into different stages following the installation of the machine. This allows for the division of labour and the subsequent specialisation of workers w...
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Answered by Stefan D. • Economics tutor
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What is the difference between perfect competition and imperfect competition?

Some characteristics of a perfectly competitive market structure are: (i) Firms supply homogenous goods. This means that each firm essentially sells the same good and there is no way of differentiating the p...
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Answered by Dario V. • Economics tutor
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What are the key components of Aggregate Demand?

Aggregate demand is defined as the total level of goods and services in an economy at a given time. The first components of aggregate demand is Consumption (C), which refers to the demand for durable and non...
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Answered by Jaydon K. • Economics tutor
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Define market failure and give two examples in which this may occur.

Market failure can be defined as the mis-allocation of resources in a market. Complete market failure occurs when no good or service is provided resulting in the nonexistence of a market. Partial market fail...
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Answered by Kwabena A. • Economics tutor
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Describe the equilibrium point in the market

The equilibrium is defined as the point at which demand and supply are equal and there is no tendency to change, hence there is stability within the market. Firstly it is vital to understand both demand and ...
Answered by • Economics tutor
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