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Explain the main barriers that LEDC's face when attempting to achieve stable, long-term growth

Long-term growth is defined as an increase in the productive capacity of an economy, which is due to the increase in the quality or quantity of an economy's factors of production (FoP). These barriers may in...
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Answered by Richard T. • Economics tutor
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Explain two possible government responses to the abuse of monopoly power.

Monopoly power refers to the ability of a firm to set prices. Legislation is a form to reduce monopoly power. Most countries have laws that try to promote competition by preventing collusion between oligopol...
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Answered by Jasmine S. • Economics tutor
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Describe and explain the factors that determine supply and demand, and use diagrams to support your answer.

Factors of Demand:Taste, Substitutes, Complements, Necessity, Income Factors of Supply:Raw materials. Labour, Tax, Weather students will pick one type of shift they will analyse. Once key factors are determi...
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Answered by Krishna M. • Economics tutor
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What conflicts between macroeconomics objectives may occur in an economy?

The four macroeconomics objectives are; stable inflation, low unemployment, economic growth, and a strong balance of payments. Conflicts may occur between these objectives when in an attempt to achieve one o...
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Answered by Thomas P. • Economics tutor
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What are the different assumptions of a perfectly competitive market and a market with monopolistic competition?

The main characteristics of a perfectly competitive market include: (1) a very large number of small, price-taking firm; (2) a homogenous product is being sold; (3) there are no barriers to entry or exit; an...
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Answered by Zeina D. • Economics tutor
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