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Use Extract D to identify two significant points of comparison between the balance of trade in goods and the balance of trade in services over the period shown.

Comparison one: the balance of trade in goods peaked in 2010 Q4 at -£10.4 million, whereas the balance of trade in services peaked in 2011 Q2 at £5.6 million.Comparison two: the balance of trade in goods had...
JS
Answered by Jacob S. • Economics tutor
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Explain the key characteristics of a monopoly.

Firstly, monopolists aim for profit maximisation. This is achieved by operating at an output level where marginal cost equals marginal revenue (MC=MR). However, contrary to other market structures, there are...
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Answered by James G. • Economics tutor
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Explain how a change in Government spending may affect the average price level and real GDP

Government spending is the total expenditure by the Government on the public sector in an economy. An increase of this is known as expansionary fiscal policy. This increases aggregate demand, causing a shift...
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Answered by Jack S. • Economics tutor
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What is price elasticity of demand?

Price elasticity of demand is often shortened to PED A PED can be different variations of elastic, inelastic or unit elastic. What PED is is the responsiveness of demand to a change in price. The three main ...
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Answered by Harry B. • Economics tutor
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Analyse three consequences of high inflation on individuals in the UK

Inflation is defined as a sustained increase in the general price level over time, and is measured by the % change in the CPI. High inflation can be defined as a level which is unsustainable for the economy ...
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Answered by Fred H. • Economics tutor
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