How markets work


How do markets form? How do markets allocate scarce resources to satisfy consumer's wants and needs?  When do markets fail? How do producers manipulate consumers by influencing the decsion making process? More...

Business and labour economics


Why do businesses start? What is the role of the entrepreneur? How do competitive markets operate? What factors limit competition? How do transnational companies avoid taxes? How do businesses maximise profits? Are profits the only objective of businesses? Should business be regulated? What determines wages? Why are some workers paid much more than others?. More....

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income elasticity of demand

income elasticity of demand


Perfect competition

The national economy


How is an economy structured? How is wealth and income generated? How does income circulate around an economy? Why do economies grow? What problems do economies face, and what policies are used resolve them? More...

The global economy

global economy

How does the global trading system work? What factors have promoted globalisation? What are the costs and benefits of free trade? How do economies develop? What factors limit their development? Is globalisation a force for good? Why are some countries more competitive than others? Why do countries get into debt? What happens when China stops growing? More...
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Circular flow


Macro-economic objectives

SD AS model