Understanding Market Failure In a free market, the price mechanism determines the most efficient allocation of scarce resources in response to the competing wants and needs in the marketplace Scarc...
Alternative Views of Consumer Behaviour Free markets are built on the assumptions of rational decision making In classical economic theory, the word 'rational' means that economic agents are able t...
Indirect Taxes An indirect tax is paid on the consumption of goods/services It is only paid if consumers make a purchase It is usually levied by the government on demerit goods to reduce the quanti...
Producer & Consumer Surplus Consumer surplus is the difference between the amount the consumer is willing to pay for a product and the price they have actually paid For example, if a consumer i...
Functions of The Price Mechanism The price mechanism is the interaction of demand and supply in a free market This interaction determines prices which are the means by which scarce resources are al...
Price Determination & Equilibrium Price Determination In a free market economy, prices are determined by the interaction of demand and supply in a market A market is any place that brings buyer...
Price Elasticity of Supply (PES) The law of supply states that when there is an increase in price (ceteris paribus), producers will increase the quantity supplied and vice versa Economists are inte...
最近，2023年1月IG与A-level考试报名时间已经公布了，A-Level报名考试10月18日截止，2022年秋季考试10月10日开始！小编特此提醒：2023年1月开放了Further Math的A2部分，不再是6月的一锤定音，为冲刺A*增加了一次...
Supply Supply is the amount of a good/service that a producer is willing and able to supply at a given price in a given time period A supply curve is a graphical representation of the price and qua...
