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The level of intra-regional trade in Sub Saharan Africa is much lower than for advanced, high income countries. What is meant by intra-regional trade. Explain two ways in which intra-regional...

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Trade in Sub Saharan Africa Short Answers

Economic rent is any amount earned by a factor of production, such as labour, above the minimum amount they require to work in a current occupationTransfer earnings are the minimum...

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Transfer Earnings and Economic Rent

The marginal cost of employing labour is the change in total labour costs from employing one extra worker.

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Average and Marginal Cost of Labour

Elasticity of labour supply measures the extent to which labour supply responds to a change in the wage rate in a given time period.

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Determinants of Elasticity of Labour Supply

This analysis looks at the individual labour supply decision and in particular the work-leisure trade off and how this is affected by a change in wages.

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Income & Substitution Effects of Wage Rise

There are many factors other than the basic wage / salary which affect the number of people who are willing and able to work in a given industry or occupation.

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Non-wage factors influencing labour supply

This study note looks at some of the causes of shifts in the supply of labour to an occupation / industry.

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Shifts in Labour Supply

The demand curve for labour tells us how many workers a business will employ at a given wage rate in a given time period. In the theory of competitive labour...

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Marginal Revenue Product of Labour

A study note looking at some of the arguments for and against the statement that takeovers help to improve economic efficiency.

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Do takeovers improve economic efficiency?

Perfect competition describes a market structure whose assumptions are strong and therefore unlikely to exist in most real-world markets.

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Evaluating Assumptions of Perfect Competition

A business needs to make at least normal profit in the long run to justify remaining in an industry but in the short run a firm will produce as long...

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Perfect Competition - The Shut Down Price

In contestable markets the entry and exit barriers are low creating a situation where both actual and potential competitive pressures are high. How can a business overcome some of the...

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Ways of Overcoming Entry Barriers in Markets

This is a short revision note on price takers and price makers and the consequences for average and marginal revenue in each situation.

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Price Takers and Price Makers

In a perfectly competitive market, total revenue (TR) is a diagonal straight line passing through the origin. Market demand and supply determine the price and each firm is a price...

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Revenue Curves in Competitive Markets

Seasonality refers to fluctuations in output and sales revenue related to the seasonal of the year.

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Seasonal and Ancillary Revenues for Businesses

Business growth can be constrained in a number of ways.

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Key Constraints on Business Growth

Organic growth happens when a business expands its operations rather than using takeovers and mergers.

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Benefits and Drawbacks of Organic Growth

We've had more top teaching opportunities for economics teachers posted to the tutor2u jobs board this week.

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Don't Miss This Week's Economics Teaching Opportunities

The objective of maximising sales revenue rather than profits was developed by economist William Baumol whose work focused on the decisions of manager-controlled businesses.

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Sales Revenue Maximisation

Corporate social responsibility (CSR) is when companies integrate social and environmental concerns into their business operations and in their interaction with their stakeholders on a voluntary basis.

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Corporate Social Responsibility

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