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Absolute or extreme poverty is having insufficient income or savings to meet basic human needs. The benchmark used at the moment for extreme poverty is the number of people or...

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Progress in Reducing Extreme Poverty

Here is a suggested answer to this exam question: "Explain the difference between internal devaluation and external devaluation" We also evaluate some of the risks associated with each form of...

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Exam Answer: Internal and External Devaluation

Here is a suggested answer to this question: "Explain how a firm may use predatory pricing."

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Exam Answer: Predatory Pricing

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Here is a suggested answer to this question: "Explain how a firm may use limit pricing."

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Exam Answer: Limit Pricing

Do we always engage in rational behaviour? Are all businesses looking to maximise their profits? Much of introductory economic theory assumes that all "agents" behave rationally. But behavioural economics theories...

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Rational Decision Making (Behavioural Economics)

The UK minimum wage came into force in April 1999. For workers aged 25 and over, the minimum wage (now known as the National Living Wage) is £8.21 an hour.

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20 Years of the UK National Minimum Wage

Here is an exemplar answer to this question: "Evaluate the impact of changes in price on producer surplus ."

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Price Changes and Producer Surplus

Here is a sample answer to this question: "Evaluate the impact of changes in price on consumer surplus."

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Price Changes and Consumer Surplus

Here is an example answer to the question "Explain what is meant by a market and by sub-markets."

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Markets and submarkets
Study notes

Economic Forecasting

Here is a sample answer to two questions about economic forecasting.

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Economic Forecasting

Here is an example of writing chains of analysis to this question: "Analyse how a change in business objectives might affect consumer welfare in a market."

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Business Objectives and Consumer Welfare (Chain of Analysis)

Here is a sample answer to this question. "Evaluate two factors which determine the degree of price elasticity of supply."

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Price Elasticity of Supply (Evaluation of Factors)

An indirect tax is imposed on producers (suppliers) by the government. Examples include duties on cigarettes, alcohol and fuel and also VAT. A carbon tax is also an indirect tax....

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Indirect Taxes (Government Intervention)

A subsidy is a form of government intervention, it usually involves a payment by the government to suppliers that reduce their costs of production and encourages them to increase output...

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Producer Subsidies (Government Intervention)

Here are some short video clips that I use when teaching the economics of public goods. Not all of them meet the characteristics of public goods and I ask students...

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Public Goods (Application Videos)

Here is a summary of interventions / strategies to encourage an expansion in the supply-side capacity of the UK renewable energy industry.

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Policies to encourage Renewable Energy

Here are some super short video examples of positive externalities in action!

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Positive Externalities (Application Videos)

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