by Dan | Feb 10, 2021 | Economics
1.Name and explain the conditions or assumptions required for perfect competition.2.Explain what happens in the long run when firms in an industry are earning positive profit, and whyeconomists assume normal profit in competitive industries is 0.3.Explain the “law” of...
by Dan | Sep 9, 2018 | Main
GDP, economic growth, unemployment and inflation Question 1. What is the gross domestic product of a country? What is meant by ‘intermediate goods’ and are they included in the measure of GDP? Give an example of a good that could be an intermediate good or...
by Dan | Jul 12, 2018 | Essays
Use economic indicators and models to understand and analyse real-world situations. Explain and evaluate decision making by individuals, firms and government. Describe economic outcomes in markets and how these are affected by market structure and the macroeconomic...
by Dan | Apr 10, 2018 | Essays
QUESTION 1 aWhat is the economic problem and how is it related to the concept of opportunity cost 2 Marks b-Reflect on an occasion this week where the concept of opportmity cost applied to you. 1 Mark c.What is the difference between normative and positive statement?...
