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Something Terrible Is Happening in France | Economics Explained: The French economy is facing challenges competing with other industrial countries stemming from a level of worker productivity that is too low to support the wages and benefits of the worke
• applying these characteristics to the upgraded road network and concluding that the network is not a public good (up to 2 If a candidate explains that a road network is a marks) quasi-public good, not a public good this is an acceptable approach and can gain full marks if explained ...
The marginal cost h e fundamental economic problem was considered of production is a measure of the opportunity cost of earlier in Chapter 1. h is was explained as the diiculty the resources used to produce this unit (see Chapter 7). of having limited or scarce resources with which to do...
(Up to 3 marks per factor explained) 2. (a) Explain the factors that can affect the price elasticity of demand for a product. [8] (b) Discuss the extent to which knowledge of a product’s cross-elasticity of demand is likely to beimportant to a firm supplying that product. s18-21...
He has edited a number of books, including Case Studies in Development Economics; Government Intervention in the Developed Economy; The British Economy in the 1970s; and co-author of Economics Explained: A Coursebook in A Level Economics (Collins, 1987)....
" Welfare economics seeks the economic state that will create the highest overall level of social satisfaction among its members. Pareto Efficiency This microeconomic analysis leads to the condition ofPareto efficiencyas an ideal in welfare economics. When theeconomyis in a state of Pareto efficiency...
[6] Education is a private good but defence is a public good (1) Explanation of (Non) excludability/(Non) rivalry/(Non) rejectability (2) (1 mark if any 2 of the above are correctly identified but not explained) In market economy – education under-provided, defence not provided at ...
As explained by Marcos Falcone in a column for the Foundation for Economic Education, voters overwhelming rejected this statist initiative. A few weeks ago, …Uruguayans…went to the polls to decide on a proposition that raised some eyebrows both at home and abroad: the nationalization of private...
For example, the banks may advance loans to the extent of only 50 percent of the value of unhedged inventories and 90 percent if they are all hedged, a difference explained by the fact that hedging reduces the risk on which the amount of the loan and the interest rate depend. Merchants ...