Economics Articles

Essays on topical issues, latest developments in UK and global economies, and answers to readers questions

How firms compete

Posted on December 23, 2018

Competition is an essential element of market economies. Different firms have the freedom to attract customers based on price, quality, service and convenient. The type of competition will depend on the product and market structure. For example, in a market with many traders selling potatoes, price will be a key factor. Consumers will shop around …


Environmental sustainability – definition and issues

Posted on December 20, 2018

Environmental sustainability is concerned with whether environmental resources will be protected and maintained for future generations. Environmental sustainability is concerned with issues such as: Long-term health of ecosystems. Protecting the long-term productivity and health of resources to meet future economic and social needs, e.g. protecting food supplies, farmland and fishing stocks. Intergenerational decision making. When …


Facts about the UK economy

Posted on December 13, 2018

Some facts about the UK economy. GDP In 2018, UK GDP stood at $2,809 trillion (£2,217) According to IMF, the UK GDP ranked 5th in nominal terms. Behind Germany (4th) and ahead of India (6th) Measured according to Purchasing Power Parity (adjusted for living costs, the UK ranked 9th The Great Moderation. Between 1993 and …