Economics Articles

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

Non-Price Competition

Posted on March 9, 2019

Non-price competition involves ways that firms seek to increase sales and attract custom through methods other than price. Non-price competition can include quality of the product, unique selling point, superior location and after-sales service. Models of perfect competition suggest the most important issue in markets is the price. And for a homogenous product like potatoes, …


Who are the winners and losers from inflation?

Posted on March 1, 2019

Inflation is a continues rise in the price level. Inflation means the value of money will fall and purchase relatively fewer goods than previously. In summary: inflation will hurt those who keep cash savings and workers who have fixed wages Inflation will benefit those with large debts, who with rising prices find it easier to …


Definition of Unemployment

Posted on February 27, 2019

Unemployment is defined as a situation where someone of working age is not able to get a job but would like to be in full-time employment. Note: If a mother left work to bring up a child or if someone went into higher education, they are not working but would not be classed as unemployed …