Ask an Economic Question

You are welcome to ask any questions on Economics. Though you might also like to try google custom search (top right) to see if the topic has been covered before.

I am looking to explain economic principles / ideas/ recent developments in economics. I can’t promise to answer, but will try if it meets the criteria below.

  • Please don’t ask me to do your coursework / assignment e.t.c. (I can usually tell if it is a homework question!)
  • Please don’t ask any maths calculations.
  • The question and answer will be published here where everyone can see it (including your teacher!)
  • I aim to try and simplify economics; as a rough guide I would aim at an understanding similar to a good British A Level student.
  • I am looking to explain economic principles / ideas/ recent developments in economics.
  •  I will answer as a new post, if you leave email address, I’ll usually send quick email. Check home page of blog for new post. With question and answers

Add comment at bottom of post.


2,160 thoughts on “Ask an Economic Question”

    • Basically, for profit you do

      Total Revenue – Total Costs = Total Gross Profits

      or Avg Revenue – (Total Costs/Total Number Of Units) = Avg Gross Profits

      For net profit, you minus the tax and other expenses as well.

  1. Hi all,

    “Sally likes Jim twice as much as she likes Bob.”

    Is this an example of cardinal or ordinal preferences? I’m slightly confused about how to distinguish the two. All help appreciated,


  2. What is the actual meaning of current account surplus.
    I am in class 10 and i am a science student i dont know much about it but want to know.

  3. Politicians and press often argue that government projects should have a UK first procurement/employment policy. For example the recent decision to award the UK (and post EU membership) passport, and today of all days have reminded me of this (I am not getting into party/referendum politics here). A cheaper competetive price from abroad should be adjusted for VAT and employment taxes which logically flow back from UK citizens and businesses to UK government that would have occurred had the UK company/content won the bid.

    I am struggling to explain in simple terms, since UK government decides tax on businesses and individuals in the first place, is this where the issue should be addressed in policy, plans, budgeting etc thereby on award of a winning bidder the procurement prices do not need retrospective arguement and adjustment.

    It seems to me that the logic of the first paragraph is – HRMC (and maybe HMT) have got it wrong, a UK company or employing most UK labour should more often win with tax circular returns reducing differential on price and quality to keep money in the UK for UK national prosperity.

    Thanks and happy halloween!

  4. In recent years, the collage costs in USA moved up. At the same time the wage difference between the high school students and collage graduates went up. How would you expect the expected effect of these trends to be on the number of students in USA who are willing to get collage education?

  5. causes and effects of dutch disease syndrome and oil curse paradox clearly stating some African case studies and measures to mitigate them

  6. Are there any useful, good revision/work books for economics AQA GCSE that you would recommend? I am trying to teach myself the rest of the course as my teacher doesn’t specialise in economics.

  7. in an increasingly global society, companies trade across country borders. some government use tariffs and taxation to protect local industries from this. does free trade benefit local economies.


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