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.

mail(at)econoimcshelp.org

2,044 thoughts on “Ask an Economic Question”

  1. An inferior good is an economic term that describes a good whose demand drops when people’s incomes rise. This occurs when a good has more costly substitutes that see an increase in demand as incomes and the economy improve.

    Inferior goods—which are the opposite of normal goods—are anything a consumer would demand less of if they had a higher level of real income. They may also be associated with those who typically fall into a lower socio-economic class.
    simply saying, inferior good is a low-quality and cheap good that are may be substitute for normal goods when income falls. For example, butter is a normal good, but margarine is the cheap substitute to normal good and that is why it is an inferior good.

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  2. Using the HDI, explain the important differences in the following countries’ development levels. Consider country X with a GDP per capital of US $15,000 a life expectancy of 83 years, an adult literacy rate of 87% and the combined gross enrolment ratio of 85.7%. country Y with a GDP per capital of US $5.523 a life expectancy of 45years, an adult literacy rate of 56.6% and the combined gross enrolment ratio of 69.5%.

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  3. please update graph on minimum living wage and add cost of living index.
    better still graph the real-terms minimum living wage.
    A lot of talk about this in the oress today and nothing to indicate whether this is a real benefit or just catching up with a freeze during austerity.

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