You are welcome to ask questions on Economics. I am looking to explain economic principles / ideas/ recent developments in economics. Due to the volume of questions, I can no longer promise to answer. But, I will try if it meets below criteria.
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- I don’t answer university questions or maths calculations
- I am looking to explain economic principles / ideas/ recent developments in economics.
- I will answer as a new post. Check home page of blog for new post. With question and answers
I studied PPE at Lady Margaret Hall college, Oxford University, and currently work as an Economics A Level teacher. I have also examined several different economic units for Edexcel AS and A2.
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Hello Oguzhan
There is deep relation between gdp and economic welfare. GDP itself is a measurement of economic prosperity of a country. England ,Canada or America have rich GDP compare to many African and Asian countries. GDP shows economic development of a country.
Hello Joe
Even monetary transactions volume remain unchanged in short run, but storing power of money will decrease. There are chances to increase price level. In case if there is full employment, possibly resources are used efficiently . There is will be very little of pumping money in economy. It may create more liquidity and can soft interest rates.
are desserts considered demerit goods?
Why demand and supply for primary goods are inelastic at the short run?
Hi Fanny
Due to hard competition from China and India , protectionisms is increasing. It does not match with the ideas which Europe and America sponsored.
Practically there was always little or more protectionisms in all over the world. Japan protects its rice. America protected steel for many years. When a country has some competitive weaknesses it have to approach towards these policies .
Hi Zey be
Theoretically in long run in perfect competition a firm earns no economic profit. Economic profit is profit earned more than opportunity cost . As if there is economic profit, because of perfect competition more investment will come in this industry.
As result due to more supply profit will fall and in long run economic profit will decreased to zero. In perfect market a firm can earn economic profit only in short run.