How to calculate price elasticity of demand. Price elasticity of demand = % change in Q.D. / % change in Price To calculate a percentage, we divide the change in quantity by initial quantity. If price rises from $50 to $70. We divide 20/50 = 0.4 = 40% Example of calculating PED When the price …
A list of the major recessions in UK and US. List of Recessions in UK Comparing different recessions 1919-21 Recession GDP fell 25% during the three years following the end of the First World War. Unemployment rose to 20% UK experienced deflation of 10% in 1921, and 14% in 1922 Causes of fall in GDP …
Definition of the ‘Brain Drain’. The brain drain problem refers to the situation where a country loses its best workers. For example, skilled workers in developing countries such as India or Pakistan may be attracted by better rates of pay and working conditions in developed countries, such as the US and Western Europe. The brain …
Measuring living standards is important for economic policy. However, in practice, there are several difficulties in measuring living standards and therefore there are several different measures we could use. The most common measure of living standards is to start with real GDP per Capita. World Map of GDP per Capita GDP per Capita. Source: Source: …
Cinema admissions in UK 1935-2011 In the 1930s, the cinema was one of the main forms of entertainment in the UK. During the war years, and post-war austerity of the 1940s, cinema-going reached a peak at over 1.64 billion admissions in 1946. After this postwar peak, there was a gradual decline in the 1950s, before …
Over Christmas and the New Year I visited Greece – landing at Athens airport then hiring a car to Kalamata. After writing many articles on the economic troubles of Greece, it was interesting to visit in person. Whilst enjoying a holiday, I was always aware – in the back of my mind – the Greek …
Many Western economies face a demographic time bomb – an ageing population, which places strain on government spending and the welfare state. To deal with this situation, governments face several difficult choices – Raise taxes to pay for pensions, Shift the emphasis on to the private sector provision of pensions, Raise the retirement age Cut …
These are a collection of essays written for my economic blogs. Exchange Rate Essays Effects of a falling Dollar Why Dollar keeps falling Discuss Policies to Stop the Dollar Falling Does Devaluation Cause Inflation? Benefits and Costs of Falling Dollar Reasons for Falling Dollar The Dollar as the World’s Reserve Currency Economic Growth Essays Evaluate …