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Readers Questions: I want to know the economic reason behind: Summer/Winter vacations in school? or: Why we have summer/winter vacations in school. This is an interesting question, especially as I have just finished teaching for the year and begun the long summer holidays myself. Possible economic reasons Non-monetary benefit for teachers. Generally, teachers pay is …
Macroeconomic notes Balance of payments Budget deficit Economic growth Fiscal policy Globalisation Exchange rates European Union The Euro Monetary policy Inequality Inflation International trade Supply side policies Unemployment Microeconomics notes AS Consumer and producer surplus Demand Economies of scale Elasticity Price elasticity of demand Cross elasticity of demand Income elasticity of demand Price elasticity of …
Diminishing returns Diseconomies of scale Economies of scale Objectives of firms Efficiency Production Possibility Frontiers Diagram of costs Opportunity cost Profit Profit and revenue Profit maximisation Do firms maximise profit?
European Union For AQA Unit 4 Origins of the EU Economic Integration Single Market What it involves Efficiency of the Single Market Common Agricultural Policy Reform of the CAP Expansion of the EU Monetary Union What it involves How it affects Monetary Policy Impact of European wide inflation targeting and interest policy Arguments for Against …
Costs of production relate to the different expenses that a firm faces in producing a good or service. Types of costs Fixed costs – costs that don’t vary with output Sunk costs – costs that cannot be recovered on leaving industry, e.g. advertising Variable costs – costs relating to how much is produced (e.g. raw …
The Neo-Classical Theory of Firms makes the following assumptions Firms are profit maximisers. Firms will maximise profits where MR=MC In the short run, firms are subject to diminishing returns. In the short run, capital is fixed, therefore MC is upwardly sloping after diminishing returns sets in. Prices are flexible. If there is a shortage of …