This article will go through the different types of taxes and will explain where the incidence of taxes lies. Furthermore, the article will outline how the price elasticity of demand and supply can affect the incidence of tax. Welcome to Simply Economics. This article is the thirteenth in a series to explain economics to those […]
This article will explain consumer and producer surplus are and will also discuss the impact of increases in consumer and producer surplus. Furthermore, the article will investigate how the price elasticity of demand can affect the incidence of such surpluses. Welcome to Simply Economics. This article is the twelfth in a series to explain economics
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Balance of payments. The UK balance of payments current account for Q1 (2020) is sitting £-2.1 billion This article will explain what the balance of payments is and will explain its components including the current account and the balance of trade in goods and services. Welcome to Simply Economics. This article is the fourth in
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Employment and unemployment. This article will explain what unemployment is and how it is measured. Furthermore, the article will discuss the causes of unemployment and the difference between unemployment and underemployment. WHAT IS EMPLOYMENT AND UNEMPLOYMENT? There are a few technical terms needed to understand what employment and unemployment is: Workforce – The number of
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Inflation. This article will explain the basic principles of CPI inflation and will define basic terms such as inflation, deflation, and disinflation. Furthermore, the article will expound upon why inflation is important and how it is manipulated. Welcome to Simply Economics. This article is the second in a series to explain economics to those who
What is GDP and how is it measured? GDP dropped over 20% in April in the UK. This article will explain what GDP is and will discuss a few limitations of GDP. Welcome to Simply Economics. This article is the ninth in a series to explain economics to those who want to broaden their scope
1. What is GDP and how is it measured? Read More »
Price determination. This article will explain what an equilibrium price is and how an equilibrium price is formed using a demand a supply curve. The article will also discuss the price mechanism and its functions. Before reading this article, it is recommended you read our articles on demand and supply. Welcome to Simply Economics. This
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Determinants of price elasticity of supply. This article will explain what determines the price elasticity of supply of a good and how time can affect the price elasticity of supply. Welcome to Simply Economics. This article is the tenth in a series to explain economics to those who want to broaden their scope of the
8.2 Determinants of Price Elasticity of Supply (PES) Read More »
Price elasticity of supply. This article will explain what price elasticity of supply is and will explain the different types of price elastic supply. Welcome to Simply Economics. This article is the ninth in a series to explain economics to those who want to broaden their scope of the subject. Click here to find out more about
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Total revenue and price elasticity of demand. This article will explain what determines the price elasticity of demand. Furthermore, the article will explain how firms should change the price of their good in order to increase total revenue. Total revenue and price elasticity of demand. Welcome to Simply Economics. This article, total revenue and price
7.2 Total Revenue and Price Elasticity of Demand. Read More »