Skip main navigation

Tariffs

Tariff is a tax imposed on imported goods and services. Tariffs are used to restrict trade, as they increase the price of imported goods and services, making them more expensive …

Trade barriers

Trade barriers are measures that governments or public authorities introduce that prevent or restrict overseas trade and investment. These measures need not necessarily take the form of legislation or a …

Sources of market failure

Sources of market failure. Market failure has a very precise meaning in economics. It doesn’t simply mean dissatisfaction with market outcomes, it refers to a situation when a market left …

Economic policies

What is monetary policy? The actions of a central bank, currency board, or other regulatory committee that determine the size and rate of growth of the money supply, which in …

Employment and inflation

Employment. People at work. Persons involved in the production of goods and services. As production requires working time and human capital, firms and other organisations pay people, providing them with …

Monopoly

A monopoly is a market structure in which there is only one producer or seller of a product. In other words, the single business is the industry. Entry into such …

Market structures / competitive market

Economists assume that there are a number of different buyers and sellers in the marketplace. This means that we have competition in the market which allows price to change in …

Macro- and microeconomics

Macro and microeconomics are the two vantage points from which the economy is observed. Microeconomics looks into similar issues, but on the level of the individual people and firms within …