Course: Fundamentals of Economics

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 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. 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 …

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. 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 …

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 …

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 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 …

The economy encompasses everything related to the production and consumption of goods and services in an area. The economy and the factors affecting the economy have spawned one of the …