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Economics

Asked by Hamna

Explain two reasons why a firm may seek to replace some of its employees with capital equipment.

-cheaper Employees are expensive to hire and employ so equipment saves money in the long run. -higher accuracy/ efficiency Equipment might make less mistakes

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Deleted Account
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13.2k students helped

Economics

Asked by Klutse

To what extent has online assessment violated the principles of assessment in economics

From my personal experience at university I would argue to a significant degree. Online assessment means that students can pretty much do what they want when it comes to academic integrity.

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Matthew Eberle
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156 students helped

Economics

Asked by Christina

Is inflation bad for the economy?

When inflation is too high it is bad for the economy or individuals. Inflation reduces the value of money, unless interest rates are higher than inflation. And the higher inflation gets, the less chance there is that savers will see any real return on their money.

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Chrysa Lafka
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277 students helped

Economics

Asked by Christina

What is the difference between elastic and inelastic demand?

Elastic demand: PED is greater than one. Inelastic demand: PED is less than one. - Inelastic demand is when individuals are unresponsive in their quantity demanded to changes in price. An example of a good with inelastic demand is petrol, as for many consumers it is a neccesity so their demand remains at similar levels despite a change in price. - Elastic demand is when individuals are responsive... more

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Jamie Bingham
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142 students helped

Economics

Asked by Ilyas

If government subsidies wheat through buying it in a high price, what is its effect to the farmer who is producing rice?

The farmers will have a guaranteed level of income, which will be higher and more stable than their previous income. As a result the farmers and their families will have an improved standard of living. They may also be incentivised today produce more rice as they can gain more producer surplus from each unit, due to the higher price, which may cause them hire additional workers/find new methods of... more

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Grace Cooper
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6.7k students helped

Economics

Asked by AJZ

I do A Level Economics and I need to get better at sticking within an examined time limit to answer larger marked questions but I struggle (I also struggle with writing fast in general), with lots of marks missing. Any tips to fix this?

Hi Ajmal, I studied A level Economics a few years ago now but what helped me achieve a good grade and score maximum marks in the bigger questions was the following: 1. Lots of past paper practice questions under timed exam conditions: this will help you develop a routine and get a feel for the speed with which you need to write at 2. Do not begin writing straight away, spend 2-4 minutes on deve... more

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Mohammed Garasia
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207 students helped

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