Good structure is essential for good economics essay marks.Following the BLT route is a good way to show clear understanding. BLT = Because Leads to, therefore and can show how you have gone from knowledge to understanding.For example, if the question was what happens to price if supply rises. The answer - if supply goes up price goes down.

At this price the govenement has decided the price is too low for wheat producers to recieve, so a higher price is set Pmin. At this price, less wheat is demanded (Q2) and more is supplied (Q3) causing an excess supply equal to Q3-Q2. Exess supply is particularly a problem in the agricultural sector because there is continually unsold wheat.

The demand of an individual consumer indicates the various quantities of a good (or service) the consumer is willing and able to buy at different possible prices during a particular time period, ceteris paribus (all factors remaining constant)According to the law of demand, there is a negative causal relationship between the priceof a good and ...

This leads to a degree of abnormal profit assuming which is the rectangle between price and cost.Draw the long run graph implying that in the long run firms have an opportunity to enter the market, given absence of barriers to entry and they are enticed in by the abnormal profits. This results in the existing firm’s demand curve shifting left.

To demonstrate the effects of this we can use a short run AS-AD diagram. Originally the UK has a Gross Domestic Product (GDP) Y 1 at price level P 1. An increase in aggregate demand will cause a rightward shift in the AD curve from AD 1 to AD 2. This will result in an increase GDP from Y 1 to Y 2 and and increase in the price level from P 1 to ...

MC = marginal (extra) cost incurred by a firm when its production raises by one unit. MR = marginal (extra) revenue a firm receives from producing one extra unit ...

However, a problem facing the UK government is that fast foods are an inelastic good. This is in regard for the Price Elasticity of Demand which is the responsiveness of quantity demanded in comparison to a change in price. An inelastic good shows that the proportional percentage change in price is greater than a percentage change in quantity ...

This would therefore cause an increase in quantity of housing while reducing the price of housing. (4th mark analysis) However, the effect of the price decrease would depend on the current elasticity of demand in the housing market. (5th mark evaluation) This is all under the assumption that other factors in the housing market remain constant.

An analysis of Nature, Origin and Purpose (NOP) is a key part of exam technique in History GCSE, and it involves looking into the context of sources to gain a deeper understanding. The nature of the source is simply the form it takes - whether a newspaper article, a …

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