Market failure happens when the price mechanism fails to allocate scarce resources efficiently or when the operation of market forces lead to a net social welfare loss Market failure exists when the ...

Some candidates have sought to solidify their appeal by choosing a running mate that has similar strengths. The "reinforced ticket" of Clinton-Gore in the 1990s is such an example. Academic thinking ...

Here's this week's Biz Quiz. Each Friday, during term time, tutor2u sets a quiz asking 8 multi-choice questions about news events relating to the business world from the previous 7 days. Each answer ...

This digital download booklet is a student (and parent) friendly guide to the new AAQ BTEC National Extended Certificate in Health & Social Care, for first teaching in September 2025. Designed to be ...

What are the economic costs of the recent widespread flooding across Europe? The recent floods in Central Europe are projected to cause significant economic losses, potentially exceeding €1 billion.

In economics, the difference between private benefit and social benefit lies in who receives the benefit of an economic activity. Definition: Private benefits are the gains or advantages that accrue ...

Definition: Private costs are the costs incurred by individuals or firms directly involved in an economic activity. These are the costs of producing a good or service that are borne solely by the ...

Bounded rationality is a concept in economics and decision-making that suggests individuals are rational but within certain limits or constraints. Unlike the traditional economic assumption of perfect ...

Using this OurWorldinData chart, answer the following questions: 1. Calculate the percentage change in the total number of air conditioning units between 1990 and 2020. Give your answer to two decimal ...

The difference between complete and partial market failure lies in the degree to which the market is able to allocate resources efficiently or meet societal needs. Definition: A complete market ...

In economics, resource depletion refers to the reduction or exhaustion of natural resources due to overconsumption, excessive extraction, or unsustainable use. It occurs when the rate at which ...