With just a few weeks remaining before the AP and IB Economics exams take place, you may be looking for some good resources for exam review. In the last months, I have released two newly updated revision guides for students studying in these courses. The Microeconomics Revision Guide for the Introductory Economics Student: This resources …
Over the last year, I have been working on two new resources for IB, AP, A level and Econ 101 students. The Microeconomics and Macroeconomics Revision Guides for the Introductory Economics student represent the ultimate resource for exam preparation and subject mastery. The Macro Revision Guide is in its final stage of development and should …
This lesson provides a quantitative analysis of the effects of a protectionist tariff using linear supply and demand equations. We will examine the effects of a tariff on different stakeholers, specifically domestic consumers and producers, foreign producers and the government levying the tax. -
In the the previous lesson, we showed the gains from trade enjoyed by consumers in a nation that has opened its markets to imports from nations which have a comparative advantage in the good being traded. In this lesson, we will examine the impact that a protectionist tariff imposed by the government on an imported …
Free trade leads to an increase in total welfare in society as the benefits to consumers usually outweigh the loss of welfare among producers. This claim will be supported using basic supply and demand analysis of the impact of a once closed market opening up to trade with foreign countries. The principle of comparative advantage …
This lesson will define productive and allocative efficiency and determine whether firms in three different market structures will achieve efficiency in the long-run. -