Author: Mark Wilson

Definitions Diagrams Figure 1: LRAS Diagram with a Traditional Interpretations Figure 2: SRAS and LRAS Keynesian and Classical

Definitions Diagrams Figure 1: Labour market diagram showing lower employment Figure 2: AS-AD Diagram showing lower employment Types

Definitions Diagrams Figure 1: Demand-pull inflation Figure 2: Cost-push Inflation How Inflation is Measured Inflation is the decrease

Definitions Purchasing Power Parity PPP stands for Purchasing Power Parity. It’s a way to compare the economic health

Definitions GDP (Gross Domestic Product) Gross Domestic Product (GDP) is the total value of all goods and services

Definitions Government Failure vs Market Failure Why Some Policies Work and Others Don’t Real-World Examples Government Failure and

Definitions Diagrams Figure 1. Positive Externalities Figure 2: Negative Externalities Positive Externalities A positive externality occurs when the

Definitions Diagrams Figure 1: Indirect Taxe Diagram Figure 2: Ad valorem tax diagram Figure 3: Subsidy Diagram showing

Definitions Diagrams  Excess Supply Excess supply is a situation where the quantity of a product available in the

Definitions Price Elasticity of Supply Definition and Formula: Price Elasticity of Supply (PES) quantifies how the quantity of