House of Lords reform is, of course, as well as being an old chestnut, is a frequent topic on exam papers. The arguments for ...

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 ...

Join Laura and the tutor2u Psychology team for fast-paced, interactive, live sessions. In this session, we assess your knowledge and understanding of Research Methods, coaching you through some tricky ...

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 ...

Social norms are the informal rules, expectations, and standards of behavior that are accepted and followed by members of a society or group. These norms govern how people behave in specific social ...

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 ...

The difference between renewable and non-renewable resources lies in their availability and ability to replenish over time. Here’s a breakdown of the key differences: Definition: Renewable resources ...

Using this chart from the Bank of England (scroll down to the chart called Official Bank Rate), answer these questions: 1. Why does the Bank base rate change ‘in steps’ rather than a smoother trend ...

In economics, positive consumption externalities occur when the consumption of a good or service provides benefits to third parties who are not directly involved in the transaction. These external ...

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 ...

The income effect and substitution effect are two concepts used to explain how and why consumers change their consumption patterns in response to changes in the price of a good or service. These ...