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Sudden changes to the economy are often to referred to as ‘shocks’ in economics. There are internal – Endogenous – and external – exogenous Shocks. They are defined as a… read more →
Globalisation is present everywhere. For example, oil is exported from Saudi Arabia onto Taiwan. Once in Taiwan, the oil is refined into ethylene – plastic pellets. They are then shipped… read more →
Comparative advantage is a theory coined by David Ricardo in 1817, which explains how countries should specialise In goods/ services they are comparatively better at. We heard from Dr John… read more →
