Definitions

News


Gender pay gap

80% of UK companies and public sectors organisations pay women less than men.

Read more

Substitution effect - definition

The substitution effect is the effect on demand of a price change caused by a switch to, or away from, a cheaper or more expensive alternative.

substitution effect diagram

Together with the 'income effect', the substitution effect provides a simple explanation of why a demand curve typically sloped downwards.


WTO rules

What exactly is the 'most favoured nation' rule?

Read more
Read more
Model agencies collude to fix rates

Regulators find leading model agencies guilty of price fixing.

Read more
Customs unions

Costs and benefits of customs unions.

Read more
New materials

Multiple choice papers for Paper Three.

Read more
Savings ratio

Savings ratio falls to lowest level on record.

Read more