Definitions

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

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.

What exactly is the 'most favoured nation' rule?

Regulators find leading model agencies guilty of price fixing.

Costs and benefits of customs unions.

Savings ratio falls to lowest level on record.