An area attracts tourists to see rare animals but the tourists have few hotels in which to stay. The local government has given permission for a developer to build a hotel. Conservationists say that the area will be ruined as the animals will move away and the nature of the area will be changed. What is likely to happen as a result of this decision to the private benefit of the tourists and the external cost?

What is likely to be found when there are many small firms in an industry?

What is an advantage of the market economic system?

Which pair of economic institutions can be found in a market economy?

Which economic change would increase the problem of scarcity?

The government of a country with a rapidly increasing population decides to switch resources from investment to incre…

'The tertiary sector of the economy is increasing in importance'. This statement is most likely to mean that a high p…