Explain what is meant by each of the following terms:

1.    Explain what is meant by each of the following terms:

(a)          Real household income

(b)          Rent controls

(c)          Substitutes in consumption

(d)          Marginal utility

(e)          Economic growth

2.     Using the model of demand, supply and equilibrium explain the effect of each of the following:

(a)          The development of cost-cutting technology in the US shale oil and gas industry

(b)          The demand for British beef after publicity surrounding Bovine Spongiform Encephalopathy (i.e. ‘mad cow disease’)

(c)          The expansion of desert in agricultural areas of Africa

(d)          The demand for sports equipment in the UK after the successful London Olympics in 2012

3.How can governments affect the macro-economy?

 
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